KSE index ends week with 34.6 pts retreat – KFH slips 5 fils; Ooredoo soars

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KUWAIT CITY, Oct 6: Kuwait stocks swung lower on Thursday to end the week on a sour note. The price index dipped 34.6 pts in choppy trade to 5,320.22 points as selling pressure weighed on select counters.

The KSX 15 gauge eased 2.76 points to 810.12 pts taking the year’s losses to 74 points while weighted index edged 1.56 pts into red. The volume turnover meanwhile surged past the 100 million mark to hit a multi- month high. 113.32 million shares changed hands — a 50 pct jump from the day before.

The sectors closed mostly in the red turf. Telecommunications outshone the rest with 0.82 pct gain whereas financial services shed 1.46 percent, the biggest loser of the day. In terms of volume, industrials garnered the highest market share of 44.9 pct while financial services trailed far behind with 17.7 percent contribution.

Among the notable losers, Kuwait Finance House fell 5 fils to 465 fils partly erasing the last session’s gains while Commercial Bank retreated 5 fils. Mabanee Co gave up 10 fils before settling at KD 0.800 and is down 140 fils year-to-date.

Zain fell 5 fils to 335 fils wiping off the gains in the day before whereas Wataniya Telecom (Ooredoo) soared 80 fils to KD 1.140. Kuwait Telecommunications Co (VIVA) stood pat at KD 0.870 and Agility slipped 5 fils to 470 fils.

Sector bellwether National Bank of Kuwait was unchanged at KD 0.590 and Al Ahli Bank was down 10 fils at 310 fils. ABK has posted a first half net profit of KD 15.05 mln and earnings per share of 9 fils as compared to net profit of year KD 20.43m and EPS of 13 fils in 2105 H1.

The market opened on weak note and fell sharply in early trade. The main index leveled off briefly before resuming the decline as trading floor sentiment turned negative. It bottomed at 5,306.55 pts in the final minutes before paring back some of the losses at close.

Top gainer of the day, Ooredoo vaulted 7.55 pct to KD 1.140 while Future Communications Co Global climbed 5.15 percent to stand next. IFA Hotels and Resorts slid 12.5 percent, the steepest decliner of the day and Nafais Holding topped the volume with 48.35 million shares.

Mirroring the day’s downswing, the market spread was heavily skewed towards the losers. 19 stocks advanced whereas 62 closed lower. Of the 124 counters active on Thursday, 43 closed flat. 1,906 deals worth over KD 18.19 million were transacted — a 69 pct surge in value from the day before.

National Industries Group was unchanged at 108 fils and Gulf Cable gave up 5 fils before settling at 370 fils. Heavy Engineering and Shipbuilding Co fell 6 fils whereas Kuwait Portland Cement Co shed 10 fils. Al Qurain Petrochemical Co eased 2 fils to 194 fils.

Kuwait Food Co (Americana) bucked the day’s downtrend to gain 60 fils and Mezzan Holding Co climbed 20 fils to KD 0.980. Jazeera Airways and ALAFCO paused at KD 0.820 and 212 fils respectively while UPAC slipped 10 fils.

Stood

ACICO Industries Co stood pat at 285 fils and Kuwait National Cinema Company followed suit. The company has posted a net profit of KD 4.93 million and earnings per share of 52.35 fils as against a net profit of KD 5.98 mln and earning per share of 62.65 fils in the same period last year.

Kuwait Foundry Co clipped 2 fils and RISCO did not budge from its earlier close of 300 fils. Kuwait Gulf Link Transport Co inched 0.5 fls and KGL Logistics Co stalled at 75 fils. National Ranges Co (Mayadeen) eased 0.5 fil and GPI inched 0.5 fil higher to 37.5 fils.

Al Rai Media Group Co stood pat at 142 fils whereas Combined Group Contracting Co shed 30 fils. The company has registered a net profit of KD 219,574 and earnings per share of 1.63 fils in the first six months of 2016.

In the banking sector, Gulf Bank fell 2 fils to 230 fils while Ahli United Bank and Kuwait International Bank were unchanged at 385 fils and 188 fils respectively.

Burgan Bank gave up 5 fils to close at 320 fils and Boubyan Bank closed flat at 380 fils. Warba Bank closed 2 fils lower at 164 fils erasing an identical uptick in the last session.

Investment major KIPCO stagnated at KD 0.540 and National Investment Co dialed down 2 fils after trading 4.4 million shares. Kuwait Investment Co and Commercial Facilities Co shed 4 fils each while Coast Investment Co inched 1 fil down.

KMEFIC and KFIC gave up 2.5 fils each to close at 22 fils and 34 fils respectively whereas Bayan Investment Co and Osoul Investment Co both nudged 0.5 fil into green. Al Mal Investment Co eased 0.5 fil to 23 fils and Securities House Co added 0.5 fil.

Al Deera Holding was unchanged at 36 fils and Noor Financial Investment Co followed suit. Tamdeen Investment Co held ground at 310 fils and Aayan Leasing Co clipped 1 fil.

National Real Estate Co and Kuwait Real Estate Co were flat at 75 fils and 50 fils respectively whereas United Real Estate Co dialed up 2 fils to settle at 94 fils. Mazaya Holding Co stalled at 108 fils.

The market trended lower during the week. The main index closed in red in three of the four sessions and skidded 78 points week-on-week. It had slid 21 pts during whole of September and is down 5.25 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, Hilal Cement Company has posted a net profit of KD 20.659 mln and earnings per share of 0.2 fils in the six-months period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fils in the same period last year.

Metal and Recycling Co. clocked a net profit of KD 118,386 and

earnings per share of 1.58 fils in the six-month period ending June 31,2016 rebounding from net loss of KD 185,711 and losses per share of 2.48 fils in same period last year.

Gulf Glass Manufacturing Company has registered a net profit of KD 941,711 and earnings per share of 18.35 fils in the six-month period ending June 30 as against a net profit of KD 1.39 million and earnings per share of 27.09 fils in the same period last year.

Asiya Capital Investments Company has clocked a net loss of KD 5.46 million and loss per share of 7.03 fils in the January-June period sliding from a net profit of KD 1.77 million and earnings per share of 2.29 fils in the same period last year.

Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months from date of the approval.

By John Mathews

Arab Times Staff

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