Saturday , August 19 2017

Kuwait bourse retreats further; volume shrinks – Jazeera Airways jump 17 fils; Zain slips

KUWAIT CITY, Aug 9: Kuwait stocks sagged further on Wednesday extending its losses to second straight session. The bourse fell 6.89 pts in volatile trade to 6,823.03 points even as the broader market trend remained mixed. The banks and other heavyweight were largely subdued.

The KSX 15 gauge edged 0.94 pts higher to 961.47 points while weighted index gave up 0.49 pts to close at 417.95 points. The volume turnover meanwhile fell sharply following Tuesday’s rebound. 67.8 million shares changed hands — a 38.4 pct dip from the day before.

The sectors closed mostly in the red turf. Technology outpaced the rest with 1.75 percent gain whereas insurance shed 1.82 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 49.25 pct and banks followed with 16.45 percent contribution.

Among the individual shares, National Bank of Kuwait took in 2 fils on back of 2.2 million shares extending last session’s gains while Burgan Bank was up 3 fils at 364 fils. National Investment Co and KIPCO clipped 2 fils each to end at 109 fils and 370 fils respectively.

Zain slipped 3 fils to 451 fils after trading 1.3 million shares extending last session’s gains while Ooredoo stood pat at KD 1.170 off early lows. Kuwait Telecommunications Co (VIVA) trimmed 2 fils and Agility was up 3 fils at 849 fils.

Kuwait Finance House was flat at 106 fils and Gulf Bank of Kuwait too did not budge from its earlier close of 245 fils. The bank has registered a 12.3 pct rise in the second quarter profits to KD 13.4 mn from same period last year. During the first half profits was up 10 pct to KD 22.76 mln.

The market opened firm and ticked up in early trade. The main index peaked at 6,838.77 pts and traded sideways briefly before heading south. It plumbed the day’s lowest level of 6,788.33 points almost halfway into the session and clawed back most of the losses in the second half.

Top gainer of the day, NIH rallied 9.21 pct to 68.8 fils while AREEC climbed 7.9 percent to stand next. Warba Insurance Co tumbled 17 percent, the steepest decliner of the day and Al Imtiaz Investment topped the volume at 11.27 million shares.

Mirroring the day’s downtick, the losers outnumbered the winners. 37 stocks advanced whereas 51 closed lower. Of the 117 counters active on Wednesday, 29 closed flat. 2634 deals worth KD 11,53 million were transacted — a 41.42 pct slide in value from the day before.

National Industries Group was flat at 141 fils after trading over 3 million shares and Gulf Cable too did not budge from its earlier close of 458 fils. Kuwait Cement Co clipped 2 fils and Kuwait Portland Cement Co paused at 950 fils.

Combined Group Contracting Co dipped 10 fils to 550 fils and Heavy Engineering Industries and Shipbuilding Co climbed 6 fils to 212 fils. Equipment Boubyan Petrochemical Co was unchanged at 570 fils and Al Qurain Petrochemical Co gave up 4 fils.

Slipped

Humansoft Holding , the bourse’s highest priced stock, ticked 1 fil higher to KD 4.290 and NAPESCO slipped 4 fils to 912 fils. The company’s second quarter profits slid 26.8 pct to KD 1.73 million from same period in year before. During the first half, profits rose 6.9 percent to KD 4.04 million.

Educational Holding Group rose 5 fils to 355 fils while Independent Petroleum Group was down 6 fils at 390 fils. OSOS added 3 fils while UPAC held ground at 770 fils

Jazeera Airways jumped 17 fils to 573 fils and Alafco fell 5 fils. The company’s earnings surged 49 pct to KD 5.78 million in third quarter ended 30 June from same period last year.

Gulf Finance House slipped 5 fils to 165 fils whereas INOVEST rose 3 fils to 127 fils. Mezzan Holding gave up 3 fils at NICBM rose 3 fils to 915 fils. Burgan Well Drilling Co dropped 7 fils to 81 fils.

In the banking sector, Kuwait International Bank and Boubyan Bank stood pat at 245 fils and 416 fils respectively while Commercial Bank and Al Ahli Bank were not traded during the session. Al Mutahed eased 1 fil to 414 fils and Warba Bank followed suit

Kuwait Investment Co fell 1 fil to 106 fils and International Financial Advisors trimmed 0.5 fil after trading 1.59 million shares. Coast Investment Co and Securities House Co fell 0.8 fil each whereas Arzan paused at 36 fils.

Bayan Investment Co trimmed 0.4 fil while Ektittab Holding and Sokouk Holding dialed up 0.4 fil each. Aayan Investment Co fell 0.7 fil whereas Al Mal Investment Co inched 0.4 fil into red.

Noor Financial Investment Co slipped 1.4 fils to 52.6 fils and Osoul Investment added 1.9 fils. Al Madina Investment Co took in 1.3 fils and Al Deera Holding closed flat. Warba Insurance Co dipped 16.5 fils and Kuwait Insurance Co stalled at 230 fils. Kuwait Real Estate Co dialed up 1.5 fils.

Salhiya Real Estate Co climbed 10 fils to 360 fils whereas Tamdeen Real Estate Co and Mabanee Co paused at 400 fils and 805 fils respectively. United Real Estate Co ticked 0.1 fil up whereas Mazaya Holding closed flat.

The market has been mixed so far during the week and has slipped 2 points in last four sessions. It has shed 28 points from the start of the month and is trading 18.70 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait International Bank has posted a 37.1% year-on-year drop in second quarter profits to KD 3.32 million from same period in 2016. In the January-June period, earnings stood at KD 10.92 million, down 8.9% from first half of 2016.

Imtiaz Investment Group’s second quarter profits soared by a whopping 1,041 pct to KD 19.97 million from same period in 2016. During the first six months, profits surged 626.3% to KD 32.32 million.

Aqar Real Estate Investment’s second quarter profits surged 27 pct to KD 350,410 mln from same period last year helped by increase of rent revenues. The revenues rose 23.4 percent to KD 687,320 in the first half while operating revenues climbed 21.6 percent to KD 987,070.

National Real Estate’s (NREC) ordinary general meeting has approved raising its capital to KD 150 million, by issuing 1.5 billion shares at a nominal value of 100 fils each. The company’s current capital stands at KD 98.97 million.

Educational Holding Group has posted a 13 pct drop in profits in the quarter ended May 31, 2017. The profits totaled KD 1.14 million as against KD 1.31 million in the same period last year

By John Mathews

Arab Times Staff

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