KSE declines as weak oil dampens sentiment – NBK sheds 20 fils; Zain unchanged

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KUWAIT CITY, May 19 : Kuwait stocks headed south Thursday tracking regional cues to end the week on a sour note. The price index slid 39.05 pts on broad selling to close at 5,324.05 points as weak oil prices dampened the sentiments. The KSX 15 benchmark dropped 13.94 points to 830.9 points taking the month’s losses to 33 points while weighted index was down 5.1 percent. The volume turnover meanwhile fell slightly after rebounding in the last session. 123.93 million shares changed hands — 14 percent drop from Wednesday.

The sectors closed mostly in the red turf. Consumer goods outpaced the rest with 0.49 percent gain whereas consumer services shed 2.24 percent, the worst performer of the day. In terms of volume, financial services clocked the highest market share of 32.7 percent while real estate and telecommunications trailed with 19.8 percent and 13.4 percent contributions respectively.

Among the notable losers, National Bank of Kuwait shed 20 fils after trading 1.7 million and Kuwait Finance House was down 10 flls at KD 0.470 after trading over 3 million shares. Investment major KIPCO too shed 10 fils erasing Wednesday’s gains.

Zain was unchanged at KD 0.350 off slight early highs while Wataniya Telecom (Ooredoo) slid 40 fils to KD 0.1140 erasing the gains in the last session. Kuwait Telecommunications (VIVA) slipped 10 fils and Agility gave up 5 fils to close at KD 0.495.

Gulf Bank fell 4 fils to 226 fils and Commercial Bank of Kuwait closed 4 fils in red. The company has logged a net profit of KD 7.76 million and earnings per share of 5.2 fils in the first quarter of 2016 as against a net profit of KD 6.32 million and earnings per share of 4.5 fils in the same period last year.

The market opened flat but slipped into red in early trade. The bourse continued to drift lower amid broad selling pressure and plumbed the day’s lowest level of 5320.43 points in the final minutes. It however slightly clawed back the losses at close. .

The National Industries Group slipped 4 fils to 110 fils after trading 1.2 million shares while Gulf Cable shed 15 fils. Kuwait Portland Cement dropped 20 fils whereas Kuwait Cement Co stood pat at KD 0.365. Kuwait Foundry Co clipped 2 fils to close at 184 fils.

Jazeera Airways shed 20 fils and ALAFCO retreated 8 fils to settle at 200 fils. Kuwait and Gulf Links Transport Co eased 0.5 fils and KGL Logistics Co gyrated in a tight range before closing unchanged at 78 fils.

United Projects Group gained 20 fils whereas Kuwait Food Co. (Americana) paused at KD 2.280 off early lows. The company has announced a first quarter net profit of KD 15.19 million and earnings per share of 38.8 fils in the January-March period down from net profit of KD 17.31 million and earnings per share of 44.3 fils in Q1 of 2015.

PAPCO took 2 fils and ACICO Industries Co was unchanged at 305 fils. The company has clocked a net profit of KD 3.85 million and earnings per share of 14.11 fils in the first quarter of 2016 as compared to net profit of KD 3.94 million and earnings per share of 14.46 fils in same period of 2015.

Down

Hilal Cement Co and Boubyan Petrochemicals Co gained 10 fils each whereas Nafais Holding was down 10 fils at 174 fils. Al Kout Industrial Projects Group jumped 40 fils and Equipment Holding Co added 3 fils to close at 60 fils. NICBM gave up 10 fils.

Automated Systems Co fell 5 fils to KD 0.345 and Gulf Petroleum Invest eased 1 fils after trading 5.3 million shares. Mashaer Holding Co slipped 3 fils and Mezzan Holding dropped 20 fils erasing an identical gain in the day before.

In the banking sector, Burgan Bank dropped 10 fils to 330 fils while Ahli United Bank held steady at 420 fils. Kuwait International Bank slipped fils with a volume 1.6 million.

Boubyan Bank fell 5 fils to KD 0.400 erasing the gains in the last session and Warba Bank closed 4 fils in red. Al Ahli Bank was not traded during the session.

National Investment Co fell 4 fils to 114 fils while Securities House and Securities Group Co clipped 1 fils each. Al Mal Investment Co inched 0.5 fils lower after trading 5.7 million shares and Bayan Investment Co closed flat.

Warba Insurance Co slipped 4 fils to 100 fils whereas Kuwait Insurance Company bucked the trend close 5 fils higher. The company has chalked a net profit of KD 3.46 million and earnings per share of 18.73 fils in the January-March period.

Al Deera Holding took in 1 fils and Sokouk Holding dialed down 1 fils to settle at 36 fils. KFIC added 2,5 fils and Al Deera Holding closed 1 fils up.

National Real Estate Co fell 2 fils to 89 fils after trading over 1 million shares while Mabanee Co swung `10 fils to red extending the steep drop in the last session. The stock is down 100 fils so far during the month.

The market has been mostly downbeat during the week. The main index closed down in four of the five sessions and has tumbled 71 points week-on-week. It has slid 66 points from start of the month and has retreated 5.18 percent 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 fils 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 f ils in the first quarter of 2016 as compared tonet profit of KD 444,921 and Earnings per share 5.65 fils in the same period last year.

Aqar Real Estate Investments Co as 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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