Kuwait index ends little changed; volume thins – Ooredoo dives 80 fils; Mabanee Co gains

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KUWAIT CITY, May 8: Kuwait stocks got off to a tame start as the main index closed little changed on Sunday. The bourse gave up early gains to close 2.49 points lower at 5,370.68 pts even as investors toed the sidelines in absence of fresh cues.

The KSX 15 measure fell 1.55 pts to 851.8 points taking the month’s losses to 12 points while weighted index nudged 0.44 points higher. The volume turnover meanwhile ebbed further to hit a fresh multi-month low. 84.2 million shares changed hands — a 5.6 percent drop from Thursday.

The sectors closed mostly in the red territory. Telecommunications outshone the rest with 1 pct gain whereas technology shed 1.41 percent, the worst performer of the day. In terms of volume, financial services clocked the highest market share of 38.94 pct while real estate stood next with 32.4 percent contribution.

In the individual shares, Commercial Bank slid 25 fils to KD 0.425 whereas sector bellwether National Bank of Kuwait stood pat at KD 0.670 off early lows. Mabanee Co gained 20 fils recouping the losses in the last session.

Zain gave up slight early gains to close flat at KD 0.345 whereas Wataniya Telecom (Ooredoo) tumbled 80 fils to KD 1.140 and is up 40 fils year-to-date. Agility dropped 10 fils to KD 0.500 after trading over 1 million shares.

Kuwait Telecommunications Co (VIVA) paused at KD 0.990 off early highs. The company has recorded a net profit of KD 9.81 million and earnings per share of 20 fils in the quarter ending March 31, 2016 as against net profit of KD 10.36 million and earnings per share of 21 fils in same period last year.

The market opened flat and ticked up in early trade. The price index hit the day’s highest level of 5,396.66 pts and drifted listlessly well past the mid-session. It slipped into red in the final minutes before closing with slight losses.

Top gainer of the day, Energy House rallied over 9 percent to 60 fils while Ooredoo stood next with 7.55 pct jump. Kuwait Cable Vision Co slid 7.4 pct, the steepest decliner of the day and Abyaar Real Estate Co topped the volume with 13.2 million shares.

The market spread was biased towards the losers. 34 stocks advanced whereas 43 closed lower. Of the 124 counters active on Sunday, 47 closed flat. 2,291 deals worth KD 6.67 million were transacted — a 28.7 percent dip in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, eased 2 fils to 124 fils whereas Kuwait Cement Co climbed 20 fils to stand next. Gulf Cable slipped 10 fils to KD 0.370 whereas Kuwait Portland Cement Co and ACICO Industries Co stood pat at KD 1.020 and KD 0.295 respectively.

Jazeera Airways tripped 10 fils to KD 0.860 and ALAFCO clipped 2 fils. Jazeera has reported a net profit of over KD 4 million and earnings per share of 20.05 fils in the quarter ending March 1, 2016.

Climbed

Boubyan Petrochemicals Co slipped 10 fils to KD 0.520 whereas Humansoft Holding Co climbed 20 fils. The company has posted a net profit of KD 6.19 million and earnings per share of 51 fils in the quarter ending March 31, 2016 soaring from net profit of KD 3.07 million and earnings per share of year 25 fils in the same period last year.

Equipment Holding Co and NICBM were unchanged at 54 fils and 236 fils respectively and Qurain Petrochemical Industries Co followed suit. United Projects Group gained 10 fils whereas Yiaco Medicals Co was down 10 fils at 172 fils.

Kuwait and Gulf Link Transport Co inched 1 fil lower and KGL Logistics Co closed 1 fil in green. Jeeran Hodling and Zima Holding were unchanged at KD 0.860 and 43 fils respectively while Mashaer Holding Co eased 1 fil.

In the banking sector, Gulf Bank fell 2 fils to 238 fils whereas Ahli United Bank and Kuwait International Bank stagnated at KD 0.420 and KD 0.208 respectively. Al Ahli Bank was not traded during the session.

Kuwait Finance House pulled up from slight early losses unchanged at KD 0.480 and Burgan Bank followed suit to close at KD 0.340. Boubyan Bank stagnated at KD 0.405 and Warba Bank dialed up 2 fils to settle at 176 fils.

National Investment Co fell 2 fils to 118 fils whereas KIPCO stood pat at KD 0.540. Securities Group added 2.5 fils on back of 2.7 million shares and Al Aman Investment Co took in 2 fils to end at 54 fils. Bayan Investment Co was unchanged at 36 fils and Ekttitab Holding Co followed suit.

Al Mal Investment Co clipped 1 fil after trading 7.6 million shares whereas KFIC was up 2 fils to 40 fils. KAMCO slipped 5 fils and Sokouk Holding Co closed 1 fil lower. Noor Financial Investment Co eased 0.5 fil to 43 fls and Warba Insurance Co gave up 2 fils.

National Real Estate Co inched 1 fil lower to 92 fils whereas Salhia Real Estate Co and Al Mazaya Holding Co were steady at KD 0.350 and KD 0.122 respectively.

The market was mixed during last week. It has closed higher in 2 of the 4 sessions in the holiday curtailed week and was down 18 points week-on-week. It has shed 21 points so far during the month but is down 4.35 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, Future Communications Co Global has clocked a first quarter net profit KD 190,492 and earnings per share of 2.38 fils as compared to net profit of KD 281,641 and earnings per share of 3.48 fils in the Q1 of 2015

Shuaiba Industrial Co has posted a net profit of KD 629,557 and earnings per share of 7.93 fils in the first quarter of 2016 as compared to net profit of KD 444,921 and earnings per share 5.65 fils in the same period last year.

Aqar Real Estate Investments Co has penciled a net profit of KD 278,860 earnings per share 1.30 fils in the first three months of 2016 as against a net profit of KD 506,241 and earnings per share of 2.22 fils in the same period last year.

Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year

Injazzat Real Estate Development Company has chalked a net profit of KD 1.37 million and earnings per share of 4.1 fils in the quarter ending March 31, 2016 as compared to a net profit of KD 2.18 million and earnings per share of 6.5 fils in Q1 of 2015.

By John Mathews

Arab Times Staff

This news has been read 7665 times!

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