Thursday, 22 August 2019 11:43 GMT
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Kuwait- Wataniya Telecom Gains 40 Fils NBK Flat




(MENAFN - Arab Times) Kuwait stocks eked a feeble rebound on Wednesday stemming the five-day retreat. The key index rose 9.56 pts in volatile trade to 6,245.03 points led by some of the mid and small caps. The banks remained subdued even as the global market showed signs of stabilizing after the earlier decline. The KSX 15 benchmark slipped 1.87 pts to 1,014.12 points taking the month's losses to 2 points while weighted index was almost unchanged at 418.74 pts. The volume turnover meanwhile tapered further after falling in the last session. 1,14.83 million shares changed hands - 8.91 pct drop from Thursday. The sectors closed mixed.
Healthcare outshone the rest with over 2 percent gain whereas real estate shed 0.58 percent, the steepest decliner of the day. In terms of volume, real estate accounted for the highest market share of 40.26 pct while financial services stood next with 34.79 percent, Industrials was a distant third with 11.24 pct contribution. Among the gainers, Kout Food Group spiked 40 fils to KD 0.590 and Gulf Cable rose 10 fils. IFA Hotels and Resorts climbed 10 fils and Al Mowasat Health Care Co followed suit. Boubyan Petrochemicals Co too added 10 fils to wind up at KD 0.580. Telecom services provider Zain was unchanged at KD 0.420 and Wataniya Telecom bounced 40 fils after stagnating in the last session. Kuwait Telecommunications Co (VIVA) was flat at KD 0.930 whereas Agility gave up 10 fils after trading over 1 million shares.

Rose

National Investment Co rose 4 fils to KD 0.132 and Kuwait Projects Holding (KIPCO) closed flat. 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 profit - up 17.5 percent at KD 11.4 million for the same period in Q2, 2014. The market opened on a tame note and moved flat in early trade. The price index slipped briefly into red to hit the day's lowest level of 6,232.6 pts and nudged back into positive turf. It rose to peak at 6,264.27 pts before retreating again and closed with modest gains.

Top gainer of the day, Kuwait Resorts Co (Muntazahat) rallied over 9 percent to 108 fils while Kout Food Group climbed 7.27 percent to stand next. Al Dar National Real Estate Co topped the volume with over 26 million shares. Sanam Real Estate slid 7.55 pct, the steepest decliner of the day. The company has clocked a net profit of KD 24,649 and earnings per share of 0.20 fils in the January-June period of 2015 as against a net profit of KD 137,740 and earnings per share of 1.14 fils in first half of 2014. Mirroring the day's uptick, the winners heavily outpaced the losers. 48 stocks advanced whereas 28 closed lower. Of the 136 counters active on Wednesday, 60 closed flat. 2,826 deals worth KD 11.8 million were transacted - a 14.8 pct drop in value from the day before.

Industrial conglomerate National Industrial Group rose 4 fils to KD 0.174 on back of 7.9 million shares whereas Kuwait Cement Co retreated 10 fils to settle at KD 0.370. RISCO held steady at KD 0.400 and Kuwait Foundry Co too did not budge from its earlier close of KD 0.250. ALAFCO took in 2 fils whereas Jazeera Airways paused at KD 0.470. The airline has posted a 27.1 pct yearon- 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% from the same period last year. Operating revenues rose 0.8 percent y-o-y to KD 26.6 million. Metal and Recycling Co fell 5 fils and ACICO Industries Co too was down by same measure. Equipment Holding Co dialed 1 fils up while Educational Holding Group gave up 10 fils to end at KD 0.228. Gulf Glass Manufacturing Co and NICBM were flat at KD 0.600 and KD 0.210 respectively.

Down

Kuwait and Gulf Link Transport Co inched 1 fils down and KGL Logistics was up 1 fils at 68 fils. Kuwait Food Group (Americana) slid 40 fils extending the steep losses on Tuesday. Mashaer Holding Co gave up 4 fils and Mezzan Holding paused at KD 1.180. Kuwait Insurance Co climbed 10 fils to KD 0.310 and Gulf Insurance Group shed 20 fils. The company has recorded a net profit of KD 7.48 million and earnings per share of 41.75 fils in the first half, up from net profit of KD 6.06 million and earnings per share of 33.35 fils in the same period last year.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.850 off early highs and Gulf Bank added 5 fils to close at KD 0.280. Commercial Bank dropped 10 fils to KD 0.600 taking the month's losses to 30 fils while Al Ahli Bank held steady at KD 0.365. Ahli United Bank stagnated at KD 0.550 and Burgan Bank followed suit. Kuwait International Bank paused at KD 0.244 and Kuwait Finance House too did not budge from its earlier close of KD 0.630. Boubyan Bank pared back slight early gains to finish flat at KD 0.420. National Real Estate Co held steady at 95 fils whereas Tamdeen Real Estate Co closed 5 fils down. Mabanee Co shed 10 fils and Al Mazaya Holding paused at KD 0.120. The bourse has been largely downbeat so far during the week and has shed 42 points in last four sessions. The price index has gained 43 points from start of the month and is trading 4.45 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 has recorded a net profit of KD 7.48 million and earnings per share of 41.75 fils in the first half, up from net profit of KD 6.06 million and earnings per share of 33.35 fils in the same period last year. First Dubai For Real Estate Development has logged a net profit of KD 952,384 and earnings per share of 0.95 fils in the six-months period ending June 30, 2015 as compared to net profit of KD 1.16 million and earnings per share of 1.17 fils in H1 of 2014. Sanam Real Estate has clocked a net profit of KD 24,649 and earnings per share of 0.20 fils in the January-June period of 2015 as against a net profit of KD 137,740 and earnings per share of 1.14 fils in first half of 2014. Combined Group Contracting Co has been granted approval by Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months . National Industries Company has won the permission of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for a period of 6 months.


Kuwait- Wataniya Telecom Gains 40 Fils NBK Flat

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