KSE retreats 25.83 pts as profit taking weighs – NBK drops 20 fils; Americana soars

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KUWAIT CITY, June 20: Kuwait stocks retreated on Monday as profit taking kicked in after the strong rally in the previous session. The price index dropped 25.83 pts to 5,431.68 pts in slightly volatile trading even as Americana continued to soar on the stake sale deal clinched during the weekend.

The KSX 15 gauge slipped 5.1 pts to 817.59 points taking the month’s losses to 9 points while weighted index eased 2.02 pts. The volume turnover meanwhile rose further amid bouts of selling and buying. 183.38 million shares changed hands — a 39.38 percent surge from Sunday.

The sectors closed mostly in the red turf. Consumer goods outshone the rest with 1.22 pct gain whereas insurance shed 1.44 pct, the worst performer of the day. In terms of volume, financials services topped with 63.32 pct market share while banks and real estate trailed far behind 18.24 percent and 7.71 pct contributions respectively.

Among the notable losers, sector bellwether National Bank of Kuwait dropped 20 fils to KD 0.610 on back of 6.7 million shares and Kuwait Finance House was down 10 fils with a volume of 3.73 million. Mabanee Co dropped 10 fils to KD 0.770 partly erasing the gains on Sunday.

Zain continued to stagnate at KD 0.345 off early lows and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of KD 1.180. Kuwait Telecommunications Co (VIVA) slipped 10 fils and logistics major Agility gave up 5 fils after trading 1.2 million shares.

KIPCO stood pat at KD 0.510 and National Investments Company added 7 fils. The company has logged a first quarter net profit of KD 1.11 million and earnings per share of 1.3 fils.

The market opened firm and ticked up in early trading. The price index hit the day’s highest level of 5,472.13 pts and retreated thereafter into red. It troughed at 5,415.97 pts past the mid-session before clawing back some of the losses at close.

Top gainer of the day, Kuwait Cable Vision Co vaulted 10.87 pct to 25.5 fils and Kuwait Food Co (Americana) climbed 9.52 pct to stand next. MENA Holding Co dipped 8.89 points, the steepest decliner of the day and Al Mal topped the volume with 27.86 million shares.

Reflecting the day’s downswing, the market spread was skewed towards the losers. 17 stocks advanced whereas 66 closed lower. Of thee 114 counters active on Monday, 31 closed flat. 3,532 deals worth KD 20.6 million were transacted — a 19.6 pct rise in value from the day before.

National Industries Group fell 4 fils to 118 fils after trading over 8 million shares and Gulf Cables shed 20 fils. Kuwait Cement Co and Kuwait Portland Cement were unchanged at KD 0.390 and KD 0.990 respectively while Kuwait Foundry Co clipped 2 fils.

Jazeera Airways pulled up from early lows to close flat KD 0.910 and Humansoft Holding Co jumped 40 fils. 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.

Down

ACICO Industries Co rose 5 fils to KD 0.300 whereas Boubyan Petrochemicals Co was down 10 fils at KD 0.500. Shuaiba Industrial Co stood pat at KD 0.285 and NICBM gave up 8 fils to end at 202 fils.

Combined Grouop Contracting Co dropped 10 fils to KD 0.770 and Burgan Well Drilling Co inched 1 fil into red. The company has posted a net profit of KD 2.36 million and earnings per share of 11.32 fils in the year ending March 31 and the BOD has recommended distributing 5% bonus shares.

Qurain Petrochemical Industries Co closed 4 fils higher and Kuwait & Gulf Link Transport Co gave up 2.5 fils. The company has recorded a net profit of KD 494,405 and earnings per share of 1.87 fils in the quarter ending March 31, 2016.

In the banking sector, Gulf Bank rose 8 fils on back of 11.5 million shares and Burgan Bank was up 5 fils at KD 0.320. Commercial Bank and Al Ahli Bank were not traded during the session.

Ahli United Bank stagnated at KD 0.405 off slight early highs and Kuwait International Bank trimmed 4 fils with a volume of 3.4 million. Boubyan Bank fell 5 fils and Warba Bank stood pat at 172 fils.

Kuwait Investment Co took in1 fils and International Financial Advisors eased 1 fils to 29 fils after trading 2.4 million shares. Kuwait Financial Centre (Markaz) gave up 3 fils and Al Mal Investment Co clipped 1 fil after brisk trading.

Bayan Investment Co and Al Deera Holding Co gave up 1 fil each and Sokouk Holding followed suit to end at 36 fils. Noor Financial Investment Co fell 1.5 fils to 41 fils and Al Madina For Finance and Investment was down by same measure.

Kuwait Insurance Co and Al Ahleia Insurance Co dropped 10 fils each and KFIC dialed down 2 fils to close at 37 fils. Mezzan Holding Co was unchanged at KD 1.100 and Zima Holding clipped 1 fil.

National Real Estate Co was unchanged at 89 fils whereas Tamdeen Real Estate Co climbed 10 fils with thin trading. Salhia Real Estate Co gained 15 fils. Al Mazaya Holding Co was down 4 fils and 118 fils.

The market has been mixed so far during the week and has gained 37 points in last two sessions. It has climbed 31 points from the start of the month and is down 3.27 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, Sanam Real Estate Company has announced a net profit of KD 9,856 and earnings per share of 0.08 fils in the first quarter of 2016 rebounding from net loss of KD 111,398 and losses per share of 0.92 fils in the same period last year

The Energy House Co haa recorded a net profit of KD 956,632 and earnings per share of 1.276 fils in the quarter ending March 31, 2016 rebounding from a net loss of KD 1.02 million and losses per share of

Advanced Technology Company has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of KD 1.15 million and earnings per share of 7.69 fils in the same period last year.

Shuaiba Industrial Co has posted a net profit of KD 629,557 and earnings per share of 7.93 fils in the first quarter of 2016 as compared to net profit of KD 444,921 and Earnings per share 5.65 fils in the same period last year.

Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.

By John Mathews

Arab Times Staff

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