KUWAIT CITY, April 4: Kuwait stocks sagged on Monday, extending the losses to fourth straight session. The main gauge slipped 6.06 points to 5,201.86 pts weighed by continued selling in select counters. The market sentiment remained soggy amid weakening oil prices and lack of fresh catalysts.
The KSX 15 index eased 1.97 points to 836.6 pts and is down 48 points year-to-date while weighted index inched 0.19 pts lower. The volume turnover dipped below the 200 million mark after ticking up in the last session. 178.76 million shares changed hands – a 11.8 percent drop from Sunday.
The sectors closed mixed. Telecommunications outshone the rest with 2.36 percent jump whereas parallel market shed 0.99 percent. In terms of volume, real estate garnered the highest market share of 31.8 percent while financial services and oil and gas trailed with 22.5 pct and 12.2 percent contributions respectively.
In the individual shares, National Bank of Kuwait dropped 10 fils to KD 0.640 after trading over 3 million shares while Kuwait Finance House gave up 5 fils to settle at KD 0.475. Kuwait Food Co (Americana) climbed 20 fils to KD 2.540 extending the strong gains in the day before.
Zain fell 5 fils to KD 0.345 while Wataniya Telecom (Ooredoo) gave up early gains before ending flat at KD 1.040. Kuwait Telecommunications Co soared 50 fils to KD 1.040 rebounding from Sunday’s trough and logistics major Agility slipped 5 fils after trading over 1 million shares.
KIPCO stood pat at KD 0.540 and Bayan Investment Co followed suit. 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 ticked up in early trade. The price index hit the day’s highest level of 5,218.68 pts and retreated thereafter as selling kicked in at select counters. It slipped below the red almost half way into the session and bottomed at 5,197.39 pts in the final minutes before clawing back some of the losses at close.
Top gainer of the day Safat Energy Holding Co vaulted 16.6 pct to 14 fils and Automated Systems Co climbed 8.3 percent to stand next. Humansoft slid 7.8 percent, the steepest decliner of the day and Investors Holding Group topped the volume with 28.9 million shares.
The market spread was almost even during the session. 42 stocks advanced whereas 41 closed lower. Of the 123 counters active on Monday, 40 closed flat. 3335 deals worth KD 11.38 million were transacted — nearly unchanged in value from Sunday.
National Industries Group took in 2 fils while Gulf Cable and Kuwait Cement Co were steady at KD 0.350 and KD 0.380 respectively. Boubyan Petrochemicals Co gained 10 fils whereas Educational Group was down 10 fils at 200 fils. Equipment Holding Co inched 1 fils up.
Kuwait and Gulf Links Transport Co gave up 1 fils and KGL Logistics Company closed flat. 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 25, 2015 up from net profit of KD 5.23 million and earnings per share of 9.15 fils in the year before.
Jazeera Airways climbed 20 fils to KD 0.890 whereas ALAFCO clipped 2 fils. IFA Hotels and Resorts dropped 10 fils and Al Nawadi Holding Co gave up 5 fils to settle at 70 fils. Mezzan Holding shed 20 fils and United Projects Co slipped 10 fils to KD 0.670.
Kuwait National Cinema Co was unchanged at KD 1.020 and Kuwait Foundry Company gained 4 fils. The company has posted a net loss of KD 2.94 million and loss 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.
PAPCO rose 4 fils to 108 fils while Mashaer Holding Co closed 5 fils in red. Zima Holding inched 1 fils lower.
In the banking sector, Gulf Bank took in 2 fils to settle at 216 fils and Commercial Bank climbed 15 fils partly recouping the losses in the last session. Ahli United Bank stood pat at KD 0.435 and Al Ahli Bank was not traded during the session.
Burgan Bank was flat at KD 0.335 and is down 40 fils during the year and Boubyan Bank followed suit to end at KD 0.395. Kuwait International Bank dialed up 2 fils whereas Warba Bank paused at 174 fils.
National Investment Co added 2 fils on back of 2.1 million shares and Securities Group was unchanged at 83 fils. KMEFIC inched 1 fils up whereas Al Mal Investment Co and Noor Financial Investment clipped 1 fils each. KFIC closed 2.5 fils in red and Sokouk Holding Co stagnated at 34 fils after trading over 1 million shares.
United Real Estate Co fell 2 fils and National Real Estate Co gave up 1 fils after trading over 2 million shares. Mabanee Co and Al Mazaya Holding stood pat at KD 0.860 and 104 fils respectively.
The market has been weak so far during the week and has shed 27 pts in last two session. It had gained 22 points during whole of March but is down 7.36 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, 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 arnings per share of 23.07 fils. The Board of Directors has recommended 20 pct cash dividends.
Abyaar Real Estate Development Co has recorded a net loss of KD 21,700 and loss per share of 0.02 fils in 2015 after posting net profit of KD 755,088 and earnings per share of 0.69 fils in the year before.
Credit Rating and Collection Co has incurred a net loss of KD 454,911 and losses per share of 2.76 fils in 2015 as against net loss of KD 2.26 million and losses per share of 13.73 fils in the year before.
Injazzat Real Estate Development Company has clocked a net profit KD 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