Kuwait bourse closes week with ‘downtick’ – Ooredoo climbs 40 fils; KIPCO flat

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KUWAIT CITY, April 14: Kuwait stocks sagged on Thursday to end the week on a dull note. The price index gave up early gains to close 5.68 pts lower at 5,300.51 points as profit taking kicked in at select counters. The board was mixed in absence of fresh catalysts.

The KSX 15 gauge slipped 1.29 pts to 863.14 points and added 13 pts during the month while weighted index inched 0.62 pts higher. The volume turnover meanwhile shrank slightly after falling in the last session. 233 million shares changed hands – a 6.45 pct drop from Wednesday.

The sectors closed mixed. Financial services outpaced the rest with 0.74 pct gain whereas oil and gas slid 3.19 percent, the worst performer of the day. In terms of volume, financial services clocked the highest market share of 45.7 percent while real estate and banks followed with 24.2 pct and 7.9 percent contributions.

In the individual shares, National Bank of Kuwait was unchanged at KD 0.670 after trading 1.7 million shares and Kuwait Finance House too did not budge from its earlier close of KD 0.490 with a volume of 4.7 million. Kuwait Food Co (Americana) paused at KD 2.600 and Kuwait Insuarnce Co slid 25 fils.

Telecom heavyweight Zain stood pat at KD 0.350 after trading in a tight range while Wataniya Telecom (Ooredoo) climbed 40 fils to KD 1.100. Kuwait Telecommunications Co (VIVA) held steady at KD 1.020 and logistics major Agility gained 15 fils on back of over 2 million shares.

Investment conglomerate KIPCO was unchanged at KD 0.570 and Bayan Investment Co inched 0.5 fils into green. The company has posted a net loss of KD 50,336 and losses per share of 0.14 fils in the year ending Dec 31, 2015 as compared to net profit of KD 2.50 million and earnings per share of 6.93 fils in the year before.

The market opened flat and moved sideways in early trade. The main index ticked up almost half way into the session to peak at 5,321.35 pts and retreated thereafter. It slipped into red to hit the day’s lowest level of 5,239.16 points before clawing back some of the losses at close.

Top gainer of the day, Marakez vaulted 10.64 pct to 26 fils while Kuwait Medical Services Co climbed 8.06 pct to stand next. MENA Real Estate Co slumped 8.33 pct, the steepest decliner of the day and Al Mal topped the volume with 21.9 million shares,

Despite the day’s downtick, the winners slightly outnumbered the losers. 49 stocks advanced whereas 42 closed lower. Of the 140 counters active on Thursday, 49 closed flat. 4,852 deals worth KD 18.3 million were transacted – a 4.6 pct rise in value from the day before.

National Industries Group rose 4 fils on back of 1.5 million shares whereas Gulf Cable gave up 5 fils to settle at KD 0.355. Kuwait Portland Cement gained 20 fils and Shuaiba Industrial Co climbed 10 fils to KD 0.420. ACICO was down 10 fils at KD 0.275.

Tumbled

Jazeera Airways was flat at KD 0.890 and ALAFCO followed suit to end at 212 fils. NAPESCO tumbled 50 fils to KD 0.680 whereas Mezzan Holding shed 20 fils. Mashaer Holding slipped 5 fils and Ikarus Petroleum Industries Co was down by same measure.

Kuwait and Gulf Link Transport Co paused at 47 fils and KGL Logistics Company dialed up 2 fils. The company has posted a net profit of KD 5.85 million and earnings per share of 9.78 fils in the year ended Dec 31, 2015 up from net profit of KD 5.23 million and earnings per share of 9.15 fils in the year before.

Equipment Holding Co was flat at 57 fils while Kuwait Foundry Company slipped 4 fils. The company has posted a net loss of KD 2.94 million and losses per share of 19.17 fils in the year ending Dec 31, 2015 after logging a net profit of KD 2.42 mln and earnings per share of 15.76 fils in the year before. The Board of Directors has recommended 10 percent cash dividends.

Automated Systems Co was flat at KD 0.330 and Combined Group Contracting Co followed suit. IFA Hotels and Resorts and Jeeran Holding stagnated at 186 fils and 72 fils respectively while Zima Holding eased 2.5 fils.

Mezzan Holding Co dropped 20 fils to KD 1.140 whereas Kuwait Packing Materials Manufacturing Co gained 20 fils. NICBM stood pat at KD 0.20 and Qurain Petrochemical Industries Co followed suit.

In the banking sector, Gulf Bank was unchanged at KD 0.242 while Ahli United Bank and Burgan Bank rose 5 fils each to KD 0.455 and KD 0.345 respectively. Commercial Bank of Kuwait was not traded during the session.

Kuwait International Bank took in 2 fils whereas Al Ahli Bank was unchanged at KD 0.335. Boubyan Bank stagnated at KD 0.410 and Warba Bank followed suit.

Kuwait Investment Co and National Investment Co added 1 fils and 4 fils respectively while Kuwait Financial Centre (Markaz) rose 4 fils to 91 fils. KMEFIC and Al Deera Holding Co dialed up 2 fisl each and KAMCO was up 4 fils at 102 fils.

The market has been largely positive so far during the week. The main index closed higher in three of the five sessions and gained 70 points week-on-week. The price index has gained 72 points so far during the month but is down 5.6 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, KAMCO Investment Company has logged a net profit ofKD 523,688 and earnings per share of 2.20 fils in the year 2015 as against net profit of KD 1.96 million and earnings per share of 8.23 fils during the year before Gulf Investment House has clocked a net loss of KD 6.085 and

losses per share of 37.07 fils in the year ending Dec 31, 2015 as compared to net loss of KD 1,62 million and losses per share of 10.42 fils in 2014.

Tamdeen Investment Co has posted a net profit of KD 11.52 million and earnings per share of 39.07 fils in the year ending Dec 31, 2015, up from net profit of KD 9.05 million and earnings per share of 30.41 fils in the year before.

Salhia Real Estate Company has posted an annual net profit of KD 11.62 million and earnings per share of 23.55 fils as compared to net profit of KD 11.42 million and earnings per share of 23.07 fils. The Board of Directors has recommended 20 pct cash dividends.

Injazzat Real Estate Development Company has clocked a net profit ofKD 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

By John Mathews – Arab Times Staff

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