Kuwait bourse edges up in volatile trading – KFH slips 5 fils;

Humansoft Holding jumps

09/11/2016 05:43 AST

Kuwait stocks nudged higher on Monday extending the gains to third straight session. The bourse rose 4.06 pts in volatile trade to 5,443.24 pts as investors kept a wary eye on the retreating oil prices. The banks were mostly subdued while the board remained broadly mixed.

The KSX 15 benchmark added 2.39 points to settle at 841.71 points and weighted index inched 0.2 pts up to 359.06 points. The volume turnover meanwhile rose further helped by speculative trading in select counters. 152 million shares changed hands — a 57 pct surge from the day before.

The sectors closed mostly in the green turf. Telecommunications outshone the rest with 1.90 percent gain whereas parallel market shed 0.94 percent, the weakest performer of the day. In terms of volume, financial services clocked the highest market share of 27.3 pct and real estate stood next with 23 percent contribution.

In the individual shares, Kuwait Finance House fell 5 fils to 490 fils after trading over 5 million shares and Commercial Bank of Kuwait was down by same measure to settle at 390 fils. Mabanee Co climbed 10 fils to 820 fils and has shed 40 fils so far during the month.

Zain climbed 10 fils on back of 9.6 million shares to 410 fils and Wataniya Telecom (Ooredoo) dropped 20 fils to KD 1.080 partly reversing the gains in the day before. Kuwait Telecommunications Co (VIVA) gained 10 fils and logistics major Agility was up 5 fils at KD 0.480.

Kuwait Food Co (Americana) was unchanged at KD 2.620 and Jazeera Airways too did not budge from its earlier close of KD 0.820. The carrier has posted a net profit of KD 12.01 million and earnings per share of 60.06 fils in the first nine months of 2016.

The market opened on strong footing and rose further in early trade. The price index charted a volatile course before slipping into red and plumbed the day’s lowest level of 5,433.39 pts past the mid-session. It clawed back thereafter and managed to close in the green territory.

Top gainer of the day, Yiaco jumped 9 pct to 216 fils and Masaken climbed 6.4 percent to stand next. Yiaco has logged a nine-month net loss of KD 2,40 million and loss per share of 13.24 fils as compared to net profit of KD 751,920and earnings per of 4.13 fils in 9M of 2015.

Ithmaar Bank slid 6.7 pct, the steepest decliner of the day and Hits Telecom topped the volume with 18.2 million shares.

Despite the day’s uptick the losers outnumbered the winners. 34 stocks advanced whereas 39 closed lower. Of the 119 counters active on Monday, 46 closed flat. 3,556 deals worth KD18.3 million were transacted — a 123 pct surge in value from the day before.

National Industries Group was unchanged at 112 fils off slight early lows whereas Gulf Cable gave up 5 fils to close at 380 fils. Marine Contracting and Services Co too fell 5 fils whereas Shuaiba Paper Industries Co closed 5 fils higher at 255 fils.

Kuwait Portland Cement Co stood pat at 82 fils and RISCO followed suit. The company has posted a net profit of KD 4.64 million and earnings per share of 47.37 fils in the nine-month period ending Sept 30, 2016 as against a net profit of KD 3.22 million and earnings per share of 32.39 fils in the same period of 2015.

Budge

Kuwait Foundry Co was unchanged at 174 fils and Equipment Holding Co too did not budge from its earlier close of 44 fils. Kuwait and Gulf Links Transport Co paused at 47.5 fils and KGL Logistics eased 1 fil to 74 fils.

IFA Hotels and Resorts and Burgan Well Drilling Co stalled at 160 fils and 85 fils respectively while AWJ Holding closed 1.5 fils in red. Mezzan Holding was unchanged at KD 1.040 and Zimah Holding clipped 0.5 fil.

In the banking sector, National Bank of Kuwait was flat at KD 0.600 and Gulf Bank followed suit. Ahli United Bank and Kuwait International Bank stagnated at 390 fils and 192 fils again.

Burgan Bank held

Arab Times