Kuwait’s stock index edges 3.96 pts down – NBK gains 10 fils; Zain falls

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KUWAIT CITY, Nov 2: Kuwait stocks slipped slightly into red on Wednesday snapping the two-day upswing. The price index pared back steeper early session loses to close 3.96 pts down at 5,407.67 points as sentiment dampened over retreating oil prices and lack of catalysts. The trading board however remained broadly mixed.

The KSX 15 gauge climbed 6.21 pts to 834.07 pts while weighted index edged 1.74 pts higher. The volume turnover meanwhile saw marginal rise following Tuesday’s retreat. Over 113 million shares changed hands — a 2.3 pct increase from the day before.

The sectors diverged. Healthcare outperformed the rest with 1.46 pct gain whereas real estate dipped 0.94 percent, the biggest loser of the day. In terms of volume financial services garnered the highest market share of 38.5 pct while real estate stood next with 31.74 percent contribution.

Among standout performers, National Bank of Kuwait climbed 10 fils to KD 0.600 on back of 1.85 million shares and Kuwait Finance House followed suit to wind up at KD 0.485 with a volume of 6.9 million. Kuwait Food Co (Americana) was unchanged at KD 2.620 following solid gains during last month.

Zain fell 5 fils to 390 fils after trading over 2 million shares and Wataniya Telecom (Ooredoo) climbed 20 fils. Kuwait Telecommunications Co (VIVA) gain 10 fils to KD 0.880 extending an identical rise in the previous session and Agility added 5 fils.

National Investment Co stood pat at 108 fils off slight early lows and KIPCO followed suit. The company has logged a net profit of KD 40.02 million and earnings per share of 24.62 fils in the January —Sept period.

The market opened firm but slipped into red in early trade. The price index continued to drift further south amid selling in select counters and bottomed at 5,388.49 points past the mid-session. However it clawed back most of the losses at close.

Top gainer of the day, National Investment House rallied 8.7 pct to 62 fils and Housing Finance Co (Iskan) climbed 7.6 percent to stand next. Massaleh slid 6.5 percent, the steepest decliner of the day and Al Mudon topped the volume with over 12 million shares.

Mirroring the day’s downtick, the losers outnumbered the winners. 33 stocks advanced whereas 38 closed lower. Of the 118 counters active on Wednesday, 47 closed flat. 2,976 deals worth KD 12.9 million were transacted — a 50.9 pct surge in value from the day before.

National Industries Group took in 2 fils on back of 6.2 million shares and Gulf Cable pulled 5 fils lower to 380 fils. Heavy Engineering Industries and Shipbuilding Co was unchanged at 158 fils and Equipment Holding Co too did not budge from its earlier close of 45.5 fils.

Kuwait Foundry Co was unchanged at 168 fils and Kuwait Portland Cement Co dropped 10 fils. Kuwait and Gulf Link Transport Co paused at 47.5 fils and KGL Logistics Co inched 1 fil into red. Zimah Holding Co gave up 2.5 fils after trading over 6 million shares.

Climbed

Boubyan Petrochemical Co climbed 10 fils to 465 fils and Qurain Petrochemical Industries Co closed flat. The bank 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 m and EPS of 6.31 fils in 2015, 9M.

Mezzan Holding Co shed 20 fils and Jazeera Airways Co followed suit to close at KD 0.830. 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 as against net profit of KD 14.47 m and EPS of 34.45 fils in the year before period.

Kuwait National Cinema Co stagnated at KD 0.950 and KCPC dropped 10 fils. Al Safat Energy Holding Co inched 0.5 fil down whereas National Ranges Co (Mayadeen) and UPAC stalled at 29 fils and 680 fils respectively.

In the banking sector, Gulf Bank was unchanged at 232 fils and Commercial Bank added 5 fils with razor thin trading volume. Al Ahli Bank and Ahli United Bank stood pat at 315 fils and 390 fils respectively.

Burgan Bank was flat at 320 fils and Kuwait International Bank dialed up 2 fils before settling at 192 fils. Boubyan Bank scaled 5 fils while Warba Bank held ground at 212 fils.

Commercial Facilities Co eased 2 fils to 1,566 fils and International Financial Advisors inched 0.5 fil into green. Kuwait Financial Centre (Markaz) and KMEFIC took in 1 fil each whereas Coast Investment Co edged 0.5 fil lower. Securities House Co paused at 39.5 fils.

Gulf Investment House and Aayan Finance Co were unchanged at 24.5 fils and 30.5 fils respectively while Arzan Investment Co dialed up 0.5 fil. Al Salam added 1 fil on back of 5.6 million shares and Osoul Investment Co closed flat.

Noor Financial Investment Co eased 0.5 fil to 41 fils while Al Madina Finance and Investment Co and Al Deera Holding Co were down 0.5 fil each. FTI took in 1 fil and Al Mal Investment Co inched 0.5 fil higher.

Tamdeen Real Estate Co and National Real Estate Co dialed clipped 1 fil each while United Real Estate Co inched 1 fil higher. Mabanee Co was flat at KD 0.810 and Argan Real Estate Co skidded 8 fils.

The market has been mixed so far during the week and has gained 10 pts in last four sessions. The price index had gained 3 points during the whole of October but is down 3.69 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, 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.

Ajwan Gulf Real Estate Co. has incurred a net loss of KD 71,423 and loss per share of 0.97 fil in the first nine months of 2016 as compared to net profit of KD 44,278 and earnings per share of 0.60 fil in the 2015, 9M.

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.

John Mathews

Arab Times Staff

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