Kuwait bourse closes lower in choppy trade – Burgan Bank drops 15 fils; KNCC soars

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By John Mathews

Arab Times Staff

KUWAIT CITY, Feb 11: Kuwait stocks sagged on Thursday to wind up the week on a dull note. The price index dropped 16.31 pts to 5131.56 points in choppy trade even as sentiment remained weak amid falling crude oil prices.

The KSX 15 measure fell 3.65 pts to 827.17 points while weighted index was down 1.49 pct at 350.36 points. The volume turnover meanwhile tapered further to hit a four-week low as investors toed caution. 75.15 million shares changed hands – a 16 pct drop from Wednesday.

The sectors closed in the red. Consumer goods outshone the rest with over 1 pct gain whereas technology slid 2.85 percent, the biggest loser of the day. In terms of volume, financial services notched the highest market share of 47.8 percent while real estate and banks trailed with 16.6 pct and 12.3 percent contribution respectively.

Among the notable losers, Burgan Bank slipped 15 fils to KD 0.325 after trading over 1 million shares and Al Ahli Bank was down 10 fils at KD 0.350 and Ahli United Bank followed suit to end at KD 0.440. Kuwait Food Co (Americana) rose 20 fils extending the strong gain earlier in the week following reports of the company mulling stake sale.

Zain fell 5 fils to KD 0.340 after trading over 5 million shares and has down 20 fils from start of the month while Wataniya Telecom (Ooredoo) held steady at KD 1.080. Kuwait Telecommunications Co (VIVA) gave up 10 fils and logistics major Agility eased 5 fils to KD 0.420.

Kuwait National Cinema Co soared 80 fils to KD 1.120 whereas Jazeera Airways Co was flat at KD 0.810. The company has posted a net profit of KD 15,38 million and earnings per share of 37.82 fils in the full year 2015 rebounding from a net loss of KD 2.88 million and loss per share of 6.87 fils in the year before. Board of Directors recommended 15 percent cash dividends.

The market opened almost flat and edged lower in early trade. It drifted range bound as investors turned edgy and bottomed at 5125.41 points almost half way into the session. It however clawed back and moved sideways before winding up with moderate losses.

Top gainer of the day, Kout Food Group spiked 20.3 percent to 650 fils and City Group climbed 8.7 percent to stand next. EK Holding slid 7.35 pct, the steepest decliner of the day and Manazel Holding topped the volume with 8.7 million shares.

Reflecting the day’s downswing, the losers vastly outnumbered the winners. 33 stocks advanced whereas 62 closed lower. Of the 130 counters active on Thursday, 35 closed flat. 2757 deals worth KD 7.9 million were transacted — a 9.8 pct drop in value from the day before.

National Industries Group eased 2 fils to 110 fils and Gulf Cable veered 15 fils lower to KD 0.335. Shuaiba Industrial Co and Boubyan Petrochemical Co were flat at KD 0.380 and KD 0.455 respectively whereas ACICO Industries Co closed 5 fils in green.

 Gulf Glass Manufacturing Co and Equipment Holding Co were unchanged at KD 0.470 and 53 fils respectively while Qurain Petrochemical Co added 4 fils to settle at KD 0.168. Kuwait and Gulf Link Transport Co took in 2 fils and KGL Logistics Co closed 3 fils higher at 57 fils.

Broad

Humansoft Holding was flat at KD 0.860 after vacillating in a broad range whereas Mezzan Holding shed 20 fils. Yiaco Medical Co climbed 10 fils to 138 fils and Mashaer Holding inched 1 fils up. ALAFCO nudged 2 fils upto KD 0.178.

In the banking sector, National Bank of Kuwait paused at KD 0.720 off early lows and Gulf Bank of Kuwait followed suit. The bank has recorded a annual net profit of KD 39 mln and earnings per share of 13 fils as against net profit of KD 35.46 m and earnings per share of 12 fils in 2014. The board has recommended 4 pct cash dividends.

Commercial Bank of Kuwait rose 10 fils to KD 0.510 whereas Kuwait International Bank stood pat at KD 0.192. Kuwait Finance House vacillated in a tight range before closing flat at KD 0.475 with a volume of over 1 million shares.

Boubyan Bank fell 5 fils to KD 0.380 and Warba Bank closed 2 fils in red. The bank has posted a net profit of KD 1 million and earnings per share of 1 fils during the whole year of 2015 as compared to net profit of KD 115,000 and earnings per share of 0.12 fils in the previous year.

Kuwait Investment Co slipped 2 fils to 91 fils whereas National Investmen Co and KIPCO stood pat a 79 fils and KD 0.540 respectively. KMEFIC was steady at 28 fils while Bayan Investment Co and Al Aman Investment Co clipped 1 fils each.

Sokouk Holding stagnated at 33 fils whereas Al Madina For Finance and Investment Co and Noor Financial Investment Co eased 0.5 fils each. Mabanee Co gained 10 fils and Ajial Real Estate and Entertainment Co followed suit.

The market was largely downbeat during the week. The key index closed lower in three of the five sessions and slid 67 points week-on-week. It had retreated 17 points from start of the month and is down 8.61 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Hilal Cement Company has recorded a net profit of KD 308,586 and earnings per share of 4 fils in 2015 bouncing from net loss of KD 374,037 and loss per share of 5 fils in the year before. The BOD has recommended 10 percent bonus shares.

Aayan Real Estate Co. has logged a net profit of KD 2.70 million and earnings per share 6.5 fils in the financial year ended on December 31, 2015 a against net profit of KD 3.07 million and earnings per share of 7.4 fils in 2104. The BOD has recommended 5 pct cash dividends.

Abyaar Real Estate Development C0 has posted a net profit of KD 9,31 million and earnings per share of 15.04 Fils for the year ending Dec 31, 2015 as compared to net profit of KD 8.08 million and earnings per share of 13.05 fils in 2014. The BOD has recommended 7% 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.

Al-Enmaa Real Estate Co has posted a net profit of KD 4.38 million and earnings per share of 9.73 fils for the year ending Dec 31, 2015 as compared to net profit of KD 3.36 million earnings per share of 7.47 fils in the year before .

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