KUWAIT CITY, Sept 14: Kuwait stocks nudged higher Sunday after eking modest gains in the previous week. The price index rose 8.25 pts in lackluster trading to wind up at 7,496.47 pts even as the boards closed mixed. Some of the banking majors closed higher while other heavyweights remained mostly subdued.
The KSX 15 measure climbed 6.57 pts to 1,205.49 points taking the month’s gains to 29 pts while weighted index was up 1.2 pts. The volume turnover meanwhile slid below the 200 million mark for the second time during the month. Over 1.84 million shares changed hands — a 23.85 pct drop from the last session.
The sectors closed mixed. Consumer services and financial services outshone the rest with 0.72 pct rise each whereas oil and gas shed 1.52 percent, the biggest loser of the day. In terms of volume, financial services topped with 57.54 pct market share while real estate trailed behind with 20.17 pct contribution.
Among the notable winners, Kuwait National Cinema Co spiked 60 fils to KD 1.200 while sector bellwether National Bank of Kuwait added 10 fils to settle at KD 0.990. Kuwait Finance House too rose 10 fils on back of 2.33 million shares and Salhia Real Estate Co jumped 25 fils.
Gulf Investment House dialed up 5 fils with a volume of over 8 million and Securities Group Co pulled 10 fils higher. The company has recorded a net profit of KD 1.341 million and earnings per share of 5.26 fils in the January- June period of 2014, up from KD 155,245 net profit and earnings per share of 0.61 fils in the H1 of last year.
Bourse heavyweight Zain was unchanged at KD 0.670 off early lows and Wataniya Telecom too did not budge from its earlier close of KD 1.520. Agility climbed 10 fils to KD 0.900 recouping the loss in the previous session and is trading 30 fils higher from start of the month.
The market opened flat and moved sideways in early trade. The index eased slightly thereafter amid selling in select counters and hit the day’s lowest level of 7477.56 points almost half way into the session. It pulled higher in the final hour and managed to close with modest gains.
Top gainer of the day, SGC soared 8.2 percent to 132 fils while Tahssilat climbed 7.81 pct to stand close behind. NAPESCO slid over 8 percent, the steepest decliner of the day and National Ranges Co (Mayadeen) topped the volume with 43.5 million shares.
Hilal Cement rose 6 fils to KD 0.305 and Boubyan Petrochemicals closed 10 fils higher. The company has clocked a net profit of KD 1.14 million and earnings per share of 2.29 fils in the first six months of the year as compared to KD 385,295 net profit and earnings per share of 0.77 fils in the year before period.
National Industries Group, the flagship company of Kharafi Group was flat at KD 0.232 and Kuwait Cement Co followed suit. Gulf Cable and Kuwait Foundry Co held steady at KD 0.800 and KD 0.370 respectively while Shuaiba Industrial Co edged 5 fils lower.
Equipment Holding Co eased 4 fils while Kuwait & Gulf Link Transport Co clipped 2 fils. The company has clocked a net loss of KD 1.160 million and loss per share of 4.39 fils in the first six-months of the year as against net loss of KD 866,919 and loss per share of 3.28 fils in the first half of 2013.
Combined Group Co shed 20 fils while IFA Hotels and Resorts Co pulled 4 fils lower. The company posted net loss of KD 6.901 and loss per share of 11.31 fils in the six months period ending June 31, 2014, as against a net profit of KD 179,104 and earnings per share of 0.34 fils in the year before period.
ACICO Industries Co stagnated at KD 0.340 and United Industries Co followed suit to end at KD 0.110. Jazeera Airways held the ground steady at KD 0.455 wheras ALAFCO retreated 5 fils to close at KD 0.270.
In the banking sector, Gulf Bank was flat at KD 0.340 whereas Commercial Bank of Kuwait dropped 20 fils erasing the gains in the previous session. Al Ahli bank was not traded during the session. Burgan Bank was steady at KD 0.820 and Boubyan Bank too was unchanged at KD 0.510.
Ahli United Bank recouped slight early losses to close flat at KD 0.660 whereas Kuwait International Bank closed 5 fils higher. The bank has won the approval of Central Bank of Kuwait to extend permit to buy back or sell up to 10 percent own issued shares for 6-month period ending March 16, 2015.
International Financial Advisors stagnated at 58 fils and KIPCO too did not budge from its earlier close of KD 0.730. IFA has announced selling its shares in local companies for KD 2,474,557 notching profit of KD 1,856,935 which will be shown in the 3rd quarter financial results.
National Investment Co took in 2 fils whereas KIPCO was unchanged at KD 0.730. Kuwait Financial Centre (Markaz) was flat at KD 0.140 and Bayan Investment too did not budge from its earlier close of 86 fils. National Real Estate Co and Mabanee Co stagnated at KD 0.158 and KD 1.080 respectively.
The bourse was slightly positive during last week. It closed higher in four of the five sessions and added 43 points week-on-week. It has climbed 66 points from start of the month and is trading 0.7 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, International Financial Advisors has incurred a net loss of KD 5,574 million and loss per share of 8.29 fils in the first half of 2014 as compared to net profit of KD 2.067 million and earnings per share of 3.08 fils in the January-June period of last year.
Al Mal Investment has recorded a first half net loss of KD 7.03 million and loss per share of 13.31 fills in the six-month period ending June 31, 2014 as against KD 39,357 net profit and earnings per share of 0.07 fils in the first half of 2013.
Al Madina for Finance and Investment Company has posted a first half net loss of KD 9.933 million and loss per share of 2.25 fils widening from KD 1.727 loss and loss per share of 4.46 fils in the 2013 H1.
United Foodstuff Industries Group has logged a net profit of KD 832,780 and earnings per share of 25.17 fils in the first half of 2014, up sharply from KD 256,570 net profit and earnings per share of 7.75 fils in the first half of 2014.
First Takaful Insurance has incurred a net loss of KD 5.83 million and loss per share of 58.35 fils in the January-June period as against net profit of KD 104,068 and earnings per share of 1.04 fils in the same period last year.