KUWAIT CITY, Jan 30: Kuwait stocks retreated sharply on Monday stemming the month-long rally which propelled the price index and market liquidity to multi-year highs. The bourse slumped 104.13 points to 6,839.11 pts amid broad profit taking after the long wnning spree.
The KSX 15 gauge dived 12.99 pts to 993.24 pts trimming the month’s gains to 108 points while weighted index dropped 4.77 pts. The volume turnover meanwhile shrank further. 656 million shares changed hands — 14.8 pct drop from Sunday.
All sectors barring one closed in red. Oil and gas, the only gainer, rose 0.26 pct while technology sank 3.12 percent, the worst performer of the day. In terms of volume, financial services notched the highest market share of 42.9 pct while real estate stood next with 28 percent contribution.
Among notable losers, National Bank of Kuwait was down 10 fils at 740 fils and Kuwait Finance House followed suit to close at 620 fils with a volume of 3.9 million shares. KIPCO too gave up 10 fils to settle at 560 fils and Salhiya Real Estate Co dipped 15 fils.
Zain slipped 10 fils to 500 fils after trading 16.3 million shares and Wataniya Telecom (Ooredoo) climbed 20 fils with thin trading. Kuwait Telecommunications Co (VIVA) shed 20 fils and Agility was down 10 fils at 740 fils.
Jazeera Airways dropped 20 fils to 680 fils while ALAFCO took in 2 fils. The company has posted a 72.8 pct surge in profits to KD 5.2 mln in the quarter ended Dec 31, 2016.
The market opened firm but headed south in early trading. The price index slipped deeper into red amid broad bout of profit taking. It pulled up briefly half way into the session before sliding again to bottom at 6,832.77 pts in the final minutes and closed with steep losses.
Top gainer of the day, Hilal Cement Co climbed 8.33 pct to 130 fils while Metal and Recylcing Co rose 7.14 percent to stand next. Ektittab Holding slid 9 pct, the steepest decliner of the day and Ithmaar Bank topped the volume with over 39 million shares.
Reflecting the day’s slide, the market spread was heavily skewed towards losers. 26 stocks advanced whereas 95 closed lower. Of the 153 counters active on Monday, 32 closed flat. 12,063 deals worth KD 66.84 mln were transacted — a 11.4 pct drop in value from the day before.
National Industries Group fell 4 fils to 160 fils reversing Sunday’s gains while Gulf Cable seesawed before closing unchanged at 550 fils. Contracting and Marine Servicing Co paused at 67 fils and Heavy Engineering Industries Co dialed up 2 fils.
Kuwait Food Co (Americana) was unchanged at KD 2.620 off early lows and Kuwait National Cinema Co slid 40 fils to KD 1.140. RISCO and Humansoft Holding held ground at 330 fils and KD 3.000 respectively. NICBM was up 2 fils at 212 fils.
Kuwait Cement Co stood pat at 450 fils and Kuwait Portland Cement Co gained 20 fils. The company has registered a net profit of KD 1.84 million in Q4 of 2016 and the board has recommended 80 pct cash dividends or 80 fils per share for FY16.
Kuwait Foundry Co climbed 20 fils to 310 fils and ACICO Industries was down 5 fils at 295 fils. Equipment Holding Co fell 3 fils and Al Qurain Petrochemical Co was down 15 fils at 290 fils.
NAPESCO climbed 10 fils to 900 fils whereas Osos slipped 10 fils. Kuwait and Gulf Link Transport Co fell 4 fils to 66 fils and KGL Logistics Co clipped 2 fils.
Yiaco Medical dipped 25 fils and Al Rai Media Group added 10 fils. Automated Systems Co gave up 4 fils to end at 224fils. Shuaiba Indutrial Co gave up 5 fils to settle at 305 fils.
Zimah Holding inched 1 fil into red while Mezzan Holding stood pat at 990 fils. Gulf Petroleum Industries closed 4 fils lower and AWJ Holding was up 5 fils at 94 fils.
In the banking sector, Gulf Bank fell 5 fils to 270 fils after trading 2.2 million shares and Burgan Bank was down by same measure to wind up at 335 fils. Commercial Bank was not traded during the session.
Ahli United Bank added 5fils before settling at 445 fils and Boubyan Bank stood pat at 419 fils. Warba Bank gave up 4 fls and Al Ahli Bank vacillated in a tight range before closing flat at 325 fils.
Kuwait Investment Co and KMEFIC stagnated at 104 fils and 41.5 fils respectively whereas National Investment Co climbed 6 fils on back of 11.9 million shares.
Coast Investment Co slipped 6 fils to 58 fils and International Financial Advisors closed 3 fils in red. Tamdeen Investment Co shed 15 fils and KFIC dialed down 1 fil. Sokouk Holding slipped 4 fils 58 fils.
KAMCO rose 3 fils to 89 fils whereas Bayan Investment Co and Noor Financial Investment Co were was down 3 fils each. Kuwait Financial Centre ( Markaz) and Al Mal Investment Co clipped 2 fils each while Osoul Investment Co inched 1 fil down.
Kuwait Real Estate Co and Mazaya Holding Co fell 2 fils each while National Real Estate Co gave up 6 fils with brisk trading. Mabanee Co closed flat.
The market has been mixed during the week and has slipped 13 pts in last two sessions. It has rallied 1088 points from start of the month after gaining 2.37 pct during whole of 2016. KSE, with 208 listed companies, is the second largest bourse in the region.
In the bourse related news, Boubyan Bank’s fourth quarter profit rose 13.5 pct year-on-year to KD 11.44 million from KD 10.08 million in Q4- of 2015. For the full year , profit was up 16.6 pct to KD 41.07 mln from KD 35.24 million in 2015.
Al Mowasat Health Care has posted KD 1.8 million profits during the fourth quarter of 2016 and for the fiscal year of 2016, earnings rose 35.3 pct to KD 4.52 million from the year before. The board of directors has recommended a dividend payout of 20% or 20 fils per share.
Jeeran Holding Co has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.
Kuwait Building Materials Mfg. has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.
Hilal Cement Company has logged a net loss of KD 3,709 and loss per share of 0.04 fil in the January-September period of 2016 narrowing from a net loss of KD 117,151 and LPS of 1.39 fils in same period in 2015.
By John Mathews
Arab Times Staff