This post has been read 3898 times!
KUWAIT CITY, Oct 16: Kuwait stocks inched higher on Monday as bank shares rose after KFH posted a 12 pct increase in its net profit until the end of Q3 2017. The main index rose 13.66 points amid slightly volatility trade to settle at 6,635.96 points.
The KSX-15 benchmark advanced 4.59 points to 1,007.13 points, while the weighted index was up 1.52 points. The market continued to trade in low volume as 67.9 million shares changed hands, a fall of 17.56 percent from last session.
The sectors closed diverged. Real estate outperformed with 1.36 percent upswing while technology plunged 5.30 percent to end as the weakest performer. Financial services topped the volume with 41.89 pct of market share while banks and telecommunication trailed far behind with 27.76 pct and 11.03 pct contributions respectively.
Kuwait Cement Co rose 16 fils in small trading volume, while Gulf Cable and Electrical Industries Co gained 10 fils. Humansoft Holding Co slumped 30 fils, whereas Automated Systems Co dived 15 fils. OSOS Holding Group Co and Kuwait Portland Cement Co were down 4 fils and 5 fils respectively.
Real Estate Asset Management Co spiked 20.0 percent, the top gainer of the day and Alargan International Real Estate Co surged 19.4 percent to stand next at KD 0.160. United Real Estate Co plummeted 9.47 percent, the steepest decliner of the day.
The heaviest traded stock National Industries Group advanced 5.41 pct on the back of more than 7 million shares, while Asiya Capital Investment Co climbed 5.82 pct and Senergy Holding Co edged up 4.47 pct to 39.7 fils. Kuwait Co for Process Plant Construction lost 8.48 pct, whereas Umm Al Qaiwan General Investments Co fell 6.17 pct to stand at 76 fils.
The market opened on a positive note and ticked higher in early trade. The price index witnessed volatility in the mid-session, last hour buying, however, helped the market recover some of its losses to close in green zone.
Gulf Petroleum Investment was up 0.6 percent, while Senergy Holding edged up 4.47 percent. Boubyan Petrochemicals Co gained 1 fil to KD 0.668 and Qurain Petrochemical Co was up by the same amount. Soor Fuel Marketing Co and Oula Fuel Marketing Co eased 1 fil each.
Kuwait Finance House advanced 10 fils in heavy trade. KFH realized a net profit of KD 137.9 million to shareholders until end of Q3 2017 compared to KD 123.1 million for the same period last year, an increase of 12 pct. Earnings per shares until the end of Q3 2017 reached 24.26 fils, compared to 21.69 fils for the same period last year, an rise of 11.8 pct.
National Bank of Kuwait closed flat in heavy trade, while Gulf Bank was up 2 fil and Boubyan Bank rose by 3 fils to KD 0.455. Kuwait International Bank and Commercial Bank of Kuwait stagnated, whereas Burgan Bank and Ahli United Bank slipped 2 fils and 1 fil respectively. Warba Bank added 2 fils in heavy trade.
Reflecting on the day’s upswing, the winners took a modest lead as 54 shares advanced, and 46 stocks closed lower. Out of the 115 traded issues on Monday, 16 remained unchanged. A total of 2,921 deals worth KD 16.99 million were transacted, a surge of 23.92 percent in value from the previous session.
Zain surged 5 fils to KD 0.510 after trading more than 6 million shares, while Ooredoo gained 1 fil and VIVA was up by the same amount to close at KD 0.796. Jazeera Airways advanced 2 fils, while GFH Financial followed suit.
Kuwait Investment Co climbed 2 fils, while Kuwait Projects Co rose 1 fil and National Investment Co added 3 fils in heavy trade. Commercial Facilities Co slipped 3 fils to 183 fils. Al-Mal Investment Co was up 1 fil, and Unicap Investment and Finance sank by the same amount. Bayan Investment Co closed flat.
In the real estate sector, National Real Estate Co stood pat at KD 0.130, and Kuwait Real Estate Co was up 1 fil while Salhia Real Estate Co slipped 5 fils. Mabanee Co fell 8 fils, whereas Al-Mazaya Holding inched 1 fil higher.
Metal & Recycling Co gained 4 fils in small trading volume, while National Industries Co tumbled 10 fils and Agility was up 1 fil. Education Holding Group advanced 2 fils in thin trade.
The market has been closed mixed during the week. The key index has advanced 7.42 points in the last two sessions. However, it has lost 35.67 points from the start of the month but gained 15.45 percent year-to-date. Boursa Kuwait is the second largest bourse in the region.
By Iliasu Abubakari – Arab Times Staff