KUWAIT CITY, Oct 13: Kuwait stocks inched lower on Tuesday to end the holiday curtailed week on a tepid note. The bourse eased 2.81 points in choppy trade to 5,731.26 pts as profit taking weighed on select counters.
The KSX 15 benchmark dipped 5.36 pts to 923.53 points taking the month’s losses to 12 pts while weighted index eased 1.76 pts. The volume turnover meanwhile tapered further after receding in the last session. 123.70 million shares changed hands — a 6.18 pct drop from Monday.
The sectors closed mostly in the red turf. Real estate outperformed the rest with 0.43 pct rise while technology dropped 2.51 percent, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 23.36 pct while financial services stood next with 19.8 pct.
Among the day’s losers, Commercial Bank slid 30 fils to KD 0.510 taking the month’s losses to 90 fils while Ahli United Bank was down 10 fils at KD 0.530. Kuwait Food Co (Americana) dived 40 fils to KD 2.280 and Humansoft Holding extended its losses with a 20 fils drop.
Zain was unchanged at KD 0.390 off early lows with a volume of 4.2 million and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of KD 1.060. Kuwait Telecommunications Co (VIVA) 10 fils to KD 0.880 and logistics major Agility followed suit to close at KD 0.550.
Investment conglomerate KIPCO was unchanged at KD 0.580 and National Investments Company clipped 2 fils. The company has recorded a net profit of KD 3.80 million and earnings per share of 4.46 fils in the January-June period of 2015.
The market opened weak but rose briefly in early trade. The price index crested at 5,737.33 pts and pulled lower as selling kicked in. It moved sideways thereafter and plumbed the day’s lowest level of 5,714.17 points in the final minutes before clawing back most of the losses at close.
Top gainer of the day, First Dubai Real Estate Co rallied 9.8 pct to 56 fils and Al Aqaria stood close behind with 9.43 pct upswing. Kuwait Cable Vision Co slumped 8.47 percent, the steepest decliner of the day and Hits Telecomm topped the volume with 15.9 million shares.
Reflecting the day’s downtick the losers slightly outnumbered the winners. 42 stocks advanced whereas 45 closed lower. Of the 135 counters active on Tuesday, 48 closed flat. 3,273 deals worth KD 13 million were transacted — a 9.7 pct rise in value from the day before.
National Industries Group gave up 2 fils to end at KD 0.142 while Kuwait Cement Co and Kuwait Portland Cement Co were flat at KD 0.365 and KD 1.140 respectively. Boubyan Petrochemicals Co shed 10 fils and Kuwait Building Material Manufacturing Co followed suit.
Gulf Cable held steady at KD 0.430 whereas Equipment Holding Co dialed up 2 fils. The company has incurred a net loss of KD 494,362 loss per share 3.62 fils as compared to net profit same of KD 496,880 and earnings per share of 3.64 fils in 2014,H1.
Kuwait National Cinema Co was unchanged at KD 1.000 and United Projects Co followed suit. Nafais Holding Co slipped 4 fils while Jeeran Holding and Burgan Well Drilling Co inched 1 fil lower each.
Zima Holding Co paused at 81 fils and Mezzan Holding Co too was steady at KD 1.060. The company has logged a net profit of KD 12.49 million and earnings per share of 42.13 fils in the January-June period of 2015, surging from net profit of KD 7.53 million and earnings per share of 25.41 fils in 2014, H1.
Jazeera Airways climbed 5 fils to KD 0.495 taking the month’s gains to 25 flls while ALAFCO held the ground steady at KD 0.220. Mushrif Trading and Contracting Co rose 5 fils on back of 4.5 million shares.
Kuwait Gulf Link Transport Co was flat at 44 fils and KGL Logistics Company followed suit. The company has posted a net profit of KD 3.49 million and earnings per share of 5.82 fils in the first half of 2015, Mashaer Holding Co clipped 2 fils and Automated Systems Co shed 25 fils. The company has recorded a net profit of KD 503,093 and earnings per share of 10.05 fils in the first six months of 2015.
In the banking sector, National Bank of Kuwait was unchanged at KD 0.890 while Gulf Bank and Al Ahli Bank fell 5 fils each to close at KD 0.275 and KD 0.360 respectively. Kuwait International Bank clipped 2 fils and Boubyan Bank paused at KD 0.435.
Kuwait Finance House was flat at KD 0.550 whereas Burgan Bank gained 10 fils. Ithmaar Bank ticked 1 fil lower to 49 fils and Warba Bank closed flat at 210 fils. Kuwait Investment Co climbed 8 fils while International Financial Advisors and KFIC held steady at 37 fils and 45 fils respectively.
National Real Estate Co fell 3 fils to 77 fils and Mabanee Co was down 20 fils at KD 0.870. Al Mazaya Holding Co closed 4 fils in green.
The bourse has been largely positive during the week. The key index closed higher in two of the three sessions and has gained 22 points week-on-week. It has added 6 points from start of the month and is trading 12.31 pct down year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Independent Petroleum Group Co has posted a net profit of KD 1.599 million in the nine-month period ended Sept 30, 2015 while earnings per share came in at 11.05 fils. This compares with net profit of KD 3.627 million and earnings per share of last 25.08 fils in the same period last year.
Kuwait Real Estate Company has registered a net profit of KD 2.39 million and earnings per share of 2.64 fils in the first six-months of 2015 as against net profit of KD 3.49 million and earnings per share same of 3.86 fils in the same period last year.
Gulf Cement Company has posted a net profit of KD 2.45 million and earnings per share of 0.003 fils in the first half of 2015, down from KD 3.36 million net profit and earnings per share of 0.004 fils in the same period last year.
Al Dar National Real Estate Co has incurred a net loss of KD 132,850 and loss per share of 0.32 fils in the six-month period ending June 30, 2015 as against net profit of KD 761,352 and earnings per share of 1.85 fils in the same period of 2014.
Aayan Leasing and Investment Company has clocked a net profit of KD 5.42 million and earnings per share of 6.76 fils in the six-months period ending June 30, 2015, down from net profit of KD 8.88 million and earnings per share of 11.07 fils in the H1 of 2014.
By John Mathews
Arab Times Staff