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Thursday , August 6 2020

Kuwait stocks kicks off week on lackluster note – Ooredoo drops 30 fils; KIPCO ticks up

KUWAIT CITY, June 28: Kuwait stocks edged lower on Wednesday as it opened after the Eid-Al-Fitr holidays. The price index fell 3.03 pts in volatile trade to 6,769.06 pts even as the broader sentiment remained lackluster in absence of cues.

The KSX 15 benchmark inched 0.05 pts higher to 920.26 points while weighted index eased 0.82 points. The volume turnover meanwhile ticked slightly up. 37.34 million shares changed hands — a 4.14 pct rise from the previous session.

The sectors closed mixed. Industrials outshone the rest with 1 pct gain whereas parallel market shed 1.37 percent, the biggest loser of the day. Volume wise, financial services accounted for the highest market share of 35.2 percent and real estate followed with 26.4 percent contribution.

In the individual shares, National Bank of Kuwait took in 2 fils on back of over 2 million shares and KIPCO erased last session’s gains with a 2 fils drop to 336 fils. Mabanee Co dropped 9 fils to 771 fils and Eyas For Higher and Technical Education slumped 40 fils.

Zain eased 1 fil to 424 fils after vacillating a tight range while Ooredoo shed 30 fils extending last session’s losses. Kuwait Telecommunications Co (VIVA) fell 2 fils to 820 fils and Agility dialed down 1 fil before settling at 824 fils.

Al Mutahed dipped 20 fils to 420 fils and Gulf Bank added 2 fils. The bank has posted a 6.7 pct increase in first quarter profit in to KD 9.36 million from KD 8.77 million in Q1 of 2016. The net operating profit rose by 6.8% to KD 9.8 million.

The market opened on a positive note and ticked up in early trade. The main index scaled the day’s highest level of 6,780.18 points and headed south as sentiment soured. It traded choppy before bottoming at 6,738.97 points and clawed back most of the losses in the final minutes.

Top gainer of the day, Burgan Well Drilling Co rallied 19.72 percent to 86 fils and UPAC climbed 16.5 pct to stand next. Contracting and Marine Services Co slid 15.66 pct, the steepest decliner of the day and Al Imtiaz topped the volume with 5,8 million shares.

Reflecting the day’s downtick, the losers outnumbered the winners. 35 stocks advanced whereas 49 closed lower. Of the 1793 shares active on Wednesday, 29 closed flat. 1793 deals worth KD 7.28 million were transacted — a 1.14 pct uptick in value from the last session.

National Industries Group fell 1 fil to 114 fils and Gulf Cable followed suit. Metal and Recycling Co was flat at 89 fils while Heavy Engineering Industries and Shipbuilding Co climbed 5 fils to 216 fils. Educational Holding Group rose 8 fils to 377 fils.

Boubyan Petrochemical fell 6 fils to 575 fils and Al Qurain Petrochemical Co added 3 fils. Independent Petroleum Group rose 4 fils and Kuwait Cable Vision was down 3 fils at 28 fils. Equipment Holding Co edged 1.9 fils into red.

Climbed

ALAFCO climbed 8 fils to 315 fils and Napesco was up 9 fils at KD 1.359. The company’s first quarter profit surged 62.7% year-on-year to KD 2.31 million as to compared to KWD 1.42 million in same period last year. It company had earned KD 7.71 million in 2016.

Humansoft Holding clipped 1 fil and Acico Industries trimmed 2 fils before closing at 260 fils. The company’s first quarter profits rose by 0.78 pct to KD 3.88 mln as compared to KD 3.85 million in Q1 of 2016. Net operating profits was up 11.8 percent to KD 9.87 million.

Gulf Finance Co slipped 4 fils to 80 fils while OSOS and Zimah Holding dialed down 2 fils each to close at 120 fils and 50 fils. Al Rain Media Group took in 2 fils and KPPC closed 2.8 fils in red.

In the banking sector, Kuwait Finance House fell 1 fil to 485 fils and Burgan Bank paused at 330 fils off early lows. Al Ahli Bank and Kuwait International Bank were not traded during the session.

Commercial Bank of Kuwait took in 2 fils partly recouping previous session’s losses while Boubyan Bank ticked 1 fil higher. Warba Bank was up 3 fils at 258 fils.

Kuwait Investment Co and International Financial Advisors were unchanged at 96.5 fils and 35.7 fils respectively whereas KMEFIC and KFIC gave up 2.5 fils each. National Investment Co stood pat at 102 fils with thin volume.

Bayan Investment Co tripped 1.1 fils and NIH was down 6 fils at 61 fils. Securities House Co dialed up 1.1 fils and Coast Investment Co was unchanged at 40 fils.

Al Deera Holding and Sokouk Holding were flat at 32 fils and 47.5 fils respectively whereas Ekttitab Holding inched 1 fil into green. Al Madina Finance and Noor Financial Investment Co clipped 1 fil each while Kuwait Insurance Co slipped 12 fils to 250 fils.

National Real Estate Co fell 2 fils to 110 fils and Mazaya Holding nudged 1 fil into green. Kuwait Real Estate Co inched 0.1 fil higher and Remal stood pat at 60 fils.

The market was largely downbeat during last week. The main index closed lower in three of the five session and shed 38 pts week-on-week. It has slipped 16 points from start of the month and is trading 17.76 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

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