Mezzan Holding shines; Zain slips
KUWAIT CITY: Kuwait stocks pulled higher on Sunday, rebounding from the pullback in the last session. The price index, after a tame start, rose 7.24 pts to 6,290.18 pts helped by select shares. The banks and other blue chips closed mixed as investors toed caution in absence of fresh cues.
The KSX 15 slipped 5.32 pts to 1,024.73 points trimming the moth's gains to 8 pts and weighted index inched up by a slight 0.05 pts. The volume turnover meanwhile receded as it continued to seesaw above the 200 million mark. 215 million shares changed hands - a 17 pct drop from Thursday.
The sectors closed mixed. Consumer services outshone the rest with 1.70 pct upswing whereas telecommunications shed 0.76 percent, the biggest loser of the day. In terms of volume, real estate notched the highest market share of 43.95 percent while financial services stood next with 39.46 percent. Industrial sector was distant third with 7.67 percent contribution.
Among the notable movers, Mezzan Holding, which was listed during last week, soared 60 fils to KD 1.040 on back of 3.3 million shares and Kout Food Group jumped 40 fils to KD 0.700. Shuaiba Industrial Co climbed 25 fils and Gulf Cable added 10 fils to settle at KD 0.570.
Bourse heavyweight Zain eased 5 fils to KD 0.440 extending an identical fall in the last session whereas Wataniya Telecommunication held steady at KD 1.240. Kuwait Telecommunications Co (VIVA) slipped 10 fils to KD 0.940 whereas logistics major Agility closed 10 fils higher on back of over 6 million shares.
Dropped
Sector bellwether National Bank of Kuwait dropped 10 fils to KD 0.850 whereas Al-Ahli Bank of Kuwait gained 25 fils on back of 1.5 million shares. 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 on a dull note and moved sideways in early trade. The main gauge slipped into red as sentiment turned negative and drifted further to plumb day's lowest level of 6,263.93 points past the mid-session. It however clawed back and managed to close with marginal gains.
Top gainer of the day, Kuwait National Cinema Co (KNCC) vaulted 10 percent to KD 1.100 with thin trading while Massaleh Trading Co rallied 8.2 percent to stand next. KNCC has received the permission of Capital Markets Authority to its request to buy back or sell up to 10% of own shares over a period of 6 months.
Al Dar National Real Estate Co dived 7.58 pct, the steepest decliner of the day and the counter also saw the highest volume of 69.6 million.
Reflecting the day's uptick, the winners slightly outnumbered the losers. 40 stocks advanced whereas 36 closed lower. Of the 125 counters active on Sunday, 49 closed flat. 4,023 deals worth over KD 21 million were transacted - a 8.16 pct drop in value from the day before.
National Industries Group clipped 2 fils to close at KD 0.170 while Kuwait Cement Co and Kuwait Portland Cement Co were unchanged at KD 0.370 and KD 1.180 respectively. Kuwait Foundry Co added 5 fils and ACICO Industries followed suit to end at KD 0.325. Independent Petroleum Group too dialed up 5 fils with thin trading volume.
On the downside, City Group dropped 25 fils to KD 0.420 and Combined Group Contracting Co tumbled 50 fils. Yiaco Medical Co gave up 6 fils to wind at KD 0.120.
United Projects Group was flat at KD 0.580 and Jazeera Airways followed suit. The airline has posted a net profit of KD 3 million in the first quarter of 2015, an increase of 44.6% from the same quarter last year.
Investment conglomerate KIPCO was steady at KD 0.630 and National Investment Co followed suit. Sokouk Holding Co took in 2 fils. The company has been granted the permission by Capital Markets Authority to buy back or sell up to 10% of own shares over a period of 6 months.
Bayan Investment Co nudged 2 fils higher and Kuwait Financial Centre (Markaz) clipped 2 fils. The company has logged a net profit attributable to shareholders of KD 1.31 million for the quarter ending March 31, 2015 and earnings per share clocked 3 fils.
Flat
Kuwait Finance and Investment Co dialed down 2 fils and Tamdeen Investment Co was flat at KD 0.340. Al Madina For Finance and Investment Company gave up 3 fils after trading over 10 million shares while Noor Financial Investment Co pulled 5 fils lower.
Mabanee Co climbed 10 fils and National Real Estate Co paused at 98 fils. Ajial Real Estate slipped 4 fils to KD 0.192 whereas Al Mazaya Holding held the ground unchanged at KD 0.116.
Gulf Bank retrated 5 fils to KD 0.275 and Ahli United Bank closed 10 fils higher at KD 0.580. Kuwait International Bank held steady at KD 0.244 and Commercial Bank of Kuwait was not traded during the session.
Burgan Bank and Kuwait Finance House paused at KD 0.435 and KD 0.640 respectively and Boubyan Bank followed suit.
The bourse was mixed during last week. It closed higher in three of the five sessions but was down 41 points week-on-week. The price index has slipped 3 points so far during the month and is trading 3.76 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
