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KSE index retreats amid choppy trade – Humansoft holding dives 90 fils; KIPCO flat

KUWAIT CITY, Nov 4: Kuwait stocks sagged on Wednesday, snapping the four-day upswing. The bourse dropped 19.39 points in choppy trade to 5774.86 points as profit taking kicked in after the recent gains. The banks remained subdued whereas other blue chips closed mixed.

The KSX 15 benchmark inched 0.1 pts up to 923.27 pts and is down 138 points from start of the year while weighted index was almost stagnant at 388.37 points. The volume turnover meanwhile shrank after the 3-day swell. 149.51 million shares changed hands — a 24.56 percent fall from Tuesday.

The sectors closed mixed. Oil and gas outperformed the rest with over 1 percent gain whereas basic materials shed 1.14 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 28.36 percent while real estate stood close behind with 27.68 percent contribution.

Among the notable movers, Tamdeen Real Estate Co climbed 25 fils to KD 0.520 and Al Ahleia Insurance Co followed suit to end at KD 0.410. Humansoft Holding sank 90 fils to KD 0.990 whereas NAPESCO rose 20 fils.

Zain was unchanged at KD 0.365 after trading over 4 million shares and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of KD 1.040. Kuwait Telecommunications Co (VIVA) shed 20 fils with a volume of over 1 million and logistics major Agility gave up 10 fils to settle at KD 0.500.

National Investment Co fell 4 fils to KD 0.108 and KIPCO was flat at KD 0.580. The company has recorded a nine-month net profit of KD 37.24 million and earnings per share of 22.33 f ils in the first nine-months of 2015 as compared to net profit of KD 31.82 million and earnings per share of 22.63 fils in the same period last year.

The market opened slightly weak and moved sideways in early trade. The key gauge rose briefly into green to crest at 5799.84 pts and reterated thereafter as sentiment turned negative. It drifted listlessly thereafter and bottomed at 5767.82 points before paring back some of the losses at close.

Top gainer of the day, Qurain Holding spiked 15.38 pct to 7.5 fils and Kuwait Medical Services Co jumped 10 percent to stand next. Humansoft Holding slumped 8.33 percent, the steepest decliner of the day and Ithmar Bank topped the volume with 8.6 million shares.

Mirroring the day’s downswing, the market spread was skewed towards the losers. 35 stocks advanced whereas 59 closed lower. Of the 144 counters active on Wednesday 50 closed flat. 3705 deals worth KD 15.96 million were transacted — a 15.7 pct rise in value from the day before.

National Industries Group fell 2 fils to KD 0.142 whereas Kuwait Cement Co was up 5 fils at KD 0.375. Gulf Cable held steady at KD 0.410 while Boubyan Petrochemicals Co dropped 10 fils. ACICO Industries gave up 5 fils to end at KD 0.280.

Eased

ACICO Industries eased 5 fils to KD 0.280 and Boubyan Petrochemicals Cc shed 10 fils. Gulf Glass Manufacturing Company rose 5 fils yto KD 0.495. The company has posted a net profit of KD 59,392 and earnings per share of 0.22 fils in the nine-month period ending Sept 30, 2015.

Hilal Cement climbed 10 fils to KD 0.144 with thin trading and Kuwait National Cinema Company slipped 10 fils. The company has clocked a nine-month net profit of KD 8.08 million and earnings per share of 84.92 fils as compared to net profit of KD 7.09 million and earnings per share of 71.63 fils in the same period last year.

Equipment Holding Co inched 1 fils down after trading 3.8 million shares and Kuwait Foundry Co slipped 4 fils. The company has incurred a net loss of KD 2.31 million and earning per share of 15.02 fils in the nine-month period ended Sept 31,2015 as compared to net loss of KD 2.26 million and loss per share 14.74 f ils in the same period last year.

Burgan Well Drilling Co added 7 fils whereas IFA Hotels and Resorts pulled 10 fils into red. Kuwait and Gulf Link Transport Co paused at 51 fils and KGL Logistics Co closed 5 fils higher. Kuwait Food Co (Americana) held steady at KD 2.260 and Al Nawadi Holding followed suit.

 Jazeera Airways dropped 10 fils to KD 0.470 whereas ALAFCO was unchanged at KD 0.224. City Group Company paused at KD 0.410. The company has logged a net profit of KD 5.26 million and earnings per share of 46.56 fils in the nine-month period ending Sept 31, 2015.

In the banking sector, National Bank of Kuwait was flat at KD 0.820 and Gulf Bank too did not budge from its earlier close of KD 0.270. Kuwait Finance House gyrated in tight range before stagnating at KD 0.550 and Commercial Bank of Kuwait was not traded during the session.

Al Ahli Bank of Kuwait and Burgan Bank were unchanged at KD 0.370 and KD 0.400 respectively whereas Kuwait International bank dialed down 2 fils. Boubyan Bank paused at KD 0.435 and Warba Bank followed suit.

Bayan Investment Co and Al Mal Investment Co closed flat and KFIC followed suit. Kuwait Investment Co was up 2 fils at KD 0.112.

The bourse has been mixed so far during the week and is almost unchanged at end of last four sessions. It had gained 29 points during whole of October and is trading 11.64 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Hilal Cement Company has incurred a net loss of KD 117,151 and loss per share of 1.5 fils in the nine-month period ending Sept 31, 2015 narrowing from net loss of KD 282,090 and loss per share of 3.7 fils in the year before period.

Aayan Real Estate Co. has recorded a net profit of KD 1.09 million and earnings per share of 2.6 fils in the January-September period down from net profit of KD 2.58 million and earnings per share of 6.2 fils in 9M 2014.

Future Communications Co. Global has posted a net profit of KD 732,998 and earnings per share of 9.05 fils in the first nine-months of 2015, up from net profit of KD 635,355 and earnings per share of 7.84 fils in the same period of last year.

The Energy House Co has logged a net loss of KD 668,888 and losses per share 0.892 fils in the nine-month period ending September 30, 2015 narrowing from a net loss of KD 2.21 million and losses per share of 2.947 fils in the same period last year.

Warba Bank has recorded a net profit of KD 1.25 million and earnings per share 1.25 fils in the first nine-months of the year as compared to net profit of KD 318,000 and earnings per share of 0.32 fils in the 9M of 2014.

By John Mathews

Arab Times Staff

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