Kuwait bourse jumps 88.31 pts; volume dips

Wataniya Telecom climbs 20 fils; NBK flat

KUWAIT CITY, July 26: Kuwait stocks swung higher on Tuesday after eking modest gains in the last two sessions. The bourse, after a tame start, rallied 88.31 points to 5,484.2 pts helped by buying in select counters. Some of the industrial shares shone whereas banks closed narrowly mixed.

The KSX 15 benchmark inched 0.25 pts lower to 813.6 points and is down 13 points year-to-date and weighted index too was down by same measure. The volume turnover meanwhile dipped below the 100 million mark to hit a 2-week low. 56.46 million shares changed hands – a 56.6 pct drop from Monday.

The sectors closed mostly in the positive turf. Industrials outshone the rest with 8.3 pct gain whereas consumer services shed 0.84 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 42.18 pct while real estate stood next with 24.2 pct contribution.

In the individual shares, Kuwait Food Co (Americana) dropped 20 fils to KD 2.460 and Kuwait National Cinema Co tumbled 100 fils extending its sharp decline.

Tamdeen Real Estate Co slid 50 fils whereas ACICO Industries climbed 25 fils to KD 0.300.

Zain added 5 fils on back of 1.9 million shares to settle at KD 0.340 and Wataniya Telecom recouped Monday’s drop by rebounding 20 fils with thin volume. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.930 and Agility too did not budge from its earlier close of KD 0.470.

Sector bellwether National Bank of Kuwait stood pat at KD 0.610 off early lows and Gulf Bank clipped 2 fils. The bank has posted a first half net profit of KD 20.69 million and earnings per share of 7 fils, up from net profit of KD 18.66 million and earnings per share of 6 fils in the same period last year.

The market opened on a subdued note and moved sideways in early trade. The key index continued its linear course well past the mid-session and rose sharply thereafter amid spurt in buying in select counters. It truned flattish in the final minutes before closing with strong gains.

Top gainer of the day, National Consumer Holding Co (NCCI) spiked a whopping 220 pct to 40 fils while First Takaful Insurance Co climbed 10 pct to stand next. Tamdeen Real Estate Co slid over 9 pct, the steepest decliner of the day and Investors Holding Co topped the volume with over 8 million shares.

Despite the day’s upswing, the market spread was skewed towards the losers. 27 stocks advanced whereas 36 closed lower. Of the 109 counters active on Tuesday, 46 closed flat. 1,529 deals worth KD 4.3 million shares whereas transacted – a 43.7 pct dip in value from the day before.

National Industries Group eased 2 fils to 118 fils erasing the gains in the day before while Gulf Cable held steady at KD 0.390 . Kuwait Foundry Co slipped 6 fils to 164 and Boubyan Petrochemicals Co rose 10 fils to KD 0.510.

Unchanged

Jazeera Airways was unchanged at KD 0.850 and ALAFCO followed suit. The company has posted a net profit of KD 9.94 million and earnings per share of 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.

Kuwait Portland Co climbed 10 fils to KD 0.950 and Kuwait Cement Co closed down by same measure. The company has posted a net profit of KD 12.16 million and earnings per share of 17.06 fils in the six-month period ending June 30, 2016 as compared to net profit of KD 13.75 million and earnings per share 19.29 fils in the same period last year.

Equipment Holding Co was flat at 58 fils whereas Qurain Petrochemical Industries Co took in 2 fils. Automated Systems Co and Human soft Holding Co stood pat at KD 0.260 and KD 1.420 respectively while The Energy House edged 2 fils higher.

Kuwait and Gulf Link Transport Co stagnated at 45 fils and KGL Logistics Co gave up 5 fils to settle at 74 fils after trading over 1 million shares.

Kuwait Resorts Co was unchanged at 88 fils and Mezzan Holding too did not budge from its earlier close of KD 1.080. Zima Holding Co added 0.5 fils on back of 3.3 million shares and Hits Telecom paused at 41 fils.

In the banking sector, Kuwait Finance House slipped 5 fils to KD 0.440 and Commercial Bank of Kuwait followed suit. Ahli United Bank was unchanged at KD 0.395 and Al Ahli Bank closed 5 fils in green. Warba Bank stood pat 172 fils.

Burgan Bank stagnated at KD 0.330 and Boubyan Bank followed suit. 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 mln and earnings per share of 7.41 fils in the same period last year.

Kuwait Investment Co fell1 fils to 84 fils whereas International Financial Advisors and National Investment Co were flat at 35 fils and 106 fils respectively. KIPCO and KAMCO paused at KD 0.520 and 89 fils respectively.

National Real Estate Co fell1 fils whereas Salhia Real Estate Co was unchanged at KD 0.360. Mabanee Co climbed 10 fils to KD 0.780.

The market has been upbeat so far during the week and has climbed 92 points in last three sessions. It has rallied 113 points from the start of the month but is down 2.3 pct year-todate. 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 six-months 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.

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.

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.