Kuwait’s index gains in choppy trade, volume up
KFH climbs 10 fils; Americana flat
KUWAIT CITY, April 4: Kuwait stocks pulled higher on Tuesday stemming the two-day retreat. The bourse rose 16.55 pts in choppy trade to 7,015.78 points helped by buying in select counters even as the sentiment remained broadly mixed.
The KSX 15 gauge climbed 5.23 pts to 948.46 points taking the month’s gains to 14 pts while weighted index edged 1.43 pts higher. The volume turnover meanwhile slipped after rising in last three sessions. 290.28 million shares changed hands — a 8.8 pct fall from Monday.
The sectors closed mostly in green. Oil and gas outshone the rest with 0.71 pct gain whereas healthcare tripped 3.22 percent, the worst performer of the day. Volume wise, real estate clocked the highest market share of 42.3 pct while financial services stood next with 34.12 pct contribution.
In the individual shares, Kuwait Finance House gained 10 fils on back of 5.8 million shares and Commercial Bank of Kuwait followed suit to wind up at 435 fils. Kuwait National Cinema Co jumped 60 fils with razor thin trading volume.
Zain was unchanged at 460 fils off slight early highs and Ooredoo too did not budge from its earlier close of KD 1.120. Kuwait Telecommunications Co (VIVA) was down 10 fils at 900 fils and logistics major Agility climbed 10 fils to 650 fils.
Burgan Bank added 5 fils with brisk trading while Gulf Bank of Kuwait closed flat. The bank’s Q4 net profit rose 7.8 pct to KD 10.14 m and during 2016, profits was to 10.1 pct to KD 42.94 mln.
The market opened weak and seesawed in early trade. The main index slipped to day’s lowest level of 6,986.66 pts and headed north amid spurt in buying. It drifted lower in choppy trade thereafter and bounced in the final minutes to peak at 7,017.5 pts before closing with modest gains.
Top gainer of the day, Argan Real Estate Co soared 16.28 pct to 200 fils while KBMMC climbed 7.94 pct to stand next. NCCI slid 9 percent, the steepest decliner of the day and Taamer topped the volume with 17.8 million shares.
Reflecting the day’s upswing, the winners outnumbered the losers. 48 stocks advanced whereas 37 closed lower. Of the 136 counters active on Tuesday, 51 closed flat. 6,262 deals worth KD 25.42 million were transacted — a 0.16 pct rise in value from the day before.
National Industries Group was unchanged at 122 fils while Gulf Cable gave up 5 fils to end at 465 fils. Kuwait Cement Co rose 5 fils to 490 fils and Kuwait Portland Cement gained 10 fils. Heavy Engineering Industries and Shipbuilding Co was flat at 222 fils.
Kuwait Food Co ( Americana) stood pat at KD 2.500 with thin volume and Kuwait Foundry Co climbed 15 fils to 325 fils. Boubyan Petrochemical Co dipped 10 fils and NCCI followed suit to close at 100 fils. Equipment Holding Co inched 1 fil into green
Jazeera Airways was unchanged at 570 fils and ALAFCO took in 2 fils before settling at 246 fils. Metal and Recycling Co and Shuaba Paper Industries were down 5 fils each at 72 fils and 420 fils respectively.
Humansoft Holding gained 40 fils and Automated Systems Co stagnated at 275 fils. ATC slid 70 fils to 879 fils and Napesco held the ground at KD 1.220.
Flat
Burgan Well Drilling Co was up 4 fils at 88 fils and Combined Group Contracting Co was flat at 510 fils. Al Qurain Petrochemical Co slipped 5 fils and KCPC dipped 10 fils to 174 fils. PAPCO was unchanged at 110 fils
Yiaco dropped 20 fils to 250 fils and Al Rai Media Group paused at 176 fils. Mezzan Holding Co and Zimah Holding were stalled at KD 1.020 and 59 fils respectively. Kuwait and Gulf Link Transport Co inched 1 fil up and KGL Logistics Co closed flat.
National Bank of Kuwait was unchanged at 860 fils off early lows and Kuwait International Bank was up 4 fils and 244 fils. Al Ahli Bank pulled up from a shallow trough to close unchanged at 305 fils .
Boubyan Bank rose 5 fils to 410 fils rebounding from slight fall in the day before and Warba Bank followed suit to wind up at 260 fils. Ahli United Bank dropped 10 fils to 445 fils extending Monday’s downtick.
KIPCO and Kuwait Investment Co were flat at 500 fils and 100 fils respectively whereas Coast Investment Co inched 1 fil up on back of 12.5 million shares. Securities House Co took in 1 fil and Securities Group Co paused at 99 fils.
KAMCO and KMEFIC were flat at 90 fils and 30.5 fils respectively while Tamdeen Investment Co slipped 5 fils. Bayan Investment and Al Deera Holding added 1.5 fils each whereas Aayan inched 1 fil lower.
Sokouk Holding eased 0.5 fils to 46.5 fils and Al Mal edged 0.5 fils higher. Ektittab Holding clipped 1 fil and Amwal gave up 5 fils. Ahleia Insurance Co rose 5 fils and Warba Insurance Co closed flat.
Kuwait Real Estate Co and United Real Estate Co paused at 67 fils and 104 fils respectively whereas National Real Estate Co took in 2 fils. Mabanee Co was unchanged at 830 fils and Mazaya Holding added 2 fils.
The market has been mixed so far during the week and has shed 14 pts in last three sessions. It had gained 238 points during whole of March and is trading 22 pct higher year-todate. 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.