KUWAIT CITY, Aug 31: Kuwait stocks trod water on Wednesday to wind up the month on a tame note. The price index eased 1.75 pts in sluggish trade to 5,419.68 pts with mixed board even as oil prices continued to hover below the $50 pb mark.
The KSX 15 benchmark dropped 4.74 points to 801.83 points taking the month’s losses to 9 points and weighted index edged 0.28 pts lower. The volume turnover meanwhile receded slightly after Tuesday upswing. Over 61 million shares changed hands — a 5 pct fall from the day before.
The sectors mostly in the green zone. Technology outshone the rest with 2.12 pct gain whereas consumer goods shed 1.58 percent, the worst performer of the day. Volume wise, financial services garnered the highest market share of 36.7 pct while telecommunications stood next with 22.3 percent contribution.
In the individual shares, National Bank of Kuwait gave up previous sessions’ gains with a 10 fils drop and investment conglomerate KIPCO was up 10 fils at KD 0.550 paring the year’s losses to 30 fils. Kuwait Food Co (Americana) stood pat at KD 2.440.
Zain fell 5 fils to KD 0.320 whereas Wataniya Telecom (Ooredoo) bounced 80 fils to KD 1.160. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.910 off early highs and Agility pulled 10 fils into red.
Kuwait Finance House was flat at KD 0.460 and Al-Ahli Bank of Kuwait added 5 fils to wind up at KD 0.320. The company has posted a net profit of KD 15.05 million and earnings per share of 9 fils in the first six months of 2016.
The market opened weak and slipped into red in early trade. The index moved range bound along the opening mark and bottomed at 5398.17 pts past the mid-session. It clawed back in the final minutes and closed almost unchanged.
Top gainer of the day Kuwait Cable Vision Co jumped 9.8 pct to 28 fils and Ooredoo climbed 7.8 pct to stand next. Al Danah Foodstuff Co dipped 8.7pct, the steepest decliner of the day and NIH topped the volume with 9.2 million shares.
The market spread was almost even. 35 stocks advanced whereas 36 closed flat. Of the 116 counters active on Wednesday, 45 closed flat. 1527 deals worth KD 6.7 million were transacted — a 6 pct rise in value from the day before.
National Industries Group took in 2 fils to end at 116 fils. and Gulf Cable gave up 5 fils erasing an identical gain in the last session. Kuwait Foundry Co dialed down 2 fils and ACICO Industries was unchanged at KD 0.290. Al Qurain Industries Co was up 4 fils at 192 fils.
Equipment Holding Co paused at 45 fils and RISCO followed suit. The company has registered a net profit of KD 2.99 million and earnings per share of 30.50 fils in the first half of 2016.
NICBM gained 4 fils and NAPESCO swung 30 fils higher. The company has logged a net profit of KD 3.75 million and earnings per share of 67.49 fils in the first half of 2016 as against a net profit of KD 3.46 million and earnings per share 61.93 fils in same period last year.
Humansoft Holding Co dropped 20 fils to KD 1.480 and UPAC was down 30 fils at KD 0.690. Contracting and Marine Services Co rose 4 fils to 92 fils and AWJ Holding stood pat at 63 fils with thin trade. OSOS added 4 fils whereas Soor Fuel Company clipped 2 fils.
Jazeera Airways dropped 30 fils and Combined Group Contracting Co slid 40 fils to KD 0.640. The company has notched a net profit of KD 219,574 and earnings per share of 1.63 fils in the six-month period ending June 30, 2016.
Kuwait and Gulf Link Transport Co inched 0.5 fil up to 43.5 fils and KGL Logistics closed 1 fil in green with razor thin volume. YIACO slipped 10 fils to 198 fils. and Zimah Holding Co paused at 40 fils.
In the banking sector, Gulf Bank and Commercial Bank were flat at 226 fils and 320 fils whereas Ahli United Bank gave up 5 fils to settle at KD 0.385. Burgan Bank stood pat at KD 0.325.
Kuwait International Bank stagnated at 192 fils and Boubyan Bank followed suit to wind up at KD 0.380. Warba Bank held the ground at 166 fils.
National Investment Co and KIPCO were unchanged at 104 fils and 550 fils respectively whereas International Financial Advisors inched 0.5 fil higher and Al Mal Investment eased 0.5 fil to 21 fils. Securities House Co paused at 46 fils.
Al Deera Holding and Bayan Investment Co stagnated at 35 fils and 32.5 fils respectively while KFIC ticked 0.5 fil up to 38.5 fils. Sokouk Holding Co gave up 0.5 fil and Al Madina followed suit to end at 48 fils.
Noor Financial Investment Co held steady at 40.5 fils whereas Warba Insurance Co nudged 2 fils into green. KMEFIC dialed down 1 fil to close at 24 fils.
National Real Estate Co took in 1 fil and Salhiya Real Estate Co climbed 10 fils to 365 fils. Mabanee Co paused at 800 fils while Al Mazaya Holding was up 2 fils at 112 fils.
The market has been trending lower so far during the week and has shed 9 points in last four sessions. It has dropped 31 pts so far during the month and is down 3.45 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.
In the bourse related news, Hilal Cement Company has posted a net profit of KD 20,659 and earnings per share of 0.2 fils in the six-months period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fil in the same period last year.
Metal and Recycling Co. clocked a net profit of KD 118,386 and earnings per share of 1.58 fils in the six-month period ending June 31,2016 rebounding from net loss of KD 185,711 and losses per share of 2.48 fils in same period last year.
Gulf Glass Manufacturing Company has registered a net profit of KD 941,711 and earnings per share of 18.35 fils in the six-month period ending June 30 as against a net profit of KD 1.39 million and earnings per share of 27.09 fils in the same period last year.
Asiya Capital Investments Company has clocked a net loss of KD 5.46 million and loss per share of 7.03 fils in the January-June period sliding from a net profit of KD 1.77 million and earnings per share of 2.29 fils in the same period last year.
Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months from date of the approval.
By John Mathews
Arab Times Staff