KSE index declines 44.6 pts; volume up – KFH drops 10 fils; Zain gains
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KUWAIT CITY, Dec 29: Kuwait stocks veered south on Tuesday as it extended the losses to third consecutive session. The bourse, after a tame start, dipped 44.6 points to 5,583.81 pts even as sentiment remained dull in absence of catalysts. The banking shares remained mostly unchanged while some of the financial heavyweights sagged.
The KSX 15 benchmark eased 2.18 pts to 895.6 points taking the month’s losses to 34 points while weighted index fell 1.03 pts. The volume turnover meanwhile rose marginally after holding almost steady in the last session. 119.73 million shares changed hands – up 5.26 pct from Monday.
The sectors closed mostly in the red turf. Insurance outshone the rest with 1.12 pct gains whereas technology slid 3.2 percent, the worst performer of the day. In terms of volume, financial services clocked the highest market share of 52.4 pct while real estate stood next with 31 percent. Banking sector was a distant third with 7.7 pct contribution.
Among the losers, Kuwait Finance House dropped 10 fils to KD 0.540 taking the month’s losses to 30 fils and investment conglomerate KIPCO was down 10 fils at KD 0.570. Kout Food Group plunged 100 fils to KD 0.640 and United Projects slid 50 fils.
Bourse heavyweight Zain added 5 fils on back of over 1 million shares and Wataniya Telecom (Ooredoo) continued to stagnant at KD 1.060. Agility was unchanged at KD 0.485 off early lows and is down 35 fils so far during the month.
Kuwait Telecommunication Co (VIVA) paused at KD 0.990 after trading higher earlier in the day. Capital Markets Authority has approved the optional offer of VIVA to buy the shares which it doesn’t own and represent 74% of the company’s shares.
The market opened flattish and moved sideways in early trade as investors toed caution in absence of positive cues. It headed lower almost half way into the session amid selling in select counters and troughed at 5560.62 pts in the final minutes before paring back some of the losses at close.
Top gainer of the day, Masaken International Real Estate Co rallied 8.16 pct to 53 fils and Arzan Financial Group stood next with 7.14 pct upswing. Kout Food tumbled 13.51 percent, the steepest decliner of the day and Gulf Finance House topped the volume with over 38 million shares.
Mirroring the day’s fall, the losers outled the winners by more than 2 to 1. 26 stocks advanced whereas 58 closed lower. Of the 130 counters active on Tuesday, 46 closed flat. 2628 deals worth KD 9.16 million were transacted – a 2.21 pct downtick in value from the day before.
National Industries Group nudged 2 fils up to KD 0.128 recouping the losses in the last session while Gulf Cable gave up 5 fils to settle at KD 0.370. Kuwait Food Co (Americana) held steady at KD 1.960 and is down 300 fils so far during the month.
Shed
Jazeera Airways was flat at KD 0.910 and ALAFCO followed suit to wind up at KD 0.210. Metal and Recycling Co shed 10 fils with thin trading whereas Kuwait Portland Cement paused at KD 1.080.
ACICO Industries climbed 15 fils to KD 0.295 and NICBM ticked 2 fils into red. Boubyan Petrochemicals Co was unchanged at KD 0.500 and Equipment Holding Co inched 1 fils higher to settle at 59 fils. Contracting Marine Services Co dipped 8 fils to 106 fils.
Automated Systems Co dropped 25 fils to KD 0.300 while Nafais Holding Co pulled 20 fils lower. Burgan Well Drilling Co slipped 10 fils to KD 0.122 while Combined Group Contracting Co and Zima Holding Co closed 4 fils in red.
Kuwait and Gulf Link Transport Co eased 0.5 fils to 43 fils and KGL Logistics Co closed 1 fils in red. Independent Petroleum Group rose 15 fils to KD 0.275. In the banking sector, National Bank of Kuwait was unchanged at KD 0.800 after trading over 2 million shares. NBK has won the approval of Central Bank of Kuwait to extend its approval to buy back or sell a maximum of 10% of its shares for 6 months from Nov 23, 2015.
Gulf Bank and Commercial Bank were steady at KD 0.260 and KD 0.500 respectively and Al Ahli Bank followed suit. Kuwait International Bank stagnated at KD 0.220 whereas Ahli United Bank was not traded during the session.
Boubyan Bank was unchanged at KD 0.440 off early lows and Burgan Bank too closed flat. The bank has obtained the approval of Central Bank of Kuwait and Capital Markets Authority to issue bonds for its holders at a maximum of KD 100 million with an aim to boost its capital base.
Commercial Facilities Co dropped 6 fils to KD 0.170 and National Investment Co clipped 2 fils. Kuwait Financial Centre (Markaz) held steady at KD 0.102 and International Financial Advisors closed 1 fils lower. The company has won the nod of Capital Markets Authority on Dec 6, 2015, for its IFA’s request to sell own 47,110,564 shares over a period of 6 months.
Sokouk Holding gave up 1 fils to close at 48 fils and Bayan Investment Co followed suit. The company has obtained the approval of Capital Markets Authority to sell 30,319,197 shares for 6 months from the date of the approval.
National Real Estate Co eased 1 fils and Tamdeen Real Estate Co climbed 20 fils to KD 0.640. Mabanee Co dropped 10 fils and Mazaya Holding closed flat. Al Ahliea Insurance Co soared 25 fils to KD 0.486.
The market has been largely weak so far during the week and has shed 36 points in last three sessions. It has slid 213 points from start of the month and is trading 14.56 pct down year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Noor Financial Investment . The company has logged a net profit of KD 59,909 and earnings per share of 0.15 fils in the nine-month period ending Sept 30, 2015 as against net profit of KD 3.97 million and earnings per share of 9.87 fils in the same period last year.
Al Safat Real Estate Co has incurred a net loss of KD 53,673 and loss per share of 0.22l fils in the period ending Oct 31, 2015 as compared to net profit of KD 96,933 and earnings per share of 0.40 fils in the same period of 2014.
Boubyan International Industries Holding Company has clocked a net profit of of KD 25,007 and earnings per share of 0.08 fils in the quarter ending Oct 31, 2015 as against net loss of KD 126,236 and loss per share of 0.42 fils in the same period of last year.
Strategia Investment Co has won the Capital Markets Authority’s approval for the company’s request to buy back or sell up to 10% of own shares over a period of 6 months.
By John Mathews – Arab Times Staff
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