Kuwait bourse edges up in choppy trading

NBK gains 10 fils; Jazeera Airways flat

KUWAIT CITY, Oct 23: Kuwait stocks headed north on Sunday after charting a mixed course in the previous week. The price index added 9.03 pts in choppy trade to close at 5,330.49 pts even as the sentiment remained mixed. Some of the heavyweights shone on speculative buying even as the investors await fresh cues.

The KSX 15 gauge climbed 7.23 pts to 812.23 points trimming the month’s losses to 4 points while weighted index nudged 2.11 pts into green. The volume turnover meanwhile dipped below the 100 million mark after hitting a multimonth high in the last session. 77.9 million shares changed hands — a 3.5 pct drop from Thursday.

The sectors closed mostly in the green zone. Telecommunications outshone the rest with 0.85 pct gain whereas insurance shed 0.48 percent, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 28.6 percent while real estate stood next with 24.6 pct contribution.

In the individual shares, National Bank of Kuwait climbed 10 fils on back of 1.3 million shares while investment conglomerate KIPCO added 5 fils to settle at 500 fils. Kuwait Food Co (Americana) rose 20 fils extending an identical gain in the last session.

Wataniya Telecom (Ooredoo) jumped 20 fils taking the month’s gains to 40 fils and Kuwait Telecommunications Co (VIVA) stood pat at KD 0.830. Logistics major Agility gave up 5 fils to close at KD 0.470.

Zain scaled 10 fils with a volume of 3.7 million shares. The company has recorded a net profit of KD 124.47 mln and earnings per share of 32 fils in 9M, 2016 up from net profit of KD 118.19 million and EPS of 30 fils in the year before period

The market opened firm and see sawed in early trade as selling and buying went hand in hand. It slipped briefly into red past the mid-session to plumb the day’s lowest level of 5,318.68 pts before rebounding back into green. It turned volatile in final hour before closing with modest gains.

Top gainer of the day, Sanam Real Estate Co vaulted 9 pct to 30 fils while Amwal rallied 7.8 pct to stand next. Commercial Facilities Co slid 5.8 fils, the steepest decliner of the day and National Ranges Co (Mayadeen) topped the volume with 6.8 million shares.

Reflecting the day’s uptick, the winners outnumbered the losers. 44 stocks advanced whereas 28 closed lower. Of the 109 counters active on Sunday, 37 closed flat. 2005 deals worth KD 8.34 million were transacted — a 62 pct drop in value from the day before.

National Industries Group climbed 4 fils with brisk trade while Gulf Cable stood pat at 370 fils. Heavy Engineering Industries and Shipbuilding Co was unchanged at 154 fils and ACICO slipped 5 fils before settling at 285 fils. NICBM dropped 10 fils to 196 fils.

Unchanged

Jazeera Airways was unchanged at KD 0.840 with razor thin trading volume and ALAFCO too did not budge from its earlier close of 216 fils. Humansoft Holding Co held steady at KD 1.600 and KPPC followed suit. Al Qurain Petrochemical Co took in 2 fils to settle at 198 fils.

Kuwait and Gulf Link Transport Co stood ground at 47.5 fils and KGL Logistics Co dialed up 2 fils before settling at 75 fils. Safwan rose 10 fils to 390 fils whereas Safat Energy Co closed flat. Equipment Holding Co closed 1.5 fils in red.

Kuwait Foundry Co clipped 2 fils and Kuwait Cement Company paused at KD 0.920. 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.

In the banking sector, Burgan Bank rose 5 fils to 320 fils and Gulf Bank gave up 2 fils to settle at 228 fils. Al Ahli Bank and Ahli United Bank stalled at 310 fils and 380 fils respectively while Commercial Bank of Kuwait was not traded during the session. Kuwait International Bank added

4 fils whereas Warba Bank was up 10 fils at 192 fils. Kuwait Finance House was unchanged at KD 0.465 and Boubyan Bank was up 5 fils on back of 2.3 million shares has recorded a net profit of KD 29.62 million and earnings per share of 13.68 fils in the nine-month period ending Sept 30, 2016.

National Investment Co was unchanged at 106 fils while International Financial Advisors nudged 1,5 fils higher to 29.5 fils. Securities House Co and Al Mal eased 0.5 fils each while Arzan took in 0.5 fils to settle at 29.5 fils. Aayan Financial Investment Co stood pat at 26.5 fils.

Bayan Investment Co clipped 0.5 fils whereas Osoul Investment Co and KFIC were flat at 40.5 fils and 35 fils respectively. Iskan gained 2.5 fils on back of 1.8 million shares while Ektittab Holding and Sokouk Holding stagnated at 35 fils and 29 fils respectively.

Noor Financial Investment Co inched 1 fils into green whereas Al Imtiaz was down 1 fils at 74 fils. Warba Insurance Co slipped 4 fils to 102 fils. Mazaya Holding Co paused at 108 fils while Abyaar Real Estate Co and REMAL were up 1 fils each.

The market was mixed during last week. The price index closed higher in two of the five sessions and shed 7 pts week-on-week. It has dipped 84 pts so far during the month and has retreated 5.07 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, Jeeran Holding Co. has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.

Kuwait Building Materials Mfg has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year

Ajwan Gulf Real Estate Co. has incurred a net loss of KD 71,423 and loss per share of 0.97 fils in the first nine months of 2016 as compared to net profit of KD 44,278 and earnings per share of 0.60 fils in the 2015, 9M

Hilal Cement Company has logged a net loss of KD 3,709 and loss per share of 0.04 fils in the January-September period of 2016 narrowing from a net loss of KD 117,151 and LPS of 1.39 fils in same period in 2015

Metal and Recycling Co clocked a net profit of KD 118,386 and earnings per share of 1.58 fils in the sixmonth period ending June 31,2016 rebounding from net loss of KD 185,711 and losses per share of 2.48 fils in same period last year.