KUWAIT CITY, March 14: Kuwait stocks swung lower on Monday erasing the last week’s gains. The price index slid 48.35 pts to 5240.19 points weighed by broad profit booking led by banking shares even as the telecom services providers remained muted.
The KSX 15 dropped 11.41 points to 857.43 pts paring the month’s gains to 30 points while weighted index pulled 4 points into red. The volume turnover meanwhile edged up after receding slightly in the last session. 170.5 million shares changed hands — a 2.89 pct rise from Sunday.
The sectors closed mostly in red. Oil and gas outshone the rest with 2 percent gain whereas financial services shed 1.4 percent, the worst performer of the day. In terms of volume, financial services notched the highest market share of 38.3 percent while real estate and banks trailed with 24.4 pct and 12.7 percent contributions.
Among the notable losers, National Bank of Kuwait dropped 20 fils to KD 0.740 after trading over 1 million shares and Kuwait Finance House was down 15 fils with a volume of 7.12 million. Kuwait Food Co (Americana) extended Sunday’s decline with a 60 fils slide to close at KD 2.460.
Zain was unchanged at KD 0.375 off early highs and is up 15 fils so far during the month and Wataniya Telecom (Ooredoo) too stood pat at KD 1.200. Kuwait Telecommunications Co (VIVA) stagnated at KD 1.000 and logistics major Agility pulled 10 fils into red.
Jazeera Airways rose 20 fils to KD 0.890 whereas ALAFCO was flat at KD 0.192. Humansoft Holding Co and United Projects Group shed 20 fils each and Mezzan Holding Co too was down by same measure to wind up at KD 1.060.
The market opened slightly weak and edged lower in early trade. The price index continued to head south amid broad profit taking after the recent gains and plumbed the day’s lowest level of 5235.69 points past the mid-session. It moved sideways thereafter and closed with moderate losses.
Top gainer of the day, Wethaq Takaful Insurance Co rallied 8.06 pct to 33.5 fils and NAPESCO jumped 7.58 pct to stand next. BIIHC slid 8 percent, the steepest decliner of the day and Safat Energy Co topped the volume with over 10 million shares.
Mirroring the day’s decline, the market spread was heavily skewed towards the losers. 23 stocks advanced whereas 80 closed lower. Of the 129 counters active on Monday, 26 closed flat. 4005 deals worth KD 14.12 million were transacted — a 31 pct surge in value from the day before.
National Industries Group eased 2 fils to 114 fils after trading 1 million shares and Kuwait Cement Co gave up 5 fils. Kuwait and Gulf Link Transport Co fell 1.5 fils to 45 fils and KGL Logistics Co took in 1 fils. Gulf Cable slid 25 fils to KD 0.330.
Gulf Glass Manufacturing Co shed 25 fils and Boubyan Petrochemicals Co added 5 fils to settle at KD 0.455. NICBM closed 10 fils in red and Equipment Holding Co inched 1 fils higher. Educational Holding Group slipped 10 fils whereas Independent Petroleum Group Co closed flat at 300 fils.
ACICO Industries stood pat at KD 0.270 and Kuwait Foundry Co dropped 8 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 and the Board of Directors has recommended 10 percent cash dividends.
Gulf Petroleum Investment Co inched 0.5 fils up on back of 3.3 million shares and Safwan Trading and Contracting Co shed 10 fils. Zima Holding gave up 5 fils to close at 66 fils after trading 5.8 million shares while YIACO Medical gained 8 fils.
In the banking sector, Gulf Bank clipped 2 fils to end at 212 fils and Commercial Bank of Kuwait gained 10 fils. Commercial Bank of Kuwait rose 10 fils to KD 0.510 whereas Al Ahli Bank was not traded during the session. Ahli United Bank paused at KD 0.430 and Warba Bank eased 2 fils to 174 fils.
Kuwait International Bank fell 4 fils to 194 whereas Burgan Bank and Boubyan Bank were unchanged at KD 0.340 and KD 0.410 respectively. The bank has recorded a net profit KD 35.23 million and earnings per share of 17.09 fils in the year ending Dec 31, 2015 The Board of Directors has recommended 5 pct cash dividends and 5 percent bonus shares.
Noor Financial Investment Co and Sokouk Holding Co gave up 2.5 fils each while Bayan Investment Co ticked 1 fils into red. Kuwait Investment Co clipped 2 fils with thin trading and Warba Insurance Co closed 2 fils higher.
National Real Estate Co eased 1 fils to 99 fils and Al Mazaya Holding slipped 2 fils. Mabanee Co was unchanged at KD 0.870.
National Investment Co dropped 5 fils with a volume with 1.6 million and Kuwait Projects Company was flat at KD 0.540. The company has posted a net profit of KD 53.02 million and earnings per share of 34.05 fils in 2015 and the BOD has recommended 25 percent cash dividends.
The market has been mixed so far during the week and has gained 44 points in last two session. It has climbed 32 pts so far during the month and is trading 6.68 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 percent cash dividends.
By John Mathews – Arab Times Staff