Kuwait stocks ‘eke’ modest gains; volume rises – KFH dips 10 fils; Humansoft Holding jumps

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KUWAIT CITY, Nov 30 : Kuwait stocks eked modest gains on Wednesday as it extended its advance to fourth straight session. The price index climbed 10.87 pts to 5,554.46 points in choppy trade helped by buying in select counters. The hopes of OPEC oil supply cut deal too buoyed the sentiment.

The KSX 15 benchmark slipped 4.45 pts to 855.16 points trimming the month’s gains to 29 points while weighted index inched 0.7 pts into red. The volume turnover meanwhile surged past the 100 million mark following slight pullback in the last session. 124.8 million shares changed hands – a 52 pct rebound from Tuesday.

The sectors closed mostly in the green turf. Healthcare outshone the rest with 1.44 pct gain whereas technology slid 0.91 percent, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 54 pct and industrials trailed far behind with 13 percent contribution.

In the individual shares, Kuwait Finance House dipped 10 fils to 500 fils off slight early highs and saw a volume of 1.9 million shares and KIPCO was down by same measure to wind up at 500 fils. Humansoft Holding jumped 40 fils extending the strong gains in the day before.

Zain fell 5 fils to 400 fils after trading over 3 million shares and Wataniya Telecom (Ooredoo) pulled up from sharp early fall to close flat at KD 1.160. Kuwait Telecommunications Co (VIVA) paused at KD 0.890 and Agility followed suit to close at KD 0.560.

National Investment Co pulled up from slight early dip to close unchanged at 98 fils and Sokouk Holding Co inched 0.5 pts into green. The company has incurred a net loss of KD 2.26 million and loss per share of 3.96 fils in the first nine months of 2016.

The market opened weak and headed south in early trade. The price index bottomed at 5,535.9 pts and clawed back as sentiment firmed up. It climbed past the opening mark and traded choppy in the second half before hitting the day’s highest mark of 555.78 points in the final minutes.

Top gainer of the day, Al Imtiaz Investment Co rallied 8.16 pct to 106 fils while IFA Hotels and Resorts climbed over 7 percent to stand second. BIHC tumbled 9.7 percent, the steepest decliner of the day and the stock also topped the volume with 17,9 million shares.

Despite the day’s uptick, the market spread was even. 39 stocks advanced and same number of stocks closed lower. Of the 123 counters active on Wednesday, 45 closed flat. 3,072 deals worth KD 20 million were transacted – a 122 pct jump in value from the day before.

National Industries Group was flat at 116 fils after trading 2.8 million shares while Gulf Cable was up 5 fils at 375 fils. Kuwait Portland Cement Co stood ground at KD 0.940 and Heavy Engineering Industries and Shipbuilding Co added 4 fils. Al Rai Media Group closed 4 fils up.

Kuwait Food Co (Americana) was unchanged at KD 2.620 while UPAC pulled 10 fils lower. Jazeera Airways stagnated at KD 0.800 and ALAFCO was up 4 fils at 218 fils. Zimah Holding inched 0.5 fil into red whereas Mezzan Holding gained 10 fils on back of 3.8 million shares.

Kuwait and Gulf Link Transport Co dialed up 1 fil to 54 fils and KGL Logistics rose 4 fils with a volume of 4.3 million. Automated Systems Co dropped 12 fils and KCPC climbed 10 fils to 164 fils. Kuwait National Cinema Co stood pat at KD 0.940.

Equipment Holding Co was up 0.5 flls at 44 fils whereas Yiaco Medical Co. gained 25 fils. The company has logged a nine-month net loss of KD 2.40 million and loss per share of 13.24 fils as compared to net profit of KD 751,920 and earnings per of 4.13 fils in 9M of 2015.

Combined Group Contracting Co rose 10 fils and Qurain Petrochemical Industries Co clipped 2 fils. The company has registered a net profit of KD 10.48 million and earnings per share of 10.08 fils in the January-September period.

In the banking sector, National Bank of Kuwait was flat at 630 with a volume of 1.6 million and Gulf Bank followed suit. Al Ahli Bank gave up 5 fils and Commercial Bank of Kuwait was not traded during the session.

Burgan Bank fell 5 fils to 310 fils and Kuwait International Bank eased 2 fils to 202 fils. Boubyan Bank added 5 fils and Ahli United Bank gained 10 fils. Warba Bank fell 2 fils to 214 fils.

Kuwait Investment Co stalled at 80 fils and International Financial Advisors edged 0.5 fil into red. Coast Investment Co gave up 1 fil whereas Securities House Co was unchanged at 42 fils after trading 2.3 million shares.

Al Deera Holding Co and Noor Financial Investment Co gave up 0.5 fil while KFIC closed 0.5 fil in green. Bayan Investment Co stagnated at 33 fils while Alola and Al Madina Finance Co added 0.5 fil each. KMEFIC edged 1 fil up to 22 fils.

Kuwait Real Estate Co and Salhiya Real Estate Co paused at 55 fils and 375 fisl respectively whereas Mabanee Co shed 10 fils. Mazaya Holding erased 2 fils and Arkan Real Estate Co added 5 fils.

The market has been positive so far during the week and has climbed 36 pts in last three sessions. It has gained 151 points from start of the month but is down 1.08 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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