------------- -------------- ------------------- -------------------
Wednesday , March 3 2021

Kuwait index winds up week on lacklustre note – KFH gains 3 fils; Nafais dips

KUWAIT CITY, Nov 29: Kuwait stocks headed south on Wednesday as it wound up the holiday-shortened week on a dour note. The price index dropped 13.52 points in volatile trade to 6196.5 pts extending the losses to third straight session. The heavyweights closed mixed even as the broader trend remained mixed.

The KSX 15 gauge ticked 0.45 pts up to 908.54 points while weighted index rose 1.17 pts to 398.78 points. The volume turnover meanwhile rebounded strongly from Tuesday’s multi-month low. 74.4 million shares changed hands – a 101 pct surge from the day before.

The sectors closed mixed. Telecommunications outshone the rest with 1.5 percent gain whereas technology slid 4 pct, the worst performer of the day. Volume wise, banks mustered the highest market share of 45.4 pct and financial services trailed with 26.6 percent contribution.

In the individual performers, Gulf Bank fell 4 fils to 239 fils taking the month’s losses to 17 fils whereas Kuwait Finance House was up 3 fils at 555 fils on back of 4.7 million shares. Humansoft Holding, the highest priced share in the market, soared 50 fils to KD 3.750.

Zain fell 3 fils to 442 fils after trading 1.5 million shares and Ooredoo leapt 69 fils to KD 1.144. Kuwait Telecommunications Con dialed up 1 fil before settling at 731 fil and logistics major Agility gained 9 fils.

National Bank of Kuwait clipped 1 fil after trading 1.3 million shares and Kuwait International Bank closed flat. The bank registered a net profit of KD 13.5 million for the third quarter of 2017 while earnings per share reached 14.42 fils.

The market opened flat and drifted lower in early trade, The continued to fall before ticking up briefly past the mid session. It skidded again to plumb the day’s lowest level of 6168 points in the second half and clawed back some of the losses in the final minutes.

Top gainer of the day, Amar Finance and Leasing Co spiked 16.67 pct to 49 fils and Warba Insurance climbed 10.3 percent to stand next. Automated Systems Co dived 14.6 pct, the steepest decliner of the day and Ahli United Bank topped the volume with over 21 million shares.

Mirroring the day’s downswing, losers outpaced the winners. 43 stocks advanced whereas 52 closed lower. Of the 112 counters active on Wednesday, 17 closed flat. 2726 deals worth KD 15.08 million were transacted – a 137.4 percent surge in value from the day before.

National Industries Group inched 1 fil higher to 147 fils on back of over 4 million shares and Kuwait Cement Co climbed 8 fils to 488 fils. Boubyan Petrochemical Co rose 5 fils to 632 fils and Al Qurain Petrochemical trimmed 1 fil.

Jazeera Airways was flat at 660 f ils and ALAFCO gave up 5 fils to close at 365 fils . Kuwait Portland Cement Co dipped 10 fils to 950 fils with razor thin trading whereas Kuwait Cement Co gained 8 fils. Gulf Cable dialed up fils to end at 434 fils.


NICBM climbed 12 fils to 207 fils and ACICO Industries was up 6 fils at 236 fils. Educational Holding Group took in 1 fil and Heavy Engineering Industries and Shipbuilding Co was up 3 fils at 215 fils. Mashaer Holding slipped 3 fils to 62.5 fils.

Nafais dropped 20 fils to 500 fils and Independent Petroleum Group gained 10 fils. The company has clocked a 1 pct rise in third quarter profits to KD 1.445 million from the same period last year.

Mezzan Holding fell 3 fils to 759 fils and EK Holding clipped 2 fils Kuwait and Gulf Links Transport Co dropped 5.4 fils to 59 fils whereas KGL Logistics trimmed 1.3 fils.

In the banking sector, Al Ahli Bank dipped 9 fils to 296 fils. Al Mutahed fell 3 fils to 337 fils whereas Commercial Bank was not traded during the session.

Burgan Bank ticked 1 fil higher to 309 fils paring the month’s losses to

27 fils whereas Boubyan Bank gave up 2 fils to end at 417 fils. Warba Bank inched 1 fil up to 214 fils.

KIPCO climbed 4 fils to 294 fils whereas Kuwait Investment Co and International Financial Advisors stood pat at 113 fils and 29.5 fils respectively. Coast Investment Co eased 0.1 fil to 32.9 fils and Securities House Co took in 1.4 fils.

KMEFIC slipped 3.5 fils to 21.5 fils whereas Bayan Investment Co and Osoul Investment Co paused at 43 fls and 56.9 fils respectively. Al Aman rose 3.2 fils to 53 fils and Unicap ticked 0.5 fils into green .

Noor Investment and Financial Co dialed up 2.2 fils whereas Amwal edged 0.5 fils hgher to 36 fils. Aayan Investment eased 0.2 fils to 35.8 fil and Sokouk Holding gave up 1.2 fils.

First Takaful Insurance Co slipped 7.9 fils to 63.1 fil and Wethaq Takafaul was down 4.8 fils at 35.1 fil. Gulf Insurance Co clipped 1 fil and Warba Insurance Co gained 6 fils.

Kuwait Real Estate Co dialed up 2.2 fils whereas National Real Estate Co and Mabanee Co trimmed 1 fil each to close at 124 fils and 735 fils respectively. United Real Estate Co eased 0.8 fils and Mazaya Holding closed flat.

The bourse trended lower during the week. The main index closed lower in three of the four sessions and shed 43 points week-on-week . It has slid 317 points from start of the month and is trading over 7.8 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.

In the bourse related news, Mezzan Holding Company posted a 10.5 pct year-on-year drop in profits to KD 2.8 million for the third quarter of 2017, in the first nine months of the year, earnings dipped by 23.1 percent to KD 10.1 million. Revenues grow 4.3 pct to KD 49.8 million in Q3, while in 9M period was almost unchanged year-on-year at KD 157.6 million

NAPESCO posted a 104.4 percent surge to KD 3.96 million in the third quarter profits of 2017 from the same period last year. The company earned KD 8 mln in the first three quarters – a 39.9 pct rise from KD 5.72 m in the same period last year.

Zain’s third quarter earnings dropped 7 percent to nearly KD 40 million, compared to KD 43 million for the same period last year. Revenues amounted to KD 259 million and EBITDA stood at KD 104 million. In the 9M period, profits slipped by 1.6 pct to KD 122 million.

Aqar Real Estate Investments Co’s earnings was down 6.42 pct year-on-year during the third quarter of 2017 to KD 345,140 .In the January-September period, profits rose 11.5 percent to KD 1.03 million. The operating revenues rose 14.6 pct to KD 1.48 million in nine-month period

By John Mathews – Arab Times Staff



Check Also

Kuwait stocks kick off week with modest rise – KFH rallies 11 fils; Ooredoo sinks

KUWAIT CITY, Nov 26: Kuwait stocks headed north on Sunday as it kicked off the …

You have installed adblocker kindly disable

whitelist www.arabtimesonline.com




Translate »