Thursday , December 14 2017

Kuwait bourse extends losses; volume tumbles – KIPCO slips 6 fils; NBK gains

KUWAIT CITY, June 20: Kuwait stocks slipped into red on Tuesday, extending the losses to second session. The bourse dipped 46.75 points in choppy trade to 6,78338 points amid selling in select counters even as the heavyweights closed mostly higher.

The KSX 15 benchmark rose 2.9 pts to 930.27 points taking the month’s gains to 15 points while weighted index inched 0.11 pts into red.

The volume turnover meanwhile dipped following Monday’s rebound. 46.87 million shares changed hands – down 37.7 pct from the previous session.

The sectors closed mostly in the red. Technology and parallel market outshone the rest with 1.62 pct gains each while consumer goods dived 7.8 percent, the biggest loser of the day. Volume wise, financial services mustered the highest market share of 32 pct and real estate trailed with 25.7 percent contribution.

Among notable performers, National Bank of Kuwait extended last session’s losses with a 4 fils gain on back of 1.7 million shares and Kuwait Finance House was up 3 fils with a volume of over 3 million. KIPCO slipped 6 fils to 334 fils.

Zain rose 2 fils to 439 fils on back of 1.8 million shares whereas Ooredoo stood pat at KD 1.150. Kuwait Telecommunications Co (VIVA) took in 1 fil and Agility extended last session’s strong gains with a 15 fils rise to 846 fils.

Burgan Bank fell 5 fils to 325 fils whereas Warba Bank was up 4 fils at 259 fils. The bank has posted a 296.3% jump in its profits to KD 1.3 million for the first quarter of 2017.

The market opened firm and edged higher in early trade. The main index scaled the day’s highest level of 6,842.7 points and headed south thereafter as selling kicked in . It drifted sideways past the mid-session and slipped further to bottom at 6765.08 pts before paring back some of the losses at close.

Top gainer of the day, Kuwait Cable Vision Co vaulted 18 pct to 34 fils while KFIC climbed 10 pct to stand next.

Eyas For Higher and Technical Education tumbled 20 percent, the steepest decliner of the day and National Real Estate Co topped the volume with 4.3 million shares.

Despite the day’s downswing, the winners outnumbered the losers. 53 stocks advanced whereas 43 closed lower.

Of the 116 counters active on Tuesday, 20 closed flat. 2178 deals worth KD 12.33 million were transacted — a 26 pct dip in value from the day before.

National Industries Group fell 1 fils to 116 fils and Gulf Cable inched 1 fils higher to 416 fils. Heavy Engineering Industries and Shipbuilding Co gained 7 fils while Contracting and Marine Services Co shed 10 fils.

Metal and Recycling Co was up 5 fils at 90 fils.

Kuwait Foundry Co and Kuwait Portland Cement Co dropped 10 fils each to close at 280 fils and 940 fils respectively whereas NICBM slid 25 fils. Educational Holding Group rose 10 fils and NAPESCO eased 1 fil to KD 1.509.

Clipped

Jazeera Airways clipped 2 fils before settling at 468 fils and Alafco followed suit. The company has posted a 83.3% surge in profits to KD 5.59 million for the quarter ending 31 March 2017 from year before period.

Humansoft Holding climbed 10 fils to KD 4.100 and Al Rai Media Group dialed up 1 fil.The company has posted 66.7% drop in profits in the first quarter of 2017 to KD 449,760.

Automated Systems Co gained 12 fils while Combined Group Contracting Co rose 9 fils to 619 fils extending Monday’s gains. Al Qurain Petrochemical Co took in 1 fil and Boubyan Petrochemical Co added 9 fils.

Equipment Holding dialed up 1.7 fils and Independent Petroleum Group gave up 4 fils. Gulf Finance Co gained 5 fils and AWJ Holding Co inched 1 fil higher. Zimah Holding took in 0.5 fils and Mezzan Holding fell 5 fils to 845 fils.

In the banking sector, Gulf Bank ticked 2 fils up and Commercial Bank stood pat at 312 fils. Kuwait International Bank gave up 2 fils to end at 247 fils and Boubyan Bank held ground at 410 fils . Al Ahli Bank and AlMutahed were not traded during the session.

Kuwait Investment Co was flat at 96.5 fils whereas Bayan Investment Co and International Financial Advisors trimmed 1 fil each. Coast Investment Co added 0.2 fil and Aayan Investment Co closed 0.5 fils in red.

Securities House Co eased 0.4 fil to 43.1 fils while Al Deera Holding closed 1 fils in green. Sokouk Holding erased 0.2 fil and Ektittab Holding edged 0.8 fils higher. Warba Insurance Co was down 6 fils at 96 fils.

Noor Financial Investment Co fell 0.7 fils to 51.3 fils after trading 1.4 million shares and Tandeen Investment Co paused at 300 fils. Amwal Investment and Al Imtiaz dialed up 1 fils each whereas Arzan was flat at 36 fils.

United Real Estate Co and Tamdeen Real Estate Co were unchanged at 84.5 fil and 300 fils respectively whereas Mabanee Co gave up 3 fils.

National Real Estate Co erased 2 fils and Kuwait Real Estate Co inched 0.2 fils into red. Salhiya Real Estate Co gained 5 fils.

The market has been mixed so far during the week and has shed 26 points in last three sessions. It has added 9 points from start of the month and is trading 18 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 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 KWD 785,610 in same period of 2016.

By John Mathews

Arab Times Staff

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