KUWAIT CITY, Feb 18: Kuwait stocks edged lower on Thursday to the week on a dull note amid uptick in oil prices. The bourse slipped 5.32 pts in volatile trade to settle at 5140.96 points even as board remained mixed.
The KSX 15 benchmark dropped 8.41 pts to 822.89 points taking the month’s losses to 5 points while weighted index nudged 2.28 pts lower. The volume turnover meanwhile swung higher after shrinking on Wednesday. 150.6 million shares changed hands – a 16.9 pct rise from the previous session.
The sectors closed mostly in the red turf. Technology outshone the rest with 2.11 pct jump whereas oil and gas shed over 1 percent, the worst performer of the day. In terms of volume financial services garnered the highest market share of 47.25 percent while real estate and banks trailed far n behind with 20.23 pct and 13.18 percent contributions.
Among the notable losers, National Bank of Kuwait slipped 10 fils to KD 0.710 while Kuwait Food Co (Americana) plunged 100 fils to KD 2.180 and has gained 420 fils so far during the month. Kout Food Group dived 50 fils and Humansoft Holding followed suit to close at KD 0.800.
Bourse heavyweight Zain fell 5 fils to KD 0.350 after trading 3.9 million shares whereas Wataniya Telecom (Ooredoo) was unchanged at KD 1.060. Kuwait Telecommunications Co (VIVA) gained 20 fils and Agility held the ground flat at KD 0.430 off early lows.
Ahli United Bank dropped 10 fils to KD 0.440 and Kuwait Finance House closed 5 fils lower. The bank has logged a net profit of KD 145.84 mln and earnings per share of 31.10 fils in the year ending 2015 as compared to net profit of KD 126.47 mln and earnings per share of 26.98 fils. The Board of Directors has recommended 17 pct cash dividends in addition to 10% bonus shares.
The market opened on a firm note and moved sideways in early trading. The price index peaked at 5161.48 pts before heading south amid selling in select counters. It pulled up briefly before slipping again to hit the day’s lowest level of 5130.66 points and managed to claw back some of the losses at close.
Top gainer of the day, Sultan Centre jumped 8.47 pct to 64 fils and Securities House Co climbed 8.2 percent to stand close behind. Kout Food Group slid 7.69 pct, the steepest decliner of the day and Securities House also topped the volume with 16.9 million shares.
Despite the day’s downtick, the winners slightly outnumbered the losers. 50 stocks advanced whereas 47 closed lower. Of the 129 counters active on Thursday, 32 closed flat. 3462 deals worth KD 11.36 million were transacted – a 48.65 pct surge in value from the day before.
National Industries Group took in 2 fils to end at KD 0.114 while Gulf Cable dropped 10 fils to KD 0.335 ACICO Industries and Boubyan Petrochemical Co gave up 5 fils each whereas Equipment Holding Co was flat at 52 fils.
City Group shed 15 fils and Kuwait Portland Cement Co climbed 20 fils. The company has posted a net profit of KD 4.82 million and earnings per share of 50.50 fils during the full year of 2015 as compared to net profit of KD 8.26m and earnings per share of 86.56 fils. The Board of Directors has recommended 50% cash dividends in addition to 5 pct bonus shares.
Jazeera Airways gave up early gains to close steady at KD 0.820 while ALAFCO rose 10 fils to 190 fils. Educational Holding Group added 8 fils and Mezzan Holding closed 4 fils in the green. Jeeran Holding Co clipped 2 fils to settle at 62 fils.
KGL Logistics Co took in 2 fils and Yiaco Medical Co climbed 10 fils to 188 fils. NAPESCO was down 10 fils at KD 0.590 whereas Zima Holding Co stood pat at 89 fils.
In the banking sector, Gulf Bank eased 2 fils to KD 0.204 whereas Kuwait International Bank added 2 fils. Burgan Bank and Kuwait Finance House fell 5 fils each to settle at KD 0.330 and KD 0.194 respectively.
Boubyan Bank was unchanged at KD 0.390 and Warba Bank closed 4 fils in green. Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session.
Kuwait Investment Co and National Investment Co eased 1 fils each and International Financial Advisors inched 0.5 fils up. KIPCO stood pat at KD 0.550 and Osoul Investment Co was up 2 fils at 33 fils. Noor Financial Investment Co closed 2.5 fils in green.
First Investment Co and Gulf Investment House clipped 1 fils each and Al Aman Investment Co inched 1 fils higher on back of 1.3 million shares. Sukouk Holding Co stagnated at 31 fils after trading 3.8 million shares.
National Real Estate Co inched 1 fils up while Salhia Real Estate climbed 10 fils to 330 fils. Mabanee Company dropped 20 fils. The company has posted a net profit KD 48,51 million earnings per share of 57.42 fils in the year ending Dec 31, 2015 and the BOD has recommended 10 pct cash dividends and 5 percent bonus shares.
The market was mixed during the week and has climbed 9 pts week-on-week. It has gained 26 points from start of the month but is down 8.4 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, INOVEST has incurred a net loss of KD 14.37 million and loss per share of 50.48 fils in 2015 as compared to net loss of KD 1.149 million and loss per share of 4.03 fils in the year before.
Injazzat Real Estate Developement 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.
Kuwait Insurance Company has logged a net profit of KD 5.69 million and earnings per share of 30.69 fils in the year ending Dec 31, 2015 up from net profit of KD 5,14 million and earnings per share of 27.64 fils in 2014. The BOD has recommended 20 pct cash dividends.
Burgan Well Drilling Co has logged a net profit of KD 1.94 million and earnings per share of 9.32 fils in the nine-month period ended on 31/12/2015 as compared to net profit of KD 221,983 and earnings per share of 1.06 fils in the same period last year.
Hilal Cement Company has recorded a net profit of KD 308,586 and earnings per share of 4 fils in 2015 bouncing from net loss of KD 374,037 and loss per share of 5 fils in the year before. The BOD has recommended 10 percent bonus shares.
By John Mathews
Arab Times Staff