Kuwait index extends gains in ‘tepid’ trade

NAPESCO jumps 50 fils; Zain flat

KUWAIT CITY, April 27: Kuwait stocks pulled higher on Wednesday, extending the gains to second straight session. The bourse added 26.11 pts in lackluster trade to 5,429.4 pts helped by buying spurt in select counters. Some of the banks eked modest gains even as other heavyweights closed mixed.

The KSX15 benchmark rose 0.28 pts to 859.7 points and is down 25 points year-to-date while weighted index nudged 0.33 pts higher. The volume turnover meanwhile ebbed slightly adding to Tuesday’s fall. 140.44 million shares changed hands — down 6.5 pct from the day before.

The sectors closed mostly in the positive turf. Oil and gas outpaced the rest with 2.88 percent gain whereas parallel market dropped 0.83 percent, the worst performer of the day. In terms of volume, real estate clocked the highest market share of 48.26 pct while financial market stood next with 27.24 pct. Telecommunications was a distant third with 9.81 pct contribution.

Among the notable movers, NAPESCO soared 50 fils to KD 0.720 and Humansoft Holding followed suit to wind up at KD 0.930. Independent Petroleum Group gained 25 fils and Kuwait Insurance Co was up 15 fils at KD 0.300.

Zain held the ground unchanged at KD 0.355 off slight early lows and Kuwait Telecommunications Co (VIVA) climbed 25 fils to KD 1.020. Logistics major Agility stood pat at KD 0.500 with a volume of over 1 million shares.

Wataniya Telecom (Ooredoo) stagnated at KD 1.060. The company has logged a net profit of KD 10.21 million and earnings per share 20.38 fils in the quarter ending March 2016 soaring from net profit of KD 2.241 million and earnings per share of 4.47 fils in the Q1 of 2015.

The market opened on a tame note and moved sideways in early trade. It continued to drift listlessly along the opening mark as investors toed caution before ticking up in the final minutes and hit the day’s highest mark of 5429.4 pts at close.

Top gainer of the day, Al Aqaria spiked 11.63 pct to 24 fils while National International Holding Co climbed 9.8 pct to stand next. Al Madar Financial and Investment Co shed 5.88 pct, the steepest decliner of the day while Sokouk Holding topped the volume with over 7 million shares.

Reflecting the day’s upswing, the winners outnumbered the losers. 52 stocks advanced whereas 40 closed lower. Of the 137 counters active on Wednesday, 45 closed lower. 3668 deals worth KD 12.18 million were transacted — a 12.1 pct increase in value from the day before.

National Industries Group tripped 4 fils to 140 fils after trading 1.8 million shares whereas Kuwait Cement Co and Kuwait Portland Cement stood pat at KD 0.380 and KD 1.020 respectively. Kuwait Foundry Co took in 2 fils to close at 190 fils.

Jazeera Airways slipped 10 fils to KD 0.880 whereas ALAFCO held steady at KD 0.208. Kuwait Food Co (Americana) too stagnated at KD 2.500 off early highs and Independent Petroleum Group climbed 25 fils to KD 0.335.

Gulf Cable was unchanged at KD 0.375 and Shuaiba Industrial Co followed suit to end at KD 0.300. ACICO Industries Co added 5 fils while Qurain Petrochemical Industries Co took in 2 fils to settle at 208 fils. Equipment Holding Co inched 1 fils up.

Added

Automated Systems Co rose 5 fils to 335 fils while Burgan Well Drilling Co and Mashaer Holding Co added 4 fils each. Kuwait and Gulf Links Transport Co took in 0.5 fils and KGL Logistics Co closed 1 fils in green.

Mezzan Holding Co gained 20 fils and Zima Holding Co edged 1 fils higher to 45 fils. United Projects Co shed 20 fils whereas PAPCO paused at 110 fils. I FA Hotels and Resorts Co closed 4 fils higher.

In the banking sector, National Bank of Kuwait was flat at KD 0.660 after trading over 1 million shares while Kuwait Finance House gave up 5 fils. The bank has logged a first quarter net profit of KD 34.10 million and earnings per share of 6.61 fils.

Gulf Bank rose 4 fils on back of 2.8 million shares and Commercial Bank was up 5 fils at KD 0.455 extending and identical gain in the last session. Ahli United Bank tripped 5 fils to KD 0.420 whereas Al Ahli Bank was not traded during the session.

Kuwait International Bank dialed up 2 fils and Burgan Bank closed 5 fils higher at 335 fils. Boubyan Bank was flat at KD 0.405 whereas Warba Bank clipped 2 fils.

National Investment Co eased 2 fils to 120 fils after trading over 1 million shares and Kuwait Projects Company dropped 10 fils . The company has recorded a first quarter net profit of KD 13.5 million and earnings per share of 7.45 fils .

Securities Group Co and Securities House Co were flat at 48 fls and 82 fils respectively while Kuwait Financial Centre fell 2 fils to 88 fils. Al Mal Investment Co and KFIC gave up 0.5 fils each whereas Bayan Investment Co paused at 36 fils.

Sokouk Holding added 1 fils on back over 7 millon shares whereas Noor Financial Investment Co and Tamdeen Investment Co stood pat at 44 fils and 375 fils. Mabanee Co stagnated at KD 0.850 and Al Mazaya Holding gained 4 fils.

The market has been upbeat so far during the week and has rallied 85 points in last four sessions. It has vaulted 199 points from start of the month but is down 3.31 pct year-todate. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, Shuaiba Industrial Co has posted a net profit of KD 629,557 and earnings per share of 7.93 f ils in the first quarter of 2016 as compared to net profit of KD 444,921 and Earnings per share 5.65 fils in the same period last year.

Investors Holding Group Co has incurred a first quarter net loss of KD 28,553 and loss per share of 0.05 fils as compared to net loss same of KD 73,809 loss per share of 0.12 fils in 2015 Q1.

Gulf Investment House has clocked a net loss KD 6.085 and losses per share of 37.07 fils in the year ending December 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.