KUWAIT CITY, Oct 10: Kuwait stocks headed south on Monday extending the losses to fifth consecutive session. The price index dropped 16.48 pts in volatile trade with a broadly mixed board. The heavyweights were mostly muted even as investors look for fresh cues to buoy the sentiment.

The KSX 15 gauge dipped 3.37 pts to 804.28 points taking the month’s losses to 10 points while weighted index edged 11.07 points lower. The volume turnover meanwhile saw modest rebound after plumbing a one-month low on Sunday. 42.75 million shares changed hands — a 27.26 percent jump from the day before.

The sectors closed mostly in the red turf. Parallel market outshone the rest with 0.50 pct gain whereas consumer goods slid 0.96 percent, the biggest loser of the day. In terms of volume, banks accounted for the highest market share of 26.39 pct and financial services stood close behind with 26.19 percent contribution.

Among the day’s movers, KIPCO slipped 10 fils to 520 fils whereas Burgan Bank added 5 fils before settling at 325 fils. Kuwait Food Co (Americana) saw a 20 fils pullback erasing the gains in the last session.

Zain fell 5 fils to 335 fils after trading 1.5 million shares while (Wataniya Telecom) Ooredoo held ground at KD 1.100 with thin volume. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.870 and Agility too did not budge from its earlier close of 470 fils.

Sector bellwether National Bank of Kuwait was flat at 580 fils off early highs after trading 5.8 million shares and Commercial Bank of Kuwait followed suit. The bank has registered a net profit of KD 11.50 million and earnings per share of 7.7 fils in the January- June period.

The market opened firm but fell sharply in early trade. The main index continued to head south amid selling in select counters and troughed at 5,283.12 pts well past the mid-session. It however clawed back some of the losses at close.

Top gainer of the day, Commercial Facilities Co vaulted 6.25 pct to 170 fils and Ras Al Khaimah White Cement Co climbed 6.1 percent to stand next. AWJ Holding slumped 8.77 percent, the steepest decliner of the day and National Bank of Kuwait topped the volume with 5.8 million shares.

Reflecting the day’s drop, the market spread was skewed towards the losers. 19 stocks advanced whereas 48 closed lower. Of the 110 counters active on Monday, 43 closed flat. 1,293 deals worth KD 9.6 million were transacted — a 35.5 pct surge in value from the day before.

National Industries Group took in 2 fils before closing at 108 fils while Gulf Cable paused at 370 fils. Kuwait Portland Cement Co dropped 10 fils to KD 0.940 and Boubyan Petrochemical Co followed suit to wind up at 470 fils. Heavy Industries Engineering and Shipbuilding Co gave up 4 fils to close at 150 fils.

ALAFCO dialed up 2 fils to close at 214 fils and Jazeera Airways Co stood pat at KD 0.820. The airline has clocked a net profit of KD 5.99 million and earnings per share of 29.96 fils in the January-June period.

Gained

Equipment Holding Co inched 0.5 fil into red whereas Combined Group Contracting Co gained 10 fils. The company has registered a net profit of KD 219,574 and earnings per share of 1.63 fils in the first six months of 2016.

Kuwait and Gulf Link Transport Co eased 0.5 fil to 46.5 fils and KGL Logistics followed suit. NICBM and Al Qurain Petrochemical Co were unchanged at 194 fils and 194 fils respectively whereas Mushrif Trading and Contracting Co clipped 2 fils.

Mezzan Holding Co shed 10 fils and Zima Holding Co dialed up 1 fil. The company has posted a net profit of KD 33,489 and earnings per share of 0.33 fils in the first half of 2016 as against a net loss of KD 118,457 and losses per share of 1.18 fils in the same period last year.

In the banking sector, Gulf Bank fell 2 fils to KD 226 and Al Ahli Bank was down 5 fils at 305 fils. Kuwait International Bank eased 2 fils whereas Ahli United Bank was not traded during the session.

Kuwait Finance House stagnated at KD 0.465 after trading 3.9 million shares and Burgan Bank was up 5 fils at 325 fils. Boubyan Bank stood pat at 380 fils and Warba Bank stalled at 164 fils.

Commercial Facilities Co climbed 10 fils to 170 fils and Kuwait Investment Co held steady at 84 fils. National Investment Co gave up 2 fils and Securities House Co was down by same measure. Securities Group Co stood pat at 85 fils.

 KMEFIC and Arzan Investment Co stagnated at 23.5 fils and 30 fils respectively whereas KFIC dialed up 2 fils. Al Mal Investment Co and Gulf Investment House clipped 1 fil each to end at 22.5 fils and 24 fils respectively.

Bayan Investment Co and Osoul Investment Co were flat at 305 fils and 42.5 fils respectively while Sokouk Holding inched 0.5 fil into red. Al Deera Holding paused at 36 fils and Noor Financial Investment Co gave up 0.5 fil.

Kuwait Real Estate Co slipped 6 fils to 184 fils and Mabanee Holding was down 10 fils to 800 fils. Mazaya Holding stood pat at 108 fils.

The market has been negative so far during the week and has shed 26 points in the last two sessions. It has slid 104 pts so far during the month and has shed 5.7 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, Hilal Cement Company has posted a net profit of KD 20.659 mln and earnings per share of 0.2 fils in the six-months period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fils in the same period last year.

Metal and Recycling Co clocked a net profit of KD 118,386 and

earnings per share of 1.58 fils in the six-month period ending June 31,2016 rebounding from net loss of KD 185,711 and losses per share of 2.48 fils in same period last year.

Gulf Glass Manufacturing Company has registered a net profit of KD 941,711 and earnings per share of 18.35 fils in the six-month period ending June 30 as against a net profit of KD 1.39 million and earnings per share of 27.09 fils in the same period last year.

Asiya Capital Investments Company has clocked a net loss of KD 5.46 million and loss per share of 7.03 fils in the January-June period sliding from a net profit of KD 1.77 million and earnings per share of 2.29 fils in the same period last year.

Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months from date of the approval.

By John Mathews

Arab Times Staff