KSE continues to tread water; volume recedes – Americana dips 40 fils; KIPCO flat

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KUWAIT CITY, May 4: Kuwait stocks continued to tread water for the second straight session on Wednesday. The bourse eased 2.19 points to 5,373.17 points even as investors kept a wary eye on the retreating oil prices. The banks were mostly muted while other heavyweights closed mixed.

The KSX 15 benchmark rose 0.53 pts to 853 and is down over 30 points year-to-date while weighted index closed 0.47 pts in red. The volume turnover meanwhile slid below the 100 million mark to hit a three-month low after rebounding in the last session.

The sectors closed mostly in the red turf. Technology outshone the rest with 1.54 percent gain whereas consumer services shed 1.31 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 47 pct while real estate and banks trailed far behind with 18.5 pct and 10.22 percent contributions respectively.

Among the day’s movers, Kuwait Food Co (Americana) slumped 40 fils to KD 2.400 paring the year’s gains to 400 fils while Mabanee Co shed 20 fils. Humansoft Holding Co soared 80 fils extending the gains in the last session.

Bourse heavyweight Zain was unchanged at KD 0.345 off slight early highs and Wataniya Telecom (Ooredoo) dropped 40 fils to KD 1.060. Kuwait Telecommunications Co (VIVA) tripped 10 fils whereas logistics major Agility held the ground steady at KD 0.510.

National Investment Co took in 2 fils extending an identical gain in the last session and KIPCO stood pat at KD 0.540 off early highs. The company has recorded a first quarter net profit of KD 13.5 million and earnings per share of 7.45 fils.

The market opened flat and edged lower in early trade. The price index continued to drift lower to hit the day’s lowest level of 5,349.45 pts past the mid-session as sentiment turned weak . It clawed back and moved sideways thereafter before closing nearly unchanged .

Top gainer of the day, Energy House Co rallied 10 percent to 55 fils while Humansoft stood next with 8.16 percent jump. Kuwait Cement Co slid 6.41 percent, the steepest decliner of the day and Aayan Real Estate Co topped the volume with 6.2 million shares,

 The market spread was heavily skewed towards the losers. 27 stocks advanced whereas 51 closed lower. Of the 126 counters active on Wednesday, 48 closed flat. 2,628 deals worth KD 9.37 million were transacted — a 26.6 percent drop in value from the day before.

National Industries Group fell 2 fils to 126 fils after trading over 1 million shares and Kuwait Cement Co was down 25 fils at KD 0.365. RISCO added 5 fils while Gulf Cable climbed 15 fils to settle at KD 0.380. Kuwait Portland Cement stood the ground unchanged at KD 1.020.

ALAFCO paused at 208 fils and Jazeera Airways Co followed suit. The company has reported a net profit of over KD 4 million and earnings per share of 20.05 fils in the quarter ending March 31, 2016 up from KD 3.01 million and earnings per share of 7.18 fils in the same period last year.

Jumped

Kuwait Foundry Co stagnated at 192 fils and City Group Company jumped 25 fils. The company has registered a net profit of KD 1.84 million and earnings per share of 16.35 fils in the January-March period of 2016

United Projects Group was flat at KD 0.690 while PAPCO took in 2 fils with thin trading. Kuwait and Gulf Link Transport Co inched 0.5 fils lower and KGL Logistics Co stood pat at 79 fils. Mezzan Holding Co stood pat at KD 1.160.

NICBM and Equipment Holding Co stagnated at 236 fils and 54 fils respectively while Qurain Petrochemicals Co clipped 2 fils. Jeeran Holding was unchanged at 72 fils and Zima Holding inched 0.5 fils lower.

In the banking sector, National Bank of Kuwait climbed 10 fils to KD 0.670 on back of 1.35 million shares and Gulf Bank was unchanged at KD 0.240.

Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session. Kuwait Finance House was flat at KD 0.480 after trading 3.9 million shares and Ahli United Bank followed suit. The bank has logged a net profit of KD 15.59 million and earnings per share of 11 fils in the first quarter of 2016.

Burgan Bank stood pat at 335 fils and Boubyan Bank too did not budge from its earlier close of KD 0.405. Warba Bank gave up 2 fils to settle at 174 fils.

Kuwait Investment Co and Osoul Investment were unchanged at 89 fils and 42 fils respectively while KMEFIC inched 1 fils higher. Securities House Co eased 1 fils after trading 5.5 million shares Ektittab Holding Co followed suit. Noor Financial Investment paused at 44 fils.

Bayan Investment Co and Sokouk Holding Co gave up 0.5 fils each and Al Imitiaz Group slipped 3 fils to 69 fils. Kuwait Insurance Co was unchanged at KD 0.290 and Warba Insurance Co gained 4 fils.

National Real Estate Co and Al Mazaya Holding stagnated at 93 fils and 122 fils whereas Ajial Real Estate Co pulled 8 fils lower. United Real Estate climbed 5 fils to 89 fils.

The market has been mixed during the week. It has closed higher in 2 of the 4 sessions in the holiday curtailed week and has shed 18 points week-on-week. It had rallied 163 points during whole of April but is down 4.31 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, Future Communications Co Global has clocked a first quarter net profit KD 190,492 and earnings per share of 2.38 fils as compared to net profit of KD 281,641 and earnings per share of 3.48 fils in the Q1 of 2015.

Shuaiba Industrial Co has posted a net profit of KD 629,557 and earnings per share of 7.93 fils in the first quarter of 2016 as compared to net profit of KD 444,921 and earnings per share of 5.65 fils in the same period last year.

Aqar Real Estate Investments Co has penciled a net profit of KD 278,860 and earnings per share 1.30 fils in the first three months of 2016 as against a net profit of KD 506,241 and earnings per share of 2.22 fils in the same period last year.

The Energy House Co has recorded a net profit of KD 956,632 and earnings per share of 1.276 fils in the quarter ending March 31, 2016 rebounding from a net loss of KD 1.02 million and losses per share of 1.366 fils in the same period last year.

Injazzat Real Estate Development Company has chalked a net profit of KD 1.37 million and earnings per share of 4.1 fils in the quarter ending March 31, 2016 as compared to net profit of KD 2.18 million and earnings per share of 6.5 fils in Q1 of 2015.

By John Mathews

Arab Times Staff

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