Kuwait index retreats 13.93 pts; volume dips – KFH falls 5 fils; Agility flat

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KUWAIT CITY, May 30: Kuwait stocks swung lower on Monday extending the losses to second straight day. The price index slipped 13.93 pts in slightly volatile session to 5,378.88 points tracking weak regional markets amid fall in oil prices.

The KSX 15 benchmark slipped 3.48 points to 826.67 pts taking the year’s losses to 58 points while weighted index inched 0.7 pts into red. The volume turnover meanwhile shrank further after receding sharply in the previous session. 128.19 million shares changed hands — a 17.6 percent drop from Sunday.

The sectors closed mixed. Consumer services outled the rest with 0.56 pct gain whereas basic materials shed 1.82 percent, the biggest loser of the day. In terms of volume, financials services clocked the highest market share of 42.17 percent while telecommunications and real estate trailed far behind with 14 pct and 13.3 percent contributions respectively.

Among the day’s losers, Kuwait Finance House fell 5 fils to KD 0.465 taking the month’s losses to 25 fils while KIPCO was down 10 fils after trading over 2 million shares. Mabanee Co dropped 10 fils to KD 0.800 partly reversing Sunday’s gains.

Zain gave up 5 fils to settle at KD 0.345 whereas Wataniya Telecom (Ooredoo) shed 20 fils with razor thin volume. Kuwait Telecommunications Co (VIVA) stood pat at KD 0.930 off early lows and Agility too did not budge from its earlier close of KD 0.470.

National Investment Co slipped 6 fils after trading 5.3 million shares and Kuwait Finance and Investment Co clipped 0.5 fil. The company has logged a net loss of KD 255,507 and loss per share of 0.8 fil in the three-month period ending March 31, 2016.

The market opened flat and drifted sideways in early trade. The price index hit the day’s highest mark of 5,396.37 pts and headed south as sentiment turned sour. It bottomed at 5,364.95 pts well past the mid-session before paring back some of the losses at close.

Top gainer of the day, Nafais Holding Co spiked 6.41 pct to 166 fils while Kuwait Resorts Co (Muntazahat) rallied 5.19 pct to stand next. Al Kout Industrial Projects Co slid 7.6 percent, the steepest decliner of the day and Al Mal Investment Co topped the volume with 19.6 million shares.

Mirroring the day’s downtick, the losers outnumbered the winners. 31 stocks advanced whereas 42 closed lower. Of the 116 counters active on Monday, 43 closed flat. 3,011 deals worth KD 9.9 million were transacted — a 5.2 pct fall in value from the day before.

National Industries Group dialed up 2 fils recouping Sunday’s downtick while Kuwait Cement Co gained 15 fils. Gulf Cable rose 10 fils and Boubyan Petrochemical Co was up 10 fils at KD 0.530. ACICO Industries Co dropped 10 fils to 295 fils.

Jazeera Airways was unchanged at KD 0.900 and ALAFCO followed suit to wind up at 204 fils. NAPESCO and PAPCO paused at KD 0.720 and 106 fils respectively whereas Nafais Holding Co gained 10 fils with thin trading.

Clipped

Kuwait and Gulf Links Transport Co eased 1.5 fils and KGL Logistics Company clipped 1 fil after trading 2.9 million shares. The company has logged a net profit of KD 1.83 million and earnings per share of 3.11 fils in the 3-month period ending March 31, 2016.

Equipment Holding Co took in 1 fil with a volume of 4.5 million whereas Kuwait Foundry Company closed flat. The company has penciled a net profit of KD 592,402 and earnings per share of 3.85 fils in the January- March period.

Zima Holding gave up 1 fil after trading 1.3 million shares and Mezzan Holding stood pat at 1.040. Gulf Glass Manufacturing Co was unchanged at 310 fils and Boubyan Petrochemical Co climbed 10 fils to KD 0.530.

Gulf Petroleum Investment Co stagnated at 44 fils and Humansoft Holding Co slid 40 fils to KD 1.380. 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.

In the banking sector, National Bank of Kuwait pulled up from slight early lows to close flat at KD 0.630 while Gulf Bank rose 2 fils to 226 fils. Commercial Bank of Kuwait added 5 fils whereas Al Ahli Bank was not traded during the session.

Burgan Bank gave up 5 fils to settle at KD 0.325 and Ahli United Bank followed suit. Kuwait International Bank and Boubyan Bank were unchanged at 196 fils and KD 0.400 respectively and Warba Bank too did not budge from its earlier close of 172 fils.

Kuwait Investment Co took in 1 fil whereas Securities House Co and Securities Group Co paused at 41 fils and 83 fils respectively. Aayan Leasing and Investment Co fell 1.5 fils after trading 3.3 million shares and Osoul Investment Co followed suit.

Bayan Investment Co dialed up 1 fil whereas Ekttitab Holding and Sokouk Holding Co slipped 0.5 fils each. Warba Insurance Co added 2 fils.

National Real Estate Co was unchanged at 90 fils while Al Mazaya Holding Co eased 2 fils to 120 fils. Alargan International Real Estate Co dialed up 2 fils whereas United Real Estate Co closed 1 fil in red.

The market has been trending lower so far during the week and has shed 18 points in last three sessions. It has climbed 26 points from start of the month but is down 4.21 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, Sanam Real Estate Company has announced a net profit of KD 9,856 and earnings per share of 0.08 fil in the first quarter of 2016 rebounding from net loss of KD 111,398 and losses per share of 0.92 fil in the same period last year.

The Energy House Co haa recorded a net profit of KD 956,632 and earnings per share of 1.276 fils in the quarter ending March 31, 2016 rebounding from a net loss of KD 1.02 million and losses per share of 1.366 fils in the same period last year

Advanced Technology Company has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of KD 1.15 million and earnings per share of 7.69 fils in the same period last year.

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.

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.

By John Mathews

Arab Times Staff

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