KUWAIT CITY, Dec 4: Kuwait stocks pulled lower as it kicked off the week on a dull note. The main index slipped 14.1 pts in choppy trade to 369.02 points even as trading floor sentiment turned skittish. The heavyweights closed mixed while some of the mid and small caps headed south on profit taking.
The KSX 15 benchmark was little changed at 861.87 points and is down 23 points year-to-date while weighted index edged 0.59 points into red. The volume turnover meanwhile fell sharply as investors toed the sidelines in absence of positive cues. 111 million shares changed hands — a 36 pct drop from Thursday.
The sectors closed mostly in the red. Basic materials outperformed the rest with 1.59 percent gain whereas technology dived 4 pct, the biggest loser of the day. In terms of volume, financial services mustered the highest market share of 47 percent while real estate trailed with 26 pct contribution.
Among day’s notable losers, sector bellwether National Bank of Kuwait dipped 10 fils to 630 fils while Al Ahli Bank was down 5 fils at 295 fils. Humansoft Holding Co slid 60 fils to KD 2.100 partly reversing the losses in the last session.
Zain was unchanged at 405 fils after trading 2.4 million shares and Wataniya Telecom (Ooredoo) dived 40 fils to KD 1.120. Kuwait Telecommunications (VIVA) stood pat at 900 fils and logistics major Agility followed suit to wind up at 570 fils.
Kuwait Finance House rose 10 fils to 510 fils with a volume of over 1 million shares and Gulf Bank of Kuwait paused at 232 fils. The bank has recorded a net profit of KD 32.80 million and earnings per share of 11 fils in the Jan-Sept period.
The market opened wobbly and swung lower in early trade. The price index drifted sideways briefly before slipping into red almost an hour into the session. It plumbed the day’s lowest level of 5,542.29 points in the final minutes amid selling in select counters before clawing back some of the losses at close.
Top gainer of the day, AWJ Holding rallied 8 pct to 67 fils and Sanam Real Estate Co climbed 7.27 percent to stand next. Shuiba Industrial Co skidded 8.33 percent, the steepest decliner of the day and Al Imtiaz topped the volume with over 26 million shares.
Mirroring the day’s downswing, the winners outnumbered the losers. 42 stocks advanced whereas 31 closed lower. Of the 120 counters active on Sunday, 47 closed flat. 2,583 deals worth KD 11.58 million were transacted — a 28.5 percent drop in value from the day before.
National Industries Group fell 2 fils to 120 fils after trading over 2 million shares whereas Gulf Cable and Heavy Engineering Industries and Shipbuilding Co were flat at 375 fils and 160 fils respectively. Boubyan Petrochemical Co held ground at 465 fils.
Kuwait Food Co took in 2 fils and ACICO Industries added 5 fils before settling at 270 fils. Kuwait and Gulf Link Transport Co inched 1 fils higher KGL Logistics followed suit. Kuwait Food Co (Americana) was not traded during the session.
ALAFCO dialed up 2 fils and Jazeera Airways Co stood pat at 800 fils. The airline has posted a net profit of KD 12.01 million and earnings per share of 60.06 fils in the first nine months of 2016.
OSOS slipped 10 fils to 154 fils extending the steep drop in the last session while UPAC climbed 10 fils to 660 fils. Mezzan Holding gained 30 fils and Zimah Holding inched 1 fils into red. Kuwait Cinema Co stalled at KD 0.940.
Al Qurain Petrochemical Co rose 10 fils to 230 fils and Equipment Holding Co dialed up 0.5 fils. AWJ Holding rose 5 fils to 67 fils and IFA Hotels and Resorts added 4 fils. FutureKid was up 2 fils at 106 fils.
NAPESCO stood pat at 800 fils and Yiaco Medical Co followed suit. The company has logged a nine-month net loss of KD 2.40 million and loss per share of 13.24 fils.
In the banking sector, Commercial Bank of Kuwait stagnated at 410 fils and Ahli United Bank too did not budge from its earlier close of 390 fils. Kuwait International Bank climbed 4 fils on back of over 1 million shares.
Burgan Bank gave up 5 fils before settling at 305 fils whereas Boubyan Bank stood pat at 390 fils off slight early highs. Warba Bank dialed down 2 fils to close at 216 fils.
KIPCO was flat at 510 fils and Coast Investment Co followed suit. National Investment Co inched 1 fils lower whereas Securities House Co and Arzan took in 0.5 fils each. International Financial Advisors eased 0.5 fils to 30.5 fils and Ektittab Holding followed suit.
Unicap fell 2.5 fils to 44.5 fils and Aayan closed 0.5 fils in green with a volume of 27.5 fils. Noor Financial Investment Co edged 0.5 fils up whereas Sokouk Holding and Al Madina Finance Co paused at 32 fils and 42 fils respectively.
Mabanee Co dropped 10 fils to 830 fils and Salhiya Real Estate gave up 5 fils to wind up at 370 fils. National Real Estate Co dialed up 1 fils on back of 4.5 million shares and Kuwait Real Estate Co closed flat. Mazaya Holding clipped 2 fils.
The market was upbeat during last week. The main index closed higher in all the 5 sessions and climbed 52 pts week-on-week. It had gained 151 points during whole of November but is down 1.07 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 fils 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