Kuwait bourse end little changed; volume drops – NBK gains 10 fils; Ooredoo tumbles

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KUWAIT CITY, Nov 13: Kuwait stocks trod water on Sunday after logging strong gains in the previous week. The price index pared back modest gains to close 0.7 pts up at 5,481.12 points even as the board remained broadly mixed.

The KSX 15 gauge rose 4.09 pts to 858.91 points taking the month’s gains to 32 pts while weighted index edged 1.05 pts higher. The volume turnover meanwhile retreated below the 200 million mark after hitting a multi-month high in the last session. 170.7 million shares changed hands — a 21.3 pct drop from Thursday.

The sectors diverged in a tight range. Healthcare outshone the rest with 1.38 pct gain whereas consumer prices shed 0.78 percent, the biggest loser of the day. In terms of volume, financial services mustered the highest market share of 32.96 pct while banks followed with 2.3 percent contribution.

In the individual shares, National Bank of Kuwait rallied 10 fils on back of 4 million shares and Ahli United Bank climbed 15 fils to 410 fils. Investment conglomerate KIPCO stood pat at 500 fils and Kuwait Food Co (Americana) too continued to stagnate at KD 2.620.

Zain rose 5 fils to 410 fils and is up 20 fils during the month while Wataniya Telecom (Ooredoo) tumbled 40 fils to KD 1.060. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.860 and Agility was down 20 fils at KD 0.520.

Kuwait Finance House was flat at KD 0.510 and Gulf Bank of Kuwait slipped 4 fils to 232 fils. The bank has recorded a net profit of KD 32.80 million and earnings per share of 11 fils in the Jan-Sept period up from net profit of KD 29.62 million and earnings per share of 10 fils in the year before period.

The market opened firm and ticked up in early trade. The main index scaled the day’s highest level of 5,494.58 points and retreated thereafter as selling weighed on select counters. It slipped below the red to plumb the day’s lowest mark of 5,466.06 points in the final minutes before closing almost unchanged.

Top gainer of the day, Marakez spiked 8.6 pct to 31.5 fils and Tahsillat climbed 8.33 percent to stand next . Jeeran Holding slid 8.6 percent, the steepest decliner of the day and Ithmaar Bank topped the volume with 22.25 million shares.

Despite the flat finish, market spread was skewed towards the losers. 43 stocks advanced whereas 55 closed lower. Of the 134 counters active on Sunday, 36 closed unchanged. 4,047 deals worth KD 17.32 million were transacted — a 17.2 pct drop in value from the day before.

National Industries Group was unchanged at 114 fils and Gulf Cable gave up 5 fils before seetling at 375 fils. Heavy Engineering and Shipbuilding Industries Co paused at 156 fils and Kuwait Cement Co too did not budge from its earlier close of 395 fils.

Gained

Humansoft Holding Co gained 20 fils and Kuwait National Cinema Co skidded 30 fils to KD 0.930. Combined Group Contracting Co dropped 10 fils and UPAC followed suit to wind up at 690 fils. Equipment Holding Co inched 1 fil into red.

Kuwait Foundry Co climbed 4 fils to 182 fils extending an identical rise in the last session and ACICO Industries Co dipped 10 fils to 270 fils. KGL Logistics Co took in 2 fils and Burgan Well Drilling Co closed 1 fil higher.

IFA Hotels and Resorts stalled at 150 fils and Gulf Glass Manufacturing Company followed suit. The company has registered a net profit KD 1.20 mln and earnings per share of 23.46 fils in the nine-month period ending Sept 30. 2016 .

Mezzan Holding Co shed 10 fils and Zimah Holding Co clipped 2.5 fils to settle at 43 fils after trading over 1 million shares. Al Rai Media Group dialed up 2 fils to end at 138 fils.

National Ranges Co ( Mayadeen) closed flat at 28 fils and Qurain Petrochemical Industries Co retreated 4 fils. The company has registered a net profit of KD 10.48 million and earnings per share of 10.08 fils in the January-Sept period as compared to net profit of KD 6.61 mln and EPS of 6.31 fils in 2015, 9M.

In the banking sector, Al Ahli Bank fell 5 fils to 305 fils and Kuwait International Bank was flat at 200 fils. Boubyan Bank added 5 fils and Warba Bank gave up 4 fils after trading 4.8 million shares. Commercial Bank of Kuwait was not traded during the session.

National Investment Co was unchanged at 104 fils and International Financial Advisors inched 0.5 fils into green. Coast Investment Co and KMEFIC eased 0.5 fil each whereas KFIC paused at 34.5 fils.

Al Deera Holding added 2.5 fils and Al Madina fell 2 fils to 41 fils. Kuwiat Insurance Co gained 4 fils with thin trading volume. Securities House Co was up 2 fils at 43 fils.

Ektittab Holding and Sokouk Holding eased 1 fil each while Noor Financial Investment Co edged 2.5 fils lower to 46 fils. Bayan Investment Co dialed up 0.5 fil and Kuwait Financial Centre climbed 4 fils to 22.5 fils.

Kuwait Real Estate Co and National Real Estate Co eased 1 fil each and Tamdeen Investment Co pilled 10 fils lower. Mabanee Co closed flat at 820 fils.

The market was largely upbeat during last week . The main index closed higher in four of the five sessions and has rallied 71 points week-on-week. The price index has climbed 79 points so far during the month but is down 2.4 pct year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Shuaiba Industrial Co has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and earnings per share of 16.83 fils in same period of 2015.

Aqar Real Estate Investments Co has registered a net profit of KD 923,223 and earnings per share of 4.34 fils in the January-September period down from net profit of KD 1.72 million and EPS of 7.63 fils in the 9M of 2015.

Jeeran Holding Co has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.

Kuwait Building Materials Mfg has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.

Hilal Cement Company has logged a net loss of KD 3,709 and loss per share of 0.04 fil in the January-September period of 2016 narrowing from a net loss of KD 117,151 and LPS of 1.39 fils in same period in 2015.

 By John Mathews

Arab Times Staff

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