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Kuwait bourse treads water; volume recedes – KFH slips 5 fils; Jazeera Airways flat

KUWAIT CITY, June 14: Kuwait stocks trod water on Tuesday as sentiment turned brittle amid slight retreat in oil prices. The price index inched 0.17 pts down in a tame session to 5,412.14 pts with a mixed board. The banks remained mostly subdued and other heavyweights too were little changed during the session

The KSX 15 benchmark eased 0.34 pts to 810.8 pts while weighted index was down 0.39 pts to settle at 353.91 points. The volume turnover meanwhile sank below the 100 million mark after rebounding in the last session. 73.19 million shares changed hands — a 35.5 pct slide from Monday.

The sectors closed mixed. Basic materials outshone the rest with 1.26 pct gain whereas telecommunications slipped 0.30 percent, the weakest performer of the day. In terms of volume, financial services accounted for the highest market share of 47.8 pct while industrials and banks trailed far behind with 14.4 percent and 11 pct contributions respectively.

In the individual shares, National Bank of Kuwait was unchanged at KD 0.610 off early highs whereas Kuwait Finance House gave up 5 fils to settle at KD 0.460 after trading 3.9 million shares. Kuwait Food Co (Americana) jumped 40 fils to KD 2.100 extending an identical gain in the last session.

Zain pared back light early gains to stand pat at KD 0.340 while Wataniya Telecom (Ooredoo) shed 20 fils with thin trading. Kuwait Telecommunications Co (VIVA) paused at KD 0.930 and Agility too did not budge from its earlier close of KD 0.495.

Investment conglomerate KIPCO dropped 10 fils to KD 0.510 and National Investments Company stagnated at 92 fils. The company has logged a first quarter net profit of KD 1.11 million and earnings per share of 1.3 fils.

The market opened on dull note and moved sideways in early trade. The price index continued to trade listlessly along the opening mark and slipped briefly into red past the mid-session. It hit the day’s lowest level of 5,400.9 pts before paring back most of the losses at close.

Top gainer of the day, Burgan Well Drilling Co climbed 5.6 pct to 93 fils while Livestock Transport and Trading Co rose 4.12 percent to stand next. Marakez shed 8.7 percent, the steepest decliner of the day and Al Salam topped the volume with over 10 million shares.

Mirroring the day’s mixed sentiment, the market was evenly spread with number of winners and loser both at 21. Of the 96 stocks traded on Tuesday, 54 closed flat. 1,634 deals worth KD 7.9 million were transacted — a 29.7 pct drop in value from the day before.

National Industries Group fell 2 fils to 110 fils while Gulf Cable and Kuwait Foundry Co both stood pat at 400 fils and 178 fils respectively. Qurain Petrochemical Industries Co took in 2 fils and Ikarus Petroleum Industries Co inched 0.5 fils higher.

Paused

Jazeera Airways was flat at KD 0.920 off early lows and ALAFCO followed suit to wind up at 204 fil. Gulf Petroleum Investment Co and Independent Petroleum Group Co paused at 44 fils and 320 fils respectively.

Zima Holding Co eased 0.5 fils after trading over 3 million shares and ACICO Industries Co gained 10 fils. The company has clocked a net profit of KD 3.85 million and earnings per share of 14.11 fils in the first quarter of 2016. Mezzan Holding Co held steady at KD 1.060.

Kuwait and Gulf Link Transport Co was unchanged at 49 fils and Kuwait Foundry Company too did not budge from its earlier close of 178 fils. The com has penciled a net profit of KD 592,402 and earnings per share of 3.85 fils in the January-March period bouncing from a net loss of KD 469,119 and losses per share of 3.05 fils in the same period last year.

In the banking sector, Gulf Bank dialed up 2 fils to close at 222 fils while Ahli United Bank and Kuwait International Bank held the ground unchanged at 405 fils and 196 fils respectively.

Boubyan Bank rose 5 fils to KD 0.395 partly recouping the loss in the last session whereas Commercial Bank and Al Ahli Bank were not traded during the session.  Warba Bank was flat at 172 fils and Burgan Bank followed suit. The bank has registered a net profit of KD 14.28 million and earnings per share of 4.4 fils in the first quarter of 2016 as compared to net profit of KD 17.53 million and earnings per share of 6.0 fils in Q1 of 2015

Kuwait Investment Co fell 3 fils with thin trading and Kuwait Financial Centre (Markaz) clipped 1 fil to settle at 83 fils whereas Bayan Investment Co and KFIC took in 0.5 fil each to close at 35 fils and 38 fils respectively.

Noor Financial Investment Co and Sokouk Holding Co stood pat at 39 fils and 36 fils respectively and Al salam Group Holding Co followed suit with brisk trading. Al Mal Investment Co stagnated at 28 fils after trading 1.9 million shares. Kuwait Real Estate Co gave up 1 fil while Aayan Real Estate Co and Ekttitan Holding Co stood pat at 63 fils and 38 fils respectively.

The market has been mixed so far during the week and is up 2 points in last three sessions. It has added 11 points so far during the month but is down 3.61 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, Sanam Real Estate Company has announced a net profit of KD 9,856 and earnings per share of 0.08 fils in the first quarter of 2016 rebounding from net loss of KD 111,398 and losses per share of 0.92 fils in the same period last year.

The Energy House Co haa recorded a net profit of KD 956,632 and earnings per share of 1.276 fils in the quarter ending March 31, 2016 rebounding from a net loss of KD 1.02 million and losses per share of 1.366 fils in the same period last year.

Advanced Technology Company has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of KD 1.15 million and earnings per share of 7.69 fils in the same period last year.

Shuaiba Industrial Co. has posted a net profit of KD 629,557 and earnings per share of 7.93 f ils in the first quarter of 2016 as compared to net profit of KD 444,921 and earnings per share 5.65 fils in the same period last year.

Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.

By John Mathews – Arab Times Staff

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