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KSE ‘kicks-off’ year with 46.82 pts slump – NBK falls 10 fils; Americana gains

KUWAIT CITY, Jan 4: Kuwait stocks kicked off the year with a downswing tracking weak regional and global cues. The price index, after a tame start, dropped 46.82 pts to 5,568.3 points snapping the gains in the last two sessions amid broad selling led by banks and financial shares. The market mood was downbeat even oil prices turned volatile amid Saudi-Iran tensions.

The KSX 15 slid 7.82 points to 892.61 points and weighed index was down 3.26 pts to settle at 378.44 pts. The volume turnover rebounded after slipping below 100 million mark in the last session. 112.3 million shares changed hands – a 42.7 pct surge from the day before.

The sectors closed mostly in the red. Parallel market outpaced the rest with 0.95 pct gain whereas basic materials slumped over 2 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 46.47 pct while banks followed with 33 percent contribution.

Among the prominent losers, sector bellwether National Bank of Kuwait dropped 10 fils to KD 0.790 and Kuwait Finance House was down by same measure after trading over 2 million shares. Mabanee Co dipped 20 fils to KD 0.920.

Zain bucked the market trend to gain 5 fils whereas logistics major Agility pulled 15 fils lower after trading 2.3 million shares. Kuwait Telecommunications Co (VIVA) was flat at KD 2.020 whereas Wataniya Telecom (Ooredoo) was not traded during the day.

Kuwait Food Co (Americana) climbed 20 fils to KD 2.020 and Burgan Bank gave up 10 fils to close at KD 0.375. The bank has obtained the approval of Central Bank of Kuwait and Capital Markets Authority to issue bonds for its holders at a maximum of KD 100 million with an aim to boost its capital base.

The market opened on flat note and move sideways in early trade. The main index slipped into red thereafter amid selling across the sectors. It continued to retreat to plumb the day’s lowest level of 5,563.45 points in the final minutes before slightly clawing back the losses at close.

Top gainer of the day, Masaken International Real Estate Co rallied 8.93 pct to 61 fils and Contracting and Marine Services Co climbed 7.55 pct to stand next. Osoul Investment Co slid 12.2 pct, the steepest decliner of the da, and Gulf Finance House topped the volume with over 33 million shares.

Reflecting the day’s slide the market spread was skewed towards the losers. 22 stocks advanced whereas 72 closed lower. Of the 119 counters active on Monday, 25 closed flat. 2127 deals worth KD 8.3 million were transacted – a 2.3 percent drop in value from the last session.

National Industries Group eased 2 fils to KD 0.124 and Kuwait Foundry Co was down 8 fils at KD 0.214. ACICO Industries Co shed 20 fils and Boubyan Petrochemicals Co and closed 10 fils lower at KD 0.520. NCBM was up 4 fils at KD 0.238.

Dropped

 Jazeera Airways dropped 10 fils to KD 0.890 and ALAFCO gave up 6 fils to end at KD 0.204. Independent Petroleum Group rose 5 fils to KD 0.320 and GFH Financial Group took in 2 fils. Qurain Petroleum Industries Co clipped 2 fils and Humansoft Holding paused at KD 0.950.

Kuwait and Gulf Link Transport Co inched 0.5 fils into red and KGL Logistics Co fell 3 fils to 55 fils. Gulf Petroleum Investment Co was unchanged at 51 fils.

In the banking sector, Gulf Bank was flat at KD 0.260 and Commercial Bank of Kuwait followed suit to end at KD 0.500. Ahli United Bank shed 10 fils whereas Al Ahlin Bank of Kuwait was not traded during the session.

Kuwait International Bank eased 2 fils to 224 fils and Boubyan Bank closed 5 fils lower at KD 0.435. Warba Bank clipped 2 fils to settle at KD 0.194.

Investment conglomerate KIPCO was unchanged at KD 0.580 and Bayan Investment Co inched 0.5 fils lower. The company has obtained the approval of Capital Markets Authority to sell 30,319,197 shares for 6 months from the date of the approval.

Kuwait Financial Centre fell 2 fils to 100 fils and National Investment Co held the ground steady at 88 fils off early lows. NIC has obtained the approval of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for 6 months.

Kuwait Investment Co rose 2 fils with thin trading while International Financial Advisors closed 0.5 fils up after trading 2.6 million share. Securities House Co slipped 2.5 fils to 34 fils and KMEFIC gave up 1 fils to end at 27 fils.

Al Deera Holding fell 2.5 fils and First Investment and KFIC clipped 2 fils each to settle at 56 fils and 35 fils respectively. Noor Financial Investment Co fell 1.5 fils and Tamdeen Investment Co closed flat at KD 0.420. Kuwait Insurance Co climbed 10 fils into green.

National Real Estate Co inched 1 fils higher while Tamdeen Real Estate held steady at KD 0.650. Al Mazaya Holding Co clipped 2 fils amd Alargan International Real Estate Co shed 10 fils.

The market was mixed during last week. The price index closed lower in two of the five sessions and had retreated 4 points week-on-week. It slid 182 points from start of the month and has had tumbled over 14 pct during whole of 2015. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Al-Enmaa Real Estate Co 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.

City Group Co has received the approval of Capital Markets Authority for its request to voluntarily withdraw from Kuwait Stock Exchange.

Al Safat Real Estate Co has incurred a net loss of KD 53,673 and loss per share of 0.22l fils in the period ending Oct 31, 2015 as compared to net profit of KD 96,933 and earnings per share of 0.40 fils in the same period of 2014.

Boubyan International Industries Holding Company has clocked a net profit of of KD 25,007 and earnings per share of 0.08 fils in the quarter ending Oct 31, 2015 as against net loss of KD 126,236 and loss per share of 0.42 fils in the same period of last year.

Strategia Investment Co. has won the Capital Markets Authority’s approval for the company’s request to buy back or sell up to 10% of own shares over a period of 6 months.

International Financial Advisors has won the nod of Capital Markets Authority on Dec 6, 2015, for its request to sell own 47,110,564 shares over a period of 6 months.

By John Mathews

Arab Times Staff

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