KSE benchmark ticks lower; volume slides – NBK drops 20 fils; Americana gains

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KUWAIT CITY, March 21: Kuwait stocks sagged slightly Monday for the second straight session. The bourse eased 3.58 pts in listless trading to 5,255.54 points weighed by banking shares even as the board remained mixed.

The KSX 15 benchmark slipped 5.85 pts to 840.36 points while weighted index fel 1.83 pts to 357.95 points. The volume turnover meanwhile slid 30.3 percent after holding almost steady in the last session. 127.4 million shares changed hands — a 30.34 pct drop from Sunday.

The sectors closed mostly in the red zone. Technology outpaced the rest with 3.32 percent jump whereas banks and financial services were the biggest losers with 0.74 pct drop. Volume wise, real estate garnered the highest market share of 37.13 pct while financial services and healthcare followed with 22.91 pct and 11.87 percent contributions respectively.

Among the notable losers, National Bank of Kuwait extended Sunday’s losses with a 20 fils drop and Kuwait Finance House gave up 5 fils to settle at KD 0.490 with a volume of 2.9 million shares. Tamdeen Investment Co was down 10 fils at KD 0.390.

Zain rose 5 fils to KD 0.385 on back of 3.9 million shares taking the month’s gains to 25 fils while Wataniya Telecom (Ooredoo) stood pat at KD 1.200 off steep early drop. Kuwait Telecommunications Co (VIVA) climbed 10 fils and logistics major Agility was up 5 fils at KD 0.465.

Kuwait Food Co (Americana) climbed 20 fils to KD 2.400 and NAPESCO soared 50 fils. The company has logged a net profit of KD 5.68 million and earnings per share of 101.60 fils in the year ending Dec 31, 2015. The BOD has recommended distributing 60% cash dividends.

The market opened on dull note and moved sideways in early trade. It continued to drift below the opening mark as investors toed caution in absence of any catalysts and closed with slight losses.

Top gainer of the day, Gulf Finance Co spiked 10 pct to 27.5 fils and OSOS rallied 9.8 percent to stand next. Al Aqaria slid 7.69 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 33.98 million shares.

Mirroring the day’s downtick, the winners losers slightly outled the winners. 41 stocks advanced whereas 48 closed lower. Of the 135 counters active on Monday, 46 closed flat. 2824 deals worth KD 11.58 million were transacted — a 15.4 pct fall in value from the day before.

National Industries Group was unchanged at 118 fils and Kuwait Portland Cement too did not budge from its earlier close of KD 1.020. Metal and Recycling Co and ACICO Industries Co added 5 fils each whereas Gulf Cable rose 10 fils. Boubyan Petrochemicals Co stood pat at KD 0.475.

Jazeera Airways shed 20 fils taking the month’ s losses to 100 fils whereas ALAFCO climbed 8 fils. Independent Petroleum Group and Automated Systems Co gave up 5 fils each whereas IFA Hotels and Resorts gained 8 fils. Qurain Petrochemical Industries Co was up 2 fils at 192 fils.

Shed

United Projects Group shed 20 fils and Palms Agro Production Co slipped 4 fils into red. The company has logged a net profit of KD 892,487 and earnings per share of 17.06 fils in the last year as Board of Directors has recommended 10% cash dividends.

Kuwait and Gulf Link Transport Co was flat at 45 fils and KGL Logitsics Co inched 1 fils lower. Al Nawadi Holding Co took in 2 fils and Zima Holding clipped 2 fils after trading 14.3 million shares. Mezzan Holding Co paused at KD 1.060.

In the banking sector, Gulf Bank and Commercial Bank were unchanged at KD 0.208 and KD 0.480 respectively whereas Ahli United Bank slipped 10 fils to KD 0.415. Kuwait International Bank gave up 2 fils to close at 194 fils.

Burgan Bank fell 5 fils to KD 0.340 and is down 15 fils from start of the month and Boubyan Bank was down by same measure. Warba Bank took in 2 fils to end at 172 fils.

National Investment Co inched 1 fils down whereas KIPCO stood pat at KD 0.530. Securities House Co was flat at 40 fils and KMEFIC followed suit. Securities Group gained 4 fils KFIC added 1.5 fils to end at 28 fils.

Osoul Investment Co was flat at 37 fils and Bayan Investment Co followed suit. The company has posted a net loss of KD 50,336 and losses per share of 0.14 fils in the year ending Dec 31, 2015 as compared to net profit of KD 2.50 million and earnings per share of 6.93 fils in the year before.

Noor Financial Investment Co and Sokouk Holding Co stood pat at 47 fils and 34 fils respectively while Ektitab Holding and Al Deera Holding clipped 1 fils each. Warba Insurance Co closed 2 fils in green.

Mabanee Company and Al Mazaya Holding stagnated at KD 0.870 and KD 0.108 respectively whereas Salhia Real Estate Co gained 10 fils. National Real Estate Co was unchanged at 106 fils with a volume of over 2 million.

The market was been sluggish so far during the week and has slipped 7 points in last two sessions. It has climbed 48 pts so far during the month and is trading 6.4 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news , KAMCO Investment Company has logged a net profit KD 523,688 and earnings per share of 2.20 fils in the year 2015 as against net profit of KD 1.96 million and earnings per share of 8.23 fils during the year before

Abyaar Real Estate Development Co has recorded a net loss of KD 21,700 and loss per share of 0.02 fils in 2015 after posting net profit of KD 755,088 and earnings per share of 0.69 fils in the year before.

Credit Rating and Collection Co has incurred a net loss of KD 454,911 and losses per share of 2.76 fils in 2015 as against net loss of KD 2.26 million and losses per share of 13.73 fils in the year before.

Injazzat Real Estate Development Company has clocked a net profit KD 3.07 million and earnings per share of 9.2 fils in 2015, rising sharply from net profit of KD 1.51 mln and earnings per share of 4.5 fils in the same period last year . The BOD has recommended 5 pct cash dividends

Kuwait Insurance Company has logged a net profit of KD 5.69 million and earnings per share of 30.69 fils in the year ending Dec 31, 2015 up from net profit of KD 5.14 million and earnings per share of 27.64 fils in 2014. The BOD has recommended 20 pct cash dividends.

By John Mathews – Arab Times Staff

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