Kuwait posts modest gains; volume shrinks – Zain adds 5 fils; NBK slips

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KUWAIT CITY, Nov 27: Kuwait stocks kicked off the week with a modest upswing. The bourse climbed 17.61 points in volatile trade helped by speculative buying in some of the mid and low caps. The banks were mostly muted and other heavyweights too remained subdued in absence of catalysts.

The KSX 15 benchmark slipped 4.2 pts to 859.35 points while weighted index inched 0.89 points into red. The volume turnover meanwhile fell sharply to hit a six-week low. 41.22 million shares changed hands – a 64 pct drop from Thursday.

The sectors closed mixed. Healthcare outshone the rest with 1.46 pct gain whereas banks shed 0.62 pct, the weakest performer of the day. In terms of volume, financial services notched the highest market share of 35.95 percent and real estate trailed with 28 pct contribution.

In the individual shares, National Bank of Kuwait dropped 10 fils to 630 fils extending the loss from the day before while KIPCO stood pat at 510 fils off early lows. Humansoft Holding soared 100 fils to KD 2.000.

Zain rose 5 fils to 405 fils taking the month’s gains 15 fils while Wataniya Telecom (Ooredoo) stood pat at KD 1,140. Kuwait Telecommunications Co (VIVA) was unchanged at 879 fils and Agility dipped 10 fils to 520 fils.

Kuwait Finance House was flat at 510 fils with brisk trading while Boubyan Bank pulled 10 fils lower. The bank has recorded a net profit of KD 29.62 million and earnings per share of 13.68 fils in the nine-month period ending September 30, 2016.

The market opened firm and gained ground in early trade. The price index retreated slightly and bounced back amid buying in select counters. It peaked at 5,536.64 points almost halfway into the session and turned volatile in the second half before closing with modest gains.

Top gainer of the day, KMEFIC rallied 12.2 pct to 23 fils and Osoul Finance Co jumped 10 pct to stand next. Shuaiba Industries slid 8.3 pct, the steepest decliner of the day and Gulf Finance House topped the volume with 3.8 million shares.

Reflecting the day’s upswing, the winners outnumbered the losers, 38 stocks advanced whereas 28 closed lower. Of the 112 counters active on Sunday, 46 closed flat. 1,298 deals worth KD 4.53 million were transacted – a 71 pct slide in value from the day before.

National Industries Co was unchanged at 116 fils and Gulf Cable fell 5 fils to 370 fils. Heavy Engineering Industries and Shipbuilding Co clipped 2 fils while Metal and Recycling Co added 5 fils to settle at 67 fils. AWJ Holding gave up 2 fils to wind up at 56 fils. .

Kuwait Food Co (Americana) held ground at KD 2.620 and Kuwait National Cinema Co too did not budge from its earlier close of 940 fils. Kuwait Gulf Link Transport Co took in 2 fils and KGL Logistics Co stalled at 70 fils.

ALAFCO rose 4 fils to 222 fils and Jazeera Airways Co dived 30 fils. The airline has posted a net profit of KD 12.01 million and earnings per share of 60.06 fils in the first nine months of 2016 a s against net profit of KD 14.47 million and earnings per share of year 34.45 fils in the year before period.

Profit

ACICO Industries Co paused at 265 fils and Qurain Petrochemical Industries Co followed suit. The company has registered a net profit of KD 10,487,657 and earnings per share of 10.08 fils in the January-September period as compared to net profit of KD 6,61 million and earnings per share of 6.31 fils in 2015, 9M.

NICBM and Equipment Holding Co paused at 206 fils and 44 fils respectively while KCPC climbed 8 fils to 170 fils. Yiaco gained 25 fils whereas UPAC gave up 10 fils to close at 670 fils. Zimah Holding Co was unchanged at 41 fils and Mezzan Holding Co followed suit.

In the banking sector, Gulf Bank was flat at 236 fils and Commercial Bank of Kuwait too did not budge from its earlier close of 415 fils. Al Ahli Bank of Kuwait stood pat at 300 fils and Ahli United Bank slipped 5 fils to 395 fils.

Burgan Bank stagnated at 315 fils off slight early highs whereas Kuwait International Bank was traded during the session. Warba Bank stalled at 218 fils.

National Investment Co eased 1 fil to 99 fils while Commercial Facilities Co dialed up 2 fils before closing at 158 fils. Kuwait Investment Co inched 1 fil higher whereas International Financial Advisors paused at 31.5 fils.

Osoul Investment Co climbed 5 fils to 55 fils while KFIC and Housing Finance Co (Iskan) were up 0.5 fils. Coast Investment Co stagnated at 38 fils and KAMCO followed suit to close at 112 fils. Securities House Co inched 0.5 fil into red.

Al Deera Holding Co and Al Salam stagnated at 33 fils and 44.5 fils respectively whereas Sokouk Holding closed 0.5 fil in green. Noor Financial Investment Co fell 1.5 fils to 45 fils.

Kuwait Real Estate Co and United Real Estate Co took in 1 fil each while Tamdeen Real Estate Co fell 5 fils to 470 fils. Mabanee Co added 2 fils and Mabnee Co stood pat at 830 fils. Argan was down 4 fils at 158 fils.

The market was mixed during last week. The main index closed higher in two of the five sessions and added 6 points week-on-week. It has rallied 133 points from start of the month but is down 1.43 pct year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Shuaiba Industrial Co has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and earnings per share of 16.83 fils in same period of 2015.

Aqar Real Estate Investments Co has registered a net profit of KD 923,223 and earnings per share of 4.34 fils in the January-September period down from net profit of KD 1.72 million and EPS of 7.63 fils in the 9M of 2015.

Jeeran Holding Co has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.

Kuwait Building Materials Mfg. has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.

Hilal Cement Company has logged a net loss of KD 3,709 and loss per share of 0.04 fils in the January-September period of 2016 narrowing from a net loss of KD 117,151 and LPS of 1.39 fils in same period in 2015.

By John Mathews

Arab Times Staff

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