KUWAIT CITY, July 23: Kuwait stocks swung higher on Sunday as it started off the week on a firm note. The main index climbed 18.65 pts in volatile session paced by banking majors and some of the mid-caps. Other heavyweights however closed mixed.
The KSX 15 gauge edged 0.97 pts higher to 932 points while weighted index was up 0.78 points at 408.48 pts. The volume turnover meanwhile rebounded to scale a fresh multi-month high. 119.3 million shares changed hands — a 21 pct rise from the last session.
The sectors closed mixed. Oil and gas outpaced the rest with 2.9 percent gain whereas insurance shed 2.3 pct, the worst performer of the day. In terms of volume, financial services notched the highest market share of 35.6 percent and real estate followed with 26.4 pct contribution.
Among the prime movers, Kuwait Finance House rallied 11 fils on back of over 8 million shares and National Bank of Kuwait climbed 8 fils with a volume of 5.2 million. KIPCO gained 10 fils to settle at 350 fils and is trading 150 fils lower year-to-date.
Zain rose 2 fils to 432 fils and on back of over 2 million shares and Ooredoo dropped 19 fils to KD 1.151. Kuwait Telecommunications Co (VIVA) was unchanged at 802 fils and Agility was up 4 fils at 840 fils.
Burgan Bank climbed 9 fils to 342 fils and Gulf Bank gave up 3 fils. The bank has registered a 12.3 pct rise in the second quarter profits to KD 13.4 million from same period last year. During the first half profits was up 10 percent to KD 22.76 mln.
The market opened weak and slipped into red in early trade. The main index rebounded to peak at 6,811.17 pts in the first half and retreated thereafter. It plumbed the day’s lowest level of 6,769.5 pts in the final minutes before pulling up to close with modest gains.
Top gainer of the day, AREEC jumped 12.8 pct to 158 fils and BIIHC climbed 11.6 percent to stand next. Kuwait Food Co (Americana) sank 13.15 pct, the steepest decliner of the day and Al Imtiaz topped the volume with over 19 million shares.
Reflecting the day’s gains, the winners outled the losers. 58 stocks advanced whereas 48 closed lower. Of the 126 counters active on Sunday, 20 closed flat. 126 deals worth KD 21.4 million were transacted — a 28.9 pct surge in value from the day before.
National Industries Group inched 1 fil up to 138 fils on back of over 2 million shares and Gulf Cable dipped 18 fils to 438 fils. Educational Holding Group slipped 4 fils to 335 fils.
Jazeera Airways rose 5 fils to 500 fils while ALAFCO climbed 6 fils . Heavy Engineering Industries and Shipbuilding Co was flat at 205 fils and Shuaiba Industrial too did not budge from its earlier close of 295 fils.
Kuwait Foundry Co rose 9 fils to 289 fils with thin trading and ACICO Industries added 4 fils to wind up at 259 fils. Al Qurain Petrochemical Co fell 5 fils to 336 fils and Boubyan Petrochemical Co closed 3 fils in red.
Humansoft Holding soared 99 fils while Metal and Recycling Co paused at 120 fils. UPAC slid 72 fils to 779 fils and Kuwait Portland Cement trimmed 1 fil.
NAPESCO jumped 70 fils to KD 1.525 and Eyas For Higher and Technical Education fell 5 fils. Burgan Well Drilling Co clipped 2 fils while Automated Systems Co and Combined Group Co stood pat at 614 fils respectively.
UPAC dived 72 fils to 779 fils and OSOS eased 1 fil to 138 fils. Al Rai Media Group Co fell 2 fils to 120 fils and YIACO gained 15 fils. Mezzan Holding was down 7 fils at 910 fils.
In the banking sector, Commercial Bank rose 10 fils to 330 fils and Al Ahli Bank ticked 1 fil higher. Al Mutahed tripped 1 fil and Kuwait International Bank nudged 1 fil into green.
Warba Bank paused at 266 fils and Boubyan Bank slipped 2 fils to 406 fils. The bank has posted a profit of KD 11.21 mln in the second quarter of 2017, up 14.3 pct from same period last year. In the first half period the profits rose 15.7 pct to KD 21.87 million.
National Investment Co trimmed 1 fil and Kuwait Investment Co gave up 4.8 fils. International Financial Advisors took in 0.6 fil and Coast Investment Co was unchanged at 41 fils. Securities House Co closed 0.5 fil higher at 45.7fils.
KAMCO fell 2.3 fils to 70.5 fils while KMEFIC and KFIC clipped 0.5 fil each. Arzan trimmed 2.6 fils and Al Deera Holding eased 0.4 fil to 33.5 fils. Sokouk Holding ticked 0.1 fil into red.
Amwal Investment Co dialed up 0.2 fil and Noor Financial Investment Co took in 0.1 fil. Wethaq Takaful Insurance dropped 6 fils to 45 fils and UNICAP clipped 0.5 fil.
Mabanee Co dialed up 2 fils and United Real Estate Co slipped 0.1 fil. Kuwait Real Estate Co edged 0.3 fil up and Mabanee Co closed 2 fils higher at 765 fils. Mazaya Holding added 3 fils and Remal clipped 2 fils before settling at 72 fils.
The market was mixed during last week. The price index closed lower in three of the five sessions and shed 7 points week-on-week. It has climbed 37 points from start of the month and is trading 18.29 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.
In the bourse related news, S&P Global Ratings has affirmed “A-/A-2” long-and short-term counterparty credit ratings on Gulf Bank. The rating agency also revised its outlook on the bank to “positive” from “stable”.
National Real Estate’s (NREC) ordinary general meeting has approved raising its capital to KD 150 million, by issuing 1.5 billion shares at a nominal value of 100 fils each. The company’s current capital stands at KD 98.97 million.
KAMCO has sold a controlling stake worth 25.3 million pounds in a British property leased to Amazon UK Services Ltd. The deal will results in a drop of 56 million pounds while and the liabilities will see a 56.5 million dip.
Educational Holding Group has posted a 13 pct drop in profits in the quarter ended May 31, 2017. The profits totaled KD 1.14 million as against KD 1.31 million in the same period last year. In the nine-month period ending May 30, the earnings grew 22 pct to KD 4.32m.
Fitch Ratings upgraded GFH Financial Group’s long-term issuer default rating (IDR) from “B-” to “B”, with a “Positive” outlook.
Aqar Real Estate Investment’s second quarter profits surged 27 pct to KD 350,410 mln from same period last year helped by increase of rent revenues. The revenues rose 23.4 percent to KD 687,320 in the first half while operating revenues climbed 21.6 percent to KD 987,070.
By John Mathews
Arab Times Staff