KUWAIT CITY, Dec 18: Kuwait stocks headed south on Sunday after posting strong gains during last week. The price index dropped 17.49 pts in choppy trade to 5,651.17 points weighed by select counters even as the blue chips remained largely subdued.
The KSX 15 benchmark eased a slight 0.45 pt to 889.23 points while weighted index inched 0.4 point into red. The volume turnover, meanwhile, receded for the second straight session. 134.47 million shares changed hands — a 11.4 percent drop from Thursday.
The sectors closed mostly in red. Consumer services outshone the rest with 085 percent gain whereas technology dipped 1.18 pct, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 57 pct while financial service trailed far behind with 17.9 percent contribution.
In the individual shares Gulf Bank slipped 4 fils to 246 fils erasing Thursday’s gains while Ahli United Bank was down 5 fils at 390 fils with thin trading. Humansoft Holding plunged 100 fils to KD 2.120 extending the drop in the previous session.
Zain rose 5 fils on back of 2.3 million shares to 425 fils and Wataniya Telecom (Ooredoo) shed 20 fils to close at KD 1.120. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.920 and Agility closed 10 fils lower at 620 fils.
Jazeera Airways dropped 10 fils to 770 fils and ALAFCO was up 10 fils at 234 fils. Jazeera has posted a net profit of KD 12.01 million and earnings per share of 60.06 fils in the first nine months of 2016.
The market opened on tame note and moved sideways in early trade. The main index scaled the day’s highest level of 5,672.72 pts and headed lower thereafter as sentiment turned weak. It continued to drift into red and plumbed the day’s lowest level of 5,641.29 pts in final hour before clawing back some of the losses at close.
Top gainer of the day, Contracting and Marine Services Co climbed 7.58 pct to 71 fils and Muntazahat climbed 6.58 pts to stand next. MENA Holding slid 11.11 pct, the steepest decliner of the day and Investors Holding Group topped the volume with 45.5 million shares.
Reflecting the day’s drop, the losers outnumbered the winners. 35 stocks advanced whereas 41 closed lower. Of the 129 counters active on Sunday, 53 closed flat. 2,916 deals worth KD 7.9 million were transacted — a 37 percent dip in value from the day before.
National Industries Group was flat at 126 off slight early highs Gulf Cable too did not budge from its earlier close of 385 fils. Heavy Engineering Industries and Shipbuilding Co fell 2 fils and Equipment Holding Co inched 0.5 fil into red.
Kuwait Portland Cement Co was unchanged at KD 0.910 and Kuwait Foundry Co followed suit. Al Qurain Petrochemical gave up 4 fils to close at 224 fils while Yiaco and AWJ Holding Co paused at 425 fils and 65 fils respectively.
Automatic Systems Co dropped 6 fils to 242 fils and Gulf Glass Manufacturing Company fell 5 fils. The company has registered a net profit KD 1.20 mln and earnings per share of 23.46 fils in the nine-month period ending Sept 30, 2016.
Zimah Holding Co stagnated at 41.5 fils whereas Mezzan Holding Co climbed 10 fils to 840 fils. The company has won the approval of Capital Markets Authority for it request to buy back or sell up to 10 pct of its shares over a period of 6 months.
Kuwait and Gulf Link Transport Co fell 2 fils to 53 fils and Al Qurain Petrochemical Co gave up 4 fils to end at 224 fils. Combined Group Contracting Co dipped 10 fils and Kuwait National Cinema Co stood pat at KD 1,020.
In the banking sector, National Bank of Kuwait was flat at KD 0.650 and Al Ahli Bank added 5 fils before settling at 300 fils. Kuwait International Bank was unchanged at 206 fils and Kuwait Finance House followed suit.
Burgan Bank fell 5 fils to 300 fils and Boubyan Bank held ground at 400 fils off slight early lows. Warba Bank took in 2 fils and Commercial Bank of Kuwait was not traded during the session.
Sector heavyweight KIPCO was flat at 500 fils and National Investment Co too did not budge from its early lows. Securities House Co stalled at 43 fils and Kuwait Financial Centre (Markaz) followed suit.
KMEFIC and KFIC stagnated at 23 fils and 37 fils respectively whereas Bayan Investment Co dialed down 33 fils. Unicap was up 1 fil at 50 fils and A Deera Holding Co gave up 0.5 fil.
Kuwait Investment Co and International Financial Advisors were unchanged at 81 fils and 32 fils respectively. Coast Investment Co paused at 38.5 fils after trading over 1 million shares and Gulf Investment House followed suit.
Sokouk Holding Co paused at 36 fils and Noor Financial Investment Co fell 0.5 fil to 46.5 fils. Alimitiaz clipped 2 fils and Kuwait Insurance Co added 5 fils to close at 255 fils.
Kuwait Real Estate Co and United Real Estate Co were unchanged at 61 files and 95 files respectively whereas National Real Estate Co took in 2 fils to wind up at 102 fils. Mabanee Co paused at KD 0.840 and Mazaya Holding stalled at 112 fils.
The market was upbeat during the week. The price index closed higher in four of the five sessions and has gained 79 points week-on-week.
It has rallied 116 points from the start of the month and is up 0.95 pct year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.
In the bourse related news, Shuaiba Industrial Co has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and earnings per share of 16.83 fils in same period of 2015.
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.
Hilal Cement Company has logged a net loss of KD 3,709 and loss per share of 0.04 fil in the January-September period of 2016 narrowing from a net loss of KD 117,151 and LPS of 1.39 fils in same period in 2015.
By John Mathews
Arab Times Staff