Kuwait stocks drop in slightly volatile trade – Ooredoo surges 100 fils; Gulf Insurance Group up 30 fils

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KUWAIT CITY, June 30: Kuwait stocks declined on Thursday to wind down the week on a weak note as investors booked profits ahead of Eid holidays. The price index sank 10.21 points in slightly volatile trading to close at 5,364.57 points led by banks and real estate.

The KSX-15 index shed 5.98 points to 805.71 points. The weighted index fell 1.36 points. The volume turnover meanwhile remained subdued ahead of the Eid al Fitr holidays. 70.3 million shares changed hands, a rise of 2.81percent from the previous day.

The sectors closed mixed. Technology outperformed with 1.98 percent gain while banks dipped 0.99 percent to end the day as the biggest loser. In terms of volume, consumer services topped with 29.79 percent market share closely followed by financial services with 24.68 percent.

Among the day’s notable movers, National Mobile Telecommunications Co (Ooredoo) surged 100 fils while Gulf Insurance Group rose 30 fils. Kuwait Food Co (Americana) gained 20 fils to settle at KD 2.480. Kuwait Food Co (Americana) has announced a first quarter net profit of KD 15.19 million and earnings per share of 38.8 fils in the January-March period down from net profit of KD 17.31 million and earnings per share of 44.3 fils in Q1 of 2015.

The market opened on dull note and slipped slightly into red in early trading. The bourse continued to trade sideways and hit the day’s high level of 5,377.73 points mid-session before dropping deeper into red at close.

Mobile Telecommunications Co (Zain) and Kuwait Telecommunications Co (VIVA) were unchanged at KD 0.335 and KD 0.930 respectively. Agility dropped 5 fils to stand at KD 0.470 whereas Jazeera Airways did not budge from its earlier close of KD 0.900.

The banking sectors mostly traded in the negative territory. Commercial Bank of Kuwait tumbled 20 fils whereas National Bank of Kuwait shed 10 fils to close at KD 0.590 after trading over 6 million shares. Al Ahli Bank of Kuwait, Burgan Bank and Ahli United Bank each dropped 5 fils whereas Gulf Bank, Kuwait International Bank and Warba Bank shed 2 fils each to settle at KD 0.232, KD 0.182 and KD 0.168 respectively. KFH and Boubyan Bank were unchanged.

Top gainer of the day, Kuwait Cable Vision soared 11.11 percent while Mena Real Estate Co was up 5 percent. Kuwait Resorts Co rose 4065 percent. In terms of volume, Zima Holding Co topped after trading close to 20 million shares.

Stocks

Reflecting on the day’s downswing, the market was skewed toward the losers as 32 stocks advanced whereas 55 closed lower. Of the 114 counters active on Thursday, 27 closed flat. 2,125 deals worth KD 12.4 million were transacted, a rise of 10.5 percent from the previous session.

Real Estate Trade Centers Co, top loser of the day, tumbled 11.9 percent whereas Kuwait Real Estate Holding Co dived 10.2 percent to stand next. Sanam Real Estate Co was down 7.69 percent to close to 30 fils while Ajwan Gulf Real Estate Co sank 6.45 pct. National Real Estate Co and Salhia Real Estate Co dropped 3 fils and 5 fils respectively. However, United Real Estate Co rose 2 fils and Kuwait Real Estate Co was up 1 fils to close at 53 fils.

Kuwait & Gulf Link Transport Co closed 5.26 percent down to 45 fils while United Projects Group dived 10 fils and Mezzan Holding Co plummeted 20 fils to KD 1.080. Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.

Kuwait Projects Co gave up 10 fils whereas Commercial Facilities Co slipped 6 fils in thin trading. Noor Financial Investment shed 1.5 fils. Mabanee Co lost 10 fils while Kuwait Portland Cement Co sank by the same amount. Kuwait Cement Co however rose 5 fils and Gulf Cable and Electricity Co dived by the same amount.

ACICO Industries Co gained 10 fils to settle at KD 0.520. Boubyan Petrochemicals Industries Co surged 10 fils while Qurain Petrochemicals Industries Co did not budge from its earlier close of 194 fils. Ikarus Petroleum Industries Co was down 1.5 fils to 40 fils.

Automated Systems Co gained 5 fils whereas Future Communications Co shed 2 fils to close at 98 fils. Hayat Communications barely moved while ALAFCO Aviation Lease And Finance rose 2 fils. Oula Fuel and Soor Fuel were up 2 fils and 4 fils respectively.

By Iliasu Abubakari

Arab Times Staff

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