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Kuwait bourse edges lower; volume jumps – Ooredoo dives 60 fils; Americana flat

KUWAIT CITY, Sept 26 : Kuwait stocks fell slightly on Monday after ticking higher on Sunday. The price index eased 2.36 to 5,407.87 points amid spurt in speculative trading in select counters. The board however remained broadly mixed even as oil prices continued to hover below the $50pb mark.

The KSX 15 benchmark slipped 2.2 pts to 814.06 points and is down 13 pts from start of the month while weighted index inched 0.66 pts lower. The volume turnover meanwhile rebounded to month’s highest level after Sunday’s slide. 80.5 million shares changed hands — a 36.8 pct surge from the day before.

The sectors closed mixed. Parallel market outshone the rest with 0.54 percent gain whereas oil and gas shed 0.76 pct, the worst performer of the day. Volume wise, financial services mustered the highest market share of 38.8 pct while real estate followed with 23.3 percent contribution.

In the individual shares, sector heavyweight National Bank of Kuwait dropped 10 fils to KD 0.590 erasing the gains in the last session whereas Commercial bank of Kuwait climbed 15 fils to KD 0.400 taking the month’s gains to 80 fils. Kuwait Food Co (Americana) was unchanged at KD 2.520.

Zain held steady at 340 fils whereas Wataniya Telecom (Ooredoo) tumbled 60 fils to KD 1.180 . Kuwait Telecommunications Co (VIVA) gained 10 fils and logistics major Agility stood pat at KD 0.475.

KIPCO gave up early gains to close flat at KD 0.540 whereas National Investments Company took in 2 fils. The company has logged a net profit of KD 1.76 million and earnings per share of 2.10 fils in the six-month period ending June 30, 2016.

The market opened on a tame note and moved sideways in early trade. The main index slipped into red amid selling in select counters and troughed at 5,366.1 pts almost half way into the session. It however clawed back most of the losses in the second half and closed slightly in negative territory.

Top gainer of the day, Arkan Real Estate Co climbed 5.33 pct to 79 fils and SPEC rose 5.32 pct to stand close behind. Asiya slid 6.25 percent, the steepest decliner of the day and Al Mal topped the volume with 13.6 million shares.

Despite the day’s downtick, the winners slightly outnumbered the losers. 39 stocks advanced whereas 35 closed lower. Of the 116 counters active on Monday, 42 closed lower. 2,264 deals worth KD 10.88 million were transacted — a 84.8 percent surge in value from the day before.

National Industries Group was unchanged at 114 fils and Gulf Cable too did not budge from its earlier close of 385 fils. Heavy Engineering and Shipbuilding Co dialed down 2 fils whereas Boubyan Petrochemical Co added 5 fils before closing at 490 fils.

Kuwait Foundry Co eased 2 fils and Al Qurain Petrochemical Co rose 4 fils to 198 fils. Kuwait National Cinema Co dropped 10 fils whereas Humansoft Holding Co paused at KD 1.560. AWJ Holding dialed up 2 fils and PAPCO fell 3 fils to 96 fils.

Mezzan Holding dipped 10 fils to 990 fils and Zima Holding Co inched 0.5 fil into red. 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 gained 10 fils and ALAFCO was down 4 fils at 208 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.

Kuwait and Gulf Link Transport Co eased 0.5 fil while KGL Logistics Co stalled at 71 fils. Energy House Co retreated 2.5 fils and EK Holding Co closed 4 fils in red. Kuwait Portland Cement stood pat at KD 0.960.

In the banking sector, Kuwait Finance House was flat at KD 0.465 and Gulf Bank followed suit to close at 232 fils. Ahli Bank of Kuwait and Ahli United Bank were unchanged at KD 0.315 and KD 0.390 respectively whereas Kuwait International Bank took in 2 fils.

Boubyan Bank rose 5 fils to 0.390 and Burgan Bank stalled at 325 fils. The bank has recorded a net profit of KD 31.42 million and earnings per share of 12.8 fils in the January- June period down from net profit of KD 37.39 million and earnings per share of 15.8 fils in 2015 H1.

Kuwait Investment Co stagnated at 85 fils and International Financial Advisors inched 0.5 fil into red. Securities House Co and Securities Group Co were unchanged at 44 fils and 85 fils respectively while Bayan Investment Co clipped 0.5 fil.

Sokouk Holding and Ekittab Holding added 0.5 fil each whereas Asiya gave up 2 fils. Bayan Investment Co fell 0.5 fil and Al Madina paused at 45.5 fils after trading 1.2 million shares. Noor Financial Investment Co was unchanged at 40 fils and KMEFIC closed 0.5 fil in green.

Kuwait Real Estate Co stalled at 51 fils and Mabanee Co followed suit. Salhiya Real Estate climbed 5fils and Mazaya Holding clipped 2 fils. United Real Estate dialed up 2 fils to settle at 98 fils.

The market has been mixed so far during the week and is up 2 points week-on-week. It has shed 12 pts from start of the month but is down 3.69 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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