KSE extends bear run, ends 38.94 pts in red – KIPCO drops 10 fils; Mabanee Co gains

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KUWAIT CITY, Jan 21: Kuwait stocks sagged on Thursday to wind up the week on a sour note. The bourse slid 38.94 points to 4,946.33 pts weighed by continuing fragility in global markets and sliding oil prices. The bourse has been markedly bearish since last week and has closed lower in 13 out last 14 session.

The KSX 15 benchmark dropped 9.02 points to 767.74 pts while weighted index slipped 4.36 points to 330.24 pts. The volume turnover meanwhile rebounded past the 100 million mark after receding sharply during last session. Over 116 million shares changed hands Ñ a 24.7 pct surge from Wednesday.

The sectors closed mostly in the red turf. Industrials, the only gainer, climbed 0.57 pct whereas banks slid 2.4 percent, the biggest loser if the day. In terms of volume, real estate clocked the highest market share of 30.8 pct while financial services and banks trailed with 28 percent and 20 pct contributions respectively.

Among prominent losers, National Bank of Kuwait extended the decline with 20 fils drop after trading 1.8 million shares while Kuwait Finance House was down 5 fils at KD 0.440 and has retreated 100 fils from start of the month. KIPCO slipped 10 fils KD 0.500 adding to the losses in the last session.

Zain was unchanged at KD 0.325 off slight early lows and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of KD 1.040 with thin volume. Kuwait Telecommunications Co (VIVA) was flat at KD 0.990 and logistics major Agility too paused at KD 0.400 after trading in red earlier in the session.

Mabanee Co bucked the trend to close 10 fils up at KD 0.810 and Al-Enmaa Real Estate Co added 3 fils. The company 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 .

The market opened on a low note and moved sideways in early trade. The main index drifted south thereafter mid moderate selling in select counters. It plumbed the day’s lowest level of 4911.54 pts past the mid-session before clawing back some of the losses at close.

Top gainer of the day, Al Dar National Real Estate Co vaulted 13.89 pct to 20.5 fils and Kuwait Cable Vision Co climbed 11.11 percent to stand next. Burgan Well Drilling Co dived 14.29 pct, the steepest decliner of the day and Al Dar National Real Estate Co also topped the volume with over 21 million shares.

National Industries Group was unchanged at KD 0.106 off early lows and RISCO followed suit to end at KD 0.300. Gulf Cable stagnated at KD 0.315 and Kuwait Portland Cement too did not budge from its earlier close of KD 0.980. Kuwait Foundry Co closed 4 fils in green.

Slid

Kuwait Food Co (Americana) was unchanged at KD 1.840 whereas Kout Food Group slid 50 fils to KD 0.610. Kuwait and Gulf Link Transport Co was steady at 37 fils and KGL Logistics Co followed suit. Zima Holding gave up 5 fils to close at 78 fils.

 Jazeera Airways paused at KD 0.750 and ALAFCO too stood pat at KD 0.192. Jeeran Holding Co closed flat at 61 fils. 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.

ACICO Industries was unchanged at KD 0.280 and Equipment Holding Co close 3.5 fils in red. Qurain Petrochemical Industries Co dropped 10 fils to 154 fils. Humansoft Holding paused at KD 0.800 and Mezzan Holding dipped 20 fils to KD 0.930.

In the banking sector, Gulf Bank of Kuwait was flat at KD 0.208 and Commercial Bank of Kuwait followed suit Al Ahli Bank slipped 5 fils to KD 0.340 while Ahli United Bank shed 10 fils.

Kuwait International Bank eased 4 fils to KD 0.190 whereas Burgan Bank stood pat at KD 0.300. Boubyan Bank dipped 15 fils to KD 0.375 after trading 1.2 million shares and Warba Bank clipped 4 fils.

National Investment Co eased 1 fil whereas International Financial Advisors inched 0.5 fils higher. The company has won the nod of Capital Markets Authority on December 6, 2015, for its IFA’s request to sell own 47,110,564 shares over a period of 6 months.

Securities House Co gave up 0.5 fil whereas Securities Group Co took in 5 fils to wind up at 95 fils. Kuwait Financial Center (Markaz) slipped 10 fls to 89 fils and KMEFIC closed flat.

 Bayan Investment Co clipped 1.5 fils and KFIC gave up 2.5 fils to settle at 34 fils. Al Deera Holding fell 2 fils while KFIC and Ektitta b Holding Co closed 2.5 fils in red. Sokouk Holding Co inched 0.5 fil lower to settle at 29 fils.

Salhia Real Estate Co dived 25 fils and National Real Estate Co gave up 3 fils. United Real Estate Co dropped 4 fils to 89 fils and Warba Isurance Co slipped 8 fils to 98 fils.

The market was gripped by sell-off during the week. The price index closed lower in all the five sessions and slid 319 points week-on-week. It has tanked 669 points so far during the month and has slid 11.91 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Building Materials Mfg has logged a net profit KD 446,935 earnings per share 14.74 fils in the year ending Dec 31, 2015 down from net profit of KD 668,360 and earnings per share of 22.04 fils in the year before. Board of Directors has recommended 10 percent cash dividends.

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 percent 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 percent of its shares for 6 months from date of the approval.

Al Safat Real Estate Co. has incurred a net loss of KD 53,673 and loss per share of 0.22l fil in the period ending Oct 31, 2015 as compared to net profit of KD 96,933 and earnings per share of 0.40 fil 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 percent of own shares over a period of 6 months.

By John Mathews

Arab Times Staff

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