Kuwait bourse drops as oil talks collapse – NBK sheds 20 fils; KIPCO unchanged

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KUWAIT CITY, April 18: Kuwait stocks swung lower on Monday amid moderate selling in select counters. The bourse dropped 26.79 points in sluggish trade as investors digested the news of Doha talks on oil output freeze failing to yield any positive results.

The KSX 15 dropped 8.11 pts to 858.27 points taking the year’s losses to 26 points while weighted index eased 2.98 pts. The volume turnover meanwhile showed slight rebound after receding in the day before. 176.8 million shares changed hands — a 5.17 pct rise from Sunday.

The sectors closed mostly in the red territory. Parallel market outshone the rest with over one percent gain whereas telecommunications shed 1.86 pct, the steepest decliner of the day. In terms of volume, financial services garnered the highest market share of 34 pct while real estate stood next with 30.6 percent. Basic materials trailed with 15.4 pct contribution.

Among the losers, National Bank of Kuwait shed 20 fils after trading 2.15 million shares and Kuwait Finance House gave up 5 fils to close at KD 0.485 and is down 55 fils year-to-date. Kuwait Food Co (Americana) slid 40 fils to KD 2.580.

Zain was unchanged at KD 0.350 with a volume of 1.79 million whereas Wataniya Telecom (Ooredoo) dived 40 fils to KD 1.060. Kuwait Telecommunications Co (VIVA) shed 20 fils and logistics major Agility fell 5 fils to KD 0.490.

Investment conglomerate KIPCO stood pat at KD 0.570 off early lows and Kuwait Financial Centre inched 1 fils lower. The company has recorded a net profit of KD 2.87 million and earnings per share of 6 fils during 2015 as compared to net profit of KD 4.02 million and earnings per share 8 fils in the year before.

The market opened weak and moved sideways in early trade. The price index drifted lower thereafter was sentiment turned soggy and hit the day’s lowest level of 5,282.41 points almost half way into the session. However it pared back some of the losses in the final minutes.

Top gainer of the day, Real Estate Trade Centre (Marakez) climbed 6.38 pct to 25 fils while Mayadeen rallied 6.25 percent to stand close behind. Ikarus slid 8.62 percent, the steepest decliner of the day and Investors Holding Group topped the volume with over 30 million shares.

Reflecting the day’s downswing, the losers vastly out led the winners. 65 stocks advanced whereas 23 closed lower. Of the 129 counters active on Monday, 41 closed flat. 3,824 deals worth KD 11.3 million were transacted — a 8.62 pct drop in value from the day before.

National Industries Group eased 2 fils to 138 fils after trading 1.3 million shares and Gulf Cable gave up 5 fils. Kuwait Portland Cement Co shed 20 fils whereas Kuwait Cement Co held steady at KD 0.380. Kuwait Foundry Co fell 4 fils to 186 fils.

Jazeera Airways rose 10 fils to KD 0.890 and ALAFCO gave up 2 fils to settle at 210 fils. KGL Logistics Co was unchanged at 72 fils and Al Nawadi Holding Co followed suit. Gulf Petroleum Investment Co inched 1 fils lower after trading 2.7 million shares.

Boubyan Petrochemicals Co was unchanged at KD 0.520 and Qurain Petrochemical Industries Co clipped 2 fils. Educational Holding Group dropped 6 fils to 194 fils and Independent Petroleum Group Co shed 15 fils.

Mezzan Holding was flat at KD 1.100 and United Projects Group followed suit. The company has posted a net profit of KD 6.75 million and earnings per share of 86 fils in the year ending Dec 31, 2015 up from net profit of KD 5.65 million and earnings per share of 72.08 fils in the year before. The BOD has proposed 86 pct cash dividends.

Yiaco Medical Co climbed 10 fils and Humansoft Holding Co followed suit. The company has clocked a net profit of KD 17.51 million and earnings per share of 144 fils in 2015 soaring from net profit of KD 8.26 million and earnings per share of 68 fils in the previous year. Board of Directors has recommended 25 percent cash dividends.

Equipment Holding Co eased 1 fils to 57 fils and Zima Holding added 1 fils on back of 9.7 million shares. The Energy House Co clipped 2 fils and Equipment Holding Co closed 1 fils in red.

In the banking sector, Gulf Bank fell 2 fils to KD 0.240 whereas Commercial Bank of Kuwait dropped 25 fils to KD 0.425. Al Ahli Bank of Kuwait and Ahli United Bank stood pat at KD 0.335 and KD 0.455 respectively.

Burgan Bank rose 5 fils to KD 0.350 whereas Boubyan Bank was down 5 fils at KD 0.405. Kuwait International Bank was unchanged at 198 fils and Warba Bank clipped 2 fils after trading over 3 million shares.

National Investment Co was flat at 122 fils with a volume of 3.7 million and KMEFIC followed suit. Al Mal Investment Co inched 1 fils down after trading 7.1 million shares and Bayan Investment Co followed suit. KFIC held the ground steady at 35 fils.

National Real Estate Co and Mabanee Co were flat at 90 fils and KD 0.860 respectively and Mazaya Holding too did not budge from its earlier close of 118 fils.

The market has been mixed so far during the week and has retreated 11 points in last two sessions. The price index has gained 60 points so far during the month but is down 5.8 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, KAMCO Investment Company has logged a net profit KD 523,688 and earnings per share of 2.20 fils in the year 2015 as against net profit of KD 1.96 million and earnings per share of 8.23 fils during the year before. Gulf Investment House has clocked a net loss 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.

Injazzat Real Estate Development Company has clocked a net profit KD 3.07 million and earnings per share of 9.2 fils in 2015, rising sharply from net profit of KD 1.51 mln and earnings per share of 4.5 fils in the same period last year. The BOD has recommended 5 pct cash dividends.

By John Mathews – Arab Times Staff

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