KUWAIT CITY, Sept 18: Kuwait stocks edged lower on Sunday as the market reopened after week-long Eid holidays. The key index eased 3.05 points in tardy trading to 5,426.36 points even as stocks closed mixed in absence of catalysts.
The KSX 15 slipped 5.1 pts to 810.48 points paring the month’s gains to 9 points while weighted index gave up 1.02 pts. The volume turnover meanwhile receded after the rebound in the previous session. 43.77 million shares changed hands — a 34.5 pct drop from last trading day.
The sectors closed mixed. Technology outshone the rest with 0.51 pct gain whereas parallel market tumbled 9.6 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 47.8 pct while real estate trailed with 22.9 percent contribution.
In the individual shares, National Bank of Kuwait dropped 10 fils to KD 0.590 and is down 210 fils year-to-date while Burgan Bank fell 5 fils erasing the gains in the last session. Kuwait Food Co (Americana) stood the ground at KD 2.480 off early highs.
Zain was unchanged at KD 0.330 whereas Wataniya Telecom (Ooredoo) climbed 40 fils to KD 1.060. Kuwait Telecommunication Co (VIVA) shed 10 fils and logistics major Agility stood pat at KD 0.465 after giving up slight early gains.
KIPCO was unchanged at KD 0.550 and National Investments Company added 6 fils on back of 1.7 million shares. 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 on tame note and ticked up briefly in early trade. The price index hit the day’s highest mark of 5,436.85 pts and inched back to moved sideways as sentiment remained mixed. It continued to drift along the opening level and dipped in the final minutes to bottom at 5,419.33 pts before paring back some of the losses at close.
Top gainer of the day, Gulf Glass Manufacturing Co jumped 8.33 percent to 325 fils while Taamer climbed 7.14 pct to stand next. Masaken Holding slid a whopping 32.29 percent, the steepest decliner of the day and Al Mal topped the volume with 4.8 million shares.
Mirroring the day’s downtick, the losers outnumbered the winners. 30 stocks advanced whereas 42 closed lower. Of the 111 counters active on Sunday, 39 closed flat. 1,156 deals worth KD 4.87 million were transacted — a 32 pct fall in value from the day before.
National Industries Group fell 2 fils to 116 fils while Gulf Cable added 5 fils to settle at 390 fils. Kuwait Foundry Co was unchanged at 166 fils and ACICO Industries was down 10 fils at KD 0.280. Boubyan Petrochemical Co stalled at 485 fils off slight early lows.
Combined Group Co rose 10 fils to KD 0.650 and Jazeera Airways closed flat at KD 0.810. The company has clocked a net profit of KD 5.99 million and earnings per share of 29.96 fils as compared to net profit of KD 6.21 million and earnings per share of 14.80 fils in HI of 2015.
Mezzan Holding Co slid 40 fils to KD 0.980 and Zima Holding Co stood pat at 40.5 fils. The company has posted a net profit of KD 33,489 and earnings per share of 0.33 fil in the first half of 2016 as against a net loss of KD 118,457 and losses per share of 1.18 fils in the same period last year.
Equipment Holding Co edged 1 fil into red and Mushrif Trading and Contracting Co followed suit to end at 56 fils. Kuwait and Gulf Link Transport Co clipped 2 fils and KGL Logistics Co stagnated at 71 fils. Soor Fuel Company dipped 6 fils to 112 fils.
UPAC was flat at KD 0.700 and Kuwait National Cinema Company Co 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 million and earning per share of 62.65 fils in the same period last year.
In the banking sector, Gulf Bank was flat at 234 fils and Commercial Bank rose 5 fils to 335 fils. Ahli United Bank climbed 5 fils to 390 fils and Al Ahli Bank was not traded during the session.
Kuwait Finance House was unchanged at 460 fils and Kuwait International Bank gave up 4 fils to settle at 186 fils. Boubyan Bank fell 5 fils to 385 fils and Warba Bank closed 4 fils in red.
Kuwait Investment Co eased 1 fil and International Financial Advisors Co inched 0.5 fil higher. Bayan Investment Co and Securities House Co were flat at 32.5 fils and 45 fils respectively Al Mal Investment Co took in 0.5 fil.
Sokouk Holding Co clipped 0.5 fil to 31.5 fils whereas Noor Financial Investment Co and Al Deera Holding added 0.5 fil each to settle at 40 fils and 38 fils respectively.
National Real Estate Co and Mabanee Co paused at 77 fils and 800 fils respectively while United Real Estate Co closed 1 fil in red.
The market was largely buoyant during the pre-Eid week. The main index closed higher in three of the five sessions and has gained 20 points week-on-week. It had added 7 pts from start of the month but is down 3.36 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 fil in the six-month 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