Kuwait retreats, winds up week on dull note – Americana dives 60 fils; KIPCO gains

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Kuwait City, March 3: Kuwait stocks retreated on Thursday to end the week on sour note. The price index dropped 18.35 pts to  5244 points as profit taking kicked in after the two-day advance. The  blue chips were mostly muted even while other blue chips closed mixed.

The KSX 15  measure  inched 0.26 pts up to 854.63 points  and is down 30 pts so far during the year while weighted index eased 0.11 pts. The volume turnover meanwhile  receded from a one-month high on Wednesday. 171.5 million shares changed hands – a 15.18 pct fall from the day before.

The sectors closed mostly in the red turf. Technology outshone the rest with 1.25 percent gain while consumer services  dropped 1.81 pct, the worst performer of the day. In terms of volume, financial services  garnered the highest market share of 32.4 pct and real estate stood close behind with 31.2 percent. Telecom sector stood third with 19.6 pct contributions.

In the individual shares, Kuwait Food Co (Americana) extended its decline with 60 fils drop to KD 2.200 and Kout Food Group slid 50 fils to KD 0.550. Sector heavyweight National Bank of Kuwait was unchanged at KD 0.740  and Kuwait Finance House too did not budge from its earlier close of KD 0.510.

Zain rose 5 fils to KD 0.375 on back of 1.4 million shares taking the year’s gains to 25 fils whereas Wataniya Telecom (Ooredoo) was flat at KD 1.200 with thin trading volume. Kuwait Telecommunications Co (VIVA) stood pat at KD 0.980 whereas Agility added 5 fils.

Investment major KIPCO climbed 10 fils to KD 0.550 and  National Investments Company was up 3 fils at 83 fils. The company has incurred a net loss of KD 5.57 million and losses per share of 7 fils in the year 2015 as against net profit of KD 6.67 mln and earnings per share of 8 fils in the same period last year.

The market opened flat and edged higher in early trade. The key index peaked at 5272.08 pts and  retreated thereafter. It continued to drift into red amid selling in select counters and bottomed at 5224.5 points in the final minutes. It pared back some of the losses and closed in red.

Top gainer of the day, Ras Al Khaimah White Cement Co vaulted 10 pct to 110 fils and Tahssilat stood next with over 9 percent jump. Kout Food slid 8.33 pct, the steepest decliner of the day and Ithmaar Bank topped the volume with over 26 million shares.

Reflecting the day’s fall, the losers outnumbered the gainers. 36 stocks advanced whereas 50 fils lower. Of the 144 counters active on Thursday, 58 closed flat. 3952 deals worth KD 11.95 million were transacted – a 28.2 pct drop in value from the day before.

National Industries Group was flat at 116 fils off early lows and Kuwait Cement Co closed 10 fils in red. RISCO and Gulf Cable paused at KD 0.325 and KD 0.345 respectively whereas Kuwait Portland Cement slid 60 fils to KD 1.020.

Jazeera Airways was steady at KD 0.830 and ALAFCO climbed 6 fils to 204 fils. Kuwait Gulf and Transport Co stagnated at 44 fils and KGL Logistics Co followed suit. Mezzan Holding Co was down 20 fils at KD 1.020.

Unchanged

Combined Group Contracting Co and Jeeran Holding Co were unchanged at KD 0.790  and United Projects Group followed suit. Yiaco Medical Co slipped 10 fils and Equipment Holding Co inched 1 fils into red.

ACICO Industries shed 20 fils and Kuwait Foundry Company added 4 fils.  The company has posted a net loss of KD 2.94 million and loss per share  of 19.17 fils in the year ending December 31, 2015   and the  Board of Directors has recommended 10 percent cash dividends.

Boubyan Petrochemicals Co dropped 10 fils to KD 0.445 whereas Gulf Glass Manufacturing Co  gained 25 fils. Hilal Cement stood pat at 134 fils and Zima Holding gave up 5 fils to settle at 89 fils.

In the banking sector, Gulf Bank took in 2 fils to end at 212 fils and Burgan Bank was up 5 fils at KD 0.350. Al Ahli Bank of Kuwait was unchanged at KD 0.350 whereas Kuwait International Bank and Commercial Bank of Kuwait were not traded during the session.

Boubyan Bank  fell 5 fils to KD 0.400 partly paring the gains in the last session and Ahli Unted Bank pulled 5 fils lower. Warba Bank stagnated at KD 176.

Kuwait Investment Co fell 1 fils with thin trading whereas Securities House Co closed flat. Kuwait Financial Centre  took in 2 fils to close at 84 filshas recorded a net profit of  KD 2.87 million and earnings per share of 6 fils during 2015 as compared to net profit of KD 4.02 million and earnings per share 8 fils in the year before.

KMEFIC paused at 29 fils and Osoul Investment Co followed suit. Bayan Investment eased 1.5 fils after trading over 4 million shares and Sokouk Holding closed 1 fils up. National Real Estate Co slipped 4 fils and Mabanee Co dropped 10 fils to KD 0.860.

The market has been mixed during the week. The  main index closed higher in three of the five sessions and gained 70 points week-on-week. It had soared 93 points during the whole of February  and is trading 6.61 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Credit Rating and Collection Co has incurred a net loss of  KD 454,911  and losses per share of 2.76 fils in 2015 as against net loss of KD 2.26 million and losses per share of 13.73 fils in the year before.

 INOVEST has incurred a net loss of KD 14.37 million and loss per share of 50.48 fils in 2015 as compared to net loss of KD 1.149 million and loss per share of 4.03 fils in the year before.

Injazzat Real Estate Development 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 mln and earnings per share of 4.5 fils in the same period last year . The BOD has recommended 5 pct cash dividends.

Kuwait Insurance Company has logged a net profit of KD 5.69 million and earnings per share of 30.69 fils in the year ending Dec 31, 2015 up from net profit of  KD 5,14 million and earnings per share of 27.64 fils in 2014. The BOD has recommended  20 pct cash dividends.

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.

By John Mathews

Arab Times Staff

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