Kuwait bourse extends losses; volume ticks up – Ooredoo jumps 40 fils; NBK flat

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KUWAIT CITY, Sept 5: Kuwait stocks sagged on Monday extending the losses to fourth straight session. The price index dropped 14.69 pts in sluggish trade to 5,380.8 pts even as the investors toed the sidelines on absence of catalysts.

The KSX 15 gauge rose 0.63 pts to 802.9 points and is down 81 points year-to-date while weighted index inched 0.15 pts higher. The volume turnover saw a marginal increase but was still in anemic levels. 35.2 million shares changed hands — a 15.9 pct increase from the last session.

The sectors closed mostly in the red turf. Technology outshone the rest with 0.66 pct gain whereas parallel market dipped 0.99 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 30 pct while banks and real estate trailed with 19 percent and 18 pct contributions respectively.

In the individual shares, Gulf Bank eased 2 fils to 224 fils whereas Kuwait Finance House dialed up 5 fils to settle at KD 0.460. Kuwait Food Co (Americana) stood pat at KD 2.440 off early highs and Mabanee Co too did not budge from its earlier close of KD 0.790.

Zain was unchanged at KD 0.320 and Wataniya Telecom (Ooredoo) rebounded by 40 fils to close at KD 1.060 with thin trading. Kuwait Telecommunications Co (VIVA) was down 10 fils at KD 0.890 and logistics major Agility fell 5 fils to KD 0.460.

KIPCO was unchanged at KD 0.550 off slight early lows and Kuwait Financial Centre (Markaz) too did not budge from its earlier close of 85 fils. The company has posted a first half net profit of KD 810,000 and earnings per share of 2 fils.

The market opened flat and headed south in early trade. The main index moved sideways as sentiment turned brittle before slipping further past the mid-session. It plumbed the day’s lowest level of 5366.48 pts and pared back some of the losses at close.

Top gainer of the day, Kuwait Cable Vision Co jumped 8.42 pct to 32 fils and Future Communications Co Global climbed 5.75 pct to stand next. Gulf Finance Co slid 8.33 percent, the steepest decliner of the day and Al Salam topped the volume with over 3 million shares.

Mirroring the day’s downswing, the losers outnumbered the winners. 20 stocks advanced whereas 46 closed flat. Of the 117 counters active on Monday, 51 closed flat. 1461 deals worth KD 3.36 were transacted — a 2.31 pct rise in value from the day before.

National Industries Group fell 2 fils to 116 fils and Gulf Cable gave up 5 fils to wind up at 365 fils. Shuaiba Paper Industries Co dropped 15 fils and Kuwait Foundry Co was unchanged at 164 fils. National Ranges Co (Mayadeen) paused at 28.5 fils.

Jazeera Airways held the ground at KD 0.830 and Refrigeration Ind. and Storage Company followed suit. The company has registered a net profit of KD 2.99 million and earnings per share of 30.50 fils in the first half of 2016 up from net profit of KD 2.12 million and earnings per share of 22.38 fils in the same period last year.

Clipped

Equipment Holding Co clipped 0.5 fil and Kuwait National Cinema Company shed 20 fils. The company has posted a net profit of KD 4.93 million and earnings per share of 52.35 fils in the 6-month period ending June 30, 2016.

NICBM dialed up 2 fils and AWJ Holding Co was down 5 fils at 63 fils. Zimah Holding Co inched 0.5 fil lower and Mezzan Holding gained 20 fils.

Kuwait Gulf Link Transport Co gave up 1.5 fils and KGL Logistics Co stagnated at 70 fils. The company has posted a net profit of 30, 2016 KD 3.76 million and earnings per share of 6.36 fils in the first half of 2016 up from net profit of KD 3.49 million and earnings per share of 5.82 fils in the same period last year.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.590 off early lows and Commercial Bank too did not budge from its earlier close of 295 fils.

Boubyan Bank stagnated at 380 fils and Burgan Bank followed suit to wind up at 325 fils. Kuwait International Bank dipped 4 fils after trading over 2 million shares and Warba Bank paused at 164 fils.

Al Ahli Bank pulled from early session trough to close flat at KD 0.320 and Ahli United Bank was not traded during the session. Warba Insurance Co was up 2 fils at 108 fils.

Kuwait Investment Co was unchanged at 87 fils and Coast Investment Co too was muted at 40 fils. Bayan Investment Co and KFIC eased 1 fils each while Securities House Co stood pat at 46 fils.

Osoul Investment Co took in 1 fils and Al Mal Investment inched 0.5 fil into green. Noor Financial Investment Co paused at 40 fils and Ektittab Holding edged 2 fils into red.

Kuwait Real Estate Co and United Real Estate Co were flat at 50 fils and 102 fils respectively whereas Salhiya Real Estate added 5 fils to end at 365 fils. Mazaya Holding Co held the ground at 110 fils.

The market has been weak so far during the week and has retreated 29 points in last two sessions. It had shed 31 pts during whole of August and is down 4.17 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, Hilal Cement Company has posted a net profit of KD 20,659 and earnings per share of 0.2 fils in the six-months period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fils in the same period last year..

Metal and Recycling Co. clocked a net profit of KD 118,386 and earnings per share of 1.58 fils in the six-month period ending June 31,2016 rebounding from net loss of KD 185,711 and losses per share of 2.48 fils in same period last year.

Gulf Glass Manufacturing Company has registered a net profit of KD 941,711 and earnings per share of 18.35 fils in the six-month period ending June 30 as against a net profit of KD 1.39 million and earnings per share of 27.09 fils in the same period last year.

Asiya Capital Investments Company has clocked a net loss of KD 5.46 million and loss per share of 7.03 fils in the January-June period sliding from a net profit of KD 1.77 million and earnings per share of 2.29 fils in the same period last year.

Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months from date of the approval.

By John Mathews

Arab Times Staff

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