Kuwait index winds up week on positive note – Americana jumps 40 fils; Ooredoo dips

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KUWAIT CITY, June 15: Kuwait stocks pulled higher on Thursday to wind up the week on a robust note. The price index rallied 31.24 points in volatile trade to 6,810.68 points helped by renewed buying in select counters. The heavyweights however closed mixed.

The KSX 15 benchmark rose 2.81 points to 901.27 pts trimming the month’s losses to 14 pts while weighted index edged 1.26 pts higher. The volume turnover meanwhile swelled further after Wednesday’s surge. 46.46 million shares changed hands — a 24.6 pct rise from the day before.

The sectors closed mostly in green turf. Industrials outshone the rest with 1.5 pct gain whereas technology shed 4.84 percent, the worst performer of the day. Volume wise, banks mustered the highest market share of 33.7 pct while financial services followed with 29.1 percent contribution.

Among the standout performers National Bank of Kuwait rose 4 fils to 672 fils on back of 1.5 million shares and Mabaneee Co followed suit to wind up at 779 fils. Kuwait Food Co (Americana) jumped 40 fils to KD 2.500 recouping last session’s losses.

Zain rose 3 fils to 414 fils while Ooredoo slumped 40 fils to KD 1.150 taking the month’s losses to 110 fils. Kuwait Telecommunications Co (VIVA) slipped 11 fils to 848 fils and Agility climbed 13 fils.

Kuwait Finance House took in 2 fils on back of 3.8 million shares and Warba Bank added 3 fils. The bank has posted a 296.3% jump in its profits to KD 1.3 million for the first quarter of 2017 as compared to the same period last year.

The market opened flat and rose briefly in early trade. The main index retreated thereafter and slipped into red almost halfway into the session to plumb the day’s lowest level of 6,769.68 pts. It revved up in the final hour as sentiment brightened and closed with impressive gains.

Top gainer of the day, Jeeran Holding spiked 20 pct to 48 fils while Warba Insurance Co soared 18.8n percent to stand next. Automated Systems Co dived 14.2 percent, the steepest decliner of the day and Kuwait International Bank topped the volume with 4.4 million shares.

Reflecting the day’s upswing, the winners outnumbered the losers. 60 stocks advanced whereas 38 closed lower. Of the 118 counters active on Thursday, 20 closed flat. 1,830 deals worth KD 9.4 million were transacted — a 49.9 pct surge in value from the day before.

National Industries Group inched 1 fil up to 110 fils and Gulf Cable rose 5 fils to 420 fils. Heavy Engineering Industries and Shipbuilding Co rebounded from Wednesday’s trough with a 9 fils gain while Contracting and Marine Services Co climbed 5 fils to 90 fils.

Jazeera Airways was unchanged at 470 fils and ALAFCO took in 2 fils. Kuwait Cement Co jumped 33 fils while Metal and Recycling Co stood pat at 90 fils. KPPC inched 1 fil higher and AWJ Holding paused at 76.2 fils.

Gained

Kuwait Foundry Co gained 10 fils and Acico Industries was up 9 fils at 265 fils. The company’s first quarter profits rose by 0.78 pct to KD 3.88 mln as compared to KD 3.85 million in Q1 of 2016. Net operating profits was up 11.8 percent to KD 9.87 million.

Educational Holding Group fell 6 fils to 350 fils and Napesco inched 1 fil higher. The company’s first quarter profit surged 62.7% year-on-year to KD 2.31 million as to compared to KWD 1.42 million in same period last year.

PAPCO dipped 10 fils to 100 fils and Yiaco Medical slid 21 fils. Boubyan Petrochemical Co dropped 12 fils to 570 fils and Al Qurain Petrochemical Co clipped 2 fils. NICBM climbed 20 fils to 190 fils.

Humansoft Holding Co soared 100 fils to KD 4.000 and Combined Group Contracting Co dialed up 2 fils. Mezzan Holding shed 20 fils and Zimah Holding inched 1.3 fils into green.

In the banking sector, Gulf Bank was flat at 238 fils and Commercial Bank nudged 2 fils higher to 315 fils. Al Ahli Bank was not traded during the session.

Burgan Bank slipped 6 fils 324 fils and Al Mutahed was down 13 fils at 430 fils. Boubyan Bank inched 1 fil into red extending last session’s downtick.

KIPCO fell 4 fils to 336 fils and National Investment Co rose 3.7 fils to 104 fils. Securities House Co gave up 0.5 fil and Securities Group Co eased 0.1 fil to 96.9 fils with thin trading. Kuwait Investment Co eased 0.3 fil to 96.5 fils.

KAMCO ticked 0.1 fil up to 80.5 fils and Bayan Investment Co took in 0.6 fil. KFIC added 2.5 fils whereas Osoul Investment Co stood pat at 59 fils. KMEFIC closed 0.5 fil in red.

Noor Financial Investment Co and Al Deera Holding were flat at 52 fils and 32 fils respectively whereas Sokouk Holding closed 1.4 fils higher. Amwal dipped 9.3 fils to 59.7 fils.

National Real Estate Co dialed up 2 fils and United Real Estate Co was unchanged a 84.5 fils. Tamdeen Real Estate Co gained 10 fils and Salhiya Real Estate Co climbed 5 fils to 380 fils.

The market has been largely positive during the week. The main indx closed higher in four of the five sessions and gained 27 pts week-on-week. It has added 25 points from start of the month and is trading 18.4 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Finance and Investment (KFIC) rebounded to post a net profit of KD 146,350 in the first three months of 2017, from KD 255,510 loss in first quarter of 2016. Operating income grew 76% year-on-year to reach KD 1.65 million.

Aayan Real Estate has recorded a 164.7 percent jump in its profits to KD 536,890 for the first quarter of 2017 from same period in the year before. During 2016, the profit saw a 1.5% uptick to KD 2.75 million in 2016 from the previous year.

Ooredoo Kuwait has posted 26.6 pct jump in profits during the first quarter of 2017 to KD 12.93 million from KD 10.21 million in same period last year. It had recorded a growth of 75% in profits to KD 46.67 million during 2016.

Mowasat Healthcare has registered a a 40.2% increase in net profits in the first quarter of 2017, to reach KD 1.92 million as compared to KD 1.37 million in the year before period.

Al Ahleia Insurance’s first quarter net profit dropped by 14.5% in the first to KD 2.88 million from KD 3.37 million in Q1 of 2016. Operational income dipped 39.6 pct to KD 1.58 million.

National Ranges Company’s (Mayadeen) losses shrank by 18.2 pct in the first quarter of 2017 to KD 642,620 from about KD 785,610 in same period of 2016.

By John Mathews

Arab Times Staff

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