19 May, 2015

Kuwait bourse gains 17.53 pts; volume up

The KSX 15 gauge dropped 9.87 pts to 1,028.27 points taking the month's losses to 32 points while weighted index

19 May 2015
Jazeera Airways up 20 fils; NBK drops
KUWAIT CITY: Kuwait stocks bounced on Tuesday after edging lower in the previous session. The price index climbed 17.53 points in choppy trade to close at 6,367.33 points even as investors toed a cautious note. Some of the mid and small caps shone whereas the banks close mostly lower.

The KSX 15 gauge dropped 9.87 pts to 1,028.27 points taking the month's losses to 32 points while weighted index edged 2.08 pts lower. The volume turnover rebounded after hitting a multi-month low in the last session. 140.5 million shares changed hands -- a 29.12 pct jump from the day before,.

The sectors closed mixed. Real estate outshone the rest with 1.17 pct gain whereas parallel market shed 1.12 pct, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 41.87 pct while financial services stood next with 33.55 percent. Industrials was a distant third with 7.87 pct contribution.

Among the sharp movers, Jazeera Airways climbed 20 fils on back of 2.56 million shares to close at KD 0.530 and Kout Food Group jumped 30 fils to settle at KD 0.700. Kuwait Building Materials Manufacturing Co gained 25 fils with thin volume.

Wataniya Telecom rose 20 fils to KD 1.420 and is unchanged from start of the month while Kuwait Telecommunications Co (VIVA) pared back slight early losses to end at KD 0.900. Logistics major Agility pulled 10 fils lower to KD 0.760 extending an identical loss in the previous session.

Bourse heavyweight Zain fell 5 fils to KD 0.455. Zain Group, has posted a net income of $139 million (KD 41 million) in the first quarter of 2015 as compared to $198.4 million (KD 55.9 million) in the Q1 of 2014. Earnings per share clocked $0.04 (11 fils).

Slipped

The market opened weak and moved sideways in early trade. The main index ticked up to trade briefly above the green mark but slipped again as sentiment turned weak. It plumbed the day's lowest level of 6329.68 pts in the final minutes before bouncing back to close with modest gains.  Top gainer of the day, Strategia Holding Co spiked 9 percent to 60 fils and Arkan Real Estate Co climbed 8.33 pct to stand next. Asiya Capital Investment Co slid 6.25 percent, the steepest decliner of the day and Al Deera Holding topped the volume with 13.5 million shares.

Mirroring the day's gains, the winners outnumbered the losers. 48 stocks advanced whereas 42 closed lower. Of the 122 counters active on Tuesday, 32 closed flat. 3,530 deals worth KD 15.12 million were transacted -- a 23.24 pct increase in value from the day before.

National Industries Group was unchanged at KD 0.188 after vacillating in tight range and saw volume of 1.73 million while Gulf Cable soared 30 fils to wind up at KD 0.590. Contracting and Marine Services Co rose 6 fils whereas Kuwait Portland Cement and Kuwait Foundry Co were steady at KD 1.200 and KD 0.265 respectively.

Metal and Recycling Co added 4 fils with thin volume and Boubyan Petrochemicals Co gained 10 fils to settle at KD 0.630. NICBM rose 8 fils whereas Equipment Holding Co paused at 80 fils.

Independent Petroleum Group shed 20 fils whereas Kuwait Food Co (Americana) was not traded during the session. The company made a net profit of KD 17.3 million in the first three months of 2015, down from KD 18.1 million in the same period last year.

Kuwait and Gulf Link Transport Co was flat at 51 fils and KGL Logistics Co inched 1 fils higher. ALAFCO paused at KD 0.220 and Gulf Franchising Holding Co closed 6 fils higher.

Investment conglomerate KIPCO slipped 10 fils to KD 0.630 whereas Kuwait Financial Centre (Markaz) was not traded during the session. The company has logged a net profit attributable to shareholders of KD 1.31 million for the quarter ending March 31, 2015 as compared to net profit of KD 2.5 million in the same period in 2014. The earnings per share clocked 3 fils.

Lower

Bayan Investment Co inched 1 fils lower whereas Sokouk Holding Co dialed 1 fils higher to close at 66 fils on back of 11.25 million shares. KAMCO clipped 2 fils and Al Deera Holding added 3 fils with a volume of 13.5 millon shares.  Securities House Co stagnated at 60 fils and Noor Financial Investment Co eased 1 fils. Mabanee Co shed 20 fils and National Real Estate Co dialed down 2 fils.

In the banking sector, NBK dropped 10 fils to KD 0.830 after trading over 1million shares and Commercial Bank was up by same measure. Gulf Bank rose 5 fils whereas Al Ahli Bank of Kuwait paused at KD 0.360. Kuwait Finance House gave up 10 fils and Boubyan Bank was down 5 fils at KD 0.425.

Kuwait International Bank clipped 2 fils and Ahli United Bank Kuwait pulled 10 fils lower. The bank has recorded a 27.2 percent increase in Q1 profit to reach KD 15.4 million from KD 12.1 mln in the same period of 2014. The operating revenues reached KD 26.3 million, an increase of 6% from 2014 first quarter.

The bourse has been mixed so far during the week and has added 10 points in last three sessions. It has retreated 25 points from start of the month and trading 2.58 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) The company 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. 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 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