KUWAIT CITY, July 19: Kuwait stocks swung into red on Wednesday after seesawing earlier in the week. The price index dipped 19.22 pts in volatile trade to 6,793.89 pts weighed by selling in select counters even as the overall sentiment remained mixed.
The KSX 15 gauge fell 0.76 pts to 927.13 points taking the month’s gains to 17 points while weighted index eased 0.84 pts. The volume turnover meanwhile surged past the 100 million mark to hit a multi-month high. 114.95 million shares changed hands — a 24.18 percent rise from Tuesday.
The sectors closed mostly in red. Insurance outled the rest with 1.56 pct gain whereas healthcare tumbled 12 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 49.2 percent while real estate trailed with 34.4 pct contribution.
In the individual shares, Commercial Bank of Kuwait dropped 20 fils to 310 fils after eking modest gains in the day before while Mabanee Co was down 5 fils at 765 fils after trading 1.4 million shares. Humansoft Holding dived 50 fils to KD 4.250 after hitting an all — time high earlier in the week.
Zain rose 2 fils to 432 fils on back of 1.9 million shares and Ooredoo was down 24 fils to KD 1.175 partly reversing Tuesday’s gains. Kuwait Telecommunications Co (VIVA) took in 1 fil and Agility gave up 1 fil after trading 1.55 million shares.
Kuwait Finance House took in 2 fils whereas Gulf Bank clipped 2 fils. The bank has registered a 12.3 pct rise in the second quarter profits to KD 13.4 million from same period last year.
The market opened firm and rose briefly in early trade. The main index headed south and charted a wavy course before plumbing the day’s lowest level of 6,773.20 points past the mid-session. It clawed back again to peak at 6,815 points and slipped into red at close.
Top gainer of the day, Al Mal Investment Co rallied 20 pct to 18 fils and also topped the volume with 22.36 million shares while First Takaful Insurance Co stood next with 16.13 pct jump. Mowasat Hospital slid 19.19 pct, the steepest decliner of the day.
Reflecting the day’s downtick, the losers outnumbered the winners. 51 stocks advanced whereas 56 closed lower. Of the 125 counters active on Wednesday, 3,652 deals worth KD 13.6 million were transacted — a 23.8 pct drop in value from the day before.
National Industries Group fell 2 fils to 136 fils erasing Tuesday’s gains whereas Gulf Cable shed 15 fils. Boubyan Petrochemical Co inched 1 fil down and Al Qurain Petrochemial Co slipped 4 fils to 326 fils. NICBM climbed 9 fils to 189 fils.
Kuwait Portland Cement and Heavy Engineering Industries and Shipbuilding Co were flat at 445 fils and 205 fils respectively whereas Metal and Recycling Co added 2 fils. NCCI dipped 21 fils to 98 fils and ACICO Industries dialed up 1 fil.
Jazeera Airways took in 2 fils and Alafco pulled 9 fils lower. The company earnings surged 49 pct to KD 5.78 million in third quarter ended 30 June from same period last year.
Educational Holding Co slipped 8 fils to 341 fils and Eyas climbed 10 fils to 860 fils. Safat Energy rose 3 fils to 41 fils and OSOS gave up 4 fils. Kuwait Cable Vision Co tripped 2 fils to settle at 28.5 fils.
Burgan Well Drilling Co and AWJ Holding eased 1 fil each to close at 90 fils and 78.5 fils respectively whereas Yiaco stood pat at 172 fils. Eyas For Higher and Technical Education climbed 20 fils to 860 fils.
Equipment Holding Co fell 1.9 fils to 48 fils and Shuiba Industrial Co trimmed 1 fil. Al Rai Media Group dialed up 2 fils and Mezzan Holding dived 25 fils to 923 fils.
In the banking sector, National Bank of Kuwait rose 1 fil on back of 2.3 million shares and Al Ahli Bank gave up 2 fils before closing at 320 fils. Al Mutahed inched 1 fil higher to 406 fils.
Burgan Bank was up 3 fils at 339 fils and Kuwait International Bank clipped 1 fil. Boubyan Bank slipped 2 fils to 406 fils and Warba Bank added 2 fils.
National Investment Co rose 1 fil to 104 fils and Coast Investment Co edged 1.1 fils into green. Kuwait Investment Co paused at 96 fils and International Financial Advisors eased 0.1 fil.
KAMCO trimmed 0.6 fil and Unicap was flat at 44.9 fils. Securities House Co climbed 3.4 fils to 47 fils and Ektittab Holding added 1.5 fils. AREEC dropped 20 fils to 140 fils and Mazaya Holding clipped 1 fil.
KMEFIC fell 0.4 fil to 27.5 fils and Sokouk Holding followed suit. Noor Financial Investment Co tripped 0.4 fil to 51 fils and Al Imtiaz dialed up 2 fils. Kuwait Insurance Co paused at 260 fils and Gulf Insurance Co closed 1 fil in green.
National Real Estate Co took in 1 fil on back of 3.9 million shares whereas Salhiya Real Estate Co held ground at 385 fils. United Real Estate Co erased 0.8 fil and Kuwait Real Estate Co gave up 0.4 fil.
The market has been mixed so far during the week and has added 4 points in last four sessions. It has climbed 137 points from start of the month and is trading 19.22 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.
In the bourse related news, Aqar Real Estate Investment’s second quarter profits surged 27 pct to KD 350,410 mln from same period last year helped by increase of rent revenues. The revenues rose 23.4 percent to KD 687,320 in the first half while operating revenues climbed 21.6 percent to KD 987,070.
S&P Global Ratings has affirmed “A-/A-2” long- and short-term counterparty credit ratings on Gulf Bank. The rating agency also revised its outlook on the bank to “positive” from “stable”.
National Real Estate’s (NREC) ordinary general meeting has approved raising its capital to KD 150 million, by issuing 1.5 billion shares at a nominal value of 100 fils each. The company’s current capital stands at KD 98.97 million.
KAMCO has sold a controlling stake worth 25.3 million pounds in a British property leased to Amazon UK Services Ltd. The deal will results in a drop of 56 million pounds while and the liabilities will see a 56.5 million dip.
Educational Holding Group has posted a 13 pct drop in profits in the quarter ended 31 May 2017. The profits totaled KD 1.14 million as against KD 1.31 million in the same period last year. In the nine-month period ending May 30, the earnings grew 22 pct to KD 4.32m.
Fitch Ratings upgraded GFH Financial Group’s long-term issuer default rating (IDR) from “B-” to “B”, with a “Positive” outlook.
By John Mathews
Arab Times Staff