KSE sheds 12.88 pts as volume rebounds – NBK falls 10 fils; Americana jumps

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KUWAIT CITY, Oct 4: Kuwait stocks headed south Sunday extending the losses from the earlier week. The price index slipped 12.88 pts to 5,707.77 points paring steeper early session drop. The heavyweights closed mixed even as sentiment remained soggy. The KSX 15 benchmark eased 3.48 pts to 926.36 points taking the year’s decline to 145 points while weighted index edged 0.77 pts lower.

The volume turnover meanwhile swelled after receding in last three sessions. 141.41 million shares changed hands – a 25.12 pct jump from Thursday. The sectors closed mostly in the red. Basic materials outshone the rest with over 1 pct gain whereas consumer services dipped 2.32 pct, the biggest loser of the day.

In terms of volume, real estate dominated with 51 pct market share while financial services and industrials trailed behind with 22.6 pct and 10.68 percent contributions respectively. In the individual shares, National Bank of Kuwait fell 10 fils to KD 0.790 after trading over 2 million shares and Commercial Bank too was down by same measure to KD 0.570. Kuwait Food Co ( Americana) bounced 40 fils to KD 2.380 paring the year’s losses to 420 fils whereas United Foodstuff Industries Group swung 30 fils into red.

Trading
Zain eased 5 fils to KD 0.395 after trading over 1 million shares and Wataniya Telecom (Ooredoo) held steady at KD 1.000. Kuwait Telecommunications Co (VIVA) slipped 10 fils whereas Agility was up 10 fils at KD 0.560 with a volume of over 1 million. Investment major KIPCO was down 10 fils at KD 0.580 and Bayan Investment Co inched 1 fils lower. The company has posted a net profit of KD 118,473 and earnings per share of 0.33 fils in the first half of 2015 as against net profit of KD 3.09 million and earnings per share of 8.56 fils in the same period of 2014.

The market opened slight weak and moved sideways briefly. The key gauge swung lower thereafter as sentiment weakened and plumbed the day’s lowest level of 5,667.99 pts almost half way into the session. It clawed back in the second half and managed to pare back most of the losses at close.

Top gainer of the day, Massaleh Real Estate Co spiked 11.83 pct to 52 fils while Kuwait Cable Vision Co climbed 7.69 pct to stand next. UFIG tumbled 15.76 percent, the steepest decliner of the day and Investors Holding Group topped the volume with 32.31 million shares. Reflecting the day’s drop, the losers slightly outnumbered the winners. 46 stocks advanced whereas 48 closed lower.

Of the 3041 counters active on Sunday, 39 closed flat. 3041 deals worth KD 11.21 million were transacted – a 4 pct drop from Thursday. National Industries Group, the flagship company of the Kharafi Group, eased 2 fils to 140 fils with a volume of 1.76 million and Gulf Cable rose 5 fils. Kuwait Portland Cement was flat at KD 1.140 whereas Kuwait Foundry Co climbed 8 fils to KD 0.248.

Slipped
ACICO Industries Co slipped 10 fils to KD 0.295 while City Group Company closed 5 fils higher. The company has posted a net profit of KD 3.56 million and earnings per share of 31.51 fils in the January- June period of 2015 as against net profit of KD 2,85 million and earnings per share of 25.29 fils in the same period last year. Kuwait Packing Materials Manufacturing Co dived 25 fils and Equipment Holding Co inched 1 fil down.

The company has incurred a net loss of KD 494,362 loss per share 3.62 fils as compared to net rofit same of KD 496,880 and earnings per share of 3.64 fils in 2014, H1. ALAFCO dialed down 2 fils while Mashaer Holding Co dropped 4 fils to KD 0.102 and Kuwait Resorts Co swung 6 fils into red. Kuwait Gulf Link Transport Co took in 2 fils whereas KGL Logistics Co gave up 1 fils. Nafais Holding Co fell 6 fils to KD 0.118. Zima Holding Co dropped 5 fils to 72 fils whereas Mezzan Holding Co paused at KD 1.040. The company has logged a net profit of KD 12.49 million and earnings per share of 42.13 fils in the January-June period of 2015.

Future Communications Co Global pulled 8 fils lower. In the banking sector, Gulf Bank vacillated in a tight range before closing flat at KD 0.270 and Al Ahli Bank of Kuwait rose 10 fils. Ahli United Bank retreated 10 fils and Kuwait International Bank dialed up 2 fils to end at KD 0.228. Kuwait Finance House was steady at KD 0.560 and Burgan Bank added 5 fils to end at KD 0.390. Boubyan Bank gained 5 fils on back of 1.25 million shares whereas Warba Bank clipped 2 fils. National Investment Co took in 2 fils while Kuwait Insurance Co dropped 10 fils to KD 0.300.

Noor Financial Investment inched 1 fils down and Securities House took in 1 fils to close at 50 fils. Sokouk Holding Co was unchanged at 47 fils. National Real Estate Co rose 2 fils to 77 fils whereas Tamdeen Real Estate swung 10 fils into red. Mabanee Co was flat at KD 0.860 and Real Estate Asset Management Co gained 10 fils.

The bourse was downbeat during last week. The main index closed lower in three of the four sessions and has shed 34 points week-onweek. It had slid 94 points during the whole of September and is trading 12.67 pct down year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Kuwait Real Estate Company has registered a net profit of KD 2.39 million and earnings per share of 2.64 fils in the first six-months of 2015 as against net profit of KD 3.49 million and earnings per share same of 3.86 fils in the same period last year. Gulf Cement Company has posted a net profit of KD 2.45 million and earnings per share of 0.003 fils in the first half of 2015, down from KD 3.36 million net profit and earnings per share of 0.004 fils in the same period last year.

Incurred
Al Dar National Real Estate Co has incurred a net loss of KD 132,850 and loss per share of 0.32 fils in the six-month period ending June 30, 2015 as against net profit of KD 761,352 and earnings per share of 1.85 fils in the same period of 2014. Metal and Recycling Co has incurred a net loss of KD 126,449 and losses per share of 2.48 fils in the January-June period of 2015 as compared to net profit of KD 615,409 and earnings per share of 6.76 fils in 2104, H1. Aayan Leasing and Investment Company has clocked a net profit of KD 5.42 million and earnings per share of 6.76 fils in the six-months period ending June 30, 2015, down from net profit of KD 8.88 million and earnings per share of 11.07 fils in the H1 of 2014.

By John Mathews Arab Times Staff

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