18/10/2016
Arab Times
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KUWAIT CITY, Oct 17: Kuwait stocks swung lower on Monday, extending the losses to fourth straight session. The bourse dropped 22.04 pts in choppy trade to 5,287.11 pts amid moderate selling led by some of banks and investment shares.
The KSX 15 benchmark slipped 5.23 points to 797.33 pts taking the month’s losses to 17 points while weighted index gave up 2 pts. The volume turnover meanwhile rose for the second straight day mostly on speculative trading. 76.7 million shares changed hands — a 42 pct surge from Sunday.
The sectors closed mostly in the negative turf. Industrials outshone the rest with 0.83 pct gain whereas financial services dipped 1.65 percent, the weakest performer of the day. In terms of volume, telecommunications notched the highest market share of 29.4 pct while financial services and real estate trailed with 27 pct and 23.4 percent contributions respectively.
Among the day’s losers, National Bank of Kuwait dropped 10 fils to KD 0.560 with brisk trading and Commercial Bank of Kuwait was down by same measure to end at 380 fils. Kuwait Food Co (Americana) climbed 20 fils recouping the day before losses.
Zain fell 5 fils to 330 fils and Wataniya Telecom (Ooredoo) stood pat at KD 1.100 with thin trading. Kuwait Telecommunication Co (VIVA) too was unchanged at KD 0.860 and Agility was down 5 fils at KD 0.465 with a volume of 1.23 million shares.
National Investment Co shed 8 fils after trading 1.5 million shares and Kuwait Projects Co paused at KD 0.500. The company has registered a net profit of KD 28 million and earnings per share of 18.30 fils in the January-June period.
The market opened on a tame note and moved sideways in early trade. The main index fell sharply thereafter amid selling in select counters and plumbed the day’s lowest level of 5,267.27 pts well past the mid-session. It however clawed back some of the losses in the final minutes.
Top gainer of the day, Sanam Real Estate Co vaulted 9 pct to 30 fils while Kuwait Cable Vision Co climbed 8.9 pct to stand close behind. First Dubai slid 9 pct, the steepest decliner of the day and National Bank of Kuwait topped the volume with 12.3 million shares.
Reflecting the day’s downtick, the losers vastly outnumbered the winners. 16 stocks advanced whereas 66 closed lower. Of the 121 counters active on Monday, 37 closed flat. 2,121 deals worth KD 13.9 million were transacted — a 174 pct surge in value from the day before
National Industries Group slipped 4 fils after trading 1.4 million shares and Gulf Cable was down 10 fils at 360 fils. Heavy Industries Engineering and Shipbuilding Co clipped 2 fils and Shuaiba Paper Industries Co rose 10 fils to 250 fils.
Kuwait Foundry Co eased 2 fils to 164 fils and RISCO stood pat at 300 fils. The company has registered a net profit of KD 2.99 million and earnings per share of 30.50 fils in the first half of 2016.
Stalled
Kuwait Portland Cement Co dialed down 2 fils and Combined Group Contracting Co stalled at KD 0.650. The company has registered a net profit of KD 219,574 and earnings per share of 1.63 fils in the first six months of 2016.
Jazeera Airways dropped 20 fils to KD 0.820 whereas Humansoft Holding vaulted 100 fils. Kuwait and Gulf Link Transport Co inched 1 fil into red and PAPCO gave up 4 fils before closing at 92 fils. ACICO Industries Co gained 10 fils and Equipment Holding Co clipped 1.5 fils.
Mezzan Holding Co was unchanged at KD 0.960 and Zima Holding Co followed suit. The company has posted a net profit of KD 33,489 and earnings per share of 0.33 fil in the first half of 2016.
In the banking sector, Gulf Bank eased 2 fils to 226 fils while Al Ahli Bank and Ahli United Bank were down 5 fils each at 305 fils and 380 fils respectively. Kuwait International Bank gave up 2 fils to settle at 182 fils extending an identical fall in the day before.
Kuwait Finance House held ground at 465 fils off early lows after trading 465 fils and Boubyan Bank followed suit to close at 385 fils. Burgan Bank paused at 320 and Warba Bank dialed down 2 fils before settling and 162 fils.
Kuwait Investment Co eased 1 fil to 83 fils and Commercial Facilities Co was down 6 fils at 162 fils. International Financial Advisors gave up 2 fils with a volume of 1.3 million shares and Coast Investment Co followed suit.
Securities House Co and Al Mal Investment Co inched 0.5 fil into red and Securities Group Co stood pat at 85 fils. Al Deera Holding fell 2 fils to 31.5 fils and Al Salam closed 1.5 fils lower.
Noor Financial Investment Co fell 1.5 fils and Tamdeen Investment Co closed 0.5 fil in red. Bayan Investment Co and KFIC clipped 0.5 fil each and Arzan Investment Co eased 1 fil.
Kuwait Real Estate Co inched 0.5 fil into green whereas National Real Estate Co and Mazaya Holding Co held steady at 74 fils and 106 fils respectively. United Real Estate Co added 5 fils and Mabanee Co paused at KD 0.800.
The market has been weak so far during the week and has shed 41 pts in last two sessions. It has slid 111 pts so far during the month and has retreated 5.84 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.
In the bourse related news, Hilal Cement Company has posted a net profit of KD 20.659 mln and earnings per share of 0.2 fils in the six-month period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fil in the same period last year.
Metal and Recycling Co. clocked a net profit of KD 118,386 and earnings per share of 1.58 fils in the six-month period ending June 31,2016 rebounding from net loss of KD 185,711 and losses per share of 2.48 fils in same period last year.
Gulf Glass Manufacturing Company has registered a net profit of KD 941,711 and earnings per share of 18.35 fils in the six-month period ending June 30 as against a net profit of KD 1.39 million and earnings per share of 27.09 fils in the same period last year.
Asiya Capital Investments Company has clocked a net loss of KD 5.46 million and loss per share of 7.03 fils in the January-June period sliding from a net profit of KD 1.77 million and earnings per share of 2.29 fils in the same period last year.
Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months from date of the approval.
By John Mathews
Arab Times Staff
