Kuwait bourse slips amid choppy trading – Ooredoo dives 80 fils; NBK flat

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KUWAIT CITY, April 12: Kuwait stocks sagged Tuesday as investors consolidated their positions after the recent gains. The bourse slipped 9.33 pts in choppy trade to 5,275.04 pts even as sentiment turned soggy in absence of fresh cues.

The KSX 15 index eased 0.88 pts to 852.85 points and is down 32 points year-to-date while weighted index inched 0.91 pts lower. The volume turnover meanwhile ebbed slightly from the month’s high reached in the last session. 251.7 million shares changed hands – a 9.9 pct fall from the Monday.

The sectors closed mostly in the red turf. Consumer sector outled the rest with 0.58 pct gain whereas telecommunications shed 1.18 pct, the biggest loser of the day. In terms of volume, financial services logged the highest market share of 40.6 pct while real estate stood next with 33.4 percent contribution.

Among the day’s notable movers, Gulf Bank dropped 8 fils to 234 fils after trading 3.4 million shares and Burgan Bank gave up 5 fils to settle at KD 0.335 . Kuwait Food Co (Americana) climbed 20 fils to KD 2.600 extending an identical gain in the last session.

Zain was unchanged at KD 0.350 off early lows and the counter saw over 1 million shares change hands whereas Wataniya Telecom (Ooredoo) plunged 80 fils on razor thin volume. Kuwait Telecommunication Co (VIVA) stood pat at KD 1.020 and Agility followed suit.

KIPCO was flat at KD 0.560 and KAMCO Investment Company was down 5 fils to 95 fils. The company has logged a net profit 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.

The market opened flat and slipped into red in early trade. The price index seesawed in tight range below the opening mark and hit the day’s lowest level of 5,262.23 points in the final minutes before clawing back some of the losses at close.

Top gainer of the day, Kuwait Cable Vision climbed 7.69 pct to 28 fils and Al Aqaria rose 7.32 pct to stand close behind. MENA Real Estate Co slid 10.2 percent, the steepest decliner of the day and Al Mal topped the volume with over 22 million shares.

Mirroring the day’s downtick, the market spread was skewed towards the losers. 48 stocks advanced whereas 35 closed lower. Of the 127 counters active on Tuesday, 44 closed flat. 5,000 deals worth KD 18.05 million were transacted – a 23.9 pct rise in value from the day before.

National Industries Group dialed up 2 fils on back of 1.8 million shares whereas Gulf Cable dropped 10 fils to KD 0.355. Heavy Engineering Industries and Shipbuilding Co and Contracting and Marine Services Co gave up 4 fils each whereas Kuwait Portland Cement closed flat.

Jazeera Airways dipped 20 fils to KD 0.880 and ALAFCO slipped 4 fils to 212 fils. ACICO Industries was unchanged at KD 0.280 and Boubyan Petrochemicals Co too did not budge from its earlier close of KD 0.510.

Kuwait and Gulf Transport Co was unchanged at 46 fils and KGL Logistics Company followed suit. Hilal Cement Co stagnated at 134 fils.

Clipped

Qurain Petrochemical Industries Co rose 4 fils on back of 1.3 million shares and Kuwait Foundry Company clipped 2 fils. The company has posted a net loss of KD 2.94 million and loss per share of 19.17 fils in the year ending Dec 31, 2015 and the Board of Directors has recommended 10 percent cash dividends.

Mezzan Holding Co stagnated at KD 1.160 whereas Mashaer Holding Co gave up 5 fils to close at 89 fils. Salbookh Trading Co added 3 fils and Yiaco Medical Co climbed 10 fils. PAPCO stood pat at 110 fils.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.660 off early lows while Ahli United Bank rose 5 fils. Commercial Bank of Kuwait and Al Ahli Bank were not traded on Tuesday.

Kuwait Finance House was flat at KD 0.485 with a volume of 6.2 million and Kuwait International Bank followed suit. Boubyan Bank was up 5 fils at KD 0.400 and Warba Bank fell 2 fils to 174 fils.

National Investment Co dropped 10 fils after trading 9.8 million shares and Securities Group Co held steady at 83 fils. KMEFIC inched 1 fils higher while Bayan Investment and KFIC nudged 0.5 fils higher.

Sokouk Holding Co took in 2 fils with a volume of 17.4 million whereas Noor Financial Investment Co and Tamdeen Investment Co closed flat.

National Real Estate Co was up 1 fils on back of 3.6 million shares and Salhia Real Estate Co gained 10 fils. Mabanee Co stood pat at KD 0.860 and Al Mazaya Holding closed 4 fils in green.

Automated Systems Co rose 5 fils to 330 and United Projects Group shed 20 fils. The company has posted a net profit of KD 6.75 million and earnings per share of 86 fils in the year ending Dec 31, 2015. The BOD has proposed 86 pct cash dividends.

Jeeran Holding Co and PAPCO paused at 72 fils and 110 fils respectively and Gulf Petroleum Investment Co eased 1 fils after trading over 5 million shares.

The market has been largely upbeat positive so far during the week and has added 45 points in last three sessions. The price index has gained 46 points so far during the month but is down 6.06 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

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

Gulf Investment House has clocked a net loss KD 6.085 and losses per share of 37.07 fils in the year ending Dec 31, 2015 as compared to net loss of KD 1,62 million and losses per share of 10.42 fils in 2014.

Tamdeen Investment Co has posted a net profit of KD 11.52 million and earnings per share of 39.07 fils in the year ending Dec 31, 2015, up from net profit of KD 9.05 million and earnings per share of 30.41 fils in the year before.

Salhia Real Estate Company has posted an annual net profit of KD 11.62 million and earnings per share of 23.55 fils as compared to net profit of KD 11.42 million and arnings per share of 23.07 fils. The Board of Directors has recommended 20 pct cash dividends.

Injazzat Real Estate Development Company has clocked a net profit 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.

By John Mathews – Arab Times Staff

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