Kuwait bourse closes month on ‘tepid’ note – Gulf Bank slips 15 fils; Americana flat

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KUWAIT CITY, Jan 31: Kuwait stocks edged lower on Tuesday to wind up the month on a tepid note. The price index slipped 6.89 pts in volatile trade to 6832,22 points as selling continued in select counters. The trading board however was broadly mixed as investors await fresh cues following the strong rally during the month.

The KSX 15 benchmark dropped 7.8 pts to 985.4 points while weighted index gave up 2.25 pts to settle at 427.38 points. The volume turnover receded further as sentiment weakened. 622.39 million shares changed hands – a 5.13 pct drop from Monday.

The sectors closed mostly in red. Oil and gas outshone the rest with 1.58 pct gain whereas technology slid 3.22 percent, the worst performer of the day. In terms of volume, financial services mustered the highest market share of 38.9 percent while real estate stood next with 36.7 pct contribution.

In the individual shares, National Bank of Kuwait fell 10 fils to 730 fils extending an identical loss on Monday while Gulf Bank was down 15 fils at 255 fils after trading over 2 million shares. Gulf Insurance Co tumbled 50 fils with razor thin trading and UPAC slid 30 fils to 770 fils.

Zain fell 5 fils to 495 fils with a volume of over 14 million and Wataniya Telecom (Ooredoo) extended Monday’s gains with a 20 fils rise. Kuwiat Telecommunications Co ( VIVA) climbed 10 fils and Agility stood pat at 740 fils after seesawing earlier in the session,

Burgan Bank slipped 5 fils to 330 fils and Kuwait International Bank was flat at 224 fils. KIB’s fourth quarter earnings rose to KD 4.72 million in last quarter of 2016 from KD 4.25 million in same period last year.

The market opened on a tame note and rose sharply in early trade. The main index scaled the day’s highest level of 6860.24 pts and pulled lower into red as profit taking kicked in. It plumbed the day’s lowest mark of 6722.72 pts and clawed back before drifting sideways . The bourse revved up in the final hour to pare back most of the losses at close.

Top gainer of the day, Al Imtiaz climbed 6.9 pct to 154 fils and AGHC rsoe 6.6 pct to stand close behind. Mowasat Hospital slumped 9 percent, the steepest decliner of the day and Investors Holding Group topped the volume with over 46 million shares.

Mirroring the day’s downtick, the losers outnumbered the winners. 45 stocks advanced whereas 58 closed lower. Of the 152 counters active on Tuesday, 48 closed flat. 11,921 deals worth KD 57.9 million were transacted – a 13.3 pct drop in value from the day before.

National Industries Group was flat at 160 fils after trading 4.5 million shares and RISCO too did not budge from its earlier close of 330 fils. Heavy Engineering Industries and Shipbuilding Co eased 2 fils while Contracting and Marine Services Co closed 2 fils higher.

Kuwait Food Co ( Americana) was unchanged at KD 2.620 and YIACO climbed 10 fils to 280 fils. ACICO and NICBM were unchanged at 295 fils and 212 fils respectively whereas Metal and Recycling Co added 4 fils.

Dropped

Jazeera Airways gained 10 fils and ALAFCO added 6 fils before closing at 250 fils. OSOS dropped 10 fils to 200fils and Al Rai Media Group was up 6 fils at 170 fils. Mezzan Holding Co rose 10 fils to KD 1.000 and Zimah Holding inched 1 fil into red after trading 5.9 million shares.

Kuwait Foundry Co rose 5 fils to and NICBM was unchanged at 212 fils after volatile trade. Automated Systems Co gave up 4 fils and KCPC climbed 8 fils to 198 fils. Gulf Petroleum Industries dialed up 2 fils.

Kuwait Portland Cement Co shed 20 fils whereas Kuwait Cement Co was up 10 fils at 460 fils. Kuwait Portland Cement has registered a net profit of KD 1.84 million in fourth quarter of 2016 as against losses of KD 467,000 in same period last year

Kuwait and Gulf Links Transport Co took in 1 fil whereas KGL Logistics inched 1 fil into red. Al Qurain Petrochemical Co slipped 5 fils and

Equipment Holding Co paused at 75 fils after vacillating in narrow range.

In the banking sector, Commercial Bank of Kuwait  and Al Ahli Bank were flat at 410 fils and 325 fils respectively whereas Ahli United Bank dipped 10 fils.

Kuwait Finance House pared back early losses to close unchanged at 620 fils and Boubyan Bank too did not budge from its earlier close of 410 fils. Warba Bank stagnated at 238 fils.

National Investment Co and KIPCO were flat at 144 fils and 560 fils respectively whereas International Financial Advisors took in 2 fils. Kuwait Investment Co stalled at 104 fils and KMEFIC clipped 1.5 fils. Commercial Facilities Co was unchanged at 180 fils.

KAMCO inched 1 fil up to 90 fils whereas Kuwait Financial Centre (Markaz) and Bayan Investment Co gave up 2 fils each. KFIC and Noor Financial Investment Co were flat at 53 fils and 61 fils respectively while Osoul Investment Co fell 3 fils.

Securities House Co added 3 fils on back of over 31 million shares whereas Securities Group Co slipped 5 fils. Unicap and Tamdeen Investment Co paused at 54 fils and 285 fils respectively.

Mabanee Co fell 10 fils to 890 fils whereas United Real Estate Co and National Real Estate Co eased 2 fils to 106 fils and 126 fils respectively. Mazaya Holding Co was down 4 fils at 128 fils.

The market has been mixed during the week and has shed 20 pts in last three sessions. It has  rallied 1082  points  from start of the month after gaining 2.37 pct during whole of 2016. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Boubyan Bank’s fourth quarter profit rose 13.5 pct year-on-year to KD 11.44 million from KD 10.08 million in Q4- of 2015. For the full year , profit was up 16.6 pct to KD 41.07 mln from KD 35.24 million in 2015.

Al Mowasat Health Care has posted KD 1.8 million profits during the fourth quarter of 2016 and for the fiscal year of 2016, earnings rose 35.3 pct to KD 4.52 million from the year before. The board of directors has recommended a dividend payout of 20% or 20 fils per share.

Jeeran Holding Co. has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.

Kuwait Building Materials Mfg. has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.

By John Mathews

Arab Times Staff

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