Kuwait equities edge higher; volume swells By John Mathews

Americana gains 20 fils; Kuwait National Cinema slides KUWAIT CITY, July 24: Kuwait stocks edged higher Sunday extending the uptick from the last session. The benchmark index pared back slight early losses to close 3.37 pts higher at 5,394.57 points even

The KSX 15 index nudged 0.37 pts higher to 811 pts and is down 15 points year-to-date while weighted index inched 0.13 pts up. The volume turnover meanwhile soared after modest rise on Thursday. 159.14 million shares changed hands — a 22.84 pct jump from the last session.

The sectors meanwhile closed mixed. Financial services outshone the rest with 0.45 pct gain whereas technology dipped 1.78 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 40.68 pct while real estate and industrials followed with 31.9 pct and 12.23 percent contribution respectively.

In the individual shares, Kuwait Food Co (Americana) climbed 20 fils to KD 2.480 taking the year’s gains to 480 fils while ACICO Industries jumped 25 fils. Kuwait National Cinema Co slumped 100 fils to KD 1.280 extending an identical drop in the last session.

Zain rose 5 fils to KD 0.335 whereas Wataniya Telecom held the ground steady at KD 1.100. Logistics major Agility gave up 5 fils to settle at KD 0.470.

Kuwait Telecommunications Co (VIVA) slipped 10 fils to KD 0.930. The company has clocked a first half net profit of KD 19.38 million and earnings per share of 39 fils as compared to net profit of KD 21.58 mln and earnings per share of 43 fils in the H1 of 2015.

The market opened on tame note and moved sideways in early trade. The bourse slipped slightly into red almost half way into the session to hit the day’s lowest level of 5,380.12 pts. It however clawed back the losses in the second half to close barely in the green turf.

Top gainers of the day, MENA rallied 12.5 percent to 22.5 fils and Kuwait Cable Vision Co followed suit. Equipment Holding Co slid 7.9 pct to 58 fils, the steepest decliner of the day and Investors Holding Co topped the volume with 38 million shares.

Mirroring the day’s uptick, the winners outnumbered the losers. 44 stocks advanced whereas 30 closed lower. Of the 116 counters active on Sunday, 42 closed flat. 3,044 deals worth KD 11.18 million were transacted — a 7.14 pct rise in value from the day before.

National Industries Group was unchanged at 118 fils off early lows while Gulf Cable was up 5 fils at KD 0.385. HEISC took in 2 fils whereas Kuwait Foundry Co and Contracting and Marine Services Co stood pat at 166 fils 93 fils respectively.

Jazeera Airways paused at KD 0.860 and ALAFCO followed suit. The company has posted a net profit of KD 9.94 million and earnings per share 10.95 fils in the ninemonth period ending June 30, 2016 as compared to net profit of KD 13.35 million and earnings per share of 16.31 fils in the same period last year.

Climbed

Boubyan Petrochemical Co dropped 10 fils whereas Gulf Glass Manufacturing Co climbed 25 fils to 275 fils. Equipment Holding Co gave up 5 fils after trading 4.6 million shares and Qurain Petrochemical Industries Co closed 4 fils in red.

Automated Systems Co fell 10 fils to KD 0.260 and Independent Petroleum Group eased 5 fils. Kuwait And Gulf Link Transport Co clipped 1.5 fils whereas Zima Holding stagnated at 42 fils. Mezzan Holding dropped 20 fils to KD 1.080.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.600 off early lows after trading 2.25 million shares and Gulf Bank too did not budge from its previous close of 236 fils. Commercial Bank and Al Ahli Bank were not traded during the session.

Burgan Bank stood pat at 330 fils whereas Boubyan Bank closed 5 fils higher. The bank has announced a net profit of KD 18.90 million and earnings per share of 8.73 fils in the first half of 2016 as against a net profit of KD 16.03 million and earnings per share of 7.41 fils in the same period last year.

Kuwait Finance House fell 5 fils and Kuwait International Bank was flat at 186 fils. The bank has logged a net profit of KD 11.97 million and earnings per share of 12.83 fils in the six-month period ending June 30, 2016.

Kuwait Investment Co rose 3 fils to 88 fils and International Financial Advisors ticked 0.5 fils up on back of 5.4 million shares. National Investment Co stagnated at 99 fils and investment major KIPCO gained 10 fils to settle at KD 0.520.

Securities Group and Al Mal Investment Co stood pat at 82 fils and 25 fils respectively while Bayan Investment Co clipped 1 fils. Ekttitab Holding gave up 1 fils to end at 43 fils.

Osoul Investment and Sokouk Holding were flat at 46 fils and 35 fils respectively whereas Noor Financial Investment Co added 2.5 fils after trading over 2 million shares. Al Deera Holding took in 1.5 fils with a volume of over 1 million.

National Real Estate Co was unchanged at 77 fils whereas Salhia Real Estate Co slid 15 fils to KD 0.365. Mabanee Co gained 10 fils and United Real Estate Co closed 2 fils in red.

The market was mixed during last week. The key index closed lower in three of the five sessions and was almost unchanged week-on-week. It has shed 27 points from the start of the month and is down 3.93 pct yearto-date. KSE, with 190 listed companies, is the second largest bourse in the region.

Hilal Cement Company has posted a net profit of KD 20,659 and earnings per share of 0.2 fils in the sixmonths period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fils in the same period last year.

Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months from date of the approval.

The Energy House Co has posted a first half net loss of KD 1.14 million and loss per share of 1.99 fils as compared to net loss of KD 963,435 and loss per share of 1.28 fils in H1 of 2015.

Wethaq Takaful Insurance Co has penciled a net profit of KD 522,653 and earnings per share of 4.76 fils in the first half of 2016 as against a net profit of KD 680,840 and earnings per share of 5.48 fils in the same period last year.

Tijara & Real Estate Investment Co has registered a net profit of KD 280,364 and earnings per share of 0.76 fils in the first six months of 2016 as against a net profit of KD 477,861 and earnings per share of 1.29 fils in H1 last year.