Kuwait bourse extends loss in volatile session – UPAC dives 100; NBK flat

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KUWAIT CITY, May 2: Kuwait stocks pulled lower on Tuesday as it extended its losses to third consecutive day. The bourse dropped 33.66 pts in volatile trade to 6,759.4 pts even as weakening oil prices weighed on the sentiment. The banks and other heavyweights however closed mixed.

The KSX 15 gauge inched 0.42 pts higher to 913.18 points while weighted index eased 0.33 pts to 405.02 points. The volume turnover meanwhile receded further to hit a fresh multi-month low. 109.4 million shares changed hands — a 5.7 pct drop from Monday.

The sectors closed mostly in the red. Technology outshone the rest with 1.73 pct gain whereas oil and gas shed 1.73 percent, the worst performer of the day. In terms of volume, financial services notched the highest market share of 43.05 pct while real estate trailed with 24.12 percent contribution.

Among the losers, Tamdeen Real Estate Co shed 25 fils to close at 400 fils with razor thin trading volume while Mabanee Co was down 10 fils at 810 fils erasing Monday’s gains. UPAC plunged 100 fils to 660 fils.

Zain slipped 10 fils to 435 fils after trading 4.3 million shares and Kuwait Telecommunications Co (VIVA) recouped last session’s drop with a 10 fils rise to 840 fils. Agility stood pat at 630 fils off early lows.

Ooredoo was unchanged at KD 1.200. The company has posted 26.6 pct jump in profits during the first quarter of 2017 to KD 12.93 million from KD 10.21m in same period last year.

The market opened weak and moved sideways in early trade. The main index see sawed briefly to scale the day’s highest level of 6,805.06 pts almost half way into the session and headed south thereafter as sentiment turned sour. It troughed at 6,748.33 pts before clawing back some of the losses at close.

Top gainer of the day, Gulf Finance Co jumped 6.67 pct to 64 fils and QIC climbed 6.02 percent to stand next. UPAC tumbled 13.16 pct, the steepest decliner of the day and Aayan topped the volume with 17.8 million shares.

Reflecting the day’s downswing, the losers vastly outnumbered the winners. 27 stocks advanced whereas 59 closed lower. Of the 127 counters active on Tuesday, 41 closed flat. 2,734 deals worth KD 12.4 million were transacted — a 9.3 pct rise in value from the day before.

National Industries Group took in 2 fils to settle at 120 fils and Gulf Cable was unchanged at 440 fils. Heavy Engineering Industries and Shipbuilding Co gave up 2 fils and Contracting and Marine Services Co inched 1 fil into green.

Kuwait Foundry Co fell 5 fils to 305 fils and NAPESCO slid 40 fils. The company’s Q1 profit surged 62.7% year-on-year to KD 2.31 million as to compared to KWD 1.42 million in same period last year. It had earned KD 7.71 million in 2016, up 35.6% from 2015.

Slipped

Kuwait Portland Cement slipped 10 fils ton 960 fils and Shuaiba Paper Industries Co rose 10 fils to 310 fils. ACICO Industries and NICBM were flat at 290 fils and 204 fils respectively while NCCI added 4 fils.

Equipment Holding Co was unchanged at 60 fils and Automated Systems Co dipped 13 fils. Boubyan Petrochemical Co held ground at 570 fils and Al Qurain Petrochemical Co gained 5 fils. Educational Holding Co was up 10 fils at 300 fils.

Humansoft Holding climbed 20 fils to KD 3.860 while Nafais and Combined Group Contracting Co dropped 10 fils each to close at 140 fils and 560 fils respectively. Burgan Well Drilling Co closed 1 fil higher.

Independent Petroleum Group fell 10 fils to 390 fils and OSOS was up 6 fils at 136 fils. AWJ Holding dialed up 2 fils to close at 84 fils and Kuwait Gulf Link Transport Co clipped 2 fils. Yiaco Medical stood pat at 200 fils.

In the banking sector, Kuwait Finance House rose 5 fils to 500 fils and National Bank of Kuwait stood pat at 680 fils with a volume of 1.5 mln.

The bank has posted a net profit of KD 85.4 million in the first quarter of 2017 as against KD 78.9 mln in the same period last year.

Gulf Bank and Kuwait International Bank paused at 248 fils and 246 fils respectively while Commercial Bank of Kuwait gave up 6 fils. Al Ahli Bank gained 10 fils whereas Ahli United Bank slipped 10 fils to 425 fils.

Burgan Bank climbed 10 fils to 320 fils whereas Boubyan Bank stagnated at 405 fils after trading 1.9 million shares. Warba Bank was up 4 fils at 250 fils.

KIPCO and National Investment Co continued to stagnate at 415 fils and 104 fils respectively whereas International Financial Advisors eased 0.5 fil to 42.5 fils. Kuwait Investment Co was unchanged at 100 fils.

Bayan Investment Co and KMEFIC clipped 1 fil each while Coast Investment Co inched 0.5 fil into green. Securities House Co stood pat at 48 fils and Securities Group Co gave up 4 fils.

Unicap and Noor Financial Investment Co were flat at 48 fils and 52 fils respectively while KFIC eased 0.5 fils. Sokuok Holding dialed down 1 fil after trading 3.5 million shares and Al Mal Investment Co followed suit.

Kuwait Real Estate Co was unchanged at 58 fils with a volime of 1.8 million shares and National Real Estate Co followed suit. Mazaya Holding gave up 2 fils and United Real Estate Co paused at 90 fils.

The market has been trending lower so far during the week and has dived 95 points in last three sessions. It had slid 188 points during whole of April and is trading 17.59 pct higher year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Injazzat Real Estate Development has recorded a 71.5% surge in the first quarter of 2017 to KD 2.35 million from KD 1.37 million in Q1 of 2016, The earnings were boosted by the sale of one of the company’s assets at a profit of KD 1.97 million. In 2016 the profit was up 2.9% at KD 3.2 mln.

Al Mazaya Holding net profits soared 31.7 pct to KD 2.59 million in last quarter of 2016 while profits rose 10 pct to KD 10.25 million during the fiscal year of 2016. The board has recommended an annual cash dividend of 8% or 8 fils per share.

Gulf Glass Manufacturing Co’s fourth quarter net profit dipped o 64% in KD 14,000 from KD 39,000 in same period last year. During the fiscal year of 2016, profits was down 48 percent to KD 1.21 million from KD 2.34 mln in the previous year.

Ajial Real Estate Entertainment Company (AREEC) net losses narrowed by 22.7 pct to KD 888,620 from KD 1.15 million in Q4 of 2115. The annual profits in 2016 clocked KD 1.5 million and the board has recommended the distribution of cash dividends at 5% of capital.

By John Mathews

Arab Times Staff

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