Kuwait bourse eases 7.23 pts in dull trade – Ooredoo dips 40 fils; NBK flat

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KUWAIT CITY, Sep 21: Kuwait stocks sagged on Wednesday extending the decline from the last session. The price index slipped 7.23 pts to 5,390.79 points even as the sentiment remained dull amid lack of catalysts and weak crude oil prices.

The KSX 15 benchmark rose 0.57 pts to 814.33 points and is up 13 points from start of the month while weighted index was almost unchanged at 350.51 points. The volume turnover meanwhile dipped to a two-week low after rising in the last two session. 42.6 million shares changed hands — a 28 percent slide from Tuesday.

The sectors closed mixed. Health Care outpaced the rest with 0.68 percent gain whereas basic materials slid over 3 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 42 percent while real estate followed with 34 pct contribution.

In the individual shares, Kuwait Finance House and Boubyan Bank rose 5 fils each to settle at KD 0.465 and KD 0.385 respectively recouping an identical fall in the last session while Mabanee Co dropped 10 fils to KD 0.790.

Zain was unchanged at 335 fils with a volume of 1.84 million shares while Wataniya Telecom (Ooredoo) slid 40 fils to KD 1.120 after notching modest gains in the day before. Kuwait Telecommunications Co (VIVA) shed 20 fils and logistics major Agility stood pat at 465 fils.

Sector bellwether National Bank of Kuwait was flat at KD 0.600 off early lows and Commercial Bank of Kuwait climbed 10 fils. The bank has registered a net profit of KD 11.50 million and earnings per share of 7.7 fils in the January-June period.

The market opened on tame note and moved sideways in early trade. The key benchmark slipped slightly into red as sentiment turned negative and plumbed the day’s lowest level of 5,379.35 points in the final minutes. However it pared back some of the losses at close.

Top gainer of the day, Gulf Finance Co climbed 6.52 pct to 24.5 fils and Ajwan Trading Co rose 6.41 pct to stand close behind. Masaken slid 15.6 percent, the steepest decliner of the day and REMAL continued to top the volume with 5.5 million shares.

Reflecting the day’s downtick, the losers vastly outnumbered the winners. 29 stocks advanced whereas 41 closed lower. Of the 116 counters active on Wednesday, 46 closed flat. 1,603 deals worth KD 3.39 million were transacted — a 22.26 pct drop in value from the day before.

National Industries Group was unchanged at 114 fils while Gulf Cable was up 5 fils at 390 fils. Kuwait Portland Cement Co shed 10 fils and Kuwait Foundry Co gave up 4 fils to close at 164 fils. Contracting and Marine Shipping Co took in 2 fils and ACICO Industries stood pat at 285 fils.

Kuwait Food Co (Americana) dropped 20 fils to KD 2.460 wiping off the gains in the last session and Equipment Holding Co inched 0.5 fil into red.

Paused

UPAC rose 10 fils to KD 0.690 recouping the fall on Tuesday and Zimah Holding Co paused at 40 fils. The company has posted a net profit of KD 33,489 and earnings per share of 0.33 fils in the first half of 2016 as against a net loss of KD 118,457 and losses per share of 1.18 fils in the same period last year.

Jazeera Airways added 10 fils and Aviation Lease And Finance Co held steady at 212 fils. The company has posted a net profit of KD 9.94 million and earnings per share 10.95 fils in the nine-month period ending June 30, 2016 as compared to net profit of KD 13.35 million and earnings per share of 16.31 fils in the same period last year. National Ranges Co ( Mayadeen) was unchanged at 29 fils and Kuwait Gulf Link Transport Co eased 1.5 fils. MTCC gave up 2 fils and KGL Logistics Co stagnated at 71 fils.

In the banking sector, Gulf Bank was unchanged at 232 fils and Ahli United Bank followed suit to wind up at 390 fils. Al Ahli Bank gave up 5 fils before settling at 310 fils.

Kuwait International Bank held ground at 186 fils and Burgan Bank too did not budge from its earlier close of 325 fils. Warba Bank stalled at 166 fils.

International Financial Advisors took in 0.5 fil on back of over 1 million shares while Securities Group and Securities House Co stagnated at 85 fils and 44.5 fils respectively. Al Aman fell 2 fils and Al Mal Investment Co closed 0.5 fil in red.

National Investment Co clipped 2 fils whereas Kuwait Projects Company (KIPCO) was unchanged at 550 fils. The company has registered a net profit of KD 28 million and earnings per share of 18.30 fils in the January-June period. Bayan Investment Co dialed up 1 fil whereas Noor Financial Investment Co and Sokouk Holding Co stood pat at 31.5 fils. Al Deera gave up 0.5 fil to close at 37 fils. Kuwait Real Estate Co rose 1 fil to 51 fils while United Real Estate and National Real Estate Co clipped 1 fil each. Al Argan Real Estate Co stagnated at 160 fils.

The market has been largely bearish so far during the week and has slid 40 points in last four sessions. It had retreated 28 pts from start of the month and is down 3.87 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

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