Kuwait bourse ‘extends’ losses to fourth session – Americana dives 150 fils; Ooredoo rebounds

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KUWAIT CITY, July 3: Kuwait stocks swung lower on Monday, extending the losses to fourth consecutive session. The price index dipped 47.3 points in volatile trade to 6,565.22 points weighed by selling in select counters.

The KSX 15 benchmark dropped 13.11 pts to 902.02 pts while weighted index was down 3.1 pts to 395.81 points. The volume turnover meanwhile fell slightly following Sunday’s rebound. 46.66 million shares changed hands – a 3.7 pct fall from the day before.

The sectors closed mostly in the red. Oil and gas outshone the rest with 4.5 percent gain whereas consumer goods dipped 4.55 percent, the worst performer of the day. In terms of volume, financial services logged the highest market share of 41.7 percent and banks followed with 24.4 pct contribution.

Among prominent losers, Kuwait Food Co (Americana) dived 150 fils to KD 2.300 and taking the year’s losses to 300 fils while Mabanee Co extended last session’s losses with a 15 fils fall to 751 fils. Humansoft Holding spiraled 259 fils downwards to KD 3.940.

Zain fell 2 fils to 411 fils after trading 1.5 million shares whereas Ooredoo rebounded jumped 45 fils to KD 1.100 after hitting a trough in the last session. Kuwait Telecommunications Co (VIVA) dipped 30 fils to 785 fils and Agility gave up 4 fils to settle at 818 fils.

AlMutahed slipped 15 fils to 400 fils and Burgan Bank inched 1 fil into red. The bank has registered a 24.6% year-on-year increase in its profits to KD 17.81 for the first quarter of 2017.

The market opened weak and pulled lower in early trade. The main index clawed back to peak at 6,621.15 points and retreated again as selling kicked in. It plumbed the day’s lowest level of 6,541.6 points almost half way into the session before bouncing close to opening mark. It slipped again in the final minutes to close in the red.

Top gainers of the day, REAM and IFA Hotels and Resorts rallied 19.66 pct each to close at 280 fils and 300 fils respectively whereas FTI dived 18.3 percent, the steepest decliner of the day. Al Imtiaz topped the volume of over 6 million shares.

Mirroring the day’s fall, the loser outnumbered the losers two to one. 36 stocks advanced whereas 71 closed lower. Of the 134 counters active on Monday, 27 closed flat. 2,324 deals worth KD 8.4 million were transacted – a 9.6 pct drop in value from the day before.

National Industries Group took in 2 fils while Gulf Cable was down 5 fils at 415 fils with a thin trading. Heavy Engineering Industries and Shipbuilding Co slipped 10 fils while Contracting and Marine Services Co gave up 8 fils.

Jazeera Airways fell 2 fils to 472 fils and has retreated almost 300 fils year-to-date while Independent Petroleum Group shed 30 fils. Metal and Recycling Co eased 1 fil to 88 fils and ACICO Industries stood pat at 262 fils.

Kuwait Foundry Co dipped 36 fils and Napesco soared 181 fils. Mezzan Holding added 4 fils to wind up at 925 fils.

Burgan Well Drilling Co slipped 6.5 fils and Kuwait National Cinema Co plunged 230 fils. The company has registered a 26.17 pct jump in profits to KD 3.23 million during the first quarter of 2017 from same period in 2016.

YIACO rose 6 fils to 160 fils and OSOS dialed up 2 fils. NICBM climbed 8 fils to 198 fils and Al Rai Media Group clipped 2 fils. Boubyan Petrochemical Co was flat at 570 fils and Al Qurain Petrochemical Co too did not budge from its earlier close of 334 fils.

In the banking sector, National Bank of Kuwait fell 4 fils to 686 fils while Gulf Bank and Commercial Bank were down 7 fils each to close at 240 fils and 304 fils respectively. Al Ahli Bank was not traded during the session.

Kuwait Finance House fell 5 fils to 478 fils after trading over 3 million shares and Kuwait International Bank inched 1 fil into green. Boubyan Bank dialed down 1 fil and Warba Bank trimmed 5 fils to close at 252 fils.

KIPCO tripped 3 fils and National Investment Co took in 1fils before settling at 100 fils with a volume of 1.4 million. Securities House Co and Coast Investment Co eased 0.5 fils each whereas Osoul Investment Co paused at 59 fils.

Kuwait Investment Co inched 0.1 fil up and International Financial Advisors gave up 0.4 fils to end at 33.6 fils Al Madina added 3.8 fils before closing at 47 fils.

KMEFIC erased 2.9 fils and Bayan Investment Co edged 0.4 fils into red. Sokouk Holding pared 0.7 fils while Noor Financial Investment Co and Tamdeen Investment Co closed flat at 50 fils and 300 fils respectively.

KFIC gained 3 fils with thin trading and KAMCO held ground at 80.5 fils. Ektittab Holding clipped 2 fils and Amwal dialed up 2 fils to close at 44.1 fils. Kuwait Reinsurance Co rose 7 fils to 250 fils.

National Real Estate Co climbed 6 fils to 114 fils whereas United Real Estate Co and Tamdeen Real Estate Co paused at 84.9 fils and 400 fils respectively. Argan dipped 26 fils to 160 fils and Aqar closed flat.

The market has been trending lower so far during the week and has dived 197 points in last two sessions. It had shed 26 points during whole of June and is trading 14.22 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Finance and Investment (KFIC) rebounded to post a net profit of KD 146,350 in the first three months of 2017, from KD 255,510 loss in first quarter of 2016. Operating income grew 76% year-on-year to reach KD 1.65 million.

Aayan Real Estate has recorded a 164.7 percent jump in its profits to KD 536,890 for the first quarter of 2017 from same period in the year before. During 2016, the profit saw a 1.5% uptick to KD 2.75 million in 2016 from the previous year.

Ooredoo Kuwait has posted 26.6 pct jump in profits during the first quarter of 2017 to KD 12.93 million from KD 10.21 million in same period last year. It had recorded a growth of 75% in profits to KD 46.67 million during 2016.

Mowasat Healthcare has registered a 40.2% increase in net profits in the first quarter of 2017, to reach KD 1.92 million as compared to KD 1.37 million in the year before period.

Al Ahleia Insurance ‘s first quarter net profit dropped by 14.5% in the first to KD 2.88 million from KD 3.37 million in Q1 of 2016. Operational income dipped 39.6 pct to KD 1.58 million

National Ranges Company’s (Mayadeen) losses shrank by 18.2 pct in the first quarter of 2017 to KD 642,620 from about KD 785,610 in same period of 2016

By John Mathews

Arab Times Staff

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