KUWAIT CITY, June 19: Kuwait stocks pulled lower on Monday, partly reversing last session’s gains. The price index dropped 22.96 pts in choppy trade to 6,830.13 points weighed by profit taking in select counters even as some heavyweights eked modest gains.
The KSX 15 benchmark climbed 7.36 pts to 927.33 points taking month’s gains to 12 points while weighted index was up 2.18 pts at 407.9 pts. The volume turnover meanwhile surged after Sunday’s downtick. 75.43 million shares changed hands — a 66 pct surge from the day before.
In the individual shares, Kuwait Food Co (Americana) dipped 50 fils to KD 2.450 taking the month’s losses to 220 fils while Humansoft Holding extended Sunday’s gains with 50 fils jump to KD 4.090. National Bank of Kuwait took in 2 fils on back of 6.5 million shares.
Zain rose 9 fils to 437 fils with a volume of 2.4 million and Ooredoo stood pat at KD 1.150 after vacillating earlier in the session. Kuwait Telecommunications Co (VIVA) was up 10 fils at 838 fils whereas Agility soared 51 fils to 831 fils.
Kuwait Finance House climbed 7 fils to 500 fils and Burgan Bank inched 1 fil up. 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 market opened firm and headed north in early trade. The main index peaked at 6,867.62 points and retreated thereafter as selling kicked in. It plumbed the day’s lowest level of 6,823.55 points in the final minutes before clawing back some of the losses at close.
Top gainer of the day, Effect Real Estate Co rallied 19.76 pct to 29.7 fils while KMEFIC climbed 13.2 percent to stand next. Amwal International Investment Co slid 19.8 percent, the steepest decliner of the day and Ithmaar Bank topped the volume with 11.8 million shares.
National Industries Group rose 5 fils to 117 fils off early lows on back of 1.3 million shares and Gulf Cable paused at 415 fils. Heavy Engineering Industries and Shipbuilding Co slipped 7 fils while Metal and Recycling Co gave up 5 fils to close at 85 fils.
Kuwait Portland Cement Co dropped 10 fils to 950 fils and ACICO Industries shed 10 fils. Boubyan Petrochemical Industries Co was flat at 570 fils and Al Qurain Petrochemical Co added 4 fils. Equipment Holding Co clipped 2.7 fils before settling at 48.1 fils.
Jazeera Airways and ALAFCO took in 1 fil each to close at 470 fils and 316 fils respectively whereas Eyas tumbled 79 fils to KD 1.400. Automated Systems Co was flat at 208 fils and KCPC climbed 5 fils to 208 fils.
Combined Group Contracting Co rose 6 fils to 610 fils and Educational Holding Group held ground at 350 fils. AWJ Holding was unchanged at 75 fils and Hits Telecom too did not budge from its earlier close of 41 fils.
YIACO Medical gained 5 fils and Al Rai Media Group was up 3 fils 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, Commercial Bank of Kuwait and AlMutahed dialed up 2 fils each to end at 312 fils and 444 fils each whereas Gulf Bank inched 1 fil higher. Al Ahli Bank was not traded during the session.
Boubyan Bank was flat at 410 fils off early highs and Warba Bank added 4 fils to wind up at 255 fils. Kuwait International Bank gave up 3 fils to close at 249 fils.
KIPCO rose 4 fils to 340 fils and International Financial Advisors took in 0.1 fil on back of over 1 million shares. National Investment Co paused at 103 fils and Coast Investment Co ticked 0.1 fil into green. Securities House Co was up 1.5 fils at 43.5 fils.
KAMCO fell 2.5 fils and KFIC slipped 6.5 fils to 40 fils. The company posted a 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.
Bayan Investment Co rose 1.3 fils to 52.9 fils whereas Osoul Investment Co and Tamdeen Investment Co paused at 59 fils and 300 fils respectively.
Al Imtiaz Investment Co took in 2 fils and Al Deera Holding trimmed 3 fils. Sokouk Holding dialed up 0.4 fils and Noor Financial Investment Co inched 0.7 fil into red.
National Real Estate Co dialed up 2 fils whereas United Real Estate Co and Tamdeen Real Estate Co stood pat at 84.5 fils and 400 fils respectively. Kuwait Real Estate Co crept 0.6 fils higher and Mazaya Holding took in 1 fil.
Aqar was down 15.8 fils at 66.2 fils. AREEC gave up 18 fils before settling at 147 fils. Aayan Real Estate dialed down 1.4 fils.
The market has been mixed so far during the week and has climbed 20 points in last two sessions. It has gained 55 points from start of the month and is trading 18.82 pct higher year-to-date. KSE, with 188 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