publish time

02/05/2017

author name Arab Times

publish time

02/05/2017

KUWAIT CITY, May 1: Kuwait stocks swung lower on Monday to kick off the month on a dour note. The bourse, after trading sideways for most part of the session, slid 49.95 pts to 6,793.06 points as sentiment turned dour. Some of the middle caps however shone on bargain buying.The KSX 15 gauge dropped 6.62 pts to 912.76 points while weighted index gave up 2.96 pts. The volume turnover meanwhile fell sharply to hit a fresh multi-month low. Over 116 million shares changed hands — a 33.5 pct dip from Sunday.The sectors closed mostly in the red. Basic materials outshone the rest with 0.99 pct gain whereas technology dived 1.84 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 27.79 pct and real estate followed with 25.97 percent contribution.Among day’s notable losers, National Bank of Kuwait dropped 10 fils to 680 fils after trading over 1 million and Boubyan Bank followed suit to wind up at 405 fils. Kuwait National Cinema Co tumbled 80 fils to KD 1.320 and Kuwait Cement Co shed 25 fils.Zain was unchanged at 445 fils while Kuwait Telecommunications Co (VIVA) slipped 10 fils to 830 fils. Ooredoo climbed 20 fils to KD 1.200 and Agility stood pat at 630 fils off early lows after gaining 40 fils during April.The market opened firm but slipped into red in early trade. The main index drifted listlessly well past the mid-session as investors toed caution in absence of catalysts. It headed south thereafter and plumbed the day’s lowest level of 6,762.65 points in the final minutes before paring back some of the losses at close.Top gainer of the day, Kuwait Foundry Co jumped 6.9 percent to 310 fils and Kuwait and Gulf Link Transport Co climbed 6.45 pct to stand close behind. Educational Holding Group dived 7.9 percent, the steepest decliner of the day and Ithmaar Bank topped the volume with 27.2 million shares.Mirroring the day’s downswing, the market spread was heavily skewed towards the losers. 23 stocks advanced whereas 83 closed lower. 3,140 deals worth KD 11.35 million were transacted — a 39.9 pct drop in value from the day before.National Industries Group fell 2 fils to 118 fils whereas Gulf Cable was unchanged at 440 fils. Heavy Engineering Industries and Shipbuilding Co gave up 4 fils to settle at 226 fils and Contracting and Marine Services Co inched 1 fil into red.Jazeera Airways shed 30 fils extending Sunday’s fall while ALAFCO and OSOS were down 6 fils each to close at 244 fils and 130 fils respectively. Yiaco paused at 200 fils and PAPCO slipped 8 fils to 102 fils. NAPESCO gained 40 fils partly recouping last session’s losses.Humansoft Holding Co rebounded 100 fils after two-day slide and Shuaiba Paper Industries Co was down 15 fils at 300 fils. Metal and Recycling Co fell 5 fils and ACICO Industries was unchanged at 290 fils.Kuwait Portland Cement Co dropped 10 fils to 870 fils while Automated Systems Co added 5 fils. Boubyan Petrochemical Co slipped 10 fils whereas Al Qurain Petrochemical Co held ground at 330 fils. Burgan Well Drilling Co clipped 2 fils.FoodKuwait Food Co (Americana) was unchanged at KD 2.400 after retreating 80 fils during April and Combined Group Contracting Co fell 10 fils. NCCI gave up 5 fils whereas KBMMC and NICBM were down 10 fils each.Mezzan Holding Co stagnated at 990 fils whereas Zimah Holding inched 1 fil into green. KGL Logistics Co rose 3 fils on back of 5.8 million shares and Al Rai Media Group slipped 10 fils.In the banking sector Kuwait Finance House fell 5 fils to 495 fils and Ahli United Bank paused at 435 fils. The bank’s first quarter profit rose 2.6% to KD 16.003 million as against KD 15.59 million in Q1 of 2016. The operating stood at KD 19.67 million.Burgan Bank and Gulf Bank stood pat at 310 fils and 248 fils respectively while Kuwait International Bank dialed down 2 fils. Al Ahli Bank was not traded during the session. Commercial Bank of Kuwait fell 5 fils to 385 fils and Warba Bank stood pat at 246 fils.KIPCO and National Investment Co were unchanged at 415 fils and 104 fils respectively while International Financial Advisors inched 1 fil into red after trading over 5 million shares.Kuwait Investment Co was flat at 100 fils while Securities House Co and Aayan eased 0.5 fil each. Securities Group Co and Bayan Investment Co stagnated at 99 fils and 51 fils respectively while KMEFIC gave up 2.5 fils.KAMCO tripped 1 fil to close at 94 fils and Kuwait Financial Centre (Markaz) was down 7 fils at 99 fils. Osoul Investment Co fell 2 fils and Sokouk Investment Co inched 1 fil lower with a volume of 2.6 million.Noor Investment Co took in 1 fil and Tamdeen Investment Co shed 10 fils. KFIC eased 0.5 fils to 47.5 fils and Al Imtiaz rose 4 fils. Kuwait Insurance Co slipped 10 fils to 238 fils and Ahleia Insurance Co added 5 fils.Kuwait Real Estate Co and National Real Estate Co were flat at 58 fils and 104 fils respectively whereas Mabanee Co gained 10 fils. Mazaya Holding paused at 120 fils and Argan shed 10 fils.The market has been trending lower so far during the week and has shed 54 points in last two sessions. It had slid 188 points during whole of April and is trading 18.18 pct higher year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.In the bourse related news, Injazzat Real Estate Development has recorded  a 71.5% surge in the first quarter of 2017 to KD 2.35 million from KD 1.37 million in Q1 of 2016. The earnings were boosted by the sale of one of the company’s assets at a profit of KD 1.97 million. In 2016 the profit was up 2.9% at KD 3.2 mln.Al Mazaya Holding net profits soared 31.7 pct to KD 2.59 million in last quarter of 2016 while profits rose 10 pct to KD 10.25 million during the fiscal year of 2016. The board has recommended an annual cash dividend of 8% or 8 fils per share.Gulf Glass Manufacturing Co’s fourth quarter net profit dipped to 64% in KD 14,000 from KD 39,000 in same period last year. During the fiscal year of 2016, profits were down 48 percent to KD 1.21 million from KD 2.34 mln in the previous year.Ajial Real Estate Entertainment Company (AREEC) net losses narrowed by 22.7 pct to KD 888,620 from KD 1.15 million in Q4 of 2115. The annual profits in 2016 clocked KD 1.5 million and the board has recommended the distribution of cash dividends at 5% of capital.By John MathewsArab Times Staff