Kuwaiti stocks open week with downtick – Ooredoo tumbles 60 fils; KFH flat

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KUWAIT CITY, Nov 20: Kuwait stocks kicked off the week with a downtick after logging modest gains during previous week. The bourse, after firm start, closed 4.43 points down at 5507.31 pts even as the sentiment turned sluggish. The banks were muted and most of the other heavyweights remained subdued.

The KSX 15 index inched 0.25 pts up to 871.82 points taking the month’s gains to 45 points while weighted index eased 0.11pts. The volume turnover meanwhile shrank slightly after rising in the previous three sessions. 150.9 million shares changed hands – a 3.7 pct fall from Thursday.

The sectors closed mostly in the red. Healthcare outshone the rest with 1.54 percent gain whereas technology skidded 5.94 pct, the worst performer of the day. In terms of volume, technology accounted for the highest market share of 38.63 pct while real estate followed with 23 percent contribution.

In the individual shares, Kuwait Food Co (Americana) dipped 20 fils to KD 2.620 and Jazeera Airways followed suit to end at 790 fils. Sector bellwether National Bank of Kuwait was unchanged at 640 fils after trading 1.6 million shares while Ahli United Bank was up 5 fils at 400 fils.

Zain was unchanged at 410 fils off early highs with a volume of 3.6 million and Wataniya Telecom (Ooredoo) tumbled 60 fils reversing most of the gains in the last session. Kuwait Telecommunications Co (VIVA) slipped 10 fils to KD 0.870 and Agility paused at 540 fils.

Kuwait Finance House stagnated at 520 fils and Gulf Bank of Kuwait took in 2 fils. The bank has recorded a net profit of KD 32.80 million and earnings per share of 11 fils in the Jan-September period.

The market opened firm and headed north in early trade. The price index scaled the day’s highest level of 5528.85 points and retreated thereafter. It slipped into red as sentiment weakened and bottomed at 5499.24 pts in the final minutes. However it pulled up to close with marginal losses.

Top gainer of the day, AWJ Holding Co vaulted 9.26 pct to 59 fils and Yiaco climbed 8.6 percent to stand next. OSOS slid 8.77 pct, the steepest decliner of the day and Ithmaar Bank topped the volume with 18.8 million shares.

Despite the day’s downtick, the winners outnumbered the losers. 48 stocks advanced whereas 37 closed lower.

Of the 121 counters active on Sunday, 36 closed flat. 3283 deals worth KD 16.55 million were transacted – a 17.9 pct rise in value from the last session.

National Industries Group was flat at 118 fils after trading over 1 million shares and Gulf Cable was up 5 fils at 380 fils. Kuwait Cement Co rose 15 fils to 405 fils and Kuwait Portland Cement Co stood pat at 950 fils. Heavy Engineering Industries Shipbuilding Co added 2 fils to settle at 154 fils.

Kuwait Foundry Co rose 4 fils to 176 fils while ACICO Industries pulled 10 fils lower. Boubyan Petrochemical Co rose 5 fils to 465 fils and Al Kout Industries Co gained 10 fils. Kuwait National Cinema Co held ground at 950 fils with thin trading.

Stalled

Equipment Holding Co stalled at 42.5 fils and Gulf Glass Manufacturing Company followed suit. The company has registered a net profit KD 1.20 mln and earnings per share of 23.46 fils in the nine-month period ending Sept 30, 2016.

Combined Group Contracting Co slid 30 fils whereas Automated Systems Co climbed 4 fils to 250 fils. Zimah Holding was unchanged at 41 fils and Mezzan Holding followed suit. KCPC was up 6 fils at 166 fils.

Kuwait and Gulf Link Transport Co eased 1 fil to 52 fils and KGL Logistics Co followed suit. GPI and GFC dialed up 2 fils each and Al Rai Media Group followed suit to end at 140 fils.

ALAFCO took in 2 fils and Qurain Petrochemical Industries Co was up by same measure.

The company has registered a net profit of KD 10.48 million and earnings per share of 10.08 fils in the January-September period as compared to net profit of KD 6.61 million and earnings per share of 6.31 fils in 2015, 9M.

In the banking sector, Burgan Bank and Kuwait International Bank were flat at 325 fils and 202 fils respectively whereas Al Ahli Bank was not traded during the session. Commercial Bank paused at 420 fils and Boubyan Bank followed suit. Warba Bank clipped 2 fils to end at 214 fils.

Investment major KIPCO was unchanged at 500 fils off slight early lows and National Investment Co followed suit after trading over 2 million shares. KMEFIC took in 1 fil while Coast Investment Co and Securities House Co were up 0.5 fil.

KFIC and Sokouk Holding rose 0.5 fil each while Bayan Investment Co closed 1 fil in green . Aayan Investment Co stagnated at 27 fils and GIH too did not budge from its earlier close of 27 fils. Noor Financial Investment Co inched 0.5 fil higher to 44.5 fils.

Mabanee Co was flat at 850 fils and United Real Estate Co followed suit. Kuwait Real Estate Co took in 1 fil and National Real Estate Co gave up 2 fils to end at 86 fils.

The market was largely buoyant during last week. The price index closed higher in four of the five sessions and gained 31 points week-on-week. The price index has advanced 105 points from start of the month but is down 1.92 pct year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Shuaiba Industrial Co has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and earnings per share of 16.83 fils in same period of 2015.

Aqar Real Estate Investments Co has registered a net profit of KD 923,223 and earnings per share of 4.34 fils in the January-September period down from net profit of KD 1.72 million and EPS of 7.63 fils in the 9M of 2015.

Jeeran Holding Co has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.

Kuwait Building Materials Mfg has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.

Hilal Cement Company has logged a net loss of KD 3,709 and loss per share of 0.04 fil in the January-September period of 2016 narrowing from a net loss of KD 117,151 and LPS of 1.39 fils in same period in 2015.

By John Mathews

Arab Times Staff

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