Kuwait market swings higher; volume surges

Ooredoo gains 20 fils; KIPCO flat

KUWAIT CITY, April 5: Kuwait stocks swung higher on Wednesday extending the modest gains in the day before. The price index jumped 43.83 pts to 7,058.61 pts helped by strong buying in banks and few other counters. The bourse earlier in the week had suspended 13 companies from trading for failing to submit the financial statements for 2016.

The KSX 15 benchmark climbed 9.8 pts to 958.3 points taking the year’s gains to 73 points while weighted index rose 4 pts. The volume turnover surged past the 400 million mark to hit a twoweek high. 413.79 million shares changed hands — a 42.55 pct jump from Tuesday.

The sectors closed mostly in the green turf. Technology outled the rest with 3.13 pct gain whereas healthcare shed 0.67 percent, the steepest decliner of the day. In terms of volume, financial services mustered the highest market share of 30.83 pct while financial services followed with 30.83 pct contribution.

Among the prime movers, National Bank of Kuwait rallied 10 fils on back of 1.63 million shares to 690 fils and Kuwait Finance House followed suit with a volume of 2.8 million shares. Burgan Bank too was up 10 fils at 350 fils.

Zain continued to stagnate at 460 fils with brisk turnover of 11.8 million shares while Ooredoo climbed 20 fils to KD 1.140. Kuwait Telecommunications Co (VIVA) stood pat at 900 fils and Agility too did not budge from its earlier close of 650 fils.

Gulf Bank rose 9 fils to 255 fils and Kuwait International Bank gained 11 fils on back of over 7 million shares. KIB posted fourth quarter earnings of KD 4.72 million and the board has recommended a cash dividend of 10 pct for FY16.

The market opened flat and swung north in early trade amid brisk buying in banking shares and some of the mid-caps. The main index moved sideways thereafter in a narrow range before revving up in the final minutes to peak at 7,061 pts and closed with strong gains.

Top gainer of the day, BIIHC rallied 11.11 pct to 25 fils while National Cleaning Co climbed 9.8 pct to stand close behind. KBMMC slid 7.35 pct , the steepest decliner of the day and Ithmaar Bank topped the volume with over 51 million shares.

Mirroring the day’s upswing, the market spread was heavily skewed towards the winners. 73 stocks advanced while 24 closed lower. Of the 134 counters active on Wednesday, 37 closed flat. 7545 deals worth KD 36.73 mln were transacted – a 44.5 pct surge in value from the day before.

National Industries Group rallied 6 fils on back of 4 million shares and Kuwait Cement Co was up 5 fils at 495 fils. Gulf Cable slipped 5 fils to and Heavy Engineering Industries and Shipbuilding Co was down 6 fils at 216 fils.

Jazeera Airways was flat at 570 fils and ALAFCO too did not budge from its earlier close of 246 fils. Kuwait Portland Cement Co gained 20 fils with thin volume while Kuwait Cement Co was up 5 fils at 495 fils. NCCI and Metal and Recycling Co added 4 fils each.

Dipped

Kuwait Foundry Co dipped 10 fils to 315 fils and Hilal Cement Co followed suit to wind up at 206 fils. ACICO Industries Co and Boubyan Petrochemical Co were flat at 305 fils and 570 fils respectively whereas Equipment Holding Co added 5 fils.

Combined Group Contracting Co shed 10 fils and Automated Systems Co jumped 20 fils. The company has posted a 41.3 pct drop in profits to KD 333,000 during the fourth quarter of 2016. PAPCO fell 4 fils to 106 fils and Napesco paused at KD 1.220.

Kuwait and Gulf Link Transport Co climbed 4 fils to 70 fils while KGL Logistics Co inched 1 fils into green. Al Qurain Petrochemical Co added 5 fils whereas Independent Petroleum Group stood pat at 410 fils.

OSOS and AWJ Holding clipped 2 fils each whereas Yiaco was down 10 fils at 240 fils. Jeeran Holding took in 5 fils and Al Rai Media Group dialed down 2 fils before settling at 174 fils. Zimah Holding was up 2 fils at 61 fils.

In the banking sector, Commercial Bank of Kuwait and Al Ahli Bank were unchanged at 435 fils and 455 fils respectively whereas Ahli United Bank gained 10 fils. Boubyan Bank slipped 5 fils and Warba Bank was up 5 fils at 265 fils.

KIPCO and KMEFIC were flat at 500 fils and 30.5 fils respectively whereas Kuwait Investment Co took in 2 fils. Securities House Co and Securities Group Co stalled at 51 fils and 99 fils respectively and Coast Investment Co inched 0.5 fils higher.

Bayan Investment Co rose 2.5 fils on back of 9.6 million shares while Unicap and Al Mal Investment Co dialed up 0.5 fils each. KAMCO eased 1 fils whereas Osoul Investment and Sokouk Holding closed flat. KFIC took in 0.5 fils and Aayan closed 1 fils in green with brisk trading.

United Real Estate Co and National Real Estate Co both paused at 104 fils while Kuwait Real Estate Co inched 1 fils up. Mabanee Co stood pat at 830 fils and Mazaya Holding dialed up 2 fils on back of 1.5 million shares.

The market has been mixed so far during the week and has gained 30 pts in last four sessions. It had rallied 238 points during whole of March and is trading 22.82 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.