Kuwait index rebounds tracking regional gains

Humansoft Holding spikes 149 fils; Americana flat

KUWAIT CITY, Nov 13: Kuwait stocks rebounded on Monday recouping most of last session’s losses. The bourse jumped 74.61 pts in volatile trade to 6,250.67 points tracking firmness in regional markets paced by banks and other heavyweights.

The KSX 15 gauge climbed 6.5 points to 905.99 pts while weighted index was up 3.5 pts at 395.38 points. The volume turnover meanwhile rose marginally following Monday’s drop. 84.58 million shares changed hands — a 3.78 pct rise from the day before.

The sectors closed mostly in green turf. Industrials outshone the rest with 2.12 pct gain whereas insurance shed 1.76 percent, the biggest loser of the day. Volume wise, financial sector mustered the highest market share of 30 pct and real estate followed with 24.3 percent contribution.

Among prominent gainers, sector bellwether National Bank of Kuwait took in 2 fils on back of over 2 million shares and Kuwait Finance House rose 4 fils to 542 fils with brisk trading. Humansoft Holding vaulted 149 pts to KD 3.849.

Zain climbed 10 fils to 450 fils on back of 5.5 million shares and Ooredoo jumped 46 fils partly recouping Sunday’s slump. Kuwait Telecommunications Co (VIVA) shed 14 fils and Agility gained 8 fils before settling at 733 fils.

Gulf Bank dialed up 2 fils and Al Mutahed closed flat. The bank has registered a growth of 0.45 pct year-on-year in profits during the third quarter of 2017 to KD 13.55 million. During the first nine months of 2017, the bank posted a profit of KD 40.04 million.

The market opened firm and edged higher in early trade. The price index picked up momentum half way into the session amid bargain buying in select counters. It traded choppy briefly before revving up in the final minutes to close with hefty gains.

Top gainer of the month, Kuwait Cable Vision Co soared 20 pct to 22.8 fils and Ahleia Insurance Co climbed 19.7 pct to stand close behind. Gulf Insurance Co slid 20 pct, the steepest decliner of the day and Investors Holding Co topped the volume with 9.9 million shares.

Reflecting the day’s upswing, the winners vastly outnumbered the losers. 69 stocks advanced whereas 29 closed lower. Of the 119 counters active on Monday, 19 closed flat. 3654 deals worth KD 13.4 million were transacted — almost unchanged in value from the day before.

National Industries Group rose 4 fils to 141 fils with a volume of 4.4 million and Kuwait Cement Co spiked 50 fils to 450 fils. Heavy Industries and Shipbuilding Co gained 12 fils and Equipment Holding Co was up 4 fils at 38.2 fils.

Kuwait Food Co (Americana) was unchanged at KD 1.400 off steep early highs. The company’s profits dropped 18.7 pct year-onyear to KD 16.65 million in the third quarter of 2017. The earnings were ticked up by 0.5 pct to KD 44.9 million in the January-September period.

Metal and Recycling Co added 4 fils while Kuwait Portland Cement Co slipped 9 fils to 911 fils. Boubyan Petrochemical Co fell 4 fils to 621 fils and Al Qurain Petrochemical Co clipped 2 fils. ACICO Industries and Independent Petroleum Group gained 5 fils.

Combined Group Contracting Co shed 13 fils while Inovest climbed 6.3 fils to 93.3 fils. Kuwait and Gulf Link Transport Co gained 4.5 fils while KGL Logistics took in 0.7 fils. Al Rai Media Group stood pat at 10.5 fils.

Jazeera Airways gained 11 fils and ALAFCO closed flat. The company has registered a 133.3 percent increase surge in profits to KD 32.82 million for the fiscal year that ended Sept 30, The company’s board of directors has recommended cash dividends of 10 fils per share.

In the banking sector, Al Ahli Bank rose 5 fils to 310 fils and Burgan Bank gave up 6 fils to end at 308 fils. Commercial Bank was not traded during the session.

Boubyan Bank inched 1 fil higher to 416 fils and Kuwait International Bank was up 5 fils at 225 fils. Warba Bank took in 2 fils to settle at 210 fils.

KIPCO climbed 7 fils to 295 fils and National Investment Co held ground at 100 fils. International Financial Advisors ticked 0.8 fil higher on back of over 2 million shares and Kuwait Investment Co gained 5 fils. Commercial Facilities Co dialed up 2 fils.

Bayan Investment Co inched 1 fil up to 38 fils while Coast Investment Co dialed up 0.2 fil. KAMCO eased 0.1 fil to 69.9 fils and Arzan took in 2.6 fils. Securities House Co closed 0.1 fils in red.

KFIC fell 1.3 fils to 43.4 fils and Ektittab Holding added 0.8 fils. Unicap trimmed 0.5 fil whereas Noor Financial Investment Co and Al Madina Investment Co closed flat.

United Real Estate Co climbed 8.4 fils while National Real Estate Co and Mabanee Co added 2 fils each. Marakez stood pat at 36 fils while Mazaya Holding and Kuwait Real Estate Co dialed up 2 fils each.

The bourse has been mixed so far during the week and has slipped 8 points in last two sessions. It has tumbled 303 points from start of the month and is trading over 8.74 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.

In the bourse related news, Agility has recorded net profits of KD 49.2 million in the first nine months of 2017 while the return on equity increased by 13.7 percent to 39.1 fils per share. In the July-September period, the earnings soared 714 pct to WD 17.8 million, increasing by 714% year-on-year.

Kuwait Finance and Investment has posted a 35 percent yearon-year surge in profits to KD 299,483 for the first nine months of 2017 while earnings per share surged 35 percent to 1.0 fil. Total operating revenue rose 10% percent to KD 4.015 million during the period.

Gulf Bank of Kuwait’s total shareholders’ equity stood at KD 591.2 million by the end of September 2017. The net revenue from interest totaled KD 97.2 mln in January — September period while operating profits stood at KD 89.7 million.

Aqar Real Estate Investments Co’s earnings was down 6.42 pct year-on-year during the third quarter of 2017 to KD 345,140 .In the January-September period, profits rose 11.5 percent to KD 1.03 million. The operating revenues rose 14.6 pct to KD 1.48 million in ninemonth period.

Credit Rating and Collection Co’s (Tahssilat) losses widened to KD 269,840 in the third quarter of 2017 from KD 61,020 in the same period last year. During the ninemonth period, it logged a profit of KD 830,200 against a loss of KD 291,200 in the same period in 2016.