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Kuwait bourse edges lower; volume jumps

KUWAIT CITY, April 23: Kuwait stocks edged lower on Monday as it extended its losing streak to fifth consecutive session. The All Shares Index fell 3.84 pts in volatile trade to 4,785.09 points even as the trading floor mood remained broadly mixed. The Premier Market took in 2.87 pts to close at 4,779.27 points while Main market dipped 15.97 points to 4,794.57 pts. The volume turnover meanwhile rebounded following Sunday plunge.

Over 68 million shares changed hands — a 55.2 pct surge from the day before. The sectors closed mixed. Oil and gas outshone the rest with 0.34 pct gain whereas technology dived 5.51 percent, the worst performer of the day. Volume wise, financial services mustered the highest market share of 50 percent and banks followed with 17.8 percent contribution. In the individual shares, Commercial Bank fell 3 fils to 360 fils with thin trading and National Bank of Kuwait climbed 4 fils to 731 fils on back of 1.9 million shares. KAMCO slipped 4 fils to 63 fils and Kuwait Financial Centre ( Markaz) shed 8 fils.

UPAC tumbled 49 fils. Zain clipped 2 fils after trading over 1 million shares and Ooredoo dropped 5 fils to 870 fils extending last session’s steep losses. Kuwait Telecommunications Co (VIVA) dipped 14 fils to 706 fils and Agility clipped 2 fils before closing at 833 fils. Boubyan Bank ticked 1 fil higher. The bank has registered a 17.8 pct jump in profits to KD 12.56 million during the first quarter of 2017 from same quarter in 2017. The rise in Q1 profits is attributed to higher operating revenues and a decline in provision.

The market opened firm and swung higher in early trade. The index hit the day’s highest level of 4,793 pts and turned volatile thereafter as market mood swung in both directions. It plumbed the day’s lowest level of 4,781 points in the final minutes before closing slightly in red. Top gainer of the day, Warba Insurance Co vaulted 25 pct to 80.1 fils and International Resorts Co soared 20.6 percent to stand next.

MENA Holding slumped 18.5 pct, the steepest decliner of the day and Aayan Investment topped the volume with 15.7 million shares. Despite the day’s downtick, the winners outnumbered the losers. 52 stocks advanced whereas 44 closed fl at. Of the 116 counters active on Monday, 44 closed flat. 3087 deals worth KD 10.54 million where transacted — a 37.9 pct jump in value from the day before. National Industries Group dialed up 2 fils on back of 1.5 million shares and Mezzan Holding stood pat at 720 fils off early highs. Gulf Cable rose 4 fils to 399 fils while Heavy Engineering Industries and Shipbuilding Co gained 9 fils.

Kuwait Foundry Co took in 1 fil and Kuwait Portland Cement shed 13 fils to close at KD 1.070. Equipment Holding Co edged 0.5 fil lower Educational Holding Co slipped 5 fils. Boubyan Petrochemical Co fell 3 fils to 817 fils and Al Qurain Petrochemical clipped 1 fil.

NAPESCO climbed 5 fils to 725 fils partly recouping Sunday’s losses and Human Soft Holding closed fl at. The company has posted a 9.7% rise in profits to KD 7.83 million during the first quarter of 2018 . Jazeera Airways took in 2 fils and ALAFCO gave up 2 fils to end at 358 fils. Combined Group Contracting Co ticked 1 fil higher and KGL Logistics trimmed 0.9 fils. Automated Systems Co dropped 14 fils to 151 fils. In the banking sector, Gulf Bank and Burgan Bank were both unchanged at 258 fils while Boubtyan Bank ticked 1 fils into green. Ahli United Bank eased 1 fil to 181 fils.

Kuwait Finance House stood pat at 516 fils whereas Al Mutahed slipped 5 fils to 287 fils, Kuwait International Bank fell 3 fils to 221 fils and Al Ahli Bank held ground at 345 fils. Warba Bank paused at 243 fils. KIPCO fell 2 fils to 273 fils and GFH edged 0.4 fil down to 101 fils. Kuwait Investment Co and KMEFIC were fl at at 137 fils and 23 fils respectively while National Investment Co dialed up 0.3 fil.

Osoul Investment and Al Madina took in 0.5 fils each while Al Mal Investment added 0.1 fil. Bayan Investment Co and Ektittab Holding were fl at at 33.5 fils and 27 fils respecrtively whereas International Financial Advisors edged 0.30 fil up. Noor Financial Investment rose 0.40 fil whereas Tamdeen Investment and Amwal stalled at 280 fils and 48 fils respectively. Unicap gave up 0.5 fil while Al Imtiaz inched 1 fil up. Warba Insurance Co climbed 16.1 fils and Gulf Insurance skidded 20 fils to 635 fils. Kuwait Real Estate ticked 0.2 fil up while Mabanee Co gained 5 fils. United Real Estate added 2 fils and National Real Estate Co dialed up 1 fil.

Mazaya Holding took in 0.1 fil. The market has been weak so far during the week as it slipped 12 points in last two sessions and is trading 215 pts down from start of the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region. In the bourse related news, Educational Holding Group has incurred a loss of KD 2.66 million during the first six months that ended on 28 February 2018 as compared to profits of KD 3.18 million in the corresponding period last year. The operating profits stood at KD 3.77 million , a 17% higher increase fro the same period in 2017. Independent Petroleum Group (IPG) has registered a 26.7 pct jump in profits to KD 2.18 million during the first quarter of 2018 compared to the same period of 2017.

Earnings per share stood at 12.03 fils as against 11.58 fils in first quarter of last year Shuaiba Industrial’s profits surged 101.4 pct to KD 419,000 during the fourth quarter of 2017 compared to the same period in the previous year. During 2017, the earnings ticked up by 1.6 percent to KD 1.9 million from KD 1.87 million in year before. The board has recommended a cash dividend of 17% or 17 fils per share for FY17. Kuwait Cement Co has posted a 15.4 pct drop in profits during the fourth quarter of 2017 to KD 4.94 mln from KD 4.28 million in last quarter of 2016. During fiscal year 2017, earnings were down 11.8 percent to KD 17.19 million .

The board members have recommended a cash dividend of 20 pct or 20 fils per share for 2017. Aqar Real Estate Investments’ fourth quarter profits dropped by 14.7 pct from the same period last year to to KD 732,000. During fiscal year 2017, earnings saw a marginal yearon- year rise of 1.1 percent to KD 1.76 million. The board of directors has recommended cash dividend of 6 pct or 6 fils per share for FY17.

By John Mathews Arab Times Staff

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