KSE sinks further amid broad selling – NBK dips 20 fils; Americana gains

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KUWAIT CITY, Jan 10: Kuwait stocks veered lower on Sunday extending the downtrend from the previous week. The price index, after a tame start, dived 56.62 points to 5,418.53 pts as broad selling continued amid weak sentiment. The banks led the day’s decline whereas some of the technology shares shone.

The KSX 15 gauge slid 15 points to 861.3 points taking the month’s fall to 23 points while weighted index was down 5.35 points. The volume turnover meanwhile dipped the 100 million mark to hit the lowest level of the month. 82 million shares changed hands — a 33.23 pct drop from the last session.

The sectors closed mostly in the red turf. Technology outpaced the rest with 1.89 pct gain and basic materials slid 1.71 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 33.9 percent while banks and real estate followed with 24.3 pct and 21.2 percent contributions respectively.

Among the prominent losers, sector bellwether National Bank of Kuwait shed 20 fils after trading 3.3 million shares and Kuwait Finance House was down 30 fils to KD 0.480 with heavy volume turnover. Mabanee Co fell 10 fils to KD 0.890 taking the month’s losses to 50 fils.

Zain was unchanged at KD 0.345 after trading 1.4 million and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of 1.060. Kuwait Telecommunications Co (VIVA) stagnated at KD 0.990 whereas logistics major Agility was down 15 fils at KD 0.430.

KIPCO was unchanged at KD 0.550 and has retreated 30 fils so far during the month while Bayan Investment eased 1.5 fils. 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.

The market opened slightly low and moved sideways in early trade. The key index nudged briefly higher to day’s highest level of 5,474.5 points and headed south amid selling pressure. It continued to slide in the second half to bottom at 5,403.66 pts in final minutes before paring back some of the losses at close.

Top gainer of the day, Future Communications Co spiked 9.8 pct to 112 fils and Energy House stood next with 6.85 pct jump. Real Estate Trade Centre Co (Marakez) tumbled 23.4 pct, the steepest decliner of the day and Kuwait Finance House topped the volume with 12.5 million shares.

Mirroring the day’s slide, the winners vastly outnumbered the losers. 20 stocks advanced whereas 71 closed lower. Of the 122 counters active on Sunday, 31 closed flat. 2,414 deals worth KD 17.9 million were transacted — a 8.6 pct drop in value from the day before.

National Industries Group, the flagship company of the Kharafi Group dropped 4 fils to 112 fils and Kuwait Foundry Co followed suit to end at KD 0.210 RISCO and ACICO Industries Co shed 15 fils each while Equipment Holding Co inched one fils higher.

Jazeera Airways slipped 10 fils to KD 0.850 whereas ALAFCO held the ground steady at KD 0.206. Humansoft Holding Co sank 40 fils to KD 0.900 while Eyas For Higher and Technical Education shed 20 fils. Kuwait Food Co ( Americana) bucked the market trend to gain 40 fils.

Eased

KGL Logistics Co eased 2 fils to 53 fils and Zima Holding was down 8 fils. The Energy House added 2.5 fils while IFA Hotels and Resorts Co was flat at KD 0.204. Soor Fuel Marketing Co gave up 4 fils to close at 104 fils.

Combined Group Contracting Co dropped 10 fils whereas PAPCO took in 2 fils. Mezzan Holding Co was down 20 fils at KD 1.080 and Kuwait Cement Co was flat at KD 0.370. Boubyan International Industries Holding Co closed 1.5 fils in red.

In the banking sector, Gulf Bank fell 5 fils whereas Commercial Bank of Kuwait climbed 10 fils to KD 0.510 Al Ahli Bank gave up 5 fils and Ahli United Bank pulled 10 fils lower to KD 0.510. Boubyan Bank paused at KD 0.435.

Kuwait International Bank was flat at KD 0.220 and Burgan Bank followed suit. 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.

Kuwait Investment Co was steady at 98 fils and Commercial Facilities Co closed 6 fils in red. National Investment Co fell 5 fils and Securities House Co nudged one fils lower. KMEFIC rose 1.5 fils to 28 fils whereas Securities Group Co and Osoul Investment Co both ended flat.

KFIC rose 2 fils to 38 fils and International Financial Advisors inched 0.5 fils lower. The company has won the nod of Capital Markets Authority on Dec 6, 2015, for its IFA’s request to sell own 47,110,564 shares over a period of 6 months.

Osoul Investment Co was unchanged at 36 fils and Ahliea Insurance Co dived 40 fils to KD 0.490. Salhia Estate Co slipped 10 fils to KD 0.360 and Mazaya Holding Co inched one fil down.

The market was bearish during last week. It closed lower in all the four sessions and dived 140 points week-on-week. It has retreated 196 points so far during the month and is down 3.5 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait and Gulf Link Transport Co has won the approval of Capital Markets Authority to the company’s request to buy back or sell up to 10 percent of own shares over a period of 6 months.

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

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.

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 percent of own shares over a period of 6 months.

By John Mathews

Arab Times Staff

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