Kuwait bourse climbs 6.9 pts volume swells

KUWAIT CITY April 29: Kuwait stocks pulled higher on Wednesday extending the gaining spree to fifth day in row. The price index after a wobbly start climbed 6.9 pts to 6367.01 points even as shares diverged in a narrow range. The sentiment was tepid even as investors eye fresh catalysts to boost the market confidence.

The KSX 15 benchmark edged 1.1 pts higher to 1051.44 points and is trading 10 points lower year-to-date while weighted index was up a marginal 0.56 pts to settle at 434.28 points. The volume turnover meanwhile surged past the 300 million mark after receding sharply in the previous session. 319.76 million shares changed hands - a 43.11 pct jump from the day before.

The sectors closed mixed. Technology outshone the rest with 0.69 pct gain whereas healthcare shed 1.09 pct the biggest loser of the day. Volume wise financial services accounted for the highest market share of 32.26 percent and real estate came next with 30.79 pct. Industrials trailed far behind with 14.17 percent contribution.

Among the day's notable movers City Group Company gained 25 fils to close at KD 0.425 and Boubyan Petrochemical Co was up 10 fils at KD 0.610 Shuaiba Industrial Co and Real Estate Asset Management Co too added 10 fils each to end at KD 0.305 and KD 0.138 respectively.

Market heavyweight Zain gave up 5 fils to close at KD 0.485 and Wataniya Telecom climbed 20 fils to KD 1.420 recouping the losses in the prevous session. Kuwait Telecommuncations Co (VIVA) slipped 10 fils to KD 0.890 whereas Agility rose 10 fils to KD 0.780 and is trading 40 fils lower year-to-date.

Loss

Banking sector bellwether National Bank of Kuwait gained 10 fils clawing back the loss on Tuesday whereas Commercial Bank of Kuwait held steady at KD 0.650 off early lows.The bank has clocked a 16.8 percent growth in first quarter earnings. The bank posted a net profit of KD 6.32 million in the January-March period of 2015 and the earning per share stood at 4.5 fils.

The market opened weak and plumbed the day's lowest level of 6355.99 pts in early trade. The main index nudged higher gradually to peak at 6388.42 points almost halfway into the session. It retreated thereafter amid selling in select counters but managed to close with marginal gains.

Top gainer of the day Gulf Finance House rallied 8.33 pct to 65 fils and REAM climbed 7.8 pct to stand next. Yiaco Medicals slumped 7.94 percent the steepest decliner of the day and Investors Holding Group topped the volume with over 48 million shares.

Mirroring the day's mixed mood the market spread was evenly poised. 43 stocks advanced whereas 44 closed lower. Of the 132 counters active on Wednesday 45 closed flat. 5693 deals worth KD 19.96 million were transacted - a 15.66 pct jump in value from the day before.

National Industries Group the flagship company of the Kharafi Group was unchanged at KD 0.188 after giving back slight early gains and Kuwait Portland Cement too did not budge from its earlier close of KD 1.240. Shuaiba Industrial Co added 10 fils and NICBM closed 6 fils higher at KD 0.206.

Humansoft Holding Co shed 10 fils while Kuwait Food Company (Americana) slid 60 fils to KD 2.580 after stagnating in the last session. Gulf Petroleum Investment clipped 2 fils and Al Nawadi Holding Co was down 4 fils at KD 0.100.

ALAFCO dialed down 2 fils whereas Jazeera Airways held steady at KD 0.520. The airline has posted a net profit of KD 3 million in the first quarter of 2015 an increase of 44.6 percent from the same quarter last year. The operating profit came in at KD 2.4 million up 141.2 percent from Q1 2014 while operating revenue rose 3.5 pct to KD 12.9 million.

Combined Group Contracting Co was unchanged at KD 0.900 off early highs and The Energy House edged 2 fils up. The company has logged a net loss of KD 1.024 million and loss per share of 1.366 fils in the three months of the year ending March 31 and earnings per share of 0.312 fils in the same period last year.

Mabanee Co pulled 10 fls lower to KD 0.950 and Al-Mazaya Holding clipped 2 fils. The company has clocked a net profit of Net Profit KD 1.71 million and earnings per share of 2.77 fils in the 3 month period ending March 31 2015.

Higher

In the banking sector Gulf Bank was unchanged at KD 0.275 while Al Ahli Bank eased 5 fils to close at KD 0.365. Ahli United Bank paused at KD 0.550 and Kuwait International bank closed 5 fils higher. Burgan Bank stagnated at KD 0.450.

Boubyan Bank held steady at KD 0.435 and KFH followed suit. The bank has posted a net profit o KD 29.9 million in the first three months of 2015 as compared to KD 26.1 million in the same period last year. Earnings per share increased by 1 percent to 6.12 fils over the same period last year. Total revenue increased by 1 pct to KD 224.4 mln over the same period last year.

Investment conglomerate KIPCO was unchanged at KD 0.650 and National Investment Co followed suit to end at KD 0.130. Kuwait Investment Co dialed up 2 fils and Securities House Co inched 1 fils higher on back of over 1 million shares.

Kuwait Financial Centre (Markaz) was up 2 fils at KD 0.112 whereas Osoul Investment Co and Sokouk Holding Co paused at 112 fils and 57 fils respectively. The bourse has been upbeat so far during the week and has gained 32 points in last three sessions. The index climbed 82 points from start of the month and is 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 Glass Manufacturing Co has posted a net profit KD 629298 and earnings per share of 14.17 fils in the January-March period of 2015 as against net profit of KD 281177 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. Capital Markets Authority has approved the listing of Mizan Holding Company in Kuwait Stock Exchange main market subject to fulfillment of some conditions.

Warba Bank has recorded a net profit of KD 115000 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.

Alsalam Group Holding has registered a net profit of KD 1.974 million and earnings per share of 7.69 fils in 2014 up from net profit of KD 188238 and earnings per share of 0.73 fils last year. The Board of Directors has recommended 5 percent bonus shares.