KUWAIT CITY, Feb 3: Kuwait stocks pulled lower on Wednesday as it continued the week’s volatile course. The bourse dropped 14.02 pts in a tame session to 5,118.84 points weighed by banks and financials shares . the trading floor sentiment was cautious despite rebound in oil prices.

The KSX 15 benchmark dropped 15.19 points to 817.52 pts taking the year’s losses to 67 points while weighted index was down 4 pts at 349.61 points. The volume turnover meanwhile shrank further to week’s low extending the losses in the last session. 106.9 million shares changed hands -- a 13.5 pct drop from Tuesday.

The sectors closed mixed. Parallel market outshone the rest with 0.89 pct gain whereas technology shed 1.8 pct, the biggest loser of the day. In terms of volume, real estate clocked the highest market share of 28.8 percent while financial services stood close behind with 26.58 pct. Industrials lagged far behind with 16.3 percent contribution.

Among the losers, National Bank of Kuwait dropped 20 fils to KD 0.690 after trading 1.2 million shares and is down 110 fils year-to-date while Kuwait Finance House gave up 5 fils to settle at KD 0.490. KIPCO slipped 10 fils to KD 0.540.

Telecom major Zain dropped 20 fils to KD 0.350 after trading 4.3 million shares whereas Wataniya Telecom (Ooredoo) bounced 40 fils to KD 0.410 with thin trading.

Logistics major Agility shed 15 fils to end at KD 0.425 and Kuwait Telecommunications Co (VIVA) fell 10 fils to KD 0.910. The company has posted a net profit of KD 42.95 million and earnings per share of 86 fils in 2015, up from KD 40.36 million net profit and earnings per share of 81 fils in the year before.

The market opened weak and edged lower in early trade. The main index scraped the day’s lowest level of 5,095.29 pts and almost an hour into trading. It peaked at 5,132.53 points and retreated before moving sideways till the close.

Top gainer of the day, Amar For Finance and Leasing spiked 9.26 pct to 59 fils while Gulf Cement Co climbed 6.67 percent. MENA Real Estate Co dived 7.69 pct, the steepest decliner of the day and Mubarrad Transport Co topped the volume with over 10 million shares.

Mirroring the day’s downswing, the losers outnumbered the winners. 35 stocks advanced whereas 57 closed lower. Of the 119 counters n active on Wednesday, 27 closed flat. 3231 deals worth KD 10.63 million were transacted -- a 18.27 percent drop from the last session.

National Industries Group edged 2 fils up to 114 fils paring the year’s losses to 11 fils while Gulf Cable was down 5 fils to end at KD 0.325. ACICO Industries Co and Boubyan Petrochemical Co closed flat at KD 0.270 and KD 0.450 respectively and Equipment Holding Co followed suit.

Jazeera Airways rallied 20 fils to KD 0.810 and ALAFCO took in 2 fils to settle at KD 0.184. Mashaer Holding slipped 7 fils to 99 fils and Zima Holding added 5 fils on back of over 1 million shares.

Kuwait and Gulf Link Transport Co inched 0.5 fils down and KGL Logistics Co closed 1 fils in red. City Group climbed 10 fils whereas Automated Systems Co was down 15 fils at KD 0.295.

Mabanee Co paused at KD 0.890 and Abyaar Real Estate Development Co followed suit. The company has posted a net profit of KD 9.31 million and earnings per share of 1,5.04 fils for the year ending Dec 31, 2015 as compared to net profit of KD 8.08 million and earnings per share of 13.05 fils in 2014. The BOD has recommended 7% cash dividends.

In the banking sector, Commercial Bank of Kuwait dropped 10 fils to KD 0.510 and Gulf Bank of Kuwait stood pat at KD 0.210. The bank has recorded an annual net profit of KD 39 million and earnings per share of 13 fils as against net profit of KD 35.46 million and earnings per share of 12 fils in the same period last year .The board has recommended 4 pct cash dividends

Ahli United Bank gave up 10 fils to end at KD 0.445 and Burgan Bank rose 5 fils trimming the year’s losses to 30 fils. Boubyan Bank eased 5 fils to KD 0.390 and Al Ahli Bank was not traded during the session. Warba Bank stagnated at KD 0.182.

National Investment Co eased 3 fils to 69 fils and International Financial Advisers inched 1 fils down after trading over 1 million shares. Securities House Co and Bayan Investmnent clipped 1 fils each while Al Mal Investment Co closed 2 fils lower at 26 fils.

Sokouk Holding Co and Gulf Investment Co gave up 1 fils each while Noor Financial Invesment Co eased 0.5 fils lower. Kuwait Insurance Co gained 10 fils and Warba Insurance Co closed 2 fils in green. Al Deera Holding nudged 1 fils up to 26 fils.

The market has been broadly positive so far during the week and has gained 108 points in last four sessions. It had slumped 498 points during whole of January and has shed 8.84 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Aqar Real Estate Investments Co. has registered a net profit of KD 2.49 million and earnings per share of 11.07 fils during 2015 as against net profit of KD 2.24 million and earnings per share of 9.81 fils in the year before. Board of Directors recommended 6% cash dividends.

Ajial Real Estate and Enter. Company has logged a net profit of KD 760,291 and earnings per share of 4.33 fils in the year ended Dec 31, 2015 up from net profit of KD 636,393 and earnings per share of 3.63 fils in 2014.

Injazzat Real Estate Developement Company has clocked a net profit KD 3.07 million and earnings per share of 9.2 fils in 2015, rising sharply from net profit of KD 1.51 million and earnings per share of 4.5 fils in the same period last year. The BOD has recommended 5 pct cash dividends.

Al-Mowasat Health Care Co has posted a net profit of KD 3.34 million and earnings per share of 32.89 fils in the year ending Dec 31, 2015 as against net profit of KD 2.005 million and earnings per share of 1,9.73 fils in the same period last year. The Board of Directors has recommended 15% cash dividend.

Al-Enmaa Real Estate Co has posted a net profit of KD 4.38 million and earnings per share of 9.73 fils for the year ending Dec 31, 2015 as compared to net profit of KD 3.36 million earnings per share of 7.47 fils in the year before.

By John Mathews

Arab Times Staff