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Kuwait bourse eases 4.15 pts; volume dip – KFH falls 10 fils; Americana gains

KUWAIT CITY, Jan 5: Kuwait stocks edged lower on Tuesday after the sharp losses in the last session. The bourse slipped 4.15 points in lackluster trading to 5564.15 pts even as the board remained largely mixed. The market was rattled by the global selloff on Monday following the sharp losses in Chinese stocks.

The KSX 15 benchmark dropped 3.72 points to 888.89 pts while weighted index eased 1.31 points to 377.13 pts. The volume turnover meanwhile dropped below the 100 million mark as investors toed caution. 93.7 million shares changed hands – down 16.5 pct from the day before.

The sectors closed mostly in the red zone. Parallel market outshone the rest with 1.1 pct gain whereas telecommunications shed 0.61 percent, the biggest loser of the day. In terms of volume real estate real estate accounted for the highest market share of 36.5 pct while financial services stood close behind with 32.5 percent. Telecommunication was a distant third with over 15 pct contribution.

Among major losers, Kuwait Finance House dipped 10 fils to KD 0.520 extending an identical fall in the previous session with a volume of 4.4 million while Al Ahli Bank was down 5 fils at KD 0.370. Investment conglomerate KIPCO slipped 10 fils to KD 0.570.

Telecom major Zain was unchanged at KD 0.355 after vacillating in a tight range whereas Wataniya Telecom (Ooredoo) slid 40 fils to KD 1.060. Kuwait Telecommunications Co (VIVA) paused at KD 0.990 and Agility fell 5 fils to KD 0.460.

Kuwait Food Co (Americana) climbed 40 fils extending the gains on Monday and Humansoft Holding Co followed suit to wind up at KD 0.990. Mezzan Holding Co pulled 10 fils lower.

The market opened flat and moved sideways in early trade. The key index edged lower as sentiment turned weak and hit the day’s lowest level of 5545.48 points past the mid-session. It however flipped direction and managed to claw back most of the losses at close.

Top gainer of the day, Kuwait Cable Vision vaulted 10 percent to 27.5 fils while Al Masaken International Real Estate Co climbed 8.2 pct to stand next. Al Aqaria slumped 10.2 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 24.38 million shares.

Mirroring the day’s downtick, the losers slightly outnumbered the winners. 45 stocks advanced whereas 42 closed lower. Of the 131 counters active on Tuesday, 44 closed flat. 2216 deals worth KD 11.43 million were transacted – a 36.5 pct jump in value from the day before.

National Industries Group dropped 4 fils to KD 0.120 while RISCO and Gulf Cable were down 10 fils each to end at KD 0.310 and KD 0.365 respectively. Kuwait Cement Co swung 25 fils lower to KD 0.370 and Kuwait Foundry Co nudged 2 fils up.

Added

Jazeera Airways was unchanged at KD 0.890 whereas ALAFCO added 4 fils to settle at KD 0.208. Kuwait and Gulf Link Transport Co eased 1 fils and KGL Logistics closed flat.

ACICO Industries Co rose 5 fils to KD 0.280 and NICBM gained 10 fils. Equipment Holding Co inched 1 fils up. Qurain Petroleum Industries Co clipped 2 fils and Educational Holding Group closed 10 fils in green with thin trading.

Burgan Well Drilling Co fell 2 fils to KD 0.122 and City Group stagnated at KD 0.405. The company has received the approval of Capital Markets Authority for its request to voluntarily withdraw from Kuwait Stock Exchange.

National Bank of Kuwait was flat at KD 0.790 and Gulf Bank too did not budge from its earlier close of KD 0.260. NBK has won the approval of Central Bank of Kuwait to extend its approval to buy back or sell a maximum of 10% of its shares for 6 months from Nov 23, 2015.

Ahli United Bank rose 10 fils to KD 0.370 and Boubyan Bank was unchanged at KD 0.435 off early highs. Kuwait International Bank was not traded during the day.

Burgan Bank pared back slight early losses to end flat 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. Tamdeen Investment Co dropped 15 fils to KD 0.405 and Noor Financial Investment Co edged 1.5 fils up. The company has logged a net profit of KD 59,909 and earnings per share of 0.15 fils in the nine-month period ending Sept 30, 2015 as against net profit of KD 3.97 million and earnings per share of 9.87 fils in the same period last year.

Kuwait Investment Co gave up 4 fils and Bayan Investment Co. 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.

KFIC and Securities House Co took in 2 fils each while Securities Group Co clipped 2 fils to settle at KD 0.104. National Investment Co held steady at 88 fils. 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 Financial Centre was flat at 100 fils and Sokouk Holding Co inched 1 fils up on back of 2.7 million shares. Warba Insurance Co dropped 6 fils to KD 0.102.

National Real Estate Co and was unchanged at 87 fils and Salhia Real Estate Co shed 20 fils. Al Mazaya Holding Co was flat at 100 fils and Mabanee Co followed suit.

The market has been trending lower so far during the week and has slid 49 points in last two sessions. It had dived 155 points in December and shed 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 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 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 IFA’s request to sell own 47,110,564 shares over a period of 6 months.

By John Mathews

Arab Times Staff

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