Kuwait little changed as traders toe caution – Agility gains 17 fils; NAPESCO tumbles

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KUWAIT CITY, June 6: Kuwait stocks trod water on Tuesday after retreating in the previous session. The price index edged 2.07 pts lower in choppy trade to 6,801.13 pts even as the broader sentiment remained mixed. Most of the heavyweights however ended in the green.

The KSX 15 benchmark rose 2.56 pts to 909.35 points while weighted index inched 0.68 points up to 402.82 pts. The volume turnover meanwhile shrank further amid Ramadan lull. 30.5 million shares changed hands — a 37.2 pct drop from Monday.

The sectors closed mixed. Real estate outshone the rest with 1.55 pct gain whereas oil and gas slid 3.94 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 35.8 pct while real estate trailed with 21.4 percent contribution.

In the individual shares, Commercial Bank of Kuwait climbed 14 fils to 344 fils recouping Monday’s drop while KIPCO rose 5 fils to 349 fils. Mabanee Co gave up 7 fils and NAPESCO tumbled 103 fils extending last session’s losses.

Zain took in 1 fil and Ooredoo rose 10 fils to KD 1.210. Kuwait Telecommunications Co (VIVA) dialed up 2 fils and Agility rallied 17 fils on back of 1.3 million shares.

National Bank of Kuwait was up 1 fil at 676 fils off early highs and Burgan Bank closed flat. The bank has registered a 24.6% year-on-year increase in its profits to KD 17.81 for the first quarter of 2017. The net operating profit however saw a drop of 3.4 pct to KD 29.16 mln.

The market opened weak and rose sharply in early trade. The price index scaled the day’s highest level of 6,827.73 points and headed south as sentiment weakened.

It moved sideways and slipped further to bottom at 6,796.34 pts past the mid-session before clawing back most of the losses at close.

Top gainer of the day. REAM vaulted 19.4 pct to 400 fils while International Financial Advisors shed 8.57 pct to stand next. Ajwan Gulf Real Estate Co slumped 20 pct, the steepest decliner of the day and Al Salam topped the volume with 3.5 million shares.

Mirroring the day’s mixed trend, the market spread was almost even, 41 stocks advanced whereas 39 closed lower. Of the 103 counters active on Tuesday, 23 closed flat. 1477 deals worth KD 5.4 million were transacted — a 36.7 pct slump in value from the day before.

National Industries Group took in 1 fil before settling at 108 fils while Gulf Cable was unchanged at 420 fils. Heavy Industries Engineering and Shipbuilding Co paused at 210 fils while Contracting and Marines Services clipped 1 fil.

Kuwait Foundry Co rose 5 fils to 295 fils while Metal and Recycling Co stood pat at 99 fils.

Kuwait Cement Co climbed 18 fils to 468 fils and Kuwait Portland Cement was down 5 fils at 945 fils. Equipment Holding Co eased 0.1 fil to 49.9 fils.

Surge

Jazeera Airways was flat at 474 fils whereas ALAFCO slipped 4 fils to 300 fils. The company has posted a 83.3% surge in profits to KD 5.59 million for the quarter ending 31 March 2017 from year before period.

Humansoft Holding was unchanged at KD 3.900 and Educational Holding Group inched 1 fil into green. Boubyan Petrochemical Co dialed up 2 fils and Al Qurain Petrochemical Co added 3 fils. NICBM slid 34 fils to 190 fils.

Mezzan Holding Co extended Monday’s losses with a 5 fils fall to 927 fils and Zimah Holding gave up 2.1 fils. AWJ Holding clipped 1.5 fils whereas Eyas rose 5 fils to KD 1.195.

KPPPC took in 2.7 fils and Al Rai Media Group trimmed 1 fil to wind up at 119 fils. The company has posted 66.7% drop in profits in the first quarter of 2017 to KD 449,760. The net operating profit dipped 64.9% to KD 495,540.

In the banking sector, Kuwait Finance House rose 2 fils to 482 fils on back of 1.3 million shares. Al Mutahed seesawed narrowly before closing unchanged at 440 fils and Al Ahli Bank was not traded during the session.

Kuwait International Bank was up 3 fils at 247 fils and Boubyan Bank extended Tuesday’s losses with a 2 fils downtick. Warba Bank inched 1 fil lower to 242 fils.

National Investment Co was flat at 104 fils while Kuwait Investment Co and Bayan Investment Co took in 0.5 fil each. Securities House Co dialed up 1 fil whereas Arzan Investment Co gave up 1 fil to close at 35 fils.

Osoul Investment Co gained 4 fils and Coast Investment Co edged 0.9 fils into green. KFIC eased 0.1 fil to 39.9 fils and Al Deera Holding clipped 1 fil. Al Salam was up 2.2 fils at 53.6 fils.

Noor Financial and Investment Co was unchanged at 51 fils and Tamdeen Investment Co slipped 5 fils to 310 fils. Ekttitab Holding edged 0.7 fils higher.

Kuwait Real Estate Co eased 0.5 fil to 55.5 fils whereas Mazaya Holding and Arkan stood pat at 110 fils and 83 fils. Mabanee Co dipped 7 fils to 772 fils whereas National Real Estate Co added 3 fils to settle at 116 fils.

The market has been mixed so far during the week and has shed 12 points in last three sessions. It had dived 60 points during whole of May and is trading 18.32 pct higher year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Finance and Investment (KFIC) rebounded to post a net profit of KD 146,350 in the first three months of 2017, from KD 255,510 loss in first quarter of 2016. Operating income grew 76% year-on-year to reach KD 1.65 million.

Aayan Real Estate has recorded a 164.7 percent jump in its profits to KD 536,890 for the first quarter of 2017 from same period in the year before. During 2016, the profit saw a 1.5% uptick to KD 2.75 million in 2016 from the previous year.

Ooredoo Kuwait has posted 26.6 pct jump in profits during the first quarter of 2017 to KD 12.93 million from KD 10.21 million in same period last year. It had recorded a growth of 75% in profits to KD 46.67 million during 2016.

Mowasat Healthcare has registered a a 40.2% increase in net profits in the first quarter of 2017, to reach KD 1.92 million as compared to KD 1.37 million in the year before period.

Al Ahleia Insurance’s first quarter net profit dropped by 14.5% in the first to KD 2.88 million from KD 3.37 million in Q1 of 2016. Operational income dipped 39.6 pct to KD 1.58 million.

National Ranges Company’s (Mayadeen) losses shrank by 18.2 pct in the first quarter of 2017 to KD 642,620 from about KD 785,610 in same period of 2016.

By John Mathews – Arab Times Staff

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