KSE retreats 11.51 pts amid uptick in volume – Americana gains 20 fils; Humansoft tumbles

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KUWAIT CITY, Oct 21: Kuwait stocks retreated on Wednesday snapping the three-day advance. The key gauge slipped 11.51 points to 5,793.41 pts in lackluster trade as profit booking weighed on select counters. The banks were mostly subdued while other heavyweights closed lower. The KSX 15 benchmark fell 2.76 points to 931 pts taking the month’s losses to 4 points and weighted index inched 0.71 pts lower. The volume turnover meanwhile saw modest rebound after falling in the last session. 151.62 million shares changed hands – an 8.7 pct drop from Tuesday.

The sectors closed mixed. Technology outshone the rest with 2.36 pct gain whereas parallel market shed 1.22 percent, the steepest loser of the day. In terms of volume, real estate garnered the highest market share of 50.7 pct while financial services stood next with 20.13 percent contribution. In the individual shares, Kuwait Food Co (Americana) climbed 20 fils to KD 2.280 while Combined Group Co jumped 30 fils. Automated Systems Co gained 20 fils whereas Humansoft Holding Co plunged 100 fils to KD 1.000.

Telecom major Zain fell 5 fils to KD 0.385 and Wataniya Telecom (Ooredoo) held the ground unchanged at KD 1.060 off early low. Kuwait Telecommunications Co (VIVA) shed 10 fils and Agility followed suit to wind up at KD 0.560. Kuwait Finance House slipped 10 fils to KD 0.560 whereas National Bank of Kuwait closed flat at KD 0.810. The bank has logged a net profit of KD 227.92 million and earning per share of 46 fils in the January- September period . The market opened flat and moved sideways in early trade. The main index slipped into red thereafter as selling dragged some of the stocks lower.

It bottomed at 5,791.66 points in the final minutes and closed with moderate losses. Top gainer of the day, Injazzat Real Estate Development Co climbed 6.25 pct to 68 fils and Automated Systems Co rose 6 percent to stand next. Kuwait Medical Services Co tumbled 25 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with over 52 million shares. Mirroring the day’s downswing, the market spread was skewed towards the losers. 34 stocks advanced whereas 45 closed lower.

Of the 139 counters active on Wednesday, 60 closed flat. 3,399 deals worth KD 11.23 million were transacted – a 5.7 percent rise in value from the day before. National Industries Group vacillated in a tight range before closing unchanged at KD 0.146 with a volume of 2.7 million while Kuwait Cement Co and RISCO added 5 fils each. Gulf Cable gave up 5 fil and ACICO Industries Co followed suit to end at KD 0.285. Kuwait Gulf Link Transport Co dialed 1 fils up and KGL Logistics Company was up by same measure. The company has been granted permission by Capital Markets Authority to buy back or sell up to 10% of own issued shares over the period of 6 months commencing date of approval.

Steady

Jazeera Airways was steady at KD 0.490 and ALAFCO too paused at KD 0.222 off early lows. Burgan Well Drilling Co rose 4 fils to 81 fils and Equipment Holding Co nudged 2 fils into green. Qurain Petrochemical Industries Co was up 4 fils at KD 0.192. Kuwait Foundry Co gained 6 fil whereas City Group Company closed flat. The company has posted a net profit of KD 3.56 million and earnings per share of 31.51 fils in the January-June period of 2015 as against net profit of KD 2.85 million and earnings per share of 25.29 fils in the same period last year.

The Energy House stagnated at 47 fils and Mezzan Holding Co followed suit. The company has logged a net profit of KD 12.49 million and earnings per share of 42.13 fils in the January-June period of 2015, surging from net profit of KD 7.53 million and earnings per share of 25.41 fils in 2014, H1 In the banking sector, Gulf Bank paused at KD 0.270 and Burgan Bank followed suit. Kuwait International Bank and Ahli United Bank held steady at 234 fils and 540 fils respectively whereas Commercial Bank of Kuwait was not traded during the session. Warba Bank was unchanged at KD 0.208 whereas Boubyan Bank gained 15 fils on back of 2.4 million shares.

The bank has posted a net profit of KD 25.15 million and earning per share of 12.20 fils in the nine-month period ending Sept 30, 2015. Kuwait Investment Bank climbed 4 fils to KD 0.114 whereas National Investment Co clipped 2 fils. Investment major KIPCO was unchanged at KD 0.580 and Securities Group Co followed suit. Securities House Co inched 1 fils lower after trading 2.6 million shares. KMEFIC was steady at 33 fils while Bayan Investment Co and Al Deera Holding Co gave up 1.5 fils each. Ekttitab Holding Co was flat at 36 fils and Sokouk Holding followed suit. Noor Financial Investment Co dialed down 1 fil to settle at 62 fils. Kuwait Insurance Co rose 5 fils to KD 0.300 and United Real Estate Co added 4 fils.

Mabanee Co and Al Mazaya Holding were unchanged at KD 0.870 and 108 fils respectively. The bourse has been largely positive so far during the week and has gained 62 points in last four sessions. It has climbed 65 points from start of the month and is trading 11.36 pct down year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Independent Petroleum Group Co has posted a net profit of KD 1.599 million in the nine-month period ended September 30, 2015 while earnings per share came in at 11.05 fils.

This compares with net profit of KD 3.627 million and earnings per share of last 25.08 fils in the same period last year. Kuwait Real Estate Company has registered a net profit of KD 2.39 million and earnings per share of 2.64 fils in the first six-months of 2015 as against net profit of KD 3.49 million and earnings per share same of 3.86 fils in the same period last year. Gulf Cement Company has posted a net profit of KD 2.45 million and earnings per share of 0.003 fils in the first half of 2015, down from KD 3.36 million net profit and earnings per share of 0.004 fils in the same period last year.

Al Dar National Real Estate Co has incurred a net loss of KD 132,850 and loss per share of 0.32 fils in the six-month period ending June 30, 2015 as against net profit of KD 761,352 and earnings per share of 1.85 fils in the same period of 2014. Aayan Leasing and Investment Company has clocked a net profit of KD 5.42 million and earnings per share of 6.76 fils in the six-months period ending June 30, 2015, down from net profit of KD 8.88 million and earnings per share of 11.07 fils in the H1 of 2014.

By John Mathews Arab Times Staff

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