KSE index tumbles below 5,000 pts mark – NBK drops 30 fils; Zain flat

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KUWAIT CITY, Jan 20: Kuwait stocks fell sharply on Wednesday to end below 5,000 pts mark amid fresh sell-offs triggered by further decline in oil prices. The price index skidded 98.94 pts in a broad decline to hit a fresh multi-year low of 4,985.27 pts tracking the slide in regional markets.

The KSX 15 benchmark dived 20.33 pts to 776.76 points taking the month’s losses to 108 pts while weighted index was down 7.7 points. The volume turnover shrank below the 100 million mark reflecting the heightened investor’s wariness. Over 93 million shares changed hands – a 48.5 pct drop from the last session.

The sectors closed mostly in the red. Healthcare, the only gainers, rose 0.81 pct whereas financial sector slid 2.75 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 36.8 pct while real estate and telecommunications followed with 24 pct and 20 percent contributions respectively.

Among the notable losers, sector bellwether National Bank of Kuwait shed 30 fils after trading 4.4 million shares and Kuwait Finance House dropped 10 fils to KD 0.445 taking the month’s decline to 95 fils. Investment conglomerate KIPCO shed 20 fils.

Telecom major Zain was flat at KD 0.325 with a volume of 1.9 million and Wataniya Telecom (Ooredoo) dipped 20 fils to KD 1.040 paring its monthly gain to 40 fils. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.990 and Agility gave up 5 fils to settle at KD 0.400.

Kuwait Food Co (Americana) tumbled 60 fils to KD 1.840 and is down 160 fils so far during the month and Jazeera Airways slid 30 fils to KD 0.750. Mabanee swung 30 fils into red erasing most of the gains in the last session whereas Tamdeen Real Estate climbed 20 fils to KD 0.620.

The market opened weak edged down in early trade. The price index dived sharply as sentiment turned markedly negative and drifted listlessly in the second half. It troughed at 4,959 points in the final minutes before clawing back some of the losses at close.

Top gainer of the day, Ektittab Holding Co rallied 9.8 pct to 28 fils and Nafais Holding Co climbed over 9 pct to stand next. Educational Holding Group sank 13.16 pct, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 7.6 million shares.

Mirroring the day’s tumble, the market spread was heavily skewed towards the losers. 17 stocks advanced whereas 91 closed lower. Of the 122 counters active on Wednesday, 14 closed flat. 3140 deals worth KD 13.5 million were transacted Ð a 19.7 pct drop in value from the day before.

National Industries Group bucked the market trend to edge 2 fils higher on back of 1.3 million shares whereas Kuwait Cement Co and RISCO held the ground steady at KD 0.350 and KD 0.300 respectively. Gulf Cable eased 5 fils to KD 0.315 and Kuwait Portland Cement Co shed 20 fils with thin volume.

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Gulf Cable fell 5 fils to KD 0.315 and Kuwait Foundry Co paused at KD 0.204 .. Equipment Holding Co inched 1 fils down and Qurain Petroleum Industries Co dropped 6 fils to KD 0.164. ACICO Industries Co rose 10 fils to KD 0.280.

Boubyan Petrochemicals Co added 5 fils whereas Boubyan International Industries Holding Co inched 0.5 fils into red. The company has clocked a net profit of  KD 25,007 and earnings per share of 0.08 fils in the quarter ending 31 Oct 2015.

Combined Group Contracting climbed 10 fils to KD 0.780 and Jeeran Holding Co closed flat. The company has logged a net profit of KD 477,353 and earnings per share of 3.5 fils in the nine-month period ending Nov 31, 2015 rebounding from a net loss of KD 5.72 million and loss per share of 42.06 fils in the same period of 2014.

ALAFCO and The Energy House were flat at KD 0.192 and 38 fils respectively while IFA Hotels and Resorts swung 18 fils lower. Kuwait and Gulf Link Transport Co eased 0.5 fils to 37 fils and KGL Logistics clipped 2.5 fils. Mezzan Holding Co dropped 20 fils to KD 0.950.

In the banking sector, Gulf Bank slipped 8 fils to KD 0.208 taking the month’s losses to 52 fils while Ahli United Bank shed 20 fils. Commecial Bank of Kuwait and Al Ahli Bank were not traded during the session.

Burgan Bank dropped 15 fils to KD 0.300 after eking slight gains in the last session and Kuwait International Bank closed 6 fils in red. Boubyan Bank dropped 15 fils to KD 0.390 after trading 1.2 million and Warba Bank eased 2 fils.

Al Mal Investment Co and Gulf Investment Co slipped 2.5 fils each abd 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 fell 1 fils and Salhia Real Estate sank 25 fils to KD 0.335. Tamdeen Real Estate Co climbed 20 fils and Al Mazaya Holding gave up 3 fils.

The market remains in the bearish territory so far during the week and has tanked 278 points in last four sessions. It has plunged 660 points so far during the month and is down 11.22 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Al-Mowasat Health Care Co has posted a net profit of KD 3.34 million and earnings per share of 32.89 fils in the year ending Dec 31, 2015 as against net profit of KD 2.005 million and earnings per share of 19.73 fils in the same period last year. The Board of Directors has recommended 15% cash dividend.

Gulf Insurance Group has been granted the approval by Capital Markets Authority on Jan 7, 2016 to buy back or sell a maximum of 10% of its shares for 6 months from date of the approval.

Al-Enmaa Real Estate Co has posted a net profit of KD 4.38 million and earnings per share of 9.73 fils for the year ending Dec 31, 2015 as compared to net profit of KD 3.36 million earnings per share of 7.47 fils in the year before.

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.

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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