KSE winds up month with marginal retreat – Americana soars 60 fils; NBK flat

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KUWAIT CITY, Feb 29: Kuwait stocks edged lower on Monday to wind up the month on a dull note. The bourse eased 5.29 points in sluggish trade to 5,207.39 pts with a mixed board even as investors eye fresh cues after the string of annual results.

The KSX 15 measure rose 1.35 points to 841.02 pts taking the month’s gains to 14 points while weighted index inched 1.1 pts higher. The volume turnover meanwhile was stagnant after ticking up in the last session. 137.49 pct changed hands – unchanged from Sunday.

The sectors closed mixed. Telecommunications outshone the rest with 1.72 pct gain whereas oil and gas slipped 0.65 percent, the biggest loser of the day. In terms of volume, financial services notched the highest market share of 39.26 percent while real estate and banks followed with 18.6 percent and 16.44 pct contributions respectively.

In the individual shares, Kuwait Food Co (Americana) extended its rally with 60 fils jump to KD 2.280 while Mabanee Co rose 10 fls trimming the month’s losses to 30 fils. Sector bellwether National Bank of Kuwait stood pat at KD 0.730 off slight early gains.

Bourse heavyweight Zain was unchanged at KD 0.360 after trading marginally in green earlier in the session while Wataniya Telecom soared 100 fils to KD 1.280. Kuwait Telecommunications Co (VIVA) paused at KD 0.960 whereas Agility was up 10 fils at KD 0.435.

Jazeera Airways was flat at KD 0.830 recouping steep early drop while ALAFCO gave up 4 fils to settle at 190 fils. Kuwait and Gulf Link Transport Co inched 0.5 fils into red whereas KGL Logistics held steady at 63 fils. Mezzan Holding Co shed 20 fils to close at KD 1.020.

The market opened flat and moved sideways in early trade. The price index slipped into red amid selling in select counters and hit the day’s lowest level of 5197.09 pts. It drifted listlessly thereafter and closed with slight losses.

Top gainer of the day, Al Aqaria vaulted 10.26 pct to 21.5 fils while Ooredoo stood next with 8.47 percent jump . Safat Energy Holding Co slid 10.53 percent, the steepest decliner of the day and Ithmaar Bank topped the volume with 16.6 million shares.

Mirroring the day’s downtick, the losers outnumbered the winners. 41 stocks advanced whereas 57 closed lower. Of the 137 counters active on Monday, 39 closed flat. 3247 deals worth KD 11.1 million were transacted – a 38.7 percent surge in value from the day before.

National Industries Group was unchanged at 116 fils and Kuwait Portland Cement too did not budge from its earlier close of KD 1.060. ACICO Industries Co and Boubyan Petrochemical Co added 5 fils each whereas Gulf Glass Manufacturing Co dived 25 fils to KD 0.445.

Equipment Holding Co clipped 1 fils whereas Kuwait National Cinema Co surged 80 fils. The company has recorded a net profit of KD 9.83 million  and earnings per share of 102.19 fils in 2015 as against net profit of KD 8.71 million and earnings per share of 88.04 fils during last year. The BOD has recommended d 53 percent cash dividends.

Logged

City Group was flat at KD 0.460 and Burgan Well Drilling Co closed 6 fils higher. The company has logged a net profit of KD 1.94 million and earnings per share of 9.32 fils in the nine-month period ended on 31/12/2015 as compared to net profit of KD 221,983 and earnings per share of 1.06 fils in the same period last year.

Combined Group Contracting Co and Humansoft Holding paused at KD 0.790 and KD 0.750 respectively whereas United Projects Group was up 10 fils at KD 0.660. IFA Hotels and Resorts Co dropped 10 fils to 162 fils and Zima Holding closed 3 fils in red. Mashaer Holding Co stood pat at 100 fils.

In the banking sector, Kuwait Finance House slipped 5 fils to KD 0.495 and Gulf Bank followed suit to end at KD 0.204. Commercial Bank was down 10 fils at KD 0.500 whereas Al Ahli Bank and Kuwait International Bank were not traded during the session.

Ahli United Bank stagnated at KD 0.450 while Burgan Bank added 5 fils to settle at KD 0.345 paring the month’s losses to 10 fils. Boubyan Bank rose 5 fils to KD 0.400 and Warba Bank clipped 2 fils.

National Investment Co inched 1 fils down whereas KIPCO held steady at KD 0.550. Kuwait Financial Centre (Markaz) and KMEFIC eased 1 fils each and Osoul Investment Co followed suit. KFIC slipped 2.5 fils to 30 fils and Al Deera Holding Co closed flat.

Securities Group Co was up 3 fils on back of over 2 million shares while Gulf Investment House and Bayan Investment Co inched 0.5 fils into green. Noor Financial Investment Co took in 1 fils and Al Ahleia Insuarnace Co gained 10 fils.

National Real Estate Co climbed 3 fils to 99 fils while Salhia Real Estate Company paused at 330 fils. The company has posted an annual net profit of KD 11.62 million and earnings per share of 23.55 and the Board of Directors has recommended 20 pct cash dividends.

The market has been mixed so far during the week and has gained 33 points in last two sessions. It has rallied 93 points during the whole of February but has shed 7.26 pct 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

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