Kuwait bourse edges higher; volume climbs – NBK gains 10 fils;

Americana drops

21/09/2016 05:19 AST

Kuwait stocks ticked up on Monday recouping the slight losses in the last session. The price index rose 4.11 pts to 5,430.47 points helped by modest gains in some of the banking shares even as the board remained broadly mixed.

The KSX 15 measure climbed 4.08 pts to 814.56 points taking the month’s gains to 13 points while weighted index added 1.53 pts. The volume turnover meanwhile saw a modest bounce after shrinking on Sunday. 49 million shares changed hands — a 12 pct rise from the day before.

The sectors closed mixed. Industrials outpaced the rest with 1.06 pct gain while insurance shed 0.76 percent, the biggest loser of the day. In terms of volume, real estate notched the highest market share of 41 percent while financial services followed with 37 pct contribution.

Among the notable gainers, sector bellwether National Bank of Kuwait rose 10 fils to KD 0.590 on back of 1.7 million shares and Commercial Bank of Kuwait climbed 20 fils to KD 0.340. Humansoft Holding Co soared 100 fils with thin trading volume.

Zain rose 5 fils to 335 fils with a volume of 1.48 million and Wataniya Telecom (Ooredoo) jumped 40 fils. Kuwait Telecommunications (VIVA) was unchanged at KD 0.900 and logistics major Agility gained 10 fils.

Kuwait Food Co (Americana) dropped 20 fils to KD 2.460 and Jazeera Airways Co gave up 10 fils. The airline has clocked a net profit of KD 5.99 million and earnings per share of 29.96 fils in the first half of 2016.

The market opened on tame note and moved sideways in early trade. The main index slipped slightly into red amid selling in select counters and plumbed the day’s lowest level of 5410.98 pts almost half way into the session. It clawed back thereafter and managed to wind up in green zone.

Top gainer of the day, Al Mudon rallied 9.43 pct to 29 fils and AGHC climbed 9.26 pct to stand close behind. Tahsillat dipped 6.85 percent, the steepest decliner of the day and Al Mudon also topped the volume with 9.8 million shares.

Despite the day’s uptick, the losers outnumbered the winners, 30 stocks advanced whereas 38 closed lower. Of the 113 counters active on Monday, 45 closed flat. 1682 deals worth KD 4.6 million were transacted — a 5.4 pct fall inn value from the day before.

National Industries Group rose 2.5 fils to 114 fils while Kuwait Foundry Co and Gulf Cable were unchanged at 166 fils and 390 fils respectively. ACICO added 5 fils while Al Qurain Petrochemical Industries stood pat at 194 fils.

Equipment Holding Co took in 1.5 fils and Refrigeration Ind. and Storage Company fell 5 fils. The company has registered a net profit of KD 2.99 million and earnings per share of 30.50 fils in the first half of 2016 up from net profit of KD 2.12 million and earnings per share of 22.38 fils in the same period last year.

Kuwait National Cinema Co dropped 10 fils and Independent Petroleum Group Co paused at KD 0.350. 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.

Gained

NICBM shed 10 fils and YIACO Medical was up 10 fils at 198 fils. Zimah Holding Co was unchanged at 40.5 fils and Mezzan Holding Co gained 10 fils. PAPCO was up 4 fils at 99 fils while Kuwait Cable Vision Co dialed up 1.5 fils.

Kuwait and Gulf Link Transport Co stalled at 42 fils and KGL Logistics Company followed suit. The company has posted a net profit of 30, 2016 KD 3.76 million and earnings per share of 6.36 fils in the first half of 2016 up from net profit of KD 3.49 million and earnings per share of 5.82 fils in the same period last year.

In the banking sector, Kuwait Finance House was flat at KD 0.465 off slight early lows and Gulf Bank clipped 2 fils. Ahli United Bank gave up 5 fils whereas Al Ahli Bank and Kuwait International Bank were not traded during the session.

Burgan Bank stagnated at 320 fils and

Arab Times