07 June, 2015

Kuwait nudges 5.64 pts higher; volume recedes

KUWAIT CITY: Kuwait stocks nudged higher on Sunday after charting a mixed course during the last week. The key gauge, after trading in red for most part of the session, closed 5.64 pts higher at 6329.48 points. The blue chips closed mostly lower while some of the low and mid-priced stocks eked modest gains.

07 June 2015
Humansoft Holding gains 40 fils; NBK slips

KUWAIT CITY: Kuwait stocks nudged higher on Sunday after charting a mixed course during the last week. The key gauge, after trading in red for most part of the session, closed 5.64 pts higher at 6329.48 points. The blue chips closed mostly lower while some of the low and mid-priced stocks eked modest gains.

The KSX 15 benchmark fell 4.45 pts to 1019.24 points taking the year's losses to 42 points while weighted index inched 0.78 pts lower. The volume turnover meanwhile fell slightly as it continued to hover above the 200 million mark. 217.97 million shares changed hands -- a 4.9 pct fall from the last session.

The sectors diverged during the session. Consumer goods outshone the rest with 0.67 pct while insurance shed 1.34 percent, the biggest loser of the day. In terms of volume financial services clocked the highest market share of over 52 pct and real estate stood next with 35.26 percent. Industrials was a distant third with 4.39 pct market share.

In the individual shares, Humansoft Holding extended the uptick in the last session with a 40 fils gain and ACICO Industries added 5 fils to settle at KD 0.320. Jazeera Airways slipped 5 fils to KD 0.480 and is trading 40 fils higher year-to-date.

Bourse heavyweight Zain was flat at KD 0.445 of early lows while Wataniya Telecom dropped 20 fils after stagnating in the last session. Kuwait Telecommunications Co added 10 fils whereas logistics majorAgility was down 10 fils at KD 0.740.

Settle

Sector bellwether, National Bank of Kuwait retreated 10 fils to settle at KD 0.830 whereas Al-Ahli Bank of Kuwait vacillated in tight range before closing flat at KD 0.355. The bank has won the approval of Central Bank of Kuwait to extend its approval to buy back or sell a maximum of 10% of its shares for 6 months ending on Dec 10, 2015.

The market opened flat and slipped into red in early trade. The price index continued to drift lower as sentiment turned negative and hit the day's lowest level of 6298.59 pts past the mid-session. It however managed to pare back most the losses in the final hour and closed in the green territory.

Top gainer of the day, Massaleh Trading Co spiked over 7 percent to 61 fils and Al Dar National Real Estate Co climbed 6.9 pct to stand next. MENA Real Estate Co dived 7.58 pct, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume too with 58.9 million shares.

Despite the day's gain, the losers outnumbered the winners. 35 stocks advanced whereas 38 closed lower. Of the 115 counters active on Sunday, 42 closed flat. 4254 deals worth KD 12.1 million where transacted -- a 43.6 pct drop in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, was flat at KD 0.172 and Kuwait Portland Cement Co too did not budge from its earlier close of KD 1.180. Kuwait Foundry Co stagnated at KD 0.275 and Equipment Holding Co followed suit.

Automated Systems Co paused at KD 0.495 and City Group was also unchanged at KD 0.495. Mashaer Holding Co held steady at KD 0.126 while Kuwait Resorts Co took in 2 fils to wind up at KD 0.110.

Future Communications Co shed 8 fils and Kuwait Food Co (Americana) gained 20 fils to end at KD 2.780. The company has posted a 4.3 percent fall in Q1 net profit. The net profit stood at KD 17.3 million in the first three months of 2015, down from KD 18.1 million in the same period last year.

Mabanee Co fell 10 fils to KD 0.980 whereas Al Mazaya Holding closed flat at KD 0.118. The company has posted a net profit of KD1.71 million in the first quarter of 2015 and earnings per share clocked 2.77 fils, as compared to 2.37 fils in same period of 2014.

National Real Estate Co was unchanged at KD 0.100 and Tamdeen Real Estate Co eased 5 fils to close at KD 0.440. Warba Insurance Co clipped 2 fils to settle at KD 0.16. Energy House added 5 fils to end at 79 fils.

Profit

National Investment Co rose 4 fils to KD 0.132 on back of over 1 million shares and KIPCO paused at KD 0.620 off early lows. The company has posted a net profit of KD 12 million for the first three months of 2015 -- an increase of 17 percent from the same period last year.

Noor Financial Investment Co eased 2 fils whereas Tamdeen Investment Co closed 5 fils higher at KD 0.345. Bayan Investment was steady at 53 fils and Al Deera Holding nudged 2 fils up.

In the banking sector, Gulf Bank was flat at KD 0.275 and Ahli United Bank followed suit. Commercial Bank of Kuwait gained 20 fils with thin volume and Kuwait International Bank clipped 2 fils.

Burgan Bank held the ground steady at KD 0.425 and Kuwait Finance House too was unchanged at KD 0.640. Boubyan Bank pulled 5 fils lower to KD 0.430.

The bourse was mixed during last week. It closed higher in three of the five sessions and added 9 points week-on-week. It had dived 85 points during the whole of May and is trading 3.24 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Gulf Insurance Group (GIG) has registered a net profit of KD 3.7 million or 20.86 fils per share, for the financial period ended March 31, 2015 -- an increase of 22.8 percent from the same period last year. Shareholder equity reached KD 82.5 million -- a growth of 3.7 percent.

Tamdeen Investment Co has recorded 18.5 pct rise in its earnings of the first quarter of 2015. It stood at KD 7.25 million compared to KD 6.12 million in the Q1 of 2014 while earnings per share came in at 25.75 fils.

Gulf Glass Manufacturing Co has posted a net profit of KD 629,298 and earnings per share of 14.17 fils in the January-March period of 2015 as against net profit of KD 281,177 and earnings per share of 6.33 fils in Q1 of 2014.

Sokouk Holding has clocked a net profit of KD 5.012 million and earnings per share of 9 fils in the year ending Dec 31, 2014 and the Board of Directors recommended 5 percent bonus shares.

Kuwait Foundry Co has logged a net profit of KD 2.26 million and earnings per share of 14.74 fils in the first nine-months of 2014, as against KD 2.13 million profit and earnings per share of 13.9 fils in the 9M of 2013.

Warba Bank has recorded a net profit of KD 115,000 and earnings per share of 0.12 fils in 2014, rebounding from net loss of KD 3.709 million and loss per share of 3.71 fils in 2013.

© Arab Times 2015