------------- -------------- ------------------- -------------------

Kuwait bourse drops 29.42 pts; volume dips – KIPCO sheds 20 fils; NBK flet

KUWAIT CITY, Jan 12: Kuwait stocks eroded further on Tuesday extending the losing streak to seventh consecutive day even as oil prices plumbed fresh 12-month low. The bourse dropped 29.42 points in lackluster trade to 5357.62 points paced by selling in select counters.

The KSX 15 benchmark dipped 5.58 points to 852.36 pts taking the month’s fall to 23 pts and weighted index slipped 2 pts. The volume turnover meanwhile sank sharply to hit lowest level so far during the month. 60.6 million shares changed hands – a 37.6 percent drop from the previous session.

The sectors closed mostly in the red turf. Parallel market outpaced the rest with 1.4 percent gain whereas industrials shed 1 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 35.9 percent while real estate and banks followed with 20 percent and 17.3 pct contributions respectively.

Among the notable losers, Gulf Bank fell 8 fils to KD 0.242 and is down 18 fils from start of the month while Al Ahli Bank was down 5 fils at KD 0.360. Investment conglomerate KIPCO shed 20 fils extending the losses in the last session.

Zain slipped 5 fils after trading 2.8 million shares and Wataniya Telecom (Ooredoo) held the ground unchanged at KD 1.060. Kuwait Telecommunications Co ( VIVA) too stagnated at KD 0.990 and logistics major Agility followed suit to wind up at KD 0.425.

Jazeera Airways shed 20 fils extending an identical drop in the previous session and Kuwait and Gulf Link Transport Co paused at 40 fils. The company has won the approval of Capital Markets Authority to the company’s request to buy back or sell up to 10 percent of own shares over a period of 6 months.

The market opened low and moved sideways in early trade. The price

index drifted listlessly well past the mid -session as investors toed caution amid gloomy backdrop. It hit the day’s lowest level of 5343.85 points in the final minutes before slightly paring back the losses at close.

Top gainer of the day, Mashaer Holding Co jumped 8.16 pct to 106 fils and Masaken Holding Co climbed 7.8 pct to stand next. Metal and Recycling Co tumbled 18.9 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 6.12 million shares.

Mirroring the day’s downswing, the losers outnumbered the winners. 30 stocks advanced whereas 30 closed lower. Of the 117 counters active on Tuesday, 39 closed flat. 2071 deals worth KD 8.9 million were transacted – a 35 percent drop in value from the day before.

National Industries Group eased 2 fils to 110 fils while Gulf Cable and Kuwait Portland Cement Co shed 20 fils each. Kuwait Foundry Co clipped 2 fils and NICBM was down 10 fils with thin trading. Kuwait Food Co (Americana) closed flat.

Equipment Holding Co took in 2 fils to end at 54 fils and Qurain Petrochemical Industries Co clipped 2 fils. Boubyan Petrochemicals Co and ACICO Industries added 5 fils each to settle at KD 0.480 and KD 0.285 respectively.


NAPESCO was unchanged at KD 0.680 whereas ALAFCO gave up 2 fils to end at KD 0.204. KGL Logistics Co fell 1.5 fils whereas Soor Fuel Marketing Co climbed 6 fils to 106 fils.

 Al Nawadi Holding inched 1 fils up and Zima Holding Co gained 4 fils on back of over 1 million shares. Mezzan Holding held steady at KD 1.080 and Kout Food Group rose 10 fils to KD 0.660.

In the banking sector, National Bank of Kuwait was flat at KD 0.770 after trading over 1 million shares and Commercial Bank of Kuwait too did not budge from its earlier close of KD 0.500.

Kuwait International Bank pulled 6 fils lower while Kuwait Finance House paused at KD 0.495 with a volume of 1.53 million and is down 45 fils

from start of the month. Boubyan Bank fell 5 fils to KD 0.425.

Burgan Bank held steady at KD 0.355. The bank has obtained the approval of Central Bank of Kuwait and Capital Markets Authority to issue bonds for its holders at a maximum of KD 100 million with an aim to boost its capital base.

National Investment Co inched 1 fils into red and Commercial Facilities Co slipped 6 fils to KD 0.148. NIC has obtained the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months.

Securities House and Osoul Investment Co were flat at 29 fils and 36 fils respectively while Bayan Investment Co was not traded during the session.Al Ahliea Insurance Co dipped 10 fils to KD 0.460 and Warba Insurance Co closed 4 fils higher.

Mabanee Co dropped 10 fils to KD 0.880 whereas National Real Estate Co and Salhia Real Estate Co were unchanged at 85 fils and 360 fils respectively. Al Enmaa Real Estate Co took in 2 fils and Kuwait Remal Real Estate Co closed 1.5 fils higher at 34 fils.

The market has been bearish so far during the week and has shed 118 points in last three session. It has dived 258 points so far during the month and is down 4.59 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Noor Financial Investment has logged a net profit of KD 59,909 and earnings per share of 0.15 fils in the nine-month period ending 30 Sept 2015 as against net profit of KD 3.97 million and earnings per share of 9.87 fils in the same period last year.

Al-Enmaa Real Estate Co has posted a net profit of KD 4.38 million and earnings per share of 9.73 fils for the year ending Dec 31, 2015 as compared to net profit of KD 3.36 million earnings per share of 7.47 fils in the year before .

Al Safat Real Estate Co has incurred a net loss of KD 53,673 and loss

per share of 0.22l fils in the period ending 31 Oct 2015 as compared to net profit of KD 96,933 and earnings per share of 0.40 fils in the same period of 2014.

Boubyan International Industries Holding Company has clocked a net profit of of KD 25,007 and earnings per share of 0.08 fils in the quarter ending 31 Oct 2015 as against net loss of KD 126,236 and loss per share of 0.42 Fils in the same period of last year.

Strategia Investment Co has won the Capital Markets Authority’s approval for the company’s request to buy back or sell up to 10 percent of own shares over a period of 6 months.

City Group Co has received the approval of Capital Markets Authority for its request to voluntarily withdraw from Kuwait Stock Exchange.

By John Mathews

Arab Times Staff

Check Also

Kuwait Stock Exchange will resume some of its suspended operations starting from Sunday

KUWAIT, June 26: Boursa Kuwait announced on Friday it obtained an approval from the Capital …

You have installed adblocker kindly disable

whitelist www.arabtimesonline.com




google_ad_client = "ca-pub-8308202338490872"; google_ad_slot = "1434619060"; google_ad_width = 650; google_ad_height = 170;

(function() { var st = document.createElement('script'); st.type = 'text/javascript'; st.async = true; st.src = ('https:' == document.location.protocol ? 'https:' : 'http:') + '//cdn.stickyadstv.com/prime-time/intext-roll.min.js?zone=7056401&contentClass=entry&auto=true&soundButton=true'; document.head.appendChild(st); })(); google_ad_client = "ca-pub-8308202338490872"; google_ad_slot = "5013570411"; google_ad_width = 630; google_ad_height = 270;


Translate »