KUWAIT CITY, Aug 22: Kuwait stocks headed south on Monday extending the losses to fourth straight session. The bourse dropped 24.57 pts in choppy trade to 5,443.2 points amid selling in select counters. The overall sentiment was dull even as the summer lull continued to batter the trading level.
The KSX 15 benchmark eased 2.66 pts to 810.63 points taking the year’s losses to 74 points while weighted index edged 1.51 pts down. The volume turnover meanwhile dipped to a 2-week low after firming up in the last session. 42 million shares changed hands — a 18 pct fall from Sunday.
The sectors meanwhile closed mostly in the red turf. Insurance outled the rest with 0.68 pct rise whereas oil and gas shed 2.19 percent, the worst performer of the day. In terms of volume, banks logged the highest market share of 30.6 pct while financial services and industrials followed with 26.7 percent and 14.2 pct contributions respectively.
Among notable losers, National Bank of Kuwait fell 10 fils to KD 0.580 after trading 3.5 million shares and Commercial Bank was down 25 fils at KD 0.315. Humansoft Holding Co tumbled 60 fils and Tamdeen Investment rebounded by 25 fils to 315 fils with thin trading.
Zain rose 5 fils to 335 fils and Wataniya Telecommunications (Ooredoo) did not budge from its earlier close of KD 1.020. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.930 off slight early highs and Agility stood pat at KD 0.480.
Kuwait Portland Cement Co shed 20 fils and Kuwait Cement Company paused at KD 0.380. The company has posted a net profit of KD 12.16 million and earnings per share of 17.06 fils in the six-month period ending June 30, 2016 as compared to net profit of KD 13.75 million and earnings per share 19.29 fils in the same period last year.
The market opened on tame note and moved sideways in early trade. The price index slipped into red thereafter as sentiment turned sour and plumbed the day’s lowest level of 5,435.42 points in the final minutes. It pared back some of the losses before closing with moderate losses.
Top gainer of the day, Real Estate Centre Co (Marakez) vaulted 9 pct to 30 fils and Tamdeen Investment Co climbed 8.6 pct to stand next. Ikarus slid 7.8 percent, the steepest decliner of the day amd Kuwait Finance House topped the volume with 3.6 million shares.
Mirroring the day’s downswing, the market spread was skewed towards the losers. 22 stocks advanced whereas 47 closed lower. Of the 115 counters active on Monday, 46 closed flat. 1,380 deals worth over 8 million were transacted – a 33.4 pct surge in value from the day before.
National Industries Group was flat at 116 fils while Gulf Cable and Contracting and Marine Services Co were down 5 fils each to end at KD 0.380 and 86 fils respectively. HEISC dialed up 2 fils and Qurain Petrochemical Industries Co gave up 4 fils to close a 196 fils.
Jazeera Airways held the ground at KD 0.840 off slight early lows and ALAFCO followed suit to close at 216 fils. Kuwait and Gulf Link Co paused at 44 fils and KGL Logistics Co too did not budge from ite previous close of 72 fils.
ACICO Industries Co gained 10 fils whereas Kuwait National Cinema Co knocked off 10 fils. Combined Group Contracting Co shed 10 fils and Mezzan Holding slid 40 fils to KD 1.060. Kuwait Food Co (Americana) stood pat at KD 2.460.
Kuwait Foundry Co clipped 2 fils and RISCO slid 25 fils. The company has registered a net profit of KD 2.99 million and earnings per share of 30.50 fils in the first half of 2016 up from net profit of KD 2.12 million and earnings per share of 22.38 fils in the same period last year.
Zima Holding inched 0.5 fils lower while Independent Petroleum Group Co dipped 25 fils. The company has clocked a net profit of KD 2.53 million and earnings per share of 17.53 fils in the first half of 2016 as compared to net profit of KD 1.45 million and earnings per share of 10.03 fils in 2015 HI.
In the banking sector, Burgan Bank was unchanged at KD 0.330 after trading 3.3 million shares and Kuwait International Bank followed suit. Al Ahli Bank and Ahli United Bank were flat at 320 fils and 385 fils respectively.
Boubyan Bank stagnated at KD 0.380 and Kuwait Finance House followed suit. The bank has posted a net profit of KD 70.87 million and earnings per share of 13.74 fils in the first six-months of 2016. Warba Bank stood pat at 170 fils.
Kuwait Investment Co inched 1 fil up and National Investment Co dialed up 2 fils. KIPCO was unchanged at KD 0.550 while Securities House Co and International Financial Advisors Co clipped 0.5 fils each after trading 1.3 million shares.
Bayan Investment Co and Securities Group Co were unchanged at 33 fils and 90 fils respectively and Noor Financial Investment Co eased 1 fil. Sokouk Holding and KFIC added 0.5 fils each and Warba Insurance Co closed flat.
National Real Estate Co and Mabanee Co paused at 78 fils and KD 0.800 respectively and Al Mazaya Holding Co followed suit. United Real Estate Co closed 4 fils in red.
The market has been trending lower so far during the week and has shed 28 pts in last two sessions. It has slipped 7 pts from start of the month but is down 3 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.
In the bourse related news, Metal and Recycling Co clocked a net profit of KD 118,386 and earnings per share of 1.58 fils in the six-month period ending June 31, 2016 rebounding from net loss of KD 185,711 and losses per share of 2.48 fils in same period last year.
National Petroleum Services Co has logged a net profit of KD 3.75 million and earnings per share of 67.49 fils in the first half of 2016 as against a net profit of KD 3.46 million and earnings per share 61.93 fils in same period last year.
Gulf Glass Manufacturing Company has registered a net profit of KD 941,711 and earnings per share of 18.35 fils in the six-month period ending June 30 as against a net profit of KD 1.39 million and earnings per share of 27.09 fils in the same period last year.
Asiya Capital Investments Company has clocked a net loss of KD 5.46 million and loss per share of 7.03 fils in the January-June period sliding from a net profit of KD 1.77 million and earnings per share of 2.29 fils in the same period last year.
Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months from date of the approval.
By John Mathews
Arab Times Staff