Kuwait bourse ends week on tame note

NBK gains 10 fils; Americana dips

By John Mathews

Arab Times Staff

KUWAIT CITY, Nov 12; Kuwait stocks trod water on Thursday to end the week on a tame note. The price index pared back early losses to close 0.62 points higher at 5766.37 pts. The board was largely mixed even as some of the banks eked modest gains.

The KSX 15 gauge climbed 6.36 pts to 954.64 points taking the month’s gains to 29 points and weighted index edged 1.6 points up. The volume turnover meanwhile was almost unchanged as investors toed caution in absence of catalysts. 158 million shares changed hands - a 0.62 pct drop from Wednesday.

The sectors closed mostly in the green turf. Technology outshone the rest with 1.14 pct gain whereas oil and gas shed 1.04 percent, the worst performer of the day. In terms of volume, real estate accounted for the highest market share of 43.97 percent and financial services stood next with 24.84 pct. Industrials was distant third with 8.18 pct contribution.

Among notable performers, National Bank of Kuwait rose 10 fils to KD 0.860 on back of over 2 million shares and Kuwait Finance House followed suit to end at KD 0.600. Mabanee Co too gained 10 fils whereas Kuwait Food Co (Americana) shed 20 fils to settle at KD 2.280.

Zain fell 5 fils to KD 0.370 after trading 2.2 million shares and Wataniya Telecom (Ooredoo) was unchanged at KD 1.040 with thin volume. Kuwait Telecommunications Co (VIVA) too held steady at KD 0.910 and has added 40 fils from start of the month.

Agility dropped 10 fils to KD 0.510. The company has posted a net profit of KD 39.07 million and earnings per share of 33.97 fils in the January- September period as against net profit of KD 37.14 million earnings per share of 32.28 fils in the year before period.

The market opened flat and moved sideways in early trade. The main index headed lower as sentiment turned weak and drifted listlessly well past the mid-session. It slipped briefly to plumb the day’s lowest level of 5742.06 points in the final minutes before bouncing back to close in green.

Top gainer of the day Mashaer Holding Co spiked 7.55 pct to 114 fils and United Food Industries Group climbed 7.14 percent to stand close behind. Jeeran Holding Co slid over 8 pct, the steepest decliner of the day and Investors Holding Group topped the volume with 20.2 million shares.

Despite the slight uptick, market spread was slightly skewed towards the losers. 45 stocks advanced whereas 50 closed flat. Of the 135 counters active on Thursday, 40 closed flat. 3323 deals worth KD 14.5 million were transacted - a 19.11 pct drop in value from the day before.

National Industries Group, the flagship company of Kharafi Group, was flat at KD 0.146 off slight early lows and Kuwait Cement Co closed 5 fils higher. The company has recorded a net profit KD 16.30 million and earnings per share of 22.86 fils in the first nine-months of 2015.

ACICO Industries Co was unchanged at KD 0.280 and Kuwait Packaging Materials Manufacturing Co slumped 25 fils. Equipment Holding Co fell 3 fils to 63 fils and Qurain Petrochemical Industries Co clipped 2 fils. NAPESCO was down 10 fils at KD 0.600 with razor thin volume.

Gained

Humansoft Holding gained 30 fils whereas Independent Petroleum Group Co. pulled 10 fils lower. The company has posted a net profit of KD 1.599 million in the nine-month period ended Sept 30, 2015 while earnings per share came in at 11.05 fils. This compares with net profit of KD 3.627 million and earnings per share of last 25.08 fils in the same period last year.

Jazeera Airways paused at KD 0.465 off early lows and ALAFCO dialed up 2 fils. The company has posted a net profit of KD 16,04 million and earnings per share of 19.59 fils in the nine-month period ending Sept 30, 2015 as compared to net profit of KD 16.52 million and earnings per share of 20.18 fils in the same period of 2014.

Burgan Well Drilling Co slipped 5 fils to 89 fils and Jeeran Holding Co followed suit. Combined Group Contracting Co rose 10 fils to KD 0.790 and Zima Holding Co took in 2 fils.

Kuwait and Gulf Link Transport Co inched 0.5 pts down and KGL Logistics gave up 5 fils to settle at 73 fils. Mezzan Holding gained 20 fils.

In the banking sector, Gulf Bank climbed 10 fils to KD 0.200 and Commercial Bank of Kuwait was up by same measure. Al Ahli United Bank fell 5 fils and Ahli United Bank was unchanged at KD 0.550. Warba Bank paused at 0.208.

Kuwait International Bank held steady at KD 0.230 and Burgan Bank too did not budge from its earlier close of KD 0.395 after trading over 1 million shares. Boubyan Bank was flat at KD 0.435 and Ithmaar Bank stagnated at 47 fils.

Investment major KIPCO paused at KD 0.610 and National Investment Co gave up 4 fils to end at KD 0.106. Kuwait Financial Centre (Markaz) and Al Mal closed flat and Bayan Investment Co inched 1 fils down. Kuwait Insurance Co closed 5 fils higher.

The bourse has been mixed during the week. The key index closed lower in 2 out of 5 sessions and has retreated 4 points week-on-week. It has slipped 9 pts so far during the month and is trading 11.78 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, United Foodstuff Industries Group Co. has logged a net profit of KD 385,003 and earnings per share of 11.64 fils in the 9-month period ending Sept 30, 2015 down from net profit of KD 832,345 and earnings per share of 25.16 fils in the 9M, 2014.

Abyaar Real Estate Development Co has registered a net profit of KD 6,103 and earnings per share 0.01 fils for the nine-month period ended Sept 31, 2015 down sharply from net profit of KD 487,234 and earnings per share of 0.44 fils in the same period of 2014.

Tamdeen Real Estate Company as clocked a net profit of over KD 9 million and earnings per share of 22.6 fils in the nine-month period ending September 30, 2015, climbing from net profit of KD 6.61 million and earnings per share of 16.4 fils in the year before period.

Securities Group Company has recorded a net profit of KD 2.47 million and earnings per share of 9.69 fils in the six-month period ending September 31, 2015 as compared to net profit of KD 2.57 million and earnings per share of 10.09 fils in the year before period.

Qurain Petrochemical Industries Co has posted a net profit of KD 6.61 million and earnings per share of 6.31 fils in the nine-month period ending Sept 30, 2015 as against net profit of KD 14.76 and

earnings per share of 14.03 fils in the year before period.