KUWAIT CITY, March 22: Kuwait stocks ticked lower on Tuesday for the third straight session amid soggy sentiment. The bourse eased 3.74 pts to 5 251.8 points with mixed board even as investors look for positive cues.
The KSX 15 dropped 5.21 pts to 835.15 points trimming the month’s losses to 12 points while weighted index gave up 1.27 pts. The volume turnover meanwhile shrank to hit the month’s lowest level. 102.49 million shares changed hands — a 19.6 pct drop from Monday.
The sectors closed mostly in the red turf. Parallel market outshone the rest with 1 pct gain whereas technology shed 2.13 percent, the worst performer of the day. In terms of volume, financial services posted the highest market share of 37 percent while real estate and industrials trailed with 21.4 pct and 11.7 percent contributions.
In the individual shares, National Bank of Kuwait was unchanged at KD 0.690 after trading 1.6 million shares whereas Kuwait Finance House added 5 fils on back of 8.5 million shares. Kuwait Food Co (Americana) shed 20 paring the month’s gains to 640 fils.
Zain slipped 10 fils to KD 0.375 with a volume of over 5 million and Wataniya Telecom stood pat at KD 1.200 off early lows. Kuwait Telecommunications Co (VIVA) dropped 10 fils and logistics major Agility was unchanged at KD 0.465 after trading 2.9 million shares.
Investment conglomerate KIPCO pulled up from early lows to close flat at KD 0.530 and Kuwait Insurance Company slid 20 fils. The company has logged a net profit of KD 5.69 million and earnings per share of 30.69 fils in 2015 up from net profit of KD 5.14 million and earnings per share of 27.64 fils in 2014. The BOD has recommended 20 pct cash dividends.
The market opened flat and moved sideways in early trade. The key index edged briefly higher to peak at 5,269.04 pts but retreated thereafter amid weak sentiment. It slipped below the red past the mid-session to trough at 5,245.71 pts before paring back most of the losses at close.
Top gainer of the day, MENA Real Estate Co spiked 12.2 pct to 23 fils and Gulf Finance Co climbed over 9 percent to stand next. National Real Estate Co slid 7.5 pct, the steepest decliner of the day and Kuwait Finance House topped the volume with 8.5 million shares.
Reflecting the day’s downtick, the losers slightly outnumbered the winners. 42 stocks advanced whereas 45 closed lower. Of the 132 counters active on Tuesday, 45 closed flat. 2,820 deals worth KD 13.9 million were transacted — a 17.3 pct increase in value from the day before.
National Industries Group slipped 4 fils to 114 fls with a volume of 2.2 million while Kuwait Cement Co and Kuwait Portland Cement were unchanged at KD 0.375 and KD 1.250 respectively. Boubyan Petrochemical Co was up 5 fils at KD 0.480.
Jazeera Airways climbed 10 fils to KD 0.880 taking the month’s gains to 110 fils and ALAFCO followed suit. IFA Hotels and Resorts pulled 10 fils lower and Automated Systems Co was unchanged at 47 fils. Osos Holding Group dropped 6 fils to 106 fils.
Equipment Holding Co inched 1 fils up and Kuwait National Cinema Co shed 10 fils. The company has recorded a net profit of KD 9.83 million and earnings per share of 102.19 fils in 2015 and the BOD has recommended 53 percent cash dividends.
Independent Petroleum Group slipped 5 fils and Palms Agro Production Co paused at 102 fils. The company has logged a net profit of KD 892,487 and earnings per share of 17.06 fils in the last year and Board of Directors has recommended 10% cash dividends.
KGL Logistics Co clipped 1 fils while Mashaer Holding Co and Al Nawadi Holding Co stood pat at 96 fils and 75 fils respectively. City Group was up 5 fils at 440 fils.
Qurain Petrochemical Industries Co was flat at 192 fils and Gulf Cable followed suit. The company has posted a net loss of KD 31,57 million and losses per share of 150 Fils in 2015 as against net profit of KD 4.54 million and earnings per share of 22 fils in 2014.
In the banking sector, Gulf Bank eased 2 fils to KD 0.206 and Al Ahli Bank was down 5 fils at 206 fils. Commercial Bank of Kuwait climbed 5 fils and Ahli United Bank gained 10 fils to settle at KD 0.425.
Kuwait International Bank and Burgan Bank stood pat at 194 fils and 340 fils respectively and Boubyan Boubyan Bank too did not budge from its earlier close of 415 fils. Warba Bank slipped 4 fils to 168 fils.
National Investment Co clipped 1 fils and Al Mal Investment followed suit. Kuwait Investment Co gave up 2 fils to close at 88 fils whereas Commercial Facilities Co closed 4 fils higher.
Securities House Co and KFIC rose 1 fils each whereas Bayan Investment Co slipped 2.5 fils after trading 4.5 million shares. Al Deera Holding eased 1 fils and Noor Financial Investment Co followed suit. Warba Insurance Co took in 2 fils.
Mabanee Co dropped 10 fils to KD 0.860 and Aayan Real Estate Co inched 1 fils higher. Al Mazaya Holding Co stood pat at 108 fils.
The market was been downbeat so far during the week and has shed 11 points in last three sessions. It has gained 45 pts so far during the month and is trading 6.47 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Tamdeen Investment Co has posted a net profit of KD 11.52 million and earnings per share of 39.07 fils in the year ending Dec 31, 2015, up from net profit of KD 9.05 million and earnings per share of 30.41 fils in the year before.
KAMCO Investment Company has logged a net profit KD 523,688 and earnings per share of 2.20 fils in the year 2015 as against net profit of KD 1.96 million and earnings per share of 8.23 fils during the year before.
Abyaar Real Estate Development Co has recorded a net loss of KD 21,700 and loss per share of 0.02 fils in 2015 after posting net profit of KD 755,088 and earnings per share of 0.69 fils in the year before.
Credit Rating and Collection Co. has incurred a net loss of KD 454,911 and losses per share of 2.76 fils in 2015 as against net loss of KD 2.26 million and losses per share of 13.73 fils in the year before.
Injazzat Real Estate Development Company has clocked a net profit KD 3.07 million and earnings per share of 9.2 fils in 2015, rising sharply from net profit of KD 1.51 mln and earnings per share of 4.5 fils in the same period last year. The BOD has recommended 5 pct cash dividends.
By John Mathews – Arab Times Staff