KSE index closes in red in tame session – KIPCO gains 10 fils; Ooredoo flat

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KUWAIT CITY, Feb 16: Kuwait stocks edged lower on Tuesday as it continued to seesaw in a narrow range. The price index eased 4.17 pts in dull trading 5,134.96 points in absence of positive cues. The board was mixed even as some of the banking and financial shares eked modest gains.

The KSX 15 gauge climbed 9.65 points to 8,36.03 pts taking the month’s gains to 9 points while weighed index nudged 2.87 pts higher. The volume turnover meanwhile soared past the 100 million mark amid brisk buying in some of the blue chips. 142.82 million shares changed hands — a 52.7 pct surge from Monday.

The sectors remained mixed. Banks outshone the rest with 1.43 pct gain whereas oil and gas slid 2.45 pct, the worst performer of the day. Volume wise, financial services accounted for the highest market share of 55.21 pct while real estate and banks trailed far behind with 25.7 pct and 7.8 percent contributions respectively.

Among the notable gainers, sector bellwether National Bank of Kuwait, climbed 10 fils to KD 0.730 extending an identical rise in the last session while Kuwait Finance House was up 5 fils at KD 0.485. Kuwait Food Co (Americana) rebounded 40 fils stemming two-day retreat.

Zain rose 5 fils to KD 0.355 on back of over 1 million shares and Wataniya Telecom (Ooredoo) held steady at KD 1.060 with thin volume. Kuwait Telecommunication (VIVA) paused at KD 0.870 whereas logistics major Agility was up 10 fils at KD 0.430.

Kuwait Projects Company swung 10 fils to KD 0.550 with a volume of 1.6 million. The company has posted a net profit of KD 53.02 million and earnings per share of 34.05 fils in 2015 as compared to net profit of KD 46.086 mln and earnings per share of 33 fils in the same period last year . The BOD has recommended 25 percent cash dividends.

The market opened on tame note and moved sideways in early trade. The price index continued to drift listlessly well past the mid-session amid mixed sentiment. It plumbed the day’s lowest level of 5,125.03 pts before paring back some of the losses at close.

Top gainer of the day, Arabi Holding Group Co rallied 9 pct to 60 fils and Al Aqaria climbed 8.1 percent to stand next. Al Dar National Real Estate Co slid 11.63 pct, the steepest decliner of the day and the counter also topped the volume with 23.36 million shares.

Mirroring the day’s uptick, the winners out numbered the losers. 49 stocks advanced whereas 40 closed lower. Of the 124 counters active on Tuesday, 35 closed flat. 3434 deals worth KD 9.9 million were transacted – a 15.1 pct rise in value from the day before.

National Industries Group was unchanged at KD 0.114 and RISCO followed suit to wind up at KD 0.320. Contracting and Marine Services Co and Shuaiba Industrial Co added 10 fils each whereas Kuwait Portland Cement Co stood pat at KD 1.020 off early highs.

Jazeera Airways shed 20 fils while ALAFCO gave up 2 fils to end at KD 0.180. Kuwait and Gulf Links Transport Co eased 1 fils to 41 fils whereas KGL Logistics Co took in 2 fils to close at 56 fils. Mezzan Holding dropped 20 fils to KD 1.060.

Humansoft Holding slipped 10 fils to KD 0.900 and Yiaco Medicals gained 10 fils. Jeeran Holding was unchanged at 64 fils and Zima Holding closed 5 fils into red. Gulf Petroleum Investment Co rose 5 fils to 48 fils.

City Group Co slid 25 fils to KD 0.475 and Mashaer Holding Company clipped 2 fils. The company has logged a net profit of KD 2.37 million and earnings per share of 13 fils in during the year ending Dec 31, 2015, down from net loss of KD 6,344,317 and loss per share of 35 fils in the year before. The Board of Directors has recommended 7.5 pct cash dividends.

In the banking sector, Gulf Bank rose 2 fils to KD 0.206 while Al-Ahli Bank of Kuwait closed flat. The bank has logged a net profit of KD 30.36 million and earnings per share of 19 fils in the year ending Dec 31, 2015, down from net profit of KD 37.58 million and earnings per share of 23 fils in 2014.

Ahli United Bank and Kuwait International Bank were flat at KD 0.450 and KD 0.192 respectively while Burgan Bank gained 10 fils. Boubyan Bank climbed 5 fils to KD 0.390 whereas Warba Bank held the ground steady at KD 0.178. Commercial Bank of Kuwait was not traded during the session.

Kuwait Investment Co fell 5 fils to 86 fils and National Investment Co inched 1 fils up to 78 fils after trading 5.8 million shares. International Financial Advisors nudged 0.5 fils higher whereas Al Mal Investment and KFIC added 1 fls each.

National Real Estate Co and Tamdeen Real Estate Co were flat at 89 fils and KD 0.580 and Mabanee Co followed suit to end at KD 0.860 with a volume of over 1 million. Al Mazaya Holding closed 2 fils higher.

The market has been mixed so far during the week and has added 8 pts in last three sessions. It has eased 9 points from start of the month and is down 8.55 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Burgan Well Drilling Co has logged a net profit of KD 1.94 million and earnings per share of 9.32 fils in the nine-month period ended on 31/12/2015 as compared to net profit of KD 221,983 and earnings per share of 1.06 fils in the same period last year.

Hilal Cement Company has recorded a net profit of KD 308,586 and earnings per share of 4 fils in 2015 bouncing from net loss of KD 374,037 and loss per share of 5 fils in the year before. The BOD has recommended 10 percent bonus shares.

Aayan Real Estate Co. has logged a net profit of KD 2.70 million and earnings per share 6.5 fils in the financial year ended on December 31, 2015 a against net profit of KD 3.07 million and earnings per share of 7.4 fils in 2104. The BOD has recommended 5 pct cash dividends.

Abyaar Real Estate Development C0 has posted a net profit of KD 9,31 million and earnings per share of 15.04 Fils for the year ending Dec 31, 2015 as compared to net profit of KD 8.08 million and earnings per share of 13.05 fils in 2014. The BOD has recommended 7% cash dividends

Aqar Real Estate Investments Co has registered a net profit of KD 2.49 million and earnings per share of 11.07 fils during 2015 as against net profit of KD 2.24 million and earnings per share of 9.81 fils in the year before. Board of Directors recommended 6% cash dividends.

By John Mathews

Arab Times Staff

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