KUWAIT CITY, Oct 28: Kuwait stocks dipped on Wednesday extending the retreat to third consecutive day as oil prices continued to weaken . The main index dropped 22.07 points to 5,769.9 pts amid fresh selling in select counters. The banks closed mixed while other blue chips closed mostly in red .
The KSX 15 measure slipped 5.72 points to 928.26 points taking the month’s losses to 6 points while weighted index edged 1.91 points down. The volume turnover meanwhile bounced moderately after falling below the 200 million mark in the last session. 169.59 million shares changed hands – a 17.18 pct rise from Tuesday.
The sectors closed mostly in lower. Oil and gas outshone the rest with over 1 percent gain whereas consumer services slid 1.11 pct, the worst performer of the day. Volume wise real estate clocked the highest market share of 35.8 percent while financial services and basic materials trailed with 23.8 pct and 10 percent contributions respectively.
In the individual stocks, National Bank of Kuwait dropped 10 fils to KD 0.820 after trading 1.26 million shares and Ahli United Bank was down by same measure to close at KD 0.540. Mabanee Co retreated 10 fils to KD 0.870 extending an identical fall in the last session while and KAMCO was down 6 fils at 96 fils.
Zain eased 5 fils to KD 0.375 with a volume of 1.33 million shares whereas Wataniya Telecom (Ooredoo) held steady at KD 1.020. Kuwait Telecommunications (VIVA) gave up 10 fils to settle at KD 0.860 and Agility shed 20 fils after trading over 2 million shares.
Gulf Bank was flat at KD 0.270 and Kuwait Finance House followed suit. The bank has clocked a net profit of KD 105.70 million and earnings per share of 22.54 fils in the January-September period of 2015 as against net profit of KD 90.09 million and earnings per share of 19.22 fils in the same period of 2014.
The market opened weak and moved sideways in early trade. The price index ticked up to hit the day’s highest level of 5,792.11 pts and traded flat almost half way into the session before drifting south as sentiment turned negative. It plumbed the day’s lowest level of 5,756.16 pts in the final minutes before paring back some of the losses at close.
Top gainer of the day, Qurain Holding rallied 6.67 percent to 8 fils while Sanam Real Estate stood close with 6 pct gain. Kuwait Cable Vision Co dived 8.3 pct, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 34.5 million shares.
Mirroring the day’s drop, the market spread was skewed towards the losers. 27 stocks advanced whereas 57 closed lower. Of the 128 counters active on Wednesday, 44 closed flat. 3,558 deals worth KD 12.37 million were transacted – a 30 pct surge in value from the day before.
National Industries Group fell 2 fils to KD 0.144 pruning steeper early losses while Gulf Cable was down 5 fils at KD 0.410. Heavy Engineering Industries and Shipbuilding Co rose 4 fils to KD 0.140 whereas Kuwait Portland Cement Co paused at KD 1.140.
Metal and Recycling Co and ACICO Industries Co dialed down 5 fils each and Boubyan Petrochemicals Co shed 10 fils. Equipment Holding Co inched 1 fil lower and Human Soft Holding closed flat.
Combined Group Contracting Co slipped 10 fils and Independent Petroleum Group Co climbed 15 fils. The company has posted a net profit of KD 1.599 million in the nine-month period ended Sept 30, 2015 while earnings per share came in at 11.05 fils. This compares with net profit of KD 3.627 million and earnings per share of last 25.08 fils in the same period last year.
Jazeera Airways was down 10 fils at KD 0.470 whereas ALAFCO closed flat. The company has posted a net profit of KD 16.04 million and earnings per share of 19.59 fils in the nine-month period ending Sept 30, 2015 as compared to net profit of KD 16.52 million and earnings per share of 20.18 fils in the same period of 2014.
Kuwait Gulf Link Transport Co inched 0.5 fils lower and KGL Logistics Co clipped 2 fils. Zima Holding added 4 fils on back of over 4 million shares whereas Mashaer Holding pulled 4 fils lower. Mezzan Holding Co held steady at KD 1.100.
In the banking sector, Burgan Bank was unchanged at KD 0.395 and Kuwait International Bank too did not budge from its earlier close of KD 0.230 . Boubyan Bank paused at KD 0.440 and Ahli United Bank shed 10 fils.
Al Ahli Bank of Kuwait slipped 5 fils whereas Commercial Bank of Kuwait gained 10 fils. The company has won the approval of Central Bank of Kuwait to extend the approval to buy back or sell a maximum of 10% of its issued shares for 6 months .
National Investment Co took in 2 fils whereas KIPCO closed flat. National Real Estate Co dialed up 2 fils and Al Mazaya Holding Co fell 2 fils to KD 0.104. Salhia Real Estate Co was unchanged at KD 0.320.
The bourse has been largely downbeat mixed during the week and has shed 11 points in last four days. It has climbed 42 points from start of the month and is trading 11.72 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, The Energy House Co has logged a net loss of KD 668,888 and losses per share 0.892 fils in the nine-month period ending Sept 30, 2015 narrowing from a net loss of KD 2.21 million and losses per share of 2.947 fils in the same period last year.
Warba Bank has recorded a net profit of KD 1.25 million and earnings per share 1.25 fils in the first nine-months of the year as compared to net profit of KD 318,000 and earnings per share of 0.32 fils in the 9M of 2014.
Boubyan International Industries Holding Company has incurred a net loss of KD 2.21 million and loss per share of 7.38 fils in the year ending 31 July 2015 narrowing from a net loss of KD 3.87 million and loss per share of 12.91 fils in the previous year.
Kuwait Real Estate Company has registered a net profit of KD 2.39 million and earnings per share of 2.64 fils in the first six-months of 2015 as against net profit of KD 3.49 million and earnings per share same of 3.86 fils in the same period last year.
Al Dar National Real Estate Co has incurred a net loss of KD 132,850 and loss per share of 0.32 fils in the six-month period ending June 30, 2015 as against net profit of KD 761,352 and earnings per share of 1.85 fils in the same period of 2014.
By John Mathews
Arab Times Staff