Kuwait stocks retreat amid ‘sluggish’ trade – Americana sheds 20 fils; Zain flat

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KUWAIT CITY, March 16: Kuwait stocks pulled lower on Wednesday, as it extends its volatile course. The bourse dropped 13.88 points in lackluster trade to 5,228.91 points amid moderate selling in select counters. The trading board was mixed even as eye investors fresh cues.

The KSX 15 benchmark slipped 2.21 points to 853.21 pts taking the month’s losses to 26 points while weighted index inched 0.51 pts higher. The volume turnover meanwhile was almost flat after falling sharply in the last session. 117.55 million shares changed hands — down 1.18 pct from Tuesday.

The sectors closed mostly in the red turf. Financial services outled the rest with 2.17 percent gain whereas industrials shed 0.91 pct, the worst performer of the day. In terms of volume, financial services clocked the highest market share of 37.76 percent while consumer services and real estate trailed with 18.17 percent and 14.8 percent contributions respectively.

Among the day’s losers, Kuwait Food Co (Americana) shed 20 fils to settle at KD 2.340 as it continued its losing streak and Jazeera Airways was down by same measure to end at KD 0.860. Humansoft Holding slid 50 fils to KD 0.720 and United Projects Group shed 20 fils.

Bourse heavyweight Zain was flat at KD 0.375 off early lows after trading 1.4 million shares and Wataniya Telecom (Ooredoo) climbed 20 fils to KD 1.220 taking the month’s gains to 80 fils. Kuwait Telecommunications Co (VIVA) slipped 10 fils to KD 0.990.

Investment conglomerate KIPCO was flat at KD 0.520 with a volume of 2.2 million shares and Bayan Investment Co followed suit. The company has posted a net loss of KD 50,336 and losses per share of 0.14 fils in the year ending Dec 31, 2015 as compared to net profit of KD 2.50 million and earnings per share of 6.93 fils in the year before.

The market opened flat and slipped into red in early trade. The bourse drifted sideways thereafter and hit the day’s lowest level of 5,219.01 points past the mid-session. It clawed back some of the losses thereafter and closed with moderate losses.

Top gainer of the day, Al Deera Holding jumped 7.6 percent to 35 fils and Wethaq Insurance Co climbed 6.9 pct to stand next. Gulf Finance Co slid 9.4 pct, the steepest decliner of the day and Zimah Holding topped the volume with over 21 million shares.

Mirroring the day’s downtick, the winners outnumbered the losers. 39 stocks advanced whereas 45 closed lower. Of the 128 counters active on Wednesday, 44 closed flat. 3131 deals worth KD 10.16 million were transacted — a 18.9 pct drop in value from the day before.

National Industries Group was unchanged at 114 fils and Kuwait Portland Cement Co too did not budge from its earlier close of KD 1.020. Gulf Cable rose 10 fils to KD 0.315 and NICBM was down 10 fils at 226 fils.

Equipment Holding Co inched 1 fils up to 53 fils and Qurain Petrochemical Industries Co took in 2 fils. Kuwait and Gulf Link Transport Co took in 1 fils and Kuwait Cable Vision Co eased 1 fils to 24 fils. ALAFCO stood pat at KD 0.190.

Burgan Well Drilling Co shed 10 fils and PAPCO slipped 4 fils. The company has logged a net profit of KD 892,487 and earnings per share of 17.06 fils in the last year, surging from net profit of KD 467,113 and earnings per share of 8.93 fils in the previous year. Board of Directors has recommended 10 percent cash dividends.

Zima Holding Co inched 1 fils higher and Jeeran Holding Co nudged 1 fils into red. Yiaco Medical Co dropped 8 fils to 198 fils whereas Mezzan Holding was unchanged at KD 1.060.

In the banking sector, National Bank of Kuwait rallied 10 fils on back of 1.3 million shares to KD 0.740 fils and Gulf Bank clipped 2 fils. Al Ahli Bank of Kuwait fell 5 fils whereas Commercial Bank of Kuwait was not traded during the session.

Ahli United Bank and Kuwait International Bank were flat at KD 0.425 and 194 fils respectively whereas Burgan Bank closed 5 fils in green. Kuwait Finance House paused at KD 0.495 and Boubyan Bank followed suit. Warba Bank gave up 2 fils to end at 170 fils.

Kuwait Investment Co stagnated at 90 fils whereas National Investment Co inched 1 fils up. Securities House Co and KMEFIC fell 0.5 fils each. The company has logged a net loss of KD 2.421 million and losses per share of 9.30 fils in the year 2015 widening from net loss of KD 1.09 million and losses per share of 4.20 fils in 2014.

Securities Group Co was flat at 39 fils and Al Mal Investment Co too stood pat at 33 fils after trading 4.8 million shares. Kuwait Financaial Investment Co (Markaz) and Osoul Investment clipped 0.5 fils each to close at 80 fils and 35 fils respectively.

Noor Financial Investment Co eased 1 fils while National Real Estate Co added 2 fils to settle at 106 fils. Mabanee Co was flat at KD 0.860 and Al Mazaya Holding closed 4 fils in red.

The market has been mixed so far during the week and has gained 33 points in last four sessions. It has added 21 pts so far during the month and is trading 6.86 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Credit Rating and Collection Co has incurred a net loss of KD 454,911 and losses per share of 2.76 fils in 2015 as against net loss of KD 2.26 million and losses per share of 13.73 fils in the year before.

 INOVEST has incurred a net loss of KD 14.37 million and loss per share of 50.48 fils in 2015 as compared to net loss of KD 1.149 million and loss per share of 4.03 fils in the year before.

Injazzat Real Estate Development Company has clocked a net profit KD 3.07 million and earnings per share of 9.2 fils in 2015, rising sharply from net profit of KD 1.51 mln and earnings per share of 4.5 fils in the same period last year. The BOD has recommended 5 pct cash dividends

Kuwait Insurance Company has logged a net profit of KD 5.69 million and earnings per share of 30.69 fils in the year ending Dec 31, 2015 up from net profit of KD 5.14 million and earnings per share of 27.64 fils in 2014. The BOD has recommended 20 pct cash dividends.

Aqar Real Estate Investments Co. has registered a net profit of KD 2.49 million and earnings per share of 11.07 fils during 2015 as against net profit of KD 2.24 million and earnings per share of 9.81 fils in the year before. Board of Directors recommended 6 percent cash dividends.

By John Mathews – Arab Times Staff

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