KUWAIT CITY, Nov 24: Kuwait stocks retreated Tuesday snapping the three-day upswing. The bourse slipped 8.64 pts in lackluster trade to 5,765.04 points as profit taking weighed on select counters after recent gains. The heavyweights closed mostly lower even as the board remained broadly mixed.
The KSX 15 gauge slid 11.56 pts to 938.59 points trimming the month’s gains to 14 points while weighted index slipped 3 pts. The volume turnover meanwhile receded for the second straight session. 115.39 million shares changed hands – a 16.4 pct drop from Monday.
The sectors closed mostly in the red terrain. Oil and gas outperformed the rest with 1.80 pct gain whereas technology shed 2.85 percent, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 35.48 pct while real estate and oil and gas followed with 25.4 pct and 15.53 percent contributions respectively.
Among the notable losers, National Bank of Kuwait dropped 20 fils to KD 0.820 after trading 1.7 million shares while Kuwait Finance House was down 10 fils at KD 0.550 and has slid 170 fils year-to-date. Investment conglomerate KIPCO shed 20 fils with a volume of over 2 million.
Bourse heavyweight Zain eased 5 fils to KD 0.370 extending the loss in the last session and Wataniya Telecom (Ooredoo) was down 20 fils at KD 1.040. Kuwait Telecommunications (VIVA) bucked the market trend to climb 40 fils on back of 1.6 million shares and Agility was up 10 fils at KD 0.520.
Humansoft Holding soared 50 fils with thin trading whereas Kuwait Food Co (Americana) dived 40 fils. The company has clocked a net profit of KD 35.21 million and earnings per share of 90.03 fils in the nine-month period ending September 31,2015. Gulf Insurance Group plunged 50 fils to KD 0.750.
The market opened slightly weak and rose briefly in early trade. The key index hit the day’s highest level of 577.68 pts and slipped again into red as traders booked profit in select counters. It moved sideways thereafter and troughed at 5758.99 points before closing with moderate losses.
Top gainer of the day, Gulf Petroleum Investment Co rallied 9.62 pct and also topped the volume with 16.7 million shares while Massaleh Real Estate Co climbed over 9 pct to stand next.
United Foodstuff Industries Group slid 7.69 pct, the steepest decliner of the day. The company has logged a net profit of KD 385,003 and earnings per share of 11.64 fils in the 9-month period ending September 30, 2015 down from net profit of KD 832,345 and earnings per share of 25.16 fils in the 9M, 2014.
The market spread was almost even. 50 stocks advanced whereas 49 closed lower. Of the 135 counters active on Tuesday 36 closed flat. 3274 deals worth KD 13.2 million were transacted – a 45.8 pct tumble in value from the day before.
National Industries Group was flat at KD 0.140 off slight early highs while Gulf Cable pulled 15 fils lower to KD 0.380. Kuwait Porttland Cement Co held steady at KD 1.140 Kuwait Cement Co too did not budge from its earlier close of KD 0.395. ACICO Industries added 5 fils to settle at 300 fils.
Boubyan Petrochemicals Co skidded 10 fils and RISCO slipped 10 fils to KD 0.315. The company has registered a net profit of KD 3.22 million and earnings per share of 34.68 fils in the January-September period. NICBM was up 4 fils at KD 0.226 .
Jazeera Airways was flat at KD 0.470 and ALAFCO climbed 4 fils to KD 0.224. Automated Systems Co dived 25 fils to KD 0.320 and Mezzan Holding dropped 20 fils. Kuwait and Gulf Link Transport Co inched 1 fils up and KGL Logistics took in 2 fils.
IFA Hotels and Resorts gained 6 fils and City Group rose 5 fils to KD 0.395. PAPCO clipped 2 fils and Equipment Holding Co followed suit. Mashaer Holding Co dialed up 2 fils and Zima Holding gave up 4 fils to settle at 118 fils. The Energy House Co dialed up 2.5 fils. The company has logged a net loss KD 668,888 losses per share 0.892 fils in the nine-month period ending September 30, 2015.
In the banking sector, Gulf Bank fell 5 fils to KD 0.270 whereas Al Ahli Bank climbed 5 fils. Ahli United Bank gained 10 fils while Commercial Bank of Kuwait and Kuwait International Bank paused at KD 0.500 and KD 0.228. Burgan Bank clawed back early losses to close flat at KD 0.395 and Boubyan Bank followed suit to end at KD 0.440. Warba Bank stagnated at KD 0.206.
National Investment Co and was flat at KD 0.106 and Kuwait Investment Co eased 2 fils. Securities House Co and Al Aman Investment Co clipped 2 fils each whereas KMEFIC inched 0.5 fils lower. Bayan Investmnent Co was unchanged at 38 fils and Osoul Investment followed suit.
National Real Estate Co rose 3 fils to 89 fils and Salhia Real Estate closed 5 fils in green. Mabanee Co and Al Mazaya Holding Co held steady at KD 0.940 and KD 0.108 respectively. The bourse has been mixed so far during the week and has added 22 points in last three sessions. It has shed 29 pts from start of the month and is trading 11.79 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Gulf Glass Manufacturing Company has posted a net profit of KD 59,392 and earnings per share of 0.22 fils in the nine-month period ending September 30, 2015 rebounding from a net loss of KD 1.15 million and losses per share of 4.37 fils in the 9M of 2014.
United Real Estate Co. has clocked a net profit of KD 4.87 million and earnings per share 4.54 fils in the first nine-months of 2015 as against net profit of KD 4.44 million and earnings per share of 4.15 fils in the same period last year.
Abyaar Real Estate Development Co has registered a net profit of KD 6,103 and earnings per share 0.01 fils for the nine-month period ended September 31, 2015 down sharply from net profit of KD 487,234 and earnings per share of 0.44 fils in the same period of 2014.
Tamdeen Real Estate Company as clocked a net profit of over KD 9 million and earnings per share of 22.6 fils in the nine-month period ending September 30, 2015 , climbing from net profit of KD 6.61 million and earnings per share of 16.4 fils in the year before period.
Securities Group Company has recorded a net profit of KD 2.47 million and earnings per share of 9.69 fils in the six-month period ending September 31, 2015 as compared to net profit of KD 2.57 million and earnings per share of 10.09 fils in the year before period.
By John Mathews
Arab Times Staff