Kuwait kicks off week with 30.73 pts advance – KFH rallies 20 fils; Kout Food dives

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Kuwait City, Nov 22: Kuwait stocks pulled higher on Sunday extending the gains to second consecutive session . The price index, after a tame start, climbed 30.73 pts to 5,756.14 points as signs of firming oil prices buoyed the investors sentiment Some of the mid and small caps paced the day’s advance whereas banks remained largely subdued.

The KSX 15 benchmark jumped 11.75 points to 945.74 pts taking the month’s gains to 21 points while weighted index climbed 3.26 points. The volume turnover meanwhile bounced after tapering in the last session. 142.87 million shares changed hands – a 24 pct jump from Thursday.

The sectors closed mostly in the green turf. Telecommunications outshone the rest with 5.4 pct spike while consumer services slid 0.73 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 34.6 percent while real estate and telecommunications followed with 21.7 pct and 19.20 percent contributions respectively.

Among the notable movers, Kuwait Finance House rallied 20 fils to KD 0.590 and KIPCO rose 10 fils to KD 0.610 taking the month’s gains to 40 fils. Humansoft Holding Co vaulted 50 fils with thin volume whereas Kout Food Group plunged 50 fils to close at KD 0.620.

Zain rose 10 fils to KD 0.380 on back of over 2 million shares and Wataniya Telecom (Ooredoo) held the ground steady at KD 1.020 with thin volume. Kuwait Telecommunications Co (VIVA) soared 70 fils and logistics major Agility was up 10 fils at KD 0.520.

Mabanee Co climbed 10 fils to KD 0.910 and Tamdeen Real Estate Company added 5 fils. The company has clocked a net profit of over KD 9 million and earnings per share of 22.6 fils in the nine-month period ending Sept 30, 2015 , climbing from net profit of KD 6.61 million and earnings per share of 16.4 fils in the year before period.

The market opened flat and edged higher in early trade. The key index drifted sideways thereafter as investors toed caution and picked up momentum half way into the session. It rose steadily in the second half and closed with modest gains.

Top gainer of the day, KAMCO jumped 9.8 pct to 112 fils and Hits Telecommunications Co climbed 8.33 pct to stand next. Kout Food Group skidded 8.33 pct, the steepest decliner of the day and Hits Telecommunications topped the volume with 17.4 million shares.

Reflecting the day’s upswing, the winners outnumbered the losers. 58 stocks advanced whereas 40 closed lower. Of the 137 counters active on Sunday, 39 closed flat. 3,513 deals worth KD 18.6 million where transacted – a 67.8 pct surge in value from the day before.

National Industries Group fell 2 fils to KD 0.142 after trading 1.5 million shares and Kuwait Cement Co shed 10 fils. The company has recorded a net profit of KD 16.30 million and earnings per share of  22.86 fils in the first nine-months of 2015 up from net profit of KD 14.07 million and earnings per share of 19.74 fils in the year before period.

Down

 Gulf Cables was down 5 fils at KD 0.380 and Metal and Recycling Co followed suit. Contracting and Marine Services Co gave up 5 fils and NICBM pulled 10 fils lower to KD 0.222. ACICO Industries Co dialed up 5 fils to end at KD 0.295.

Jazeera Airways was steady at KD 0.465 whereas ALAFCO erased 6 fils. The company has posted a net profit of KD 16,04 million and earnings per share of 19.59 fils in the nine-month period ending Sept 30, 2015 as compared to net profit of KD 16.52 million and earnings per share of 20.18 fils in the same period of 2014.

Kuwait and Gulf Link Transport Co eased 1.5 fils to 48 fils and KGL Logistics eased 5 fils. PAPCO shed 8 fils whereas Nafais Holding Co gained 10 fils on back of 2.3 million shares. Mashaer Holding Co dropped 6 fils and Mezzan Holding Co rallied 20 fils to KD 1.080.

Burgan Well Drilling Co took in 2 fils and Qurain Petrochemical  Industries Co added 4 fils. The company has posted a net profit of KD 6.61 million and earnings per share  of 6.31 fils in the nine-month period ending Sept 30, 2015. Zima Holding Co dialed down 2 fils after trading 1.7 million shares.

In the banking sector, National Bank of Kuwait was flat at KD 0.830 off early lows and Gulf Bank followed suit to end at KD 0.275. Commercial Bank of Kuwait and Al Ahli Bank were steady at KD 0.500 and KD 0.370 respectively.

Ahli United Bank slipped 10 fils to KD 0.540 and Kuwait International Bank clipped 2 fils. Burgan Bank paused at KD 0.440 and Boubyan Bank too did not budge from its earlier close of KD 0.440. Warba Bank gave up 2 fils to settle at KD 0.206.

National Investment Co and Kuwait Investment Co took in 2 fils each while Aayan Leasing Co was up 2.5 fils on back of 4.9 million shares. Tamdeen Investment Co rose 20 fils to KD 0.335.

The bourse was mixed during last week. The main index closed lower in three of the five sessions and has dived 40 points week-on-week . It has skidded 20 pts from start of the month and is trading 11.93 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Gulf Glass Manufacturing Company has posted a net profit of KD 59,392 and earnings per share of 0.22 fils in the nine-month period ending Sept 30, 2015 rebounding from a net loss of KD 1.15 million and losses per share of 4.37 fils in the 9M of 2014.

United Real Estate Co. has clocked a net profit of KD 4.87 million and earnings per share 4.54 fils in the first nine-months of 2015 as against net profit of KD 4.44 million and earnings per share of 4.15 fils in the same period last year.

Abyaar Real Estate Development Co has registered a net profit of KD 6,103 and earnings per share 0.01 fils for the nine-month period ended Sept 31, 2015 down sharply from net profit of KD 487,234  and earnings per share of 0.44 fils in the same period of 2014.

Tamdeen Real Estate Company as clocked a net profit of over KD 9 million and earnings per share of 22.6 fils in the nine-month period ending Sept 30, 2015 , climbing from net profit of KD 6.61 million and earnings per share of 16.4 fils in the year before period.

Securities Group Company has recorded a net profit of KD 2.47 million and earnings per share of  9.69 fils in the six-month period ending Sept 31, 2015 as compared to net profit of KD 2.57 million and earnings per share of  10.09 fils in the year before period.

By John Mathews

Arab Times Staff

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