Kuwait shares decline 8.2 pts to 5,783.69 pts – HumanSoft topmost gainer

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KUWAIT CITY, Dec 7: Kuwait stocks slipped Monday finishing on a negative note. The bourse fell 8.2 points to 5,783.69 points mainly on subdued buying in select counters. Most market sector indices recorded negative changes, except the industrial sector which rose 6.17 points to close at KD 1,084.42 million.

The weighted index dipped 1.82 points to 390.98 million shares followed by another 7.57 dip in the KX15 which closed at 925.63 million shares. The number of trades stood at 2, 435 from a volume of 84,278,723 shares yielding KD 8,774,837.395.

The topmost gainer of the day was HumanSoft which rose 7.84 points to close at KD 1,100 on 334 shares traded, followed closely by MASALEH at 7.27 points to close at 59 on 100 shares traded. Mezzan was third gainer rising 5.45 points to close at 1,160 on 649,845 shares traded followed in fourth place by United Real Estate Company which nudged up 5.38 points to close at 98 on 1,000 shares traded. Arzan Financial group was fifth, rising 5.33 points 39.5 on 15,100 shares traded.

Meanwhile, Zima was number one in the top losers group, slipping 7.58 points to 122 on 927,213 shares traded, followed in second place by the Gulf Franchising Holding Company which whose shares dipped 7.14 points to 65 on 5,033 shares traded.

Amar Finance & Leasing also dipped 7.14 points to close at 65 on 115,000 shares traded. Another loser of the day was Safat Energy Holdings whose share fell 6.9 points to close at 13.5 on 737,030 shares traded with the First Takaful Insurance also slipping 6.67 points to close at 56 on 7,000 shares traded.

Top volume stocks of the day included GFH Financial Group, Al Dar National Real Estate, MAYADEEN, the Securities House and Gulf Petroleum Investment Company. Even though GFH recorded a 3.95 points fall in their shares, they traded 14,706,645 shares on the floor on 36.5.

Al Dar National Real Estate was second top volume trader, roping in 11,990,967 shares on 31.5 representing a 3.28 points rise in transactions for the day. MAYADEEN was third top volume trader, achieving 6,775,649 shares traded on 22.5 representing a 2.17 fall.

Volume

The Securities House was fourth in top volume traded, bringing in 5,660,909 shares on 43.5 representing 4.4 fall on the previous. Gulf Petroleum Investment was the fifth top volume trader roping in 3,646,902 shares on 55 representing 3.51 points fall on the previous.

The market ended the day with most sectors closing in red. The Oil & Gas sector saw a 4.45 points slip in trading, ending on 789.44 shares while the Consumer Goods sector also dipped 1.09 points to 1,112.15. Consumer Services fell 8.61 points to 1,058.31 with the Telecommunication Sector following suit, falling at 1.18 points to 632.77.

The Banking sector generally remained muted with shares falling by 5.51 points to 929.41 while the Insurance sector also fell 7.5 points to 1,093.99. The Real Estate sector saw a marginal slip of 0.7 points to 972.7 while the Financial Services sector fell 2.75 points to 629.32. The parallel market sector saw a 17.03 points fall in shares to 1,235.91.

Meanwhile, the National Cleaning Company has announced that a wholly owned subsidiary was awarded a KD 1,360,368 tender covering the cleaning works of water structures and related buildings as well as water operation and maintenance department buildings and computers in various areas of Kuwait over a period of 3 years.

Also, Combined Group Contracting Co was a awarded a KD 77,300,000 tender of Ministry of Public Works covering the construction and maintenance of Al Ghous Street joining Fifth Ring road with Sixth Ring road over a period of 3 years. Project is scheduled to commence in March 2016.

Arkan Al-Kuwait Real Estate Co announced its results for the year ended on Oct 31, 2015 as follows: Net Profit KD 4,153,700, Earnings Per Share Fils 17.62, Net Profit same period last year KD 3,702,596, Earnings Per Share same period last year Fils 15.71. The BOD also recommended distributing 7% cash dividends and 5% bonus shares.

By Iddris Seidu

Arab Times Staff

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