KSE winds up week with 37.39 pts drop – Americana tumbles 80 fils; NBK gains

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KUWAIT CITY, April 28: Kuwait stocks headed south on Thursday to end the week on a sour note. The price index, after trading flat in the first half, slid 37.59 points to 5,391.81 pts amid broad profit taking.

The KSX 15 measure rose 3.54 pts to 863.33 points taking the month’s gains to 13 points while weighted index was up 0.65 pts to 366.28 points. The volume turnover meanwhile rebounded after two-day drop. 176.48 million shares changed hands — a 25.6 pct jump from Wednesday.

The sectors closed mostly in the red turf. Oil and gas out led the rest with 1.23 pct gain while technology sank 2.25 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 41.8 pct while real estate and telecommunications followed with 28.3 percent and 11.16 pct contributions respectively.

Among sharp losers, Kuwait Food Co (Americana) tumbled 80 fils to KD 2.420 taking the month’s losses to 40 fils while United Projects Group slid 50 fils. Gulf Bank was down 10 fils at KD 0.240 after trading 1.9 million shares,

Zain slipped 5 fils to KD 0.350 with a volume of 3.6 million whereas Wataniya Telecom (Ooredoo) vaulted 80 fils. The company has recorded a net profit of KD 9.81 million and earnings per share of 20 fils in the quarter ending March 31, 2016.

Kuwait Telecommunications Co (VIVA) was unchanged at KD 1.020 off early lows while Agility climbed 10 fils on back of over 1 million shares to settle at KD 0.510 and is up 30 fils year-to-date.

National Investment Co shed 10 fils after trading 5.2 million shares while KIPCO gained 10 fils. The company has recorded a first quarter net profit of KD 13.5 million and earnings per share of 7.45 fils.

The market opened on tame note and moved sideways in early trade. The price index slipped into red and fell sharply half-way into the session. It plumbed the day’s lowest level of 5,368.42 pts in the final minutes before paring back some of the losses at close.

Top gainer of the day, National International Holding Co vaulted 8.9 percent to 61 fils while Ooredoo rallied 7.55 pct to stand next. Marakez slumped 9.43 pct, the steepest decliner of the day and Al Mal topped the volume with 9.2 million shares.

Reflecting the day’s downswing, the losers vastly outnumbered the winners. 36 stocks advanced whereas 66 closed lower. Of the 134 counters active on Thursday, 32 closed flat. 4,286 deals worth KD 15.18 million were transacted — a 24.6 pct drop in value from the day before.

National Industries Group, the flagship company of the Kharafi Group dropped 6 fils to 122 fils after trading 2.5 million shares and Gulf Cable was down 5 fils at KD 0.370. Kuwait Cement Co was flat at KD 0.380 and Kuwait Foundry Co too did not budge from its earlier close of 190 fils.

Jazeera Airways rose 10 fils to KD 0.890 and ALAFCO was up 4 fils at 212 fils. Kuwait and Gulf Link Transport Co eased 0.5 fils whereas KGL Logistics stood pat at 77 fils. ACICO Industries stood pat at 58 fils.

Lower

Equipment Holding Co and Boubyan International Industrial Holding Co inched 1 fils lower whereas Qurain Petrochemical Industries Co climbed 4 fils. Independent Petroleum Group gained 15 fils with thin trading.

Automated Systems Co and Nafais Holding Co shed 10 fils each whereas Mezzan Holding climbed 20 fils to KD 1.200. Mashaer Holding Co added 4 fils and Osos Holding Group tripped 4 fils.

Zima Holding Co stagnated at 45 fils and IFA Hotels and Resorts Co followed suit. Al Nawadi Holding Co was flat at 75 fils while PAPCO slipped 8 fils to 102 fils.

In the banking sector, National Bank of Kuwait rose 10 fils on back of 1.9 million shares whereas Commercial Bank of Kuwait slipped 10 fils. The bank has logged a net profit of KD 7.76 million and earnings per share of 5.2 fils in the first quarter of 2016 as against a net profit of KD 6.32 million and earnings per share of 4.5 fils in the same period last year.

Burgan Bank climbed 10 fils to KD 0.345 whereas Al Ahli Bank and Ahli United Bank paused at KD 0.335 and KD 0.420 respectively. Kuwait International Bank gave up 4 fils to settle at 196 fils.

Boubyan Bank gained 10 fils and Warba Bank closed flat at 176 fils. The bank has posted a net profit of KD 328,000 and earnings per share of 0.33 fils in the quarter ending March 31, 2016 up from net profit of KD 77,000 and earnings per share of 0.08 fils in the year before.

Securities Group Co and KMEFIC were unchanged at 82 fils and 27 fils respectively whereas Securities House Co clipped 2.5 fils after trading 6.8 million shares. Al Mal Invesment Co fell 2 fils and Sokouk Holding Co stagnated at 41 fils.

Kuwait Insurance Co dropped 10 fils and Al Ahleia Insurance Co was up 10 fils at KD 0.465. National Real Estate Co inched 1 fils up whereas Mabanee Co rallied 10 fils to KD 0.860. Al Mazaya Holding Co slipped 6 fils to 122 fils.

The market was mixed during the week. The key index closed higher in three of the five sessions and has gained 45 points week-on-week. It has rallied 163 points from start of the month but is down 3.98 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, Shuaiba Industrial Co has posted a net profit of KD 629,557 and earnings per share of 7.93 fils in the first quarter of 2016 as compared to net profit of KD 444,921 and earnings per share of 5.65 fils in the same period last year.

Investors Holding Group Co has incurred a first quarter net loss of KD 28,553 and losses per share of 0.05 fils as compared to net loss of KD 73,809 and losses per share of 0.12 fils in 2015 Q1.

Gulf Investment House has clocked a net loss of KD 6.085 and losses per share of 37.07 fils in the year ending Dec 31, 2015 as compared to net loss of KD 1.62 million and losses per share of 10.42 fils in 2014.

Tamdeen Investment Co has posted a net profit of KD 11.52 million and earnings per share of 39.07 fils in the year ending Dec 31, 2015, up from net profit of KD 9.05 million and earnings per share of 30.41 fils in the year before.

Salhia Real Estate Company has posted an annual net profit of KD 11.62 million and earnings per share of 23.55 fils as compared to net profit of KD 11.42 million and earnings per share of 23.07 fils. The Board of Directors has recommended 20 pct cash dividends.

By John Mathews – Arab Times Staff

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