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Kuwait’s index retreats 19.81 pts; volume dips – Americana dives 80 fils; KFH ticks up

KUWAIT CITY, May 15: Kuwait stocks swung lower on Sunday after eking modest gains during the previous week. The price index pared back steeper early losses to close 19.81 pts down at 5,375.7 points weighed by selling in some of the mid and small caps. The trading board was mixed even as blue chips remained mostly muted.

The KSX 15 benchmark was stagnant at 845 points and is down 18 points so far during the month while weighted index edged 0.84 pts into red. The volume turnover meanwhile ebbed after hitting the month’s highest in the last session. 129.65 million shares changed hands – a 17.4 pct drop from Thursday.

The sectors closed mixed. Insurance outshone the rest with 2 pct gain whereas healthcare shed 1.88 percent, the biggest loser of the day. In terms of volume , financial services clocked the highest market share of 26.44 percent and real estate followed closely with 24.5 pct. Oil and gas trailed with 16.5 percent contribution.

In the individual shares, Kuwait Food Co (Americana) slid 80 fils to KD 2.340 paring the year’s gains to 340 fils while Kuwait Portland Cement shed 20 fils. Kuwait Finance House was up 5 fils at KD 0.480.

Zain was unchanged at 34 fils off slight early gains and Kuwait Telecommunications Co (VIVA) followed suit to end at KD 0.970. Agility stood pat at KD 0.500 after trading over 2 million shares whereas Wataniya Telecom (Ooredoo) was not traded during the session.

National Bank of Kuwait vacillated in a tight range before closing unchanged at KD 0.660 with a volume of 3.7 million and Commercial Bank of Kuwait too did not budge from its earlier close of 236 fils. The bank has logged a net profit of KD 7.76 million and earnings per share of 5.2 fils in the first quarter of 2016.

The market opened flat and moved sideways in early trade. The price index slipped into red thereafter as sentiment turned weak and hit the day’s lowest level of 5,358.37 pts well past the mid-session. However it clawed back some of the losses at close.

Top gainer of the day, First Takaful Insurance Co spiked 25 fils to 50 fils while MENA Holding Co climbed 9 percent to stand next. National Industries Group slid 7.9 pct, the steepest decliner of the day, and Gulf Petroleum Investment Co topped the volume with 20.7 million shares.

Reflecting the day’s downswing, the losers vastly outnumbered the winners. 25 stocks advanced whereas 63 closed lower. Of the 121 counters active on Sunday, 33 closed flat. 3,005 deals worth KD 10.6 million were transacted – a 7.18 pct rise in value from the day before.

Kuwait Portland Cement Co dropped 20 fils to KD 1.000 while Kuwait Cement Co was up 5 fils at KD 0.395. Gulf Cable climbed 10 fils to 435 fils whereas ACICO Industries and Boubyan Petrochemicals Co flitted between gains and losses before closing flat at KD 0.530.

Jazeera Airways stood pat at KD 0.880 off early lows and ALAFCO gave up 2 fils to settle at 206 fils. Automated Systems Co gained 15 fils and Combined Group Contracting Co was up 10 fils at KD 0.780. Nafais Holding Co rose 10 fils to 174 fils with thin trading.

Back

Equipment Holding Co took in 1 fil on back of 1.5 million shares and Kuwait Foundry Company gave up 4 fils. The company has penciled a net profit of KD 592,402 and earnings per share of 3.85 fils in the January- March period.

Humansoft Holding Co paused at KD 1.061 off early lows and Mezzan Holding Co swung 20 fils higher. Kuwait and Gulf Link Transport Co clipped 1.5 fils and KGL Logistics Co closed 2 fils in red.

Jeeran Holding Co and United Projects Group were unchanged at 72 fils and 700 fils respectively while NICBM was down 10 fils at KD 0.226. Zima Holding Co inched 0.5 fils down and Yiaco Medical Co dropped 10 fils. The company has logged a net profit of KD 277,732 and earnings per share of 1.53 fils in the first quarter of 2016 as against net profit of KD 611,126 and earnings per share of 3.36 fils in the same period last year

In the banking sector, Gulf Bank was unchanged at 236 fils and Burgan Bank too did not budge from its earlier close of 340 fils. Al Ahli Bank and Ahli United Bank were not traded during the session.

Kuwait International Bank slipped 4 fils and Boubyan Bank held steady at KD 0.400. Warba Bank was down 4 fils at 174 fils.

Kuwait Investment Co fell 4 fils to 85 fils and National Investment Co shaved off 2 fils to end at 16 fils. KIPCO stagnated at KD 0.530 and Gulf Investment House stood pat after trading 5.4 million shares. Bayan Investment Co eased 0.5 fils.

Sokouk Holding Co fell 1 fils and Noor Financial Investment Co closed 2.5 fils in red. KMEFIC took in 2 fils and Ekttitab Holding Co closed flat.

Salhia Real Estate dropped 10 fil to 0.350 while National Real Estate Co and Mabanee Co paused at 90 fils and KD 0.830 respectively . Al Mazaya Holding Co was down 4 fils at 118 fils.

The market was mixed during last week. The price index closed higher in two of the five sessions and gained 22 points week-on-week. It has retreated 15 points so far during the month and is trading 4.26 pct down year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news , Hilal Cement Company has registered a net profit of KD 415,000 and earnings per share of 5.4 fils in the first quarter of 2016 rebounding from a net loss of KD 78,685 and losses per share of 1.0 fil in 2015 Q1.

Advanced Technology Company has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of KD 1.15 million and  earnings per share of 7.69 fils in the same period last year.

Shuaiba Industrial Co has posted a net profit of KD 629,557 and earnings per share of 7.93 fils in the first quarter of 2016 as compared to net profit of KD 444,921 and earnings per share 5.65 fils in the same period last year.

Aqar Real Estate Investments Co has penciled a net profit of KD 278,860 and earnings per share 1.30 fils in the first three months of 2016 as against a net profit of KD 506,241 and earnings per share of 2.22 fils in the same period last year

Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.

By John Mathews

Arab Times Staff

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