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Kuwait bourse down after ‘volatile’ trade – Ooredoo sheds 20 fils; NBK flat

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KUWAIT CITY, Oct 27: Kuwait stocks edged lower on Thursday to end the week on a tepid note. The main index eased 5.85 pts in volatile trade to 5,397.85 points as profit booking kicked in after the six-day gaining spree. The trading board however remained broadly mixed.

The KSX 15 gauge dropped 4.27 pts to 841.13 points trimming the month’s gains to 27 pts while weighted index inched 1.52 pts into red. The volume turnover meanwhile fell sharply as the trading floor mood turned cautious. 107.4 million shares changed hands — a 36 pct drop from Wednesday.

The sectors closed mostly in the red zone. Consumer goods outperformed the rest with 0.71 pct gain whereas telecommunications dipped 1.54 percent, the biggest loser of the day. In terms of volume, real estate notched the highest market share of 29.2 pct while financial services followed with 19.8 percent contribution.

In the individual shares, Kuwait Finance House slipped 5 fils to 480 fils after trading 3.8 million shares and while KIPCO stood pat at KD 0.500 off slight early lows. Kuwait Food Co (Americana) gained 20 fils recouping the fall in the last session.

Wataniya Telecom (Ooredoo) shed 20 fils with razor thin trading volume and Kuwait Telecommunications Co (VIVA) was down 10 fils at KD 0.850 taking the month’s losses to 30 fils. Agility gave up 5 fils to settle at KD 0.480 and Zain dropped 10 fils to 410 fils after trading 6.6 million shares.

The market opened on tame note and fell sharply in early trade as profit taking dominated the trading floor following the solid gains in the recent sessions. The price index plumbed the day’s lowest level of 5,378.86 pts ahead of the mid-session and clawed back most of the losses at close.

Top gainer of the day, QIC rallied 7.25 pct to 74 fils while FTI climbed 5.95 percent to stand next. Taameer slid 7.14 pct, the steepest decliner of the day and Investors Holding Group topped the volume with over 13 million shares.

Reflecting the day’s downtick, the losers outnumbered the winners. 35 stocks advanced whereas 52 closed lower. Of the 122 counters active on Sunday 35 closed flat. 2,976 deals worth KD 13.7 million were transacted — a 59.3 pct slide in value from the day before.

National Industries Group took in 2 fils on back of 1.3 million shares while Gulf Cable added 5 fils to settle at 395 fils. Gulf Glass Manufacturing Co dipped 15 fils whereas Equipment Holding Group inched 0.5 fil lower.

Jazeera Airways fell 10 fils to 850 fils and ALAFCO inched 2 fils into red extending an identical fall on Wednesday. Humansoft Holding Co was unchanged at KD 1.620 and Independent Petroleum Group followed suit.

Kuwait Foundry Co fell 2 fils to 166 fils and Heavy Engineering Industries Shipping Co was down by same measure. Contracting and Marine Trading Co was down 5 fils at 87 fils and Mayadeen added 1 fil with brisk trading. Energy Holding Co gave up 1.5 fils to end at 42 fils.

Paused

Soor Fuel Marketing Co rose 6 fils whereas RISCO paused at 315 fils. The company has posted a net profit of KD 4.64 m and earnings per share of 47.37 fils in the nine-month period ending Sept 30, 2016.

Mezzan Holding dipped 20 fils and Alrai Media Group Co ended 2 fils higher. The company has logged nine-month net profit of KD 2.94 million and earnings per share of 12.701 fils as compared to net profit of KD 4.72 million and EPS of 20.386 fils in the year before period.

In the banking sector National Bank of Kuwait was unchanged at KD 0.610 off early lows with a volume of 3.2 million and Gulf Bank too did not budge from its earlier close of 236 fils. Commercial Bank of Kuwait was up 5 fils at 395 fils.

Al Ahli Bank and Ahli United Bank slipped 5 fils each to settle at 315 fils and 385 fils respectively and Kuwait International Bank stood pat at 190 fils with a volume of over 1 million. Warba Bank gave up 4 fils to close at 198 fils.

Burgan Bank was flat at 325 fils and Boubyan Bank followed suit. The bank has recorded a net profit of KD 29.62 million and earnings per share of 13.68 fils in the nine-month period ending Sept 30, 2016 as against a net profit of KD 25.15 million and earnings per share of 11.62 fils in the year before period.

National Investment Co stalled at 110 fils and International Financial Advisors inched 1 fil down after trading 1.8 million shares. Kuwait Investment Co slipped 3 fils to 82 fils and Commercial Facilities Co dialed up 2 fils before settling at 170 fils.

Securities House Co and Arzan were unchanged at 39.5 fils and 30 fils respectively whereas Kuwait Financial Centre ( Markaz) closed 1 fil in red. KMEFIC was unchanged at 23.5 fils and Sokouk Holding Co followed suit.

KAMCO fell 2 fils to 118 fils with thin volume and KFIC was up 1.5 fils. Bayan Investment Co and Noor Finance and Investment Co took in 0.5 fil while Coast Investment Co inched 1 fil lower. Ahleia Insurance Co slid 25 fils to 450 fils.

Mabanee Co climbed 10 fils to KD 0.820 whereas Mazaya Holding Co gave up 4 fils to wind up at 110 fils. Kuwait Real Estate Co clipped 1 fil and Abyaar Real Estate Co edged 0.5 fil into red.

The market was largely buoyant during the week. The price index closed higher in four of the five sessions and has rallied 76 points week-on-week. It has eased 1 point so far during the month and is down 3.87 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, Aqar Real Estate Investments Co has registered a net profit of KD 923,223 and earnings per share of 4.34 fils in the January-September period down from net profit of KD 1.72 million and EPS of 7.63 fils in the 9M of 2015.

Jeeran Holding Co has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.

Kuwait Building Materials Mfg has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.

Ajwan Gulf Real Estate Co. has incurred a net loss of KD 71,423 and loss per share of 0.97 fil in the first nine months of 2016 as compared to net profit of KD 44,278 and earnings per share of 0.60 fils in the 2015, 9M.

By John Mathews

Arab Times Staff