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Kuwait bourse inches lower in soggy trade – NBK dips 30 fils; KIPCO flat

KUWAIT CITY, March 20: Kuwait stocks inched lower on Sunday after eking modest gains in the previous week. The bourse eased 2.95 points lower in sluggish trade to 5,289.12 pts weighed by selling in banking shares even as the board remained mixed.

The KSX 15 benchmark dipped 11.53 pts to 846.21 points trimming the month’s gains to 19 points while weighted index slipped 3.61 pts. The volume turnover meanwhile was nearly unchanged after hitting a one-week high in the last session. 183 million shares changed hands — a 2.63 pct fall from Thursday.

The sectors closed mixed. Technology outshone the rest with 2.25 percent gain whereas consumer services shed 1.88 percent, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 46.32 pct while financials services and banks trailed with 24.11 pct and 15.65 percent contributions respectively.

In the individual shares, National Bank of Kuwait slid 30 fils after trading 2.97 million shares to settle at KD 0.710 and Commercial Bank was down 20 fils at KD 0.480. Investment major KIPCO however was unchanged at KD 0.530.

Telecom service provider Zain was flat at KD 0.380 after trading 5.2 million shares and Wataniya Telecommuni-cations (Ooredoo) tumbled 80 fils to KD 1.200 erasing the gains in the last session. Kuwait Telecommunications Co (VIVA) dropped 10 fils to KD 0.990 whereas Agility swung 10 fils into green.

Jazeera Airways rose 10 fils to KD 0.890 whereas ALAFCO clipped 2 fils. Gulf Cable climbed 15 fils to KD 0.300. The company has posted a net loss of KD 31.57 million and losses per share of 150 fils in 2015 as against net profit of KD 4.54 million and earnings per share of 22 fils in 2014.

Yiaco Medical Co has incurred a net loss of KD 7.05 million and losses per share of 38.76 fils in the year ending Dec 31, 2015 as compared to net profit of KD 1.99 million and earnings per share of 10.98 fils in 2014.

The market opened flat and ticked up in early trade. The price index hit the day’s highest mark of 5,273.41 points and edged lower. It slipped into negative territory to bottom at 5,248.94 pts ahead of mid-session and drifted listlessly thereafter before closing slightly in red.

Top gainer of the day, Gulf Cable vaulted 10.4 pct to 26.5 fils and Al Safat Energy climbed 8.7 percent to stand next. Marakez slid 7 pct, the steepest decline of the day and Al Dar National Real Estate Co topped the volume with over 64 million shares.

Reflecting the day’s downtick, the losers outnumbered the winners. 42 stocks advanced whereas 50 closed lower. Of the 141 counters active on Sunday, 49 closed flat. 3,203 deals worth KD 13.6 mln were transacted — a 17.8 pct drop in value from the last session.

National Industries Group took in 2 fils whereas Kuwait Cement Co and Kuwait Portland Cement Co held steady at KD 0.375 and KD 1.020 respectively. Metal and Recycling Co added 5 fils and ACICO Industries Co followed suit to close at KD 0.285.

Climbed

NAPESCO slid 30 fils whereas Humansoft Holding Co climbed 30 fils to KD 0.750. The company has clocked a net profit of KD 17.51 million and earnings per share of 144 fils in 2015 soaring from net profit of KD 8.26 million and earnings per share of 68 fils in the previous year. Board of Directors has recommended 25 percent cash dividends.

Boubyan Petrochemical Co rose 5 fils to KD 0.475 whereas Independent Petroleum Co and IFA Hotels and Resorts Co were down 10 fils each at KD 0.300 and 182 fils respectively. Burgan Well Drilling Co paused at 104 fils.

Zima Holding Co gave up 2 fils and Mashaer Holding Co slipped 4 fils to 96 fils. Palms Agro Production Co stood pat at 106 fils. The company has logged a net profit of KD 892,487 and earnings per share of 17.06 fils in the last year,

Kuwait and Gulf Transport Co inched 1 fils into red whereas KGL Logistics was flat at 65 fils. Mezzan Holding shed 20 fils and Equipment Holding Co was up 1 fils to 53 fils. Qurain Petrochemical Industries Co eased 2 fils to 190 fils.

In the banking sector, Gulf Bank fell 2 fils to 208 fils and Al Ahli Bank dropped 15 fils. Kuwait International Bank took in 2 fils and Burgan Bank added 5 fils to wind up at KD 0.345. Kuwait Finance House stood pat at KD 0.495 after trading 4.3 million shares.

Boubyan Bank rose 5 fils to KD 0.420 on back of 1.2 million shares and Warba Bank gave up 2 fils. Ahli United Bank was unchanged at KD 0.425. National Investment Co eased 1 fils and Kuwait Investment Co closed 3 fils in red .

KMEFIC took in 2 fils and First Investment Co clipped 2 fils to settle at 49 fils. Bayan Investment Co nudged 1 fils higher whereas Gulf Investment House and Al Mal Investment Co eased 1 fils each. Sokouk Holding and Noor Financial Investment paused at 30 fils and 47 fils respectively.

The market was mixed during last week. The price index closed higher in three of the five sessions and has climbed 18 points week-on-week . It has gained 52 pts so far during the month and is trading 6.34 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, KAMCO Investment Company has logged a net profit of 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 of 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

Kuwait Insurance Company has logged a net profit of KD 5.69 million and earnings per share of 30.69 fils in the year ending Dec 31, 2015 up from net profit of KD 5.14 million and earnings per share of 27.64 fils in 2014. The BOD has recommended 20 pct cash dividends.

By John Mathews

Arab Times Staff

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