KUWAIT CITY, April 21: Kuwait stocks extended its gains to close the week on a firm note. The bourse climbed 16.17 pts in a tame session to 5,346.95 points with mixed board. The sentiment was largely guarded even as oil prices continued to trend higher to hit a five-month high.
The KSX 15 benchmark dropped 5.9 pts to 855.3 points taking the year’s fall to 30 points while weighted index inched 1.08 pct up. The volume turnover meanwhile slipped below the 200 million mark after rising in the last three session. 157.46 million shares changed hands — over 30 pct drop from Wednesday.
The sectors closed mixed. Basic materials out led the rest with 1.85 pct gain whereas parallel market shed 0.85 percent, the worst performer of the day. In terms of volume, financial services clocked the highest market share of 43 percent while real estate and banks followed with 24.7 percent and 13.2 pct contributions respectively.
Among the individual shares, National Bank of Kuwait retreated 10 fils to KD 0.660 after trading 3.7 million shares and Kuwait Finance House followed suit to end at KD 0.480. HumanSoft Holding Co jumped 50 fils to KD 0.730 extending Wednesday’s gains.
Zain gave up slight early gains to close flat at KD 0.350 and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of KD 1.060. Kuwait Telecommunications Co (VIVA) climbed 20 fils to KD 1.020 and logistics major Agility stood pat at KD 0.485 with a volume of 2.7 million.
Investment conglomerate KIPCO dropped 10 fils to KD 0.550 extending an identical fall in the last session while National Investment Co took in 2 fils on back of 2.2 million shares. Kuwait Food Co (Americana) was unchanged at KD 2.560 with thin volume.
The market opened flat and edged higher in early trade. The price index moved sideways thereafter as investors toed caution and edged higher past the mid-session amid buying in select counters. It peaked at 5,349.32 points in the final minutes before closing with modest gains.
Top gainer of the day, Gulf Franchising Holding Co vaulted 8.4 pct to 32 fils and Jeeran Holding Co climbed 7.5 percent to stand next. Future Kid Entertainment and Real Estate Co sank 7.4 pct, the steepest decliner of the day and Ithmaar topped the volume with over 11 million shares.
Reflecting the day’s uptick, the winners slightly outnumbered the losers. 47 stocks advanced whereas 43 closed lower. Of the 126 counters active on Thursday, 36 closed flat. 3,686 deals worth KD 14.1 million were transacted – a 10.3 pct drop in value from the day before.
National Industries Group dialed up 2 fils on back of 1.5 million shares and Gulf Cable climbed 10 fils. Kuwait Cement Company slipped 5 fils and Kuwait Portland Cement gained 20 fils with razor thin trading. ACICO Industries Co was unchanged at KD 0.285.
Jazeera Airways paused at KD 0.880 and ALAFCO followed suit. The company has posted net profit of KD 3.01 million and earnings per share of 3.68 fils in the first quarter ended on Dec 31, 2015.
Kuwait and Gulf Link Transport Co gave up 1.5 fils and KGL Logistics Company closed flat at 77 fils. The company has posted a net profit of KD 5.85 million and earnings per share of 9.78 fils in the year ended Dec 25, 2015.
United Projects Group and Automated Systems Co added 10 fils whereas. Equipment Holding Co eased 1 fil. NICBM was up 5 fils at KD 0.255 and Boubyan Petrochemicals Co gained 10 fils.
Mezzan Holding jumped 40 fils extending the gains in the last session and Zima Holding Co inched 0.5 fils lower. Mashaer Holding Co took in 1 fil to settle at 80 fils.
Kuwait Foundry Co rose 6 fils to 102 fils and NAPESCO slipped 10 fils. The company has logged a net profit of KD 5.68 million and earnings per share of 101.60 fils in the year ending Dec 31, 2015.
In the banking sector, Gulf Bank rose 2 fils to KD 0.242 whereas Commercial Bank and Al Ahli Bank stood pat at KD 0.430 and KD 0.335 respectively. Ahli United Bank added 10 fils to settle at KD 0.430.
Kuwait International Bank was unchanged at KD 0.200 and Burgan Bank dropped 10 fils. Boubyan Bank paused at KD 0.405 whereas Warba Bank clipped 2 fils erasing the gains in the last session.
Kuwait Investment Co and KMEFIC were flat at 88 fils and 26 fils respectively while KFIC inched 1 fil higher. Bayan Investment fell 1 fil after trading 2.3 million shares and Al Deera Holding followed suit. Al Mal was unchanged at 34 fils with a volume of over 10 million.
Sokouk Holding Co inched 1 fils into green on back of 6.9 million and Noor Financial Investment Co clipped 1.5 fils. Securities House Co edged 0.5 fil up to 49 fils.
National Real Estate Co fell 2 fils to 88 fils and Al Mazaya Holding slipped 4 fils to 120 fils. Salhia Real Estate added 5 fils whereas Mabanee Co held steady at KD 0.850.
The market has been largely upbeat during the week. The key index closed higher in four of the five sessions and has climbed 46 points week-on-week. It has gained 117 points from start of the the month but is down 4.8 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.
In the bourse related news, KAMCO Investment Company has logged a net profit KD 523,688 and earnings per share of 2.20 fils in the year 2015 as against net profit of KD 1.96 million and earnings per share of 8.23 fils during the year before
Gulf Investment House has clocked a net loss KD 6.085 and losses per share of 37.07 fils in the year ending Dec 31, 2015 as compared to net loss of KD 1.62 million and losses per share of 10.42 fils in 2014.
Tamdeen Investment Co has posted a net profit of KD 11.52 million and earnings per share of 39.07 fils in the year ending Dec 31, 2015, up from net profit of KD 9.05 million and earnings per share of 30.41 fils in the year before.
Salhia Real Estate Company has posted an annual net profit of KD 11.62 million and earnings per share of 23.55 fils as compared to net profit of KD 11.42 million and earnings per share of 23.07 fils. The Board of Directors has recommended 20 pct cash dividends.
Injazzat Real Estate Development Company has clocked a net profit KD 3.07 million and earnings per share of 9.2 fils in 2015, rising sharply from net profit of KD 1.51 mln and earnings per share of 4.5 fils in the same period last year. The BOD has recommended 5 pct cash dividends.
By John Mathews – Arab Time Staff