KSE price index dips 32.45 pts; volume up – KFH slips 5 fils; KIPCO flat

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KUWAIT CITY, Sept 20: Kuwait stocks swung south on Tuesday after listless trading in last two sessions. The bourse dipped 32.45 pts to 5,398.02 points amid selling in select counters. The heavyweights however were mostly subdued even as trading remained largely anemic.

The KSX 15 benchmark inched 0.8 pts lower to 813.76 points while weighted index closed 0.59 pts lower at 350.59 points. The volume turnover meanwhile rose further following Monday’s rise. 59.2 million shares changed hands — a 20.7 pct rise from Monday.

The sectors closed mixed. Consumer goods outshone the rest with 0.31 pct gain whereas industrials shed 1.33 percent, the worst performer of the day. In terms of volume, real estate accounted for the highest market share of 46.32 pct while financial services stood next with 33.8 percent contribution.

In the individual shares, Kuwait Finance House fell 5 fils to 460 fils after trading 1.27 million shares and Boubyan Bank followed suit to end at KD 0.385. Humansoft Holding plunged 100 fils erasing an identical gain in the previous session.

Zain continued to stagnate at 335 fils and Wataniya Telecom (Ooredoo) climbed 20 fils to KD 1.160 extending the strong gains in the day before. Kuwait Telecommunications Co (VIVA) stood pat at KD 0.900 after vacillating in right range and Agility too did not budge from its earlier close of 470 fils.

Investment conglomerate KIPCO was flat at KD 0.550 and National Investments Company gave up 2 fils. The company has logged a net profit of KD 1.76 million and earnings per share of 2.10 fils in the six-month period ending June 30, 2016.

The market opened flat and slipped into red in early trade. The price index continued to drift lower amid selling in selling counters and plumbed the day’s lowest level of 5,386.42 pts in the final minutes. However it pared back some of the losses at close.

Top gainer of the day, REMAL rallied 6.67 pct to 40 fils and Energy House Co climbed 5.6 percent to stand next. AGHC slid 8.47 percent, the steepest decliner of the day and Al Mudon topped the volume with 11.58 million shares.

Reflecting the day’s downswing, the losers vastly outnumbered the winners. 22 stocks advanced whereas 54 closed lower. Of the 116 counters active on Tuesday, 40 closed flat. 1,745 deals worth KD 4.3 million were transacted- a 5.3 percent fall in value from the day before.

National Industries Group was unchanged at 114 fils while Gulf Cable fell 5 fils to 385 fils. Kuwait Foundry Co took in 2 fils and ACICO Industries held ground at 285 fils. UPAC was down 10 fils at KD 0.680.

Kuwait Portland Cement rose 10 fils whereas Kuwait Cement Co gave up 5 fils. The company has posted a net profit of KD 12.16 million and earnings per share of 17.06 fils in the six-month period ending June 30, 2016.

Lower

Mezzan Holding Co was unchanged at KD 0.990 while Zimah Holding Co and Equipment Holding Co both inched 0.5 fil lower to close 40 fils and 44.5 fils respectively. KGL Logistics Co stalled at 71 fils.

Kuwait Food Co (Americana) climbed 20 fils and Kuwait National Cinema Company paused at KD 0.920. 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 million and earning per share of 62.65 fils in the same period last year.

ALAFCO eased 2 fils and Jazeera Airways Co was up 10 fils at KD 0.830. The airline has clocked a net profit of KD 5.99 million and earnings per share of 29.96 fils in the first half of 2016 as compared to net profit of KD 6.21 million and EPS of 14.80 fils in HI of 2015.

In the banking sector, National Bank of Kuwait was flat at KD 0.600 off early lows and Gulf Bank followed suit to close at 232 fils. Commercial Bank of Kuwait added 10 fils extending the Monday’s gains.

Burgan Bank stood pat at 325 fils whereas Boubyan Bank fell 5 fils to 385 fils. Warba Bank dialed down 2 fils to settle at 166 fils. Kuwait International Bank stagnated at 186 fils whereas Al Ahli Bank was not traded during the session.

Kuwait Investment Co inched 1 fil up to 87 fils and Internatinal Financial Advisors paused at 30.5 fils. Securities House Co and Coast Investment Co gave up 1 fil each while Securities Group Co stood pat at 85 fils.

Aayan Investment Co and Bayan Investment Co eased 0.5 fil each whereas Al Mal Investment Co stalled at 23.5 fils after trading over 3 million shares. Osoul Investment Co was unchanged at 45 fils.

Ektittab Holding Co fell 2 fils and KFIC took in 1 fil to end at 38 fils. Sokouk Holding Co was flat at 31.5 fils and Noor Financial Investment Co followed suit to wind up at 40 fils. Al Madina Investment Co inched 0.5 fil lower with a volume of over 1 million shares.

Kuwait Real Estate Co dialed down 1 fil and National Real Estate Co stood pat at 77 fils. Mabanee Co gained 10 fils whereas Al Mazaya Holding Co gave up 1 fil. REMAL added 2.5 fils to close at 40 fils. The market has been mixed so far during the week and has shed 33 points in last three sessions. It had dropped 21 pts from start of the month but is down 3.87 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 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 fil 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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