Kuwait ends ‘slightly’ lower; volume recedes – Zain sheds 20 fils; KIPCO flat
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KUWAIT CITY, Oct 30: Kuwait stocks sagged on Sunday after ending previous week in red. The price index pared back steeper early losses to close 7.03 pts lower at 5390.82 points weighed by some of the banks and other blue chips even as weak regional cues amid retreating oil prices dampened the sentiment.
The KSX 15 gauge dipped 14.98 points to 826.15 points trimming the month’s gains to 11 pts while weighted index eased 4.1 points . The volume turnover meanwhile shrank sharply following Thursday’s drop. 60.9 million shares changed hands – a 43.2 pct slide from the last session.
The sectors closed mixed. Parallel market outshone the rest with 1.15 pct gain whereas oil and gas was down 1.54 percent, the weakest performer of the day. In terms of volume, real estate mustered the highest market share of 24.9 percent while telecommunications stood close with 23.5 pct contribution.
Among the notable gainers, National Bank of Kuwait dropped 20 fils to KD 0.590 and is down 210 fils year-to-date while Kuwait Finance House gave up 5 fils to end at KD 0.475. Mabanee Co shed 10 fils to settle at 810 fils and Kuwait Foundry Co slid 40 fils.
Zain skidded 20 fils to KD 0.390 after trading 13.2 million shares and has gained 55 fils during the whole of October whereas Wataniya Telecom (Ooredoo) was not traded during the day.
Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.850 while logistics major Agility fell 5 fils to KD 0.475 and is unchanged from start of the month.
The market opened weak and drifted south in early trade. The price index continued to slide amid selling in select counters and plumbed the day’s lowest level of 5382.95 points past the mid-session. It moved sideways thereafter before clawing back some of the losses at close.
Top gainer of the day, Sokouk Holding Co rallied 8.6 percent to 31.5 fils while Amar Finance and Leasing Co climbed 8.47 percent to stand close behind. BIIHC slid 9.6 pct, the steepest decliner of the day and Zain topped the volume with 13.2 million shares.
Mirroring the day’s downtick, the market spread was skewed towards the losers. 32 stocks advanced whereas 48 closed lower. Of the 118 counters active on Sunday, 38 closed flat. 1927 deals worth KD 9.56 million were transacted – a 30.6 pct drop in value from the day before.
National Industries Group fell 4 fils to 112 fils and Gulf Cable was down 10 fils at 385 fils. ACICO was down 5 fils at 290 fils whereas Kuwait Portland Cement tumbled 40 fils to 166 fils. Heavy Engineering Industries and Shipbuilding Co slipped 4 fils.
Jazeera Airways was unchanged at KD 850 with thin volume and ALAFCO too did not budge from its earlier close of 214 fils. Humansoft Holding Co shed 20 fils whereas Kuwait Food Co (Americana) was not traded during the session.
Independent Petroleum Group dived 25 fils and RISCO rose 5 fils to 320 fils. The company has posted a net profit of KD 4.64 million and earnings per share of 47.37 fils in the nine-month period ending Sept 30, 2016 as against a net profit of KD 3.22 million and earnings per share of 32.39 fils in the same period of 2015.
Clipped
Equipment Holding Co inched 0.5 fil into red and Al Qurain Petrochemical Co clipped 2 fils. Kuwait National Cinema Co climbed 10 fils to 950 fils while Burgan Well Drilling Co and Combined Group Contracting Co stood pat at 86 fils and 650 fils respectively.
Kuwait and Gulf Link Transport Co paused at 47 fils off slight early lows and KGL Logistics Co added 3 fils before settling at 75 fils. Zimah Holding gave up 0.5 fil after trading 7.9 million shares and Mezzan Holding stalled at KD 1.020.
In the banking sector, Gulf Bank fell 2 fils to 234 fils whereas Commercial Bank of Kuwait and Al Ahli Bank stood pat at 234 fils and
395 fils respectively.
Burgan Bank fell 5 fils to 320 fils and Boubyan Bank closed flat. 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 September 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.
Kuwait International Bank stood steady at 190 fils and Warba Bank was up 4 fils at 202 fils. Ahli United Bank slipped 5 fils to 380 fils extending an identical fall in the last session.
Kuwait Investment Co eased 1 fil to 81 fils and Commercial Facilities Co clipped 2 fils. International Financial Advisors inched 0.5 fil into green while National Investment Co nudged 2 fils higher. Coast Investment Co eased 0.5 fils to 40.5 fils.
Bayan Investment Co was unchanged at 31.5 fils and KIPCO paused at KD 0.500. The company has logged a net profit of KD 40,02 million and earnings per share of 24.62 fils in the January –Sept period , up from net profit of KD 36.93 million and earnings per share of 22.11 fils.
KMEFIC and Al Mal clipped 0.5 fils each whereas Securities House Co stagnated at 39.5 fils. Iskan and Ektittan Holding rose 0.5 fil each and Amwal Investment Co fell 0.5 fil.
Kuwait Real Estate Co took in 1 fils whereas United Real Estate Co and National Real Estate Co gave up 2 fils each to close at 96 fils and 79 fils respectively. Argan Real Estate Co dipped 10 fils to 160 fils.
The market was largely buoyant during last week. The price index closed higher in four of the five sessions and had gained 76 points week-on-week. It has slipped 8 points so far during the month and is down 3.99 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 fils 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.
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