Kuwait stocks tread water; volume jumps

Gulf bank gains 10 fils; Ooredoo flat

KUWAIT CITY, Dec 14: Kuwait stocks trod water on Wednesday as the market took a breather after four–day gains driven by bullish sentiment over the output deal by oil producers. The bourse inched 0.36 pts higher in choppy trade to 5,671.98 even as the board remained broadly mixed.

The KSX 15 dropped 8.75 pts to 8,86.78 points trimming the month’s gains to 2 points while weighted index eased 2.64 points. The volume turnover meanwhile rebounded to hit a fresh multimonth high. 289 million shares changed hands — a 43 pct surge from the day before

In the individual shares. National Bank of Kuwait slipped 10 fils to 650 fils after trading over 1 million shares and Gulf Bank climbed 10 fils with a volume of over 9 million. Kuwait Food Co (Americana) was down 20 fils at KD 2.600.

Zain dropped 10 fils to 425 fils taking the month’s gains to 25 fils while Wataniya Telecom (Ooredoo) stood pat at KD 1.140 off early highs. Kuwait Telecommunications Co (VIVA) was flat at KD 0.920 and logistics major Agility followed suit.

Kuwait Finance House dipped 10 fils erasing Tuesday’s gains while Gulf Bank of Kuwait added 10 fils. The company has recorded a net profit of KD 32.80 million and earnings per share of 11 fils in the Jan-Sept period up from net profit of KD 29.62 million and earnings per share of 10 fils in the year before period.

The market opened firm and edged higher in early trade. The main index scaled the day’s highest mark of 5,672.04 points and retreated thereafter as selling kicked in after the recent gains. It plumbed the day’s lowest level of 5,651.9 pts past the mid-session before revving up to close in the green turf.

Top gainer of the day, KSHC rallied 8.93 percent to 30.5 fils while Investors Holding Group climbed 8.16 percent to stand close behind. Boubyan International Industries tumbled 10.4 pct, the steepest decliner of the day and Investors Holding Group topped the volume with over 52 million shares.

National Industries Group, the flagship company of the Kharafi Group, eased 2 fils to 124 fils while Gulf Cable was unchanged at 385 fils. Heavy Industries Engineering and Shipbuilding Co clipped 2 fils and Kuwait Foundry Co followed suit to wind up at 176 fils.

Jazeera Airways fell 10 fils to close at KD 0.770 whereas ALAFCO held ground at 220 fils. Kuwait National Cinema Co paused at KD 0.960 and KCPC took in 2 fils before settling at 170 fils. ACICO Industries Co stagnated at 270 fils.

Boubyan Petrochemical Co rose 10 fils and Equipment Holding Co edged 1.5 fils higher to 46.5 fils. Humansoft Holding Co and Combined Group Contracting Co were flat at KD 2.260 and KD 0.620 respectively

Mezzan Holding slid 30 fils while Qurain Petrochemical Industries Co stalled at 228 fils. The company has registered a net profit of KD 10,487,657 and earnings per share of 10.08 fils in the January-September period.

Dipped

Independent Petroleum Group climbed 15 fils and Yiaco Medical Co. dipped 10 fils. The company has logged a nine-month net loss of KD 2.40 million and loss per share of 13.24 fils as compared to net profit of KD 751,920 and earnings per of 4.13 fils in 9M of 2015.

Kuwait and Gulf Link Transport Co took in 1 fils whereas KGL Logistics Co gave up 1 fils to close at 71 fils. Zimah Holding Co was unchanged at 41 fils and Al Rai Media Group slipped 4 fils to 148 fils after eking marginal gains in the last session.

In the banking sector, Burgan Bank was flat at 300 fils after trading over 2 million shares while Al Ahli Bank and Ahli United Bank were down 5 fils each to close at 295 fils and 395 fils respectively.

Boubyan Bank fell 5 fils and Kuwait International Bank eased 2 fils to

204 fils. Warba Bank stagnated at 218 fils whereas Commercial Bank of Kuwait was not trade during the session.

Investment conglomerate KIPCO was unchanged at KD 0.510 and National Investment Co too did not budge from its earlier close of 99 fils. International Financial Advisors inched 0.5 fils into red while Coast Investment Co and Securities House Co took in 0.5 fils each.

Gulf Investment House and Aayan Investment Co gave up 0.5 fils each while KMEFIC paused at 23.5 fils. Bayan Investment Co clipped 0.5 fils whereas Osoul Investment Co and Unicap added 2.5 fils each.

Al Deera Holding and Al Salam Investment Co took in 0.5 fils each whereas Ektittab Holding stood pat at 37 fils. Noor Financial Investment Co fell 0.5 fils and Al Madina followed suit. Commercial Facilities Co stalled at 156 fils.

KFIC added 2.5 fils and Al Mal Investment Co ticked 1 fils higher to 21.5 fils. Kuwait Reinsurance Co gave up 2 fils and Sokouk Holding eased 0.5 fils to 36.5 fils. Arzan inched 0.5 fils up to 31.5 fils

Kuwait Real Estate Co and United Real Estate Co dialed down 1 fils each whereas National Real Estate Co clipped 2 fils. Mabanee Co was unchanged at 840 fils and Mazaya Holding Co followed suit. Argan Real Estate Co dipped 4 fils to 166 fils.

The market has been upbeat so far during the week and has gained 81 points in last four sessions. It has rallied 116 points from the start of the month and is up 1 pct year-todate. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Shuaiba Industrial Co has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and earnings per share of 16.83 fils in same period of 2015.

Aqar Real Estate Investments Co. has registered a net profit of KD 923,223 and earnings per share of 4.34 fils in the January-September

period down from net profit of KD 1.72 million and EPS of 7.63 fils in the 9M of 2015.

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.

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.