Americana jumps 100; KIPCO flat

KUWAIT CITY, Sept 10, 2015

Kuwait stocks swung sharply higher on Wednesday tracking positive regional and global cues. The bourse soared 91.89 pts in broad rally to 5,808.39 points led by brisk buying banks and other blue chips. The trading floor sentiment was markedly buoyant even as oil price remained almost steady.

The KSX 15 benchmark jumped 21.96 points to 936.4 pts taking the month's lead to 17 points while weighted index climbed 7.21 points. The volume turnover meanwhile swelled past the 200 million mark for the second time during the month. 223.76 million shares changed hands -- a 12.39 pct increase from Tuesday.

The sectors closed mostly in the positive turf. Oil and gas outperformed the rest with 4 pct upswing whereas healthcare dropped 1.55 percent, the biggest loser of the day. In terms of volume, real estate mustered the highest market share of 39.7 pct and financial services stood next with 35.9 percent. Industrials was a distant third with 8.75 pct contribution.

Among standout gainers, Kuwait Food Co (Americana) extended its advance with a solid 100 fils leap while Kuwait National Cinema Co climbed 50 fils to KD 1.060. National Bank of Kuwait rose 20 fils on back of 1.28 million shares and Kuwait Finance House was up 10 fils at KD 0.580 recouping the loss in the last session.

Zain rose 15 fils with a volume of 2.69 million and Wataniya Telecom (Ooredoo) held the ground steady at KD 1.060. Kuwait Telecommunications Co (VIVA) gained 10 fils trimming the month's losses to 130 fils and Agility rallied 50 fils to settle at KD 0.630.

KAMCO was flat at KD 0.102 and KIPCO followed suit. The company has recorded a first half profit of KD 25.4 million -- a 17 pct increase from KD 21.7 million for the same period of the previous year. In the second quarter, it posted KD 13.4 million in net profits -- up 17.5 percent at KD 11.4 million for the same period in Q2, 2014.

The market opened strong and edged higher in early trade. The key measure moved sideways half way into the session as investors toed caution and headed further north. It dipped briefly in the final minutes before bouncing back to peak at close.

Top gainer of the day, NAPESCO spiked 8.77 pct to KD 0.620 and Agility stood next with 8.62 pct upswing. Qurain Holding Co slumped 5.88 pct, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with over 50 million shares.

Reflecting the day's gains, the market spread was heavily skewed towards the winners. 101 shares advanced whereas 19 closed lower. Of the 145 counters active on Wednesday, 25 closed flat. 5,063 deals worth KD 16.29 million were transacted -- a 34.34 pct surge in value from the day before.

National Industries Group took in 2 fils on back of over 1 million shares to close at KD 0.150 and RISCO climbed 20 fils to KD 0.340. Gulf Cable rose 15 fils while Kuwait Portland Cement swung 40 fils higher to KD 1.160. Heavy Engineering Industries and Shipbuilding Co was up 10 fils at KD 0.138.

Added

Kuwait Foundry Co added 8 fils and Shuaiba Industrial Co climbed 20 fils to KD 0.400. Boubyan Petrochemicals Co gained 15 fils whereas ACICO gave up 5 fils to end at KD 0.295. Hilal Cement rose 8 fils to KD 0.148 and Equipment Holding Co inched 1 fil up.

Humansoft Holding Co gained 40 fils and Mezzan Holding Co climbed 20 flls to KD 1.060. The company has logged a net profit of KD 12.49 million and earnings per share of 42.13 fils in the January-June period of 2015, surging from net profit of KD 7.53 million and earnings per share of 25.41 fils in 2014, H1.

ALAFCO dialed up 2 fils and Jazeera Airways Group rose 10 fils to KD 0.465. The company has posted a 27.1 pct year-on-year surge in H1 net profit to KD 6.2 million while second quarter net profit reached KD 3.2 million -- an increase of 14.2 percent from the same period last year.

Kuwait and Gulf Link Transport Co inched 1 fil lower whereas Mashaer Holding and Jeeran Holding took in 2 fils each. Al Mowasat Healthcare Co was down 10 fils at KD 0.210.

In the banking sector, Commercial Bank of Kuwait rose 10 fils to KD 0.850 and Ahli United Bank was up by same measure. Al Ahli Bank was unchanged at KD 0.530 and Gulf Bank followed suit to close at KD 0.265. Kuwait International Bank too paused at KD 0.230.

Boubyan Bank added 10 fils and Burgan Bank closed 5 fils in green. The banking group has recorded a net income of KD 37.4 million for the fiest half period of 2015 -- a 12.3 percent growth from H1, 2014.

Kuwait Investment Co clipped 2 fils whereas Securities House Co and Kuwait Financial Centre dialed up 2 fils each. Bayan Investment House nudged 2 fils higher. The company has posted a net profit of KD 118,473 and earnings per share of 0.33 fils in the first half of 2015.

KFIC edged 1.5 fils higher and Aayan Leasing and Investment Co took in 2 fils to settle at 50 fils. Mabanee Co gained 10 fils and Al Mazaya Holding closed 4 fils up. Al Deera Holding took in 2 fils whereas Noor Financial Investment Co gave up 3 fils to close at 34 fils.

The bourse has been largely buoyant so far during the week and has gained 49 points in last four sessions. The main gauge is down 13 points from the start of the month and is trading 11.13 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Al Dar National Real Estate Co has incurred a net loss of KD 132,850 and loss per share of 0.32 fils in the six-month period ending June 30, 2015 as against net profit of KD 761,352 and earnings per share of 1.85 fils in the same period of 2014.

Ikarus Petrolem Industries Co has recorded a net profit of over KD 4 million and earnings per share of 5.13 fils in the six-month period ending June 30, 2015 as compared to net profit of KD 8.83 million and earnings per share of 11.30 fils in the 2014, H1.

Alimtiaz Investment Group Co has registered a net profit of KD 7.65 million and earnings per share of 6.96 fils in the first of 2015, rising sharply from net profit of KD 50,685 and earnings per share of 0.05 fils in the same period of 2014.

Aayan Leasing and Investment Company has clocked a net profit of KD 5.42 million and earnings per share of 6.76 fils in the six-months period ending June 30, 2015, down from net profit of KD 8.88 million and earnings per share of 11.07 fils in the H1 of 2014.

© Arab Times 2015