Kuwait stock index ends higher in ‘volatile’ trade

Humansoft Holding jumps 100 fils; NBK flat

KUWAIT CITY, April 11: Kuwait stocks swung higher on Tuesday stemming the three-day pullback. The bourse climbed 21.58 pts in volatile trade to 7,029.78 points helped by fresh buying in select counters led by some of the banks and industrials.

The KSX 15 rose 2.06 pts to 959.31 points taking the month’s gains to 25 pts while weighted index edged 1.1 pts higher. Meanwhile the volume turnover fell sharply to hit month’s second lowest level. 283.4 million shares changed hands — a 43 pct dip from Monday.

The sectors closed mostly in the green. Technology outshone the rest with 1.98 pct gain whereas consumer good shed 0.89 percent, the biggest loser of the day. Volume wise, real estate cornered the highest market share of 42.3 pct while financial services trailed with 32,9 percent contribution.

In the individual shares, Kuwait Finance House recouped last session’s losses with a 10 fils gain and Al Ahli Bank followed suit to wind up at 325 fils. Humansoft Holding soared 100 fils to KD 3.220 and is the currently the highest priced share in bourse.

Zain continued to stagnate at 465 fils with a volume of 2.6 million shares and Ooredoo too did not budge from its earlier close of KD 1.160. Kuwait Telecommunications Co (VIVA) dropped 10 fils to KD 0.910 and Agility climbed 10 fils to 650 fils.

Sector bellwether National Bank of Kuwait was flat at 700 fils and Commercial Bank of Kuwait followed suit. The bank’s fourth quarter earnings rose 10.8 pct year-on-year to KD 22.91 million.

The market opened firm and headed north in early trade. The price index dipped amid brief bout of selling to plumb the day’s lowest level of 7,002.78 pts and bounced back. It peaked at 7,030.5 points and drifted lower in the second half before revving up in the final minutes to close with modest gains.

Top gainer of the day, KBMMC jumped 7.9 pct to 136 fils while Automated Systems Co climbed 7.4 percent to stand next. Gulf Finance Co slid 7 pct, the steepest decliner of the day and Abyaar Real Estate Co topped the volume with over 28 million shares.

Reflecting the day’s upswing, the market spread was skewed towards the winners. 49 stocks advanced whereas 34 closed lower. Of the 131 counters active on Tuesday, 48 closed flat. 5,909 deals worth KD 21.1 million were transacted — a 28.4 pct slump in value from the day before.

National Industries Group rose 2 fils to 128 fils whereas Gulf Cable was down 10 fils at 490 fils. Heavy Engineering Industries and Shipbuilding Co gave up 2 fils to settle at 226 fils while Boubyan Petrochemical Co gained 10 fils.

Kuwait Food Co (Americana) dived 60 fils to KD 2.440 and Kuwait Foundry Co fell 5 fils. Shuaiba Paper Industries gained 20 fils and Kuwait Portland Cement Co followed suit to wind up at 315 fils. NCCI slipped 5 fils to 87 fils.

Jazeera Airways was unchanged at 570 fils off early lows and NAPESCO followed suit. The company has posted a 93.2 pct rise in Q4 profits to KD 1.99 mln while in 2016 it rose 35.6 pct to KD 7.71 million.

Gained

ACICO Industries was flat 290 fils and Automated Systems Co gained 20 fils. The company has posted a 41.3 pct drop in profits to KD 333,000 during the fourth quarter of 2016 while in the full year period, profits grew by 22.8 percent to KD 1.67 million

Equipment Holding Co inched 1 fil up and Combined Group Contracting Co rose 10 fils to 510 fils. Educational Holding Group fell 5 fils to 285 fils and Independent Petroleum Group added 5 fils.

Kuwait and Gulf Link Transport Co eased 1 fil to 65 fils while KGL Logistics Co slipped 3 fils to 69 fils. Burgan Well Drilling Co inched 1 fil into green.

UPAC dipped 20 fils to 720 fils and Jeeran Holding Co dialed up 1 fil.

Zimah Holding and AWJ Holding stood pat at 58 fils and 93 fils respectively Al Rain Media Group gave up 4 fils.

In the banking sector, Gulf Bank and Burgan Bank were unchanged at 255 fils and 345 fils respectively whereas Ahli United Bank pulled out of Monday’s shallow trough with a 10 fils rise to 460 fils.

Kuwait International Bank climbed 10 fils on back of over 6 million shares and Boubyan Bank paused at KD 415 fils. Warba Bank held ground at 265 fils with a volume of 4.5 million.

Kuwait Investment Co and Coast Investment Co were flat at 102 fils and 52 fils respectively. KMEFIC and Osoul Investment took in 1 fil each whereas Securities House Co inched 1 fil into red. Aayan was up 0.5 fil on back of 12.9 million shares.

Bayan Investment Co and NIH dialed up 2 fils each whereas KAMCO was unchanged at 88 fils. KFIC added 2 fils with thin trading while Sokouk Holding and Noor Financial Investment Co paused at 48.5 fils and 55 fils respectively.

National Real Estate Co and Mabanee Co stood pat at 106 fils and 830 fils respectively whereas Salhiya Real Estate Co climbed 5 fils. Kuwait Real Estate Co stalled at 66 fils and Mazaya Holding clipped 2 fils.

The market has been mixed so far during the week and is unchanged in last three sessions. It is also flat from start of the month and is trading 21.9 pct higher year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Al Mazaya Holding net profits soared 31.7 pct to KD 2.59 million in last quarter of 2016 while profits rose 10 pct to KD 10.25 million during the fiscal year of 2016. The board has recommended an annual cash dividend of 8% or 8 fils per share.

Gulf Glass Manufacturing Co’s fourth quarter net profit dipped o 64% in KD 14,000 from KD 39,000 in same period last year. During the fiscal year of 2016, profits was down 48 percent to KD 1.21 million from KD 2.34 mln in the previous year.

Al Mowasat Health Care has posted KD 1.8 million profits during the fourth quarter of 2016 and for the fiscal year of 2016, earnings rose 35.3 pct to KD 4.52 million from the year before. The board of directors has recommended a dividend payout of 20% or 20 fils per share.

Injazzat Real Estate Development has posted a net profit of KD 550,000 in the last quarter of 2016 and during the fiscal year of 2016, the bank earned KD 3.2 million. The board has recommended a cash dividend of 5% or 5 fils per share for FY 2016.

Ajial Real Estate Entertainment Company (AREEC) net losses narrowed by 22.7 pct to KD 888,620 from KD 1.15 million in Q4 of 2115. The annual profits in 2016 clocked KD 1.5 million and the board has recommended the distribution of cash dividends at 5% of capital.