KUWAIT CITY, Dec 5: Kuwait stocks sagged on Tuesday snapping the two-day uptrend. The bourse fell 7.82 points in choppy trade to 6,214.12 points tracking the weakness in regional markets led by banks and some of the mid caps.
The KSX 15 benchmark dropped 7.9 pts to 902.93 points trimming the year’s gains to 17 points while weighted index fell 2.62 points. The volume turnover meanwhile dipped to a two-week low. 59.2 million shares changed hands – a 23 pct drop from the day before.
The sectors closed mixed. Technology outled the rest with 1.55 pct gain whereas real estate shed 1,27 percent, the worst performer of the day.
Volume wise, banks mustered the highest market share of 36.4 percent and financial services followed with 32.7 pct contribution.
Among notable losers, National Bank of Kuwait slipped 7 fils to 725 fils with a volume of 1.3 million shares and Kuwait Finance House was down 4 fils at 567 fils with brisk trading. Mabanee Co shed 7 fils and Humansoft Holding , the highest priced stock in the bourse, tumbled 139 fils to KD 3.561.
Zain dipped 7 fils to 442 fils after trading 2.65 million shares amd Ooredoo stood pat at KD 1.080 with thin trading volume. Kuwait Telecommunications Co (VIVA) gave up 2 fils and Agility shed 12 fils to wind up at 793 fils.
Burgan Bank clipped 2 fils and Warba Bank dropped 4 fils to 222 fils. the bank’s third quarter earnings soared 428.4 pct to KD 2.23 million from KD 442,000 same period of 2016.
The market opened firm and pulled higher in early trade. The main index see sawed and headed south thereafter as sentiment turned weak. It plumbed the day’s lowest level of 6,175 points in the final minutes before clawing back some of the losses at close.
Top gainer of the day, Nafais Holding vaulted 18.18 pct to 650 fils and Al Aqaria climbed 4.2 percent to stand next. Kuwait Cable Vision Co slumped 19.2 pct, the steepest decliner of the day and Ithmaar Bank topped the volume with 7.6 million shares.
Mirroring the day’s downtick, the losers vastly outnumbered the winners. 34 stocks advanced whereas 64 closed lower. Of the 117 counters active on Tuesday, 64 closed flat. 2810 deals worth KD 11.47 million were transacted – a 22.9 percent drop in value from the day before.
National Industries Group dipped 4 fils to 149 fils erasing Monday’s gains while Gulf Cable was down 8 fils at 426 fils.
Heavy Engineering Industries and Shipbuilding Co rose 5 fils to 426 fils and Equipment Holding Co edged 0.9 fil into green.
Jazeera Airways dropped 23 fils to 635 fils whereas ALAFCO stood pat at 370 fils. Boubyan Petrochemical Co dialed down 2 fils and Al Qurain Petrochemical Co ticked 1 fil into red.
Kuwait Foundry Co shed 7 fils while Educational Holding and ACICO Industries trimmed 1 fil each to settle at 307 fils and 248 fils respectively. KPPC was unchanged at 53.9 fils and Combined Group Contracting Co took in 2 fils.
Independent Petroleum Group dropped 5 fils to 375 fils whereas Automated Systems Co climbed 8 fils to 136 fils. Kuwait and Gulf Link Transport Co added 2.8 fils and KGL Logistics inched 0.1 fils lower to 48.6 fil.
Kuwait Food Co (Americana) eased 1 fil to KD 1.139 following Monday’s sharp fall while Inovest gave up 3 fils. Metal and Recycling Co was up 7 fils at 75 fils.
Mashaer Holding gained 7 fils and Mezzan Holding fell 3 fils to 765 fils. The company posted a 10.5 pct year-on-year drop in profits to KD 2.8 million for the third quarter of 2017, in the first nine months of the year,ernins dipped by 23.1 percent to KD 10.1 million.
In the banking sector, Gulf Bank eased 1 fil to 240 fils and AlMutahed followed suit. Kuwait International Bank held ground at 229 fils and Boubyan Bank was down 5 fils at 416 fils.
Commercial Bank and Al Ahli Bank were not traded during the session.
Kuwait Investment Co fell 3 fils to 115 fils while Coast Investment Co and Securities House took in 0.3 fil each. National Investment Co edged 0.3 fil higher and KIPCO climbed 9 fils to 290 fils. International Financial Advisors dialed up 0.4 fil.
Bayan Investment Co eased 0.1 fil and KAMCO added 2.6 fils. The company recorded a profit of KD 621,320 in the period between June and September, a 273.3 pct surge from third quarter of 2016. For the first nine months, earnings rose 11.93 percent to KD 996,680.
KFIC fell 0.4 fil while Al Madina and Amwal Investment took in 2 fils each. KMEFIC was unchanged at 25 fils and Unicap trimmed 0.3 fil. Tamdeen Investment Co dipped 5 fils to 300 fils and Noor Financial Inve4stment Co inched 0.2 fil into red.
Gulf Insurance Co plunged 50 fils to 650 fils and Warba Insurance Co was up 3 fils at 67 fils. First Takaful Insurance Co gained 6.9 fils and Wethaq Takaful Insurance Co gave up 1.5 fils.
Kuwait Real Estate Co clipped 0.3 fil while Al Aqaria rose 4 fils to 32 fils. National Real Estate Co fell 4 fils to 122 fils and Mazaya Holding ticked 1 fil into red. Ream slid 30 fils and AREEC pulled 6 fils into red.
The bourse has been largely positive so far during the week and has climbed 18 points in last three sessions. It had slid 317 points during whole of November and is trading over 8.11 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.
In the bourse related news, Commercial Facilities recorded a a 26.2 percent surge in third-quarter profits to KD 2.94 million from same period last year. In the first nine months of 2017, net profit swelled by 33.7 percent to KD 7.3 million, The company attributed the rise in its profits to the increase in investment profits.
Asiya Capital Investments Co on Thursday bounced back to black in the third quarter of 2017 with a profit of KD 503,900 as against loss of KD 590,000 in the same period in the year before. In the January-September period the losses totaled KD 794,290 narrowing from KD 4.63 million in the 9M of 2016.
Aqar Real Estate Investments Co’s earnings was down 6.42 pct year-on-year during the third quarter of 2017 to KD 345,140 .In the January-September period, profits rose 11.5 percent to KD 1.03 million. The operating revenues rose 14.6 pct to KD 1.48 million in nine-month period.
NAPESCO posted a 104.4 percent surge to KD 3.96 million in the third quarter profits of 2017 from the same period last year. The company earned KD 8 mln in the first three quarters — a 39.9 pct rise from KD 5.72 m in the same period last year.
By John Mathews – Arab Times Staff