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KUWAIT CITY, Dec 28: Kuwait stocks pulled lower on Monday as it continued to see saw in a narrow range. The key gauge slipped 18.75 pts in listless trading to settle at 5,628.41 pts even as the board remained mixed. Most of the banks held steady while some of the real estate counters headed south.
The KSX 15 fell 2.91 points to 897.78 points, down 32 points from start of the month while weighted index eased 0.7 pts to 380.37 points. The volume turnover meanwhile was little changed after the rebound in the last session. 113.75 million shares changed hands – a 1.03 pct rise from Sunday.
The sectors diverged during the session. Consumer goods outled the rest with 1.24 pct gain whereas healthcare shed 1.13 pct, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 56.96 percent while real estate followed with 22.73 pct.
In the individual performers, Gulf Bank fell 5 fils to KD 0.260 reversing the gains in the last session while Mabanee Co was down 10 fils at KD 0.930. Kuwait Food Co ( Americana) climbed 20 fils to KD 1.960 trimming the month’s losses to 300 fils and Mezzan Holding Co followed suit to end at KD 1.755.
Telecom major Zain eased 5 fils to KD 0.345 after trading over 2 million shares and Wataniya Telecom ( Ooredoo) held the ground unchanged at KD 1.060. Agility too gave up slight early gains to end flat at KD 0.485.
Kuwait Telecommunications Co (VIVA) was down 10 fils to KD 0.990. The Capital Markets Authority has approved the optional offer of VIVA to buy the shares which it doesn’t own and represent 74 pct of the company’s shares.
The market opened slightly lower and eased further on selling in select counters. It plumbed the day’s lowest level of 5623.29 pts and moved sideways thereafter before closing with moderate losses.
Top gainer of the day, Securities Group Co vaulted 10 pct to 110 fils while City Group climbed 6.58 pct to stand next. The company has received the approval of Capital Markets Authority for its request to voluntarily withdraw from Kuwait Stock Exchange.
Credit Rating and Collection Co (Tahsillat) slid 10.1 pct, the steepest decliner of the day and Gulf Finance House topped the volume with over 32 million shares.
Reflecting the day’s drop, the market spread was skewed towards the losers. 32 stocks advanced whereas 53 closed lower. Of the 125 counters active on Monday, 40 closed flat. 2628 deals worth KD 9.3 million were transacted – 12.9 pct rise in value from the day before.
National Industries Group, the flagship company of the Kharafi Group, fell 2 fils to KD 0.126 while Kuwait Cement Co and ACICO Industries Co gave up 5 fils each. Kuwait Foundry Co paused at KD 0.220 and Boubyan Petrochemical Co dropped 10 fils to KD 0.500.
Jazeera Airways held steady at KD 0.910 and ALAFCO too did not budge from its earlier close of 210 fils. IFA Hotels and Resorts Co rose 10 fils to KD 0.194 whereas Al Mowasat Healthcare Co closed 10 fils in red. Humansoft Holding and Zima Holding Co paused at KD 0.980 and 126 fils respectively.
Equipment Holding Co took in 1 fils and Independent Petroleum Group stagnated at KD 0.260. Kuwait and Gulf Link Transport Co was unchanged at 43 fils and KGL Logistics Co followed suit to end at 57 fils.
In the banking sector, National Bank of Kuwait continued to stagnate at KD 0.800 and Commercial Bank of Kuwait followed suit. NBK has won the approval of Central Bank of Kuwait to extend its approval to buy back or sell a maximum of 10% of its shares for 6 months from Nov 23, 2015.
Kuwait Finance House was unchanged at KD 0.550 and Kuwait International Bank too did not budge from its earlier close of 220 fils off early lows. Ahli United Bank climbed 20 fils to KD 0.540 whereas Al Ahli Bank was flat at KD 0.370.
Boubyan Bank stagnated at KD 0.435 whereas Burgan Bank gave up 5 fils to settle at KD 0.375. The bank has obtained the approval of Central Bank of Kuwait and Capital Markets Authority to issue bonds for its holders at a maximum of KD 100 million with an aim to boost its capital base.
Commercial Facilities Co rose 8 fils to 176 fils whereas International Financial Advisors inched 1 fils down after trading over 6 million shares. IFA has won the nod of Capital Markets Authority on Dec 6, 2015, for its IFA’s request to sell own 47,110,564 shares over a period of 6 months.
Investment major KIPCO paused at KD 0.580 and National Investment Co added 3 fils. NIC has obtained the approval of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for 6 months.
KMEFIC and First Investment Co added 1 fils each while Bayan Investment Co closed 0.5 fils higher. The company. has obtained the approval of Capital Markets Authority to sell 30,319,197 shares for 6 months from the date of the approval.
Securities House Co nudged 1 fils up and Ektittab Holding Co clipped 2 fils. Kuwait Insurance Co shed 10 fils and Warba Insurance Co took in 2 fils to settle at KD 0.104.
National Real Estate Co slipped 4 fils to 88 fils and United Real Estate Co closed 4 fils higher. Al Mazaya Holding Co gave up 2 fils to end at KD 0.102.
The market has been mixed so far during the week and has added 9 points in last two sessions. It has dived 173 points from start of the month and is trading 13.588 pct down year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Al Safat Real Estate Co. has incurred a net loss of KD 53,673 and loss per share of 0.22l fils in the period ending 31 Oct 2015 as compared to net profit of KD 96,933 and earnings per share of 0.40 fils in the same period of 2014.
Boubyan International Industries Holding Company has clocked a net profit of of KD 25,007 and earnings per share of 0.08 fils in the quarter ending 31 Oct 2015 as against net loss of KD 126,236 and loss per share of 0.42 Fils in the same period of last year.
Strategia Investment Co. has won the Capital Markets Authority’s approval for the company’s request to buy back or sell up to 10% of own shares over a period of 6 months.
Noor Financial Investment. The company has logged a net profit of KD 59,909 and earnings per share of 0.15 fils in the nine-month period ending Sept 30, 2015 as against net profit of KD 3.97 million and earnings per share of 9.87 fils in the same period last year.
By John Mathews – Arab Times Staff