KUWAIT CITY, Nov 21 : Kuwait stocks headed south on Tuesday, extending its losses to third straight session. The main index dipped 25.75 pts in choppy trade to 6,231.97 points weighed by banking shares even as continuing regional tensions dampened the sentiment.
The KSX 15 benchmark slid 13.45 pts to 904.81 points taking the month’s losses to 63 points while weighted index was down 4.6 points at 394.77 pts. The volume turnover was little changed. 59.7 million shares changed hands — up 1.5 pct from the day before
The sectors closed mixed. Basic materials outshone the rest with 0.70 pct gain whereas consumer services shed 2 percent, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 32 pct while banks followed with 31 percent contribution.
Among prominent losers, National Bank of Kuwait dropped 15 fils to 720 fils after trading over 5 million shares and Kuwait Finance House shed 8 fils with brisk trading. KIPCO gave up 3 fils and Kuwait National Cinema Co tumbled 180 fils.
Zain slipped 9 fils to 440 fils with a volume of 3.3 million shares and Ooredoo extended its winning streak with 16 fils gain, Kuwait Telecommunications Co fell 3 fils to 680 fils and Agility dipped 19 fils after closing in a shallow trough in the last session.
Burgan Bank shed 10 fils and Warba Bank stood pat at 214 fils. The bank’s third quarter earnings soared 428.4 pct to KD 2.23 million from same period of 2016.
The market opened firm and ticked up in early trade . The price index scaled the day’s highest level of 6264 points and pulled lower thereafter as selling kicked in at select counters. It traded sideways half way into the session and bottomed at 6210 pts before clawing back some of the losses at close.
Top gainer of the day, Amwal Investment Co jumped 11.61 pct to 37.5 fils and Shuaiba Industrial climbed 11.11 pct to stand next. Kuwait Cinema slumped 12 percent, the steepest decliner of the day and Kuwait Finance House topped volume with 5.3 million shares.
Mirroring the day’s downswing, the losers vastly outnumbered the winners. 26 stocks advanced whereas 73 closed lower. Of the 120 counters active on Tuesday, 21 closed flat. 2862 deals worth KD 14.9 million were transacted – a 30 pct surge in value from the day before.
National Industries Group and Gulf Cable dropped 4 fils each to 139 fils and 414 fils respectively whereas Kuwait Cement Co gave up 6 fils to wind up at 450 fils. Mezzan Holding climbed 17 fils to 770 fils.
Jazeera Airways dialed down 1 fil and ALAFCO took in 2 fils. The company registered a 133.3 percent increase surge in profits to KD 32.82 million for the fiscal year that ended 30 September. The board of directors has recommended cash dividends of 10 fils per share.
Kuwait Foundry Co climbed 10 fils to 285 fils whereas ACICO Industries paused at 230 fils. NICBM slipped 5 fils to 185 fils whereas Boubyan Petrochemical Co and Al Qurain Petrochemical Co stood pat at 639 fils and 325 fils respectively.
Automated Systems Co rose 3 fils to 153 fils while Combined Group Contracting Co was down 7 fils at 470 fils. Kuwait and Gulf Link Transport Co was unchanged at 58 fils and KGL Logsitics inched 0.1 fil into red.
Humansoft Holding extended Monday’s gains with 29 fils jump to KD 3.800 and Al Rai Media Group dialed down 1 fil. Equipment Holding Co trimmed 0.8 fil while Educational Holding Co eased 1 fil to 308 fils
In the banking sector, Gulf Bank fell 1 fil to 237 fils and Commercial Bank held ground at 400 fils. Al Ahli Bank added to last session’s gains with a 4 fils rise to 304 fils.
Kuwait International Bank slipped 4 fils to 220 fils after trading over 1 million shares and Al Mutahed gave up 9 fils to close at 345 fils. Boubyan Bank was down 6 fils at 408 fils.
National Investment Co ticked 0.3 fil up on back of 2.2 million shares whereas Kuwait Investment Co and Securities House Co paused at 111 fils and 47.8 fils respectively. Coast Investment Co eased 0.1 fil to 31.7 fils.
Kuwait Financial Centre ( Markaz) rose 9 fils to 110 fils whereas Bayan Investment Co and Unicap edged 0.1 fil into green Sokouk Holding added 0.3 fil and Al Deera Holding dialed up 1.4 fils. Bayan Investment Co trimmed 0.1 fil.
KMEFIC was flat at 24 fils and KFIC too did not budge from its earlier close of 45 fils. The company has posted a 35 percent year-on-year surge in profits to KD 299,483 for the first nine months of 2017 while earnings per share surged 35 percent to 1.0 fil.
Noor Financial Investment Co fell 0.6 fil to 57.5 fils while Al Imtiaz and Kuwait Insurance Co gave up 1 fil each. Gulf Insurance shed 20 fils and Warba Insurance Co dialed up 2 fils.
Kuwait Real Estate Co slipped 2.2 fils whereas National Real Estate Co and Mabanee Co eased 1 fil each. Salhiya Real Estate Co dipped 10 fils and Mazaya Holding clipped 2 fils.
The bourse has been retreating so far during the week and has dived 77 points in last three sessions. It has slumped 32 points from start of the month and is trading over 8.4 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.
In the bourse related news, Zain’s third quarter earnings dropped 7 percent to nearly KD 40 million , compared to KD 43 million for the same period last year. Revenues amounted to KD 259 million and EBITDA stood at KD 104 million. In the 9M period, profits slipped by 1.6 pct to KD 122 million.
Aayan Leasing and Investment has registered a third quarter profit of KD 2.23 million, a 146.4 pct surge from the same period last year. During the first nine months of 2017, the earnings soared 323.3 pct to KD 6.9 million
Gulf Bank of Kuwait’s total shareholders’ equity stood at KD 591.2 million by the end of September 2017. The net revenue from interest totaled KD 97.2 mln in January — September period while operating profits stood at KD 89.7 million.
Aqar Real Estate Investments Co’s earnings was down 6.42 pct year-on-year during the third quarter of 2017 to KD 345,140 .In the January-September period, profits rose 11.5 percent to KD 1.03 million. The operating revenues rose 14.6 pct to KD 1.48 million in nine-month period.
Credit Rating and Collection Co’s (Tahssilat) losses widened to KD 269,840 in the third quarter of 2017 from KD 61,020 in the same period last year. During the nine-month period, it logged a profit of KD 830,200 against a loss of KD 291,200 in the same period in 2016.
By John Mathews – Arab Times Staff