KUWAIT CITY, April 25: Kuwait stocks sagged Monday snapping the four-day advance. The price index dropped 13.66 points in sluggish trading to 5,358.72 pts as profit taking dragged select counters lower. The sentiment was caution-laced even as investors await more quarterly results.
The KSX 15 benchmark slipped 4.73 points to 856.21 pts trimming the month’s gains to 6 points while weighted index gave up 1.41 pts. The volume turnover meanwhile saw a modest rise extending the Sunday’s uptick. 174.76 million shares changed hands – a 8.66 pct increase from day before.
The sectors closed mostly in the red turf. Telecommunications outpaced the rest with 0.49 pct gain whereas technology slid 2.52 percent, the worst performer of the day. Volume wise financial services notched the highest market share of 47.4 percent while real estate and banks followed with 24.4 pct and 11.7 percent contributions respectively.
Among the losers, Kuwait Food Co (Americana) tumbled 80 fils to KD 2.460 while City Group shed 30 fils. Automated Systems Co slid 25 fils to KD 0.315 and Kuwait Portland Cement was down 20 fils at KD 1.020.
Zain vacillated in a tight range before closing flat at KD 0.355 while Wataniya Telecom (Ooredoo) dropped 20 fils to KD 1.080 after holding steady in the previous session. Agility stood pat at KD 0.490 .
Kuwait Telecommunications Co (VIVA) stagnated at KD 1.000. The company has recorded a net profit of KD 9.81 million and earnings per share of 20 fils in the quarter ending March 31, 2016 as against net profit of KD 10.36 million and earnings per share of 21 fils in same period last year.
The market opened flat and moved sideways in early trade. The main index slipped into the red territory thereafter amid selling in select counters and hit the day’s lowest level of 5,353.07 pts in the final minutes. However it slightly pared back the losses at close.
Top gainer of the day, Taamer Real Estate Co rallied 6.82 percent to 23.5 fils and Humansoft dived 6.41 pct to stand next. The company has posted a net profit of KD 6.19 million and earnings per share of 51 fils in the quarter ending March 31, 2016.
Gulf Finance Co dived 7.46 percent, the steepest decliner of the day and Ithmaar topped the volume with 17.4 million shares.
Reflecting the day’s retreat, the losers outnumbered the winners. 31 stocks advanced while 46 closed lower. Of the 120 counters active on Monday, 43 closed flat. 3,852 deals worth KD 11.6 million were transacted – a 8.19 pct drop in value from the day before.
National Industries Group eased 2 fils to KD 0.144 and Kuwait Cement Co added 5 fils to settle at KD 0.380. Kuwait Foundry Co gave up 6 fils whereas Gulf Cable was unchanged at KD 0.350. ACICO Industries was down 5 fils at KD 0.275.
Jazeera Airways was flat at KD 0.880 off early highs while Equipment Holding Co and Qurain Petrochemical Industries Co were unchanged at 57 fils and 208 fils respectively.
Kuwait and Gulf Links Transport Co nudged 0.5 fils into green whereas KGL Logistics Co clipped 1 fils to settle at 77 fils. PAPCO paused at 110 fils and United Projects Group followed suit to end at KD 0.720. Mashaer Holding Co stagnated at 80 fils.
Mezzan Holding stood pat at KD 1.160 after stagnating in the last session while Zima Holding fell 0.5 fils after trading 1,9 million shares. Jeeran Holding Co inched 1 fils higher to 71 fils.
In the banking sector, National Bank of Kuwait dropped 10 fils to KD 0.660 erasing the gains in the last session while Kuwait Finance House was unchanged at KD 0.485. The bank has logged a first quarter net profit of KD 34.10 million and earnings per share of 6.61 fils.
Commercial Bank climbed 10 fils to KD 0.445 whereas Burgan Bank was unchanged at KD 0.335. Kuwait International Bank took in 2 fils and Boubyan Bank stagnated at KD 0.410. Warba Bank was up 2 fils at 176 fils.
Al Ahli Bank and Ahli United Bank paused at KD 0.335 and KD 0.425 respectively. AUB has logged a net profit of KD 15.59 million and earnings per share of 11 fils in the first quarter of 2016 as compared with net profit of KD 15.37 million and earnings per share of 10.08 fils in the same period in 2015.
National Investment Co fell 2 fils to 120 fils after trading 4.5 million shares whereas KIPCO stagnated at KD 0.550 off early lows. Securities House Co inched 0.5 fils into red while Al Mal Investment and Securities Group clipped 1 fils each.
Bayan Investment and KFIC stood pat at 35 fils and 36 fils respectively and Noor Financial Investment Co followed suit. Ektittab Holding Co gave up 2 fils and Osoul Investment added 1.5 fils to end at 46 fils. Gulf Insurance Co shed 10 fils and Warba Insurance Co clipped 2 fils.
National Real Estate Co inched 1 fils up while Mabanee Co pulled 10 fils lower to KD 0.850. Tamdeen Real Estate Co climbed 10 fils and Mazaya Holding Co gave up 2 fils.
The market has been mixed so far during the week and has gained 14 points in last two sessions. It has climbed 128 points from start of the month but is down 4.57 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.
In the bourse related news, KAMCO Investment Company has logged a net profit of 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.
Gulf Investment House has clocked a net loss of KD 6.085 and losses per share of 37.07 fils in the year ending Dec 31, 2015 as compared to net loss of KD 1.62 million and losses per share of 10.42 fils in 2014.
Tamdeen Investment Co has posted a net profit of KD 11.52 million and earnings per share of 39.07 fils in the year ending Dec 31, 2015, up from net profit of KD 9.05 million and earnings per share of 30.41 fils in the year before.
Salhia Real Estate Company has posted an annual net profit of KD 11.62 million and earnings per share of 23.55 fils as compared to net profit of KD 11.42 million and earnings per share of 23.07 fils . The Board of Directors has recommended 20 pct cash dividends.
Injazzat Real Estate Development Company has clocked a net profit of 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.
By John Mathews – Arab Times Staff