KUWAIT CITY, Nov 15: Kuwait stocks pulled sharply lower on Sunday after charting a mixed course in the previous week. The bourse slid 66.3 pts to 5,700.07 points as further weakness in oil prices dented the sentiment. The banks led the day’s decline and most of the heavyweights followed suit.
The KSX 15 benchmark dipped 14.22 pts to 940.42 points taking the months losses to 15 points while weighted index pulled 5 points lower. The volume turnover meanwhile shrank after nearly stagnating in the last session. 137.7 million shares changed hands – a 12.86 pct drop from Thursday.
The sectors closed mostly in the red. Financial services outshone the rest with 2.54 pct jump whereas technology shed 1.84 pct, the worst performer of the day. In terms of volume, financial services dominated with 33 percent market share while real estate and industrials followed with 27.9 pct and 14.4 percent contributions respectively.
Among the notable losers, National Bank of Kuwait slipped 10 fils to KD 0.850 erasing the gains in the previous session and Kuwait Finance House was down 20 fils after trading 6.4 million shares. Investment major KIPCO gave up 10 fils to settle at KD 0.600 and Humansoft Holding shed 30 fils.
Bourse heavyweight Zain fell 5 fils to KD 0.365 and extending an identical drop on Thursday and Wataniya Telecom (Ooredoo) held the ground unchanged at KD 1.040. Kuwait Telecommunications Co (VIVA) slipped 10 fils to KD 0.900 and Agility was down by same measure to end at KD 0.500.
Gulf Cable slid 25 fils and National Industries Group dialed down 2 fils to close at KD 0.144. The company has posted a nine-month net profit of KD 9.851 million and earnings per share of 7.4 fils as against net profit of KD 9.61 mln and earnings per share of 7.3 fils in the same period of 2014.
The market opened weak and headed south in early trading. The main index plumbed the day’s lowest level of 5,686.75 points halfway into the session amid broad selling pressure and pulled up briefly. It moved sideways in the second half and closed with heavy losses.
Top gainer of the day, Kout Food Group Company jumped 6.9 pct to KD 0.620 and Gulf Insurance Group climbed 6.67 pct to stand next. Qurain Holding Co slumped 13.33 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with over 11 million shares.
Mirroring the day’s downswing, the market spread was sharply skewed towards the losers. 20 stocks advanced whereas 85 closed lower. Of the 137 counters active on Sunday, 32 closed flat. 3,398 deals worth KD 17.88 million were transacted – a 23.25 pct increase in value from the day before.
Jazeera Airways was steady at KD 0.465 off early lows and ALAFCO pulled 4 fils lower to KD 0.224. PAPCO took in 2 fils and Zima Holding followed suit after trading over 2 million shares.
ACICO Industries Co fell 5 fils to KD 0.275 and Shuaiba Industrial Co was down 10 fils at KD 0.390. Equipment Holding Co gave up 3 fils after trading over 1 million shares and NICBM held the ground steady at KD 0.210.
Kuwait National Cinema Co was flat at KD 0.970 while Independent Group Co and Arabi Holding Group Co clipped 2 fils each. Kuwait and Gulf Link Transport Co inched 0.5 fils lower and KGL Logistics gave upn 5 fils to end at 68 fils.
Ikarus Petroleum Co shed 6 fils and Qurain Petrochemical Industries Co closed flat. The company has posted a net profit of KD 6.61 million and earnings per share of 6.31 fils in the nine-month period ending Sept 30, 2015.
Burgan Well Drilling Co dropped 5 fils to 84 fils and National Petroleum Services Co paused at KD 0.600. The company has posted a net profit of KD 4.65 million and earnings per share of 83.20 fils in the first nine-months of 2015 as against net profit of KD 2.83 million and earnings per share of 50.67 fils in the 9M of 2014.
In the banking sector, Commercial Bank was down 10 fils at KD 0.510 and Gulf Bank followed suit. Al Ahli Bank fell 5 fils to KD 0.375 and Ahli United Bank was unchanged at KD 0.550.
Kuwait International Bank and Burgan Bank were flat at KD 0.230 and KD 0.395 respectively and Boubyan Bank followed suit. Warba Bank added 2 fils to wind up at KD 0.210.
Kuwait Investment Co dropped 10 fils to KD 0.100 after trading 1.2 million shares and International Financial Advisors clipped 2 fils. National Investment Co was steady at KD 0.600 off early lows and Kuwait Financial Centre (Markaz) followed suit.
Gulf Investment Co and Al Mal eased 2.5 fils each to close at 34 fils and 37 fils respectively while Bayan Investment Co inched 1 fils down. Tamdeen Investment Co was unchanged at KD 0.320.
Mabanee Co stagnated at KD 0.890 and National Real Estate Co followed suit. Mazaya Holding Co gave up 4 fils to close at KD 0.108 and Warba Insurance slipped 6 fils.
The bourse was mixed during last week. The key index closed lower in 2 of the 5 sessions and slipped 4 points week-on-week. It has shed 75 pts so far during the month and is trading 12.79 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Kuwait Food Co (Americana) has clocked a net profit of KD 35.21 million and earnings per share of 90.03 fils in the nine-month period ending Sept 30, 2015 down from as net profit of KD 41.83 million and earnings per share of 106.95 fils in the same period last year.
United Foodstuff Industries Group Co has logged a net profit of KD 385,003 and earnings per share of 11.64 fils in the 9-month period ending Sept 30, 2015 down from net profit of KD 832,345 and earnings per share of 25.16 fils in the 9M, 2014.
Abyaar Real Estate Development Co has registered a net profit of KD 6,103 and earnings per share of 0.01 fils for the nine-month period ended Sept 30, 2015 down sharply from net profit of KD 487,234 and earnings per share of 0.44 fils in the same period of 2014.
Tamdeen Real Estate Company has clocked a net profit of over KD 9 million and earnings per share of 22.6 fils in the nine-month period ending Sept 30, 2015 , climbing from net profit of KD 6.61 million and earnings per share of 16.4 fils in the year before period.
Securities Group Company has recorded a net profit of KD 2.47 million and earnings per share of 9.69 fils in the six-month period ending Sept 30, 2015 as compared to net profit of KD 2.57 million and earnings per share of 10.09 fils in the year before period.
By John Mathews
Arab Times Staff