KUWAIT CITY, Dec 10: Kuwait stocks slipped into red on Sunday extending the losses to fourth straight session. The price index dropped 24.59 pts in volatile trade to 6,162.35 points weighed by select mid-caps even as the some of heavyweights pulled higher. The bank however were muted.
The KSX 15 gauge fell 1.36 pts 893.63 points and weighted index eased 0.64 points to 393.2 pts. The volume turnover meanwhile turned markedly anemic to plumb a multi-month low. 21.9 million shares changed hands — 75.3 pct tumble from last session.
The sectors closed mostly in red. Telecommunications outpaced the rest with 0.47 pct gain whereas insurance slid over 2 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 38 percent and banks trailed with 23 pct contribution.
Among prominent losers, National Bank of Kuwait fell 3 fils to 711 fils extending its losses from last week while KIPCO dialed down 2 fils before settling at 290 fils. Mabanee Co dropped 15 fils to 708 fils and Nafais Holding slid 50 fils.
Zain was unchanged at 437 fils after vacillating narrowly earlier in the day while Ooredoo dipped 9 fils to KD 1.043. Kuwait Telecommunications Co (VIVA) climbed 10 fils to 740 fils and Agility was up 8 fils at 774 fils.
Kuwait Finance House rose 2 fils to 565 fils and Ahli United Bank — Kuwait closed flat. The bank has registered a year-on-year growth of 0.45 pct in profits during the third quarter of 2017 to KD 13.55 million. During the first nine months of 2017, the bank posted a profit of KD 40.04 mln.
The market opened firm and rose sharply in early trade. The main index peaked at 6,188 pts and plunged to plumb the day’s lowest level of 6,130 pts as sentiment flipped to negative and. It pulled up again half way into the session and see sawed thereafter before closing with moderate losses.
Top gainer of the day, Kuwait and Gulf Link Transport Co spiked 6.36 pct to 61.9 percent and KFIC climbed 5.8 percent to stand next. Wethaq Takaful dived 9.3 pct, the steepest decliner of the day and Ajwan topped the volume with over 2 million shares.
Despite the day’s drop, the market spread was almost even. 38 stocks advanced and 37 closed lower. Of the 110 counters active on Sunday, 25 closed flat. 1672 deals worth KD 4.4 million were transacted – a 59.8 pct dip in value from the day before
National Industries Group traded narrowly before closing unchanged at 147 fils and Gulf Cable too did not budge from its earlier close of 417 fils. Heavy Engineering Industries and Shipbuilding Co rose 3 fils to 215 fils while Metal and Recycling Co stood pat at 74.9 fils.
Jazeera Airways was unchanged at 644 fils while ALAFCO took in 2 fils. The company has registered a 133.3 pct surge in profits to KD 32.82 million for the fiscal year that ended 30 September. The board of directors has recommended cash dividends of 10 fils per share.
Kuwait Portland Cement Co gained 20 fils and Kuwait Cement Co was down 10 fils at 475 fils. The company has registered a reported a 25.3 pct year-on-year decline in profits to KD 2.27 million in the third quarter. In the nine-month period , profits was down by 19 pct to KD 12.25 m.
Kuwait Foundry Co was flat at 265 fils and ACICO gave up 5 fils before closing at 243 fils. Boubyan Petrochemical Co paused at 606 fils while Al Qurain Petrochemical Co and Salbookh clipped 2 fils each,
Burgan Well Drilling Co rose 3 fils to 65 fils whereas Humansoft Holding and Combined Group Contracting Co took in 1 fil each. UPAC held ground at 585 fils off early highs and OSOS gave up 2 fils.
Educational Holding Group added 2 fils and Gulf Finance House was down 3 fils at 125 fils. Mezzan Holding inched 1 fil into red and KGL Logistics dialed up 0.8 fil.
In the banking sector, Gulf Bank and Commercial Bank were flat at 240 fils and 400 fils respectively and Al Ahli Bank too did not budge from its earlier close of 300 fils.
Boubyan Bank was down 4 fils at 415 fils erasing almost all of last session’s gains whereas Kuwait International Bank and Burgan Bank stood pat at 217 fils and 309 fils respectively.
Kuwait Investment Co climbed 3 fils to 116 fils and Commercial Facilities was up 4 fils at 170 fils. National Investment Co trimmed 0.3 fil and Al Mal Investment closed flat at 28.5 fils. Unicap inched 0.2 fil into green.
KFIC rose 2.5 fils to 45.5 fils while Bayan Investment Co and Noor Financial Investment Co added 0.8 fil each. Ektittab Holding took in 0.5 fil and Sokouk Holding was up 1.5 fils whereas Amwal Investment gave up 0.3 fil.
Coast Investment Co was unchanged at 32.9 fils and Securities House Co closed 1.4 fils in green. Warba Insurance Co slipped 6 fils to 61 fils and Wethaq Takaful was down 4 fils to 39 fils. Al Imtiaz paused at 160 fils.
National Real Estate Co was flat at 123 fils and Kuwait Real Estate clipped 0.8 fils. AREEC climbed 6 fils to 176 fils and Mazaya Holding dialed up 2 fils.
The bourse was mixed during last week. The main index closed lower in three of the five sessions and dropped 10 pts week-on-week. It has shed 34 points so far during the month and is trading 7.21 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.
In the bourse related news, Mashaer Holding incurred a losses of KD 597,180 in the third quarter of 2017, as compared to KD 503,400 profit in the year ago period. In the first nine-months the company suffered losses of KD 19,280 as against KD 584,800 profits in the same period in 2016 and is attributed to a provision of tax claim valued at KD 1.03 million.
Gulf Bank of Kuwait’s total shareholders’ equity stood at KD 591.2 million by the end of September 2017. The net revenue from interest totaled KD 97.2 mln in January — September period while operating profits stood at KD 89.7 million. Public provisions amounted to KD 225 million, accounting for 38 pct of the total shareholders’ equity.
Asiya Capital Investments Co bounced back to black in the third quarter of 2017 with a profit of KD 503,900 as against loss of KD 590,000 in the same period in the year before. In the January-September period the losses totaled KD 794,290 narrowing from KD 4.63 million in the 9M of 2016.
Aqar Real Estate Investments Co’s earnings was down 6.42 pct year-on-year during the third quarter of 2017 to KD 345,140 .In the January-September period, profits rose 11.5 percent to KD 1.03 million. The operating revenues rose 14.6 pct to KD 1.48 million in nine-month period.
By John Mathews – Arab Times Staff