Kuwait bourse heads south as volume dips – NBK sheds 20 fils; Jazeera Airways gains

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KUWAIT CITY, March 27: Kuwait stocks headed south on Sunday after posting modest gains in the previous week. The bourse dropped 26.43 points in a tame session to 5,242.02 pts weighed by banks and some of the mid-caps.

The KSX 15 benchmark slipped 9.76 points to 831.03 pts paring the month’s gains to 4 points while weighted index eased 3.35 pts to 355.35 points. The volume turnover meanwhile shrank after rebounding in the last session. 135.34 million shares changed hands — a 15.9 pct drop from Thursday.

The sectors closed mostly in the red. Insurance outshone the rest with 0.85 pct gain whereas technology slid 4.67 percent, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 26.27 pct market share and financial services stood next with 26.27 percent contribution.

Among the notable losers, National Bank of Kuwait shed 20 fils  taking the month’s losses to 40 fils and Commercial Bank of Kuwait followed suit to end at KD 0.465. Humansoft Holding Co tumbled 100 fils to KD 0.660.

Zain fell 5 fils to KD 0.350 and Wataniya Telecom (Ooredoo) slid 80 fils to KD 1.100 with thin trading. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.990 and added 50 fils so far during the month and Agility shed 15 fils to settle at KD 0.485.

Investment conglomerate KIPCO was flat at KD 0.530 and KAMCO Investment Company clipped 2 fils. The company has logged a net profit KD 523,688 and earnings per share of 2.20 fils in the year 2015 as against net profit of KD 1.96 million and earnings per share of 8.23 fils during the year before.

The market opened weak and slipped further in early trade. It moved sideways before hitting the month’s lowest level of 5,233.24 points almost half way into the session. It pared back some of the losses in the final minutes and closed with moderate losses.

Top gainer of the day, Al Safat Energy Co rallied 11.11 pct to 15 fils and National Ranges Co (Mayadeen) vaulted 9.76 pct to stand next. Humansoft Holding dived 13.16 pct, the steepest decliner of the day and Al Safat Energy Co also topped the volume with over 19 million shares.

Mirroring the day’s drop, the winners outled the losers. 43 stocks advanced whereas 50 closed lower. Of the 132 counters active on Sunday, 39 closed flat. 3056 deals worth KD 13.4 million were transacted — 19.8 pct drop in value from the day before.

National Industries Group gave up 2 fils to end at KD 0.116 and Gulf Cables slipped 5 fils to 320 fils. NIG has logged a net profit of KD 25.42 million and earnings per share of 19.2 fils during whole of 2015 as compared to net profit of KD 28.28 mln and earnings per share of 21.3 fils in the year before. The BOD also recommended distributing 10% cash dividends.

Jazeera Airways climbed 10 fils to KD 0.890 and ALAFCO added 4 fils to settle at 216 fils. Mezzan Holding Co gained 20 fils and United Projects Co climbed 10 fils to KD 0.660, Kuwait Food Co (Americana) was unchanged at KD 2.500 off early lows.

Shed

IFA Hotels and Resorts rose 10 fils and ACICO Industries Co shed 15 fils. The company has posted a net profit of KD 8.38 million and earnings per share of 30.69 fils in the year ended Dec 31, 2015 as compared to net profit of KD 8.33 million and earnings per share of 30.52 fils in the year before. The Board of Directors has proposed 15% cash dividends and 5% bonus shares.

Equipment Holding Co and NICBM paused at 51 fils and 240 fils respectively and PAPCO clipped 2 fils to settle at 104 fils. Kuwait and Gulf Link Transport Co took in 0.5 fils and KGL Logistics Co eased 1 fils after trading 1.3 million shares. Kuwait Portland Cement Co stood pat at KD 1.020.

Al Nawadi Holding Co fell 1 fils to 76 fils and Zima Holding nudged 1 fils into green. Kuwait National Cinema Co was unchanged at KD 1.020 off early lows and Mashaer Holding Co followed suit to end at 95 fils. Boubyan Petrochemicals Co was down 10 fils at KD 0.470. In the banking sector, Gulf Bank eased 2 fils to 210 fils and Kuwait International Bank was down by same measure to close at 200 fils. Ahli United Bank stood pat at KD 0.430 and Al Ahli Bank was not traded during the session.

Burgan Bank was unchanged at KD 0.335 and has retreated 20 fils during the month and Kuwait Finance House followed suit to end at KD 0.490. Boubyan Bank paused at 335 fils and Warba Bank rallied 6 fils on back of over 1 million shares.

Kuwait Investment Co and International Financial Advisors took in 1 fils each while National Investment Co added 3 fils on back of over 2 million shares. Kuwait Financial Centre closed flat and Gulf Investment House inched 1 fils into green. KMEFIC gave up 2.5 fils to end at 25 fils. Warba Insuarance Co clipped 2 fils whereas Kuwait Insurance Co gained 15 fils. Noor Financial Investment Co was up 1.5 fils at 46 fils.

The market was mixed during the last week. The key index closed lower in three of the five sessions and  gained 6 points week-on-week. It has climbed 35 points so far during the month and is trading 6.64 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Tamdeen Investment Co has posted a net profit of KD 11.52 million and earnings per share of 39.07 fils in the year ending Dec 31, 2015, up from net profit of KD 9.05 million and earnings per share of 30.41 fils in the year before.

KAMCO Investment Company has logged a net profit KD 523,688 and earnings per share of 2.20 fils in the year 2015 as against net profit of KD 1.96 million and earnings per share of 8.23 fils during the year before.

Abyaar Real Estate Development Co has recorded a net loss of KD 21,700 and loss per share of 0.02 fils in 2015 after posting net profit of KD 755,088 and earnings per share of 0.69 fils in the year before.

Credit Rating and Collection Co has incurred a net loss of KD 454,911 and losses per share of 2.76 fils in 2015 as against net loss of KD 2.26 million and losses per share of 13.73 fils in the year before.

Injazzat Real Estate Development Company has clocked a net profit KD 3.07 million and earnings per share of 9.2 fils in 2015, rising sharply from net profit of KD 1.51 mln and earnings per share of 4.5 fils in the same period last year. The BOD has recommended 5 pct cash dividends.

By John Mathews – Arab Times Staff

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