Kuwait bourse closes week on a tame note
Americana gains 20 fils; Zain slips
KUWAIT CITY, July 28: Kuwait stocks trod water on Thursday to wind up the week on a tame note. The bourse eased 1.17 pts in lackluster trading to 5,460.73 pts even as the board remained mixed.
The KSX 15 benchmark rose 3.25 pts to 818.46 points trimming the year’ losses to 66 points while weighted index edged 0.7 pts up. The volume turnover meanwhile tapered after staging a modest rebound in the last session. 56.81 million shares changed hands — a 17.15 pct drop from Wednesday.
The sectors closed mixed. Telecommunications outshone the rest with 0.86 pct rise while insurance shed 1.41 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 38 pct while real estate stood next with 33.4 percent contribution.
In the individual shares, sector bellwether National Bank of Kuwait rose 10 fils to KD 0.610 recouping the fall in the last session and KIPCO rallied by same measure even as the company posted a H1 net profit of KD 28 mln. Kuwait Food Co (Americana) climbed 20 fils taking the year’s gains to 480 fils.
Zain fell 5 fils to KD 0.335 while Wataniya Telecom (Ooredoo) was not traded during the session. Agility gave up 5 fils to settle at KD 0.470 and Kuwait Telecommunications Co (VIVA) gained 20 fils.
Gulf Bank took in 2 fils whereas Kuwait Finance House stood pat at KD 0.450 of early lows. The bank has posted a net profit of KD 70.87 million and earnings per share of 13.74 fils in the first six-months of 2016 as against a net profit of KD 62.33 million and earnings per share of year 12.09 fils in 2015 H1.
The market opened weak and moved sideways in early trade. The key index drifted south almost half way into the session and troughed at 5,443.74 pts amid selling in select counters. It pared back most of the losses thereafter and closed slightly in red.
Top gainer of the day, Al Aqaria rallied 9 pct to 24 fils while KAMCO climbed 5.38 pct to stand next. First Takaful Insurance Co slumped 13.4 pct, the steepest decliner of the day and Al Salam topped the volume with 4.7 million shares.
Reflecting the mixed trading, the market spread was almost even. 39 counters advanced whereas 36 closed lower. Of the 118 counters active on Thursday, 43 closed flat. 1,905 deals worth KD 5.3 million were transacted — a 29 pct drop in value from the day before.
National Industries Group fell 4 fils to 116 fils and Gulf Cable swung 15 fils into red. Kuwait Foundry Co was unchanged at 164 and ACICO Industries added 10 fils to close at 290 fils. Boubyan Petrochemical Co dropped 10 fils to KD 0.500.
Kuwait Portland Co stood pat at KD 0.960 and Kuwait Cement Company slipped 5 fils. 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.
Flat
Human soft Holding Co was flat at KD 1.420 and Independent Petroleum Group Co closed 5 fils up. The company has clocked a net profit of KD 2.53 million and earnings per share of 17.53 fils in the first half of 2016 as compared to net profit of KD 1.45 million and earnings per share of 10.03 fils in 2015 HI.
Automated Systems Co fell 4 fils to 244 fils and while Gulf Glass Manufacturing Co and Equipment Holding Co paused at KD 0.325 and 55 fils respectively. Qurain Petrochemical Industries Co dialed up 2 fils.
Kuwait and Gulf Link Transport Co clipped 1 fils and KGL Logistics Co took in 1 fils on back of 1.5 million shares. PAPCO gave up 6 fils and Mezzan Holding shed 20 fils to close at KD 1.100.
In the banking sector, Commercial Bank of Kuwait and Al Ahli Bank of Kuwait were unchanged at KD 0.375 and KD 0.320 respectively whereas Kuwait International Bank was not traded during the session. Burgan Bank paused at KD 0.330 and Ahli United Bank followed suit.
Boubyan Bank fell 5 fils and Warba Bank stagnated at 172 fils has logged a net profit KD 455,000 and earnings per share of 0.46 fils in the first six months of 2016 as compared to net profit of KD 315,000 and earnings per share of 0.32 fils in 2015 H1.
Kuwait Investment Co clipped 2 fils while National Investment Co dialed up 2 fils. International Financial Advisors edged 0.5 fils up on back of 3.5 million shares and Securities Group was flat at 82 fils. Securities Group Co stagnated at 82 fils and Ektittab Holding Co followed suit.
KAMCO rose 5 fils to 98 fils and KFIC gave up 2 fils to settle at 38 fils. First Investment Co and Bayan Investment Co eased 1 fils each and Sokouk Holding inched 0.5 fils up after trading 4.6 million shares.
United Real Estate Co climbed 4 fils to 106 fils and National Real Estate Co was unchanged at 77 fils with a volume of 1.2 million. Mabanee Co and Al Mazaya Holding Co stood pat at KD 0.780 and 116 fils respectively.
The market has been largely positive during the week. The key index closed higher in two of the three session and has gained 69 points weekon-week. It has added 91 points from the start of the month but is down 2.73 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.
In the bourse related news, Yiaco Medical Co has incurred a net loss of KD 1.86 million and losses per share of 10.26 fils in the January-June period down from net profit of KD 639,485 and earnings per share of 3.52 fils in the same period last year.
Al Kout Industrial Projects Co has posted a net profit of KD 2.92 million and earnings per share of 29.03 fils in the first half of 2016 up from net profit of KD 2.04 million and earnings per share of 20.27 fils in the first six months of 2015.
Hilal Cement Company has posted a net profit of KD 20,659 and earnings per share of 0.2 fils in the sixmonths period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fils in the same period last year.
The Energy House Co has posted a first half net loss of KD 1.14 million and loss per share of 1.99 fils as compared to net loss of KD 963,435 and loss per share of 1.28 fils in H1 of 2015.
Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months from date of the approval.