KUWAIT CITY, March 9: Kuwait stocks sagged on Wednesday after see-sawing in the recent sessions. The price index slipped 5.81 points in lackluster trade to 5,278.87 pts Some of the banking shares and mid-caps eked modest gains even as the slight pullback in oil prices dented the investor sentiment.

The KSX 15 benchmark climbed 7.3 pts to 868.29 points while weighted index edged 1.22 pts higher to 366.55 pts. The volume turnover receded for the third consecutive session. 160.16 million shares changed hands — a 9.4 pct drop from Tuesday.

The sectors closed mostly in the red. Healthcare outshone the rest with 0.72 pct whereas financial services shed 0.58 percent, the biggest loser of the day. In terms of volume, real estate clocked the highest market share of 34.6 percent while real estate stood next with 30.5 percent. Oil and gas was a distant third with 16.38 pct contribution.

In the individual shares, National Bank of Kuwait rose 10 fils on back of 3.6 million shares and Kuwait Finance House was up by same measure to end at KD 0.510. Kuwait Food Co ( Americana) surged 80 fils extending the week’s strong rally.

Telecom heavyweight Zain was unchanged at KD 0.375 after trading 2.3 million shares and Kuwait Telecommunications Co (VIVA) too vacillated in tight range before closing flat at KD 0.980. Wataniya Telecom (Ooredoo) slid 40 fils to KD 1.220 with thin trading and Agility added 5 fils to end at KD 0.460.

KIPCO pulled 10 fils lower to KD 0.550 and has shed 20 fils so far during the month while National Investments Company inched 1 fils higher. The company has incurred a net loss of KD 5.57 million and losses per share of 7 fils in the year 2015 as against net profit of KD 6.67 mln and earnings per share 8 fils in the same period last year.

The market opened flat and edged slightly lower in early trade. The price index rose briefly to touch the day’s highest level of 5284.87 pts and slipped back into red . It drifted listlessly thereafter and troughed at 5268.18 points in the final minutes before paring back some of the losses at close.

Top gainer of the day, Energy House Co climbed 7.14 pct to 30 fils and Gulf Finance Co rose 6.45 pct to stand next. National Slaughter House slid 7.81 pct, the steepest decliner of the day and Al Safat Energy Co topped the volume with 21.6 million shares.

Reflecting the day’s downtick, the losers outnumbered the winners. 37 stocks advanced whereas 54 closed lower. Of the 132 counters active on Wednesday, 41 closed flat. 3336 deals worth KD 12.7 million were transacted — a 4.6 pct rise in value from the day before.

National Industries Group, the flagship company of Kharafi Group, was unchanged at 118 fils off early lows whereas Gulf Cable gave up 5 fils to settle at KD 0.355. Kuwait Portland Cement shed 20 fils and Kuwait Cement Co climbed 15 fils to KD 1.020.

Paused

Hilal Cement Co paused at 134 fils and Kuwait Foundry Company clipped 2 fils. The company has posted a net loss of KD 2.94 million and loss per share of 19.17 fils in the year ending December 31, 2015 after logging a net profit of KD 2.42 mln and earnings per share of 15.76 fils in the year before. The BOD has recommended 10 percent cash dividends.

Jazeera Airways gained 20 fils and ALAFCO rose 10 fils to 208 fils. Combined Group Contracting Co and IFA Hotels and Resorts Co added 10 fils each whereas Jeeran Holding stood pat at 68 fils. Al Nawadi Holding and Zima Holding Co stagnated at 72 fils and 75 fils respectively.

Kuwait and Gulf Link Transport Co eased 0.5 fils and KGL Logistics was unchanged at 65 fils. YIACO Medical Co gained 10 fils and Gulf Franchising Holding Co took in 2 fils. Equipment Holding Co stagnated at 54 fils and Qurain Petrochemical Co clipped 2 fils.

In the banking sector, Gulf Bank rose 2 fils to KD 0.220 while Al Ahli Bank and Kuwait International Bank paused at KD 0.360 and 198 fils respectively. Commercial Bank of Kuwait was not traded during the day.

Burgan Bank recouped slight early drop to close flat at KD 0.345 and Boubyan Bank followed suit. Kuwait Finance House added 10 fils to settle at KD 0.510 and Warba Bank slipped 2 fils to 176 fils.

Kuwait Investment Co inched 1 fils into red and Kuwait Finance and Investment Co closed flat. The company has won the approval of Capital Markets Authority for the company’s request to renew permission to buy back or sell up to 10% of own shares for an additional period of 6 months.

Al Mal Investment Co and Bayan Investment Co clipped 0.5 fils each and Osoul Investment Co nudged 1.5 fils higher. Tamdeen Investment Co stood pat at KD 0.400 and KMEFIC inched 0.5 fils lower. Warba Insurance Co was up 2 fils at 112 fils.

Mabanee Co was unchanged at KD 0.870 and Al Mazaya Holding Co and followed suit. Al Mazaya Holding Co and United Real Estate Co both pulled 2 fils into red.

The market was been mixed so far during the week and has added 35 points in last four sessions. It had climbed 73 pts so far during the month and is trading 5.99 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news , Credit Rating and Collection Co. has incurred a net loss of KD 454,911 and losses per share of 2.76 fils in 2015 as against net loss of KD 2.26 million and losses per share of 13.73 fils in the year before.

 INOVEST has incurred a net loss of KD 14.37 million and loss per share of 50.48 fils in 2015 as compared to net loss of KD 1.149 million and loss per share of 4.03 fils in the year before.

Injazzat Real Estate Development Company has clocked a net profit 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

Kuwait Insurance Company has logged a net profit of KD 5.69 million and earnings per share of 30.69 fils in the year ending Dec 31, 2015 up from net profit of KD 5,14 million and earnings per share of 27.64 fils in 2014. The BOD has recommended 20 pct cash dividends.

Aqar Real Estate Investments Co has registered a net profit of KD 2.49 million and earnings per share of 11.07 fils during 2015 as against net profit of KD 2.24 million and earnings per share of 9.81 fils in the year before. Board of Directors recommended 6% cash dividends.

By John Mathews - Arab Times Staff