Kuwait stocks tread water; volume swells

Napesco extends rally; NBK drops

KUWAIT CITY, April 25: Kuwait stocks trod water on Tuesday after eking modest gains in last three sessions. The price index gave early gains to end 0.22 pts lower at 6,830.85 pts even as the sentiment turned mixed in absence of strong catalysts.

The KSX 15 benchmark dropped 4.6 pts to 912.11 points taking the month’s losses to 22 points while weighted index fell 1.52 pts. The volume turnover meanwhile swelled helped by spurt in speculative trading. 173.63 million shares changed hands — a 35.9 pct surge from the day before.

The sectors diverged. Oil and gas outperformed the rest with 2.39 percent gain whereas parallel market shed 2.34 pct, the biggest loser of the day. In terms of volume, real estate topped with 52.83 pct market share and financial services trailed with 22.34 pct contribution.

Among standout performers, Napesco and Humansoft Holding extending their winning spree with 80 fils and 100 fils gains respectively whereas Kuwait Portland Cement shed 30 fils. Jazeera Airways was down 10 fils at 560 fils

Zain fell 5 fils to 445 fils whereas Ooredoo extending Monday’s upswing with 40 fils jump to KD 1.220. Kuwait Telecommunications Co (VIVA) slipped 10 fils to 840 fils and Agility rose 10 fils to 620 fils.

Commercial Bank of Kuwait dipped 15 fils to 370 fils and National Bank of Kuwait was down 10 fils with a volume of over 1 million. The bank has posted a net profit of KD 85.4 million in the first quarter of 2017 as against KD 78.9 mln in the same period last year.

The market opened firm and rose sharply in early trade. The main index hit the day’s highest level of 6,895.64 pts and retreated thereafter as selling kicked in at select counters. It continued to fall in the second half and plumbed the day’s lowest level of 6,817.43 pts in the final minutes before clawing back to close little changed.

Top gainer of the day, Automated Systems Co soared 9.43 pct to 290 fils while Napesco jumped 5.26 percent to stand next. Ajwan slid 10.75 percent, the steepest decliner of the day and Kuwait Real Estate Co topped the volume with over 50 million shares.

Despite the tame closing, the market spread was skewed towards the losers. 37 stocks advanced whereas 43 closed lower Of the 128 counters active on Tuesday, 48 closed flat. 4,068 deals worth KD 17.64 million were transacted — a 4.98 pct drop in value from the day before.

National Industries Group rose 4 fils to 120 fils while Gulf Cable dropped 15 fils to 435 fils. Heavy Engineering Industries and Shipbuilding Co took in 2 fils while Contracting and Marine Services Co stood pat at 60 fils.

ACICO Industries and Metal and Recycling Co were unchanged at 280 fils and 76 fils respectively whereas Boubyan Petrochemical Co slipped 10 fils to 570 fils Al Qurain Petrochemical Co gave up 5 fils to settle at 330 fils.

Shed

Educational Holding Co shed 15 fils and Equipment Holding Co dialed up 2 fils. Kuwait and Gulf Link Transport Co inched 1 fil higher and KGL Logistics Co followed suit. Al Rai Media Group clipped 2 fils.

Zimah Holding rose 1 fil to 57 fils whereas Mezzan Holding shed 10 fils. The company ’s net profits jumped 23.1 pct to to KD 4.0 mln in Q4 of 2016 while profits for the full year 2016 profit slipped 11.6 pct to KD 17.1 million.

Combined Group Contracting Co dipped 10 fils to 550 fils extending last session’s losses and Osos was down 6 fils at 134 fils. AWJ Holding closed 1 fil in red.

In the banking sector, Gulf Bank and Al Ahli Bank were flat at 248 fils and 310 fils respectively whereas Ahli United Bank rose 10 fils. Kuwait International Bank paused at 248 fils after trading 1.39 million shares. Kuwait Finance House was unchanged at 500 fils after trading 3.8 million shares and Boubyan Bank too did not budge from its earlier close of 405 fils. Warba Bank took in 2 fils to close at 246 fils.

KIPCO and National Investment Co were unchanged at 415 fils and 104 fils respectively while Securities House Co inched 0.5 fil into green. Coast Investment Co paused at 45 fils and International Financial Advisors followed suit.

Kuwait Investment Co dialed up 2 fils whereas KMEFIC and Aayan held ground at 30 fils and 49.5 fils respectively. Bayan Investment Co and Osoul clipped 1 fil each while Noor Financial Investment Co closed flat.

KAMCO was unchanged at 94 fils while KFIC eased 1 fil to 48.5 fils. Al Madina gave up 2 fils whereas Sokouk Holding and Unicap added 0.5 fil each. Tamdeen Investment Co paused at 320 fils.

Kuwait Real Estate Co fell 5 fils to 58 fils after trading over 5 million shares while United Real Estate Co and National Real Estate Co were unchanged at 95 fils and 102 fils respectively. Mazaya Holding climbed 4 fils and Mabanee Co held stalled at 820 fils.

The market has been positive so far during the week and has climbed 18 pts in last three sessions. It has skidded 176 points from start of the month and is trading 18.84 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 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.