Kuwait bourse retreats 21.53 pts amid selling – Humansoft Holding dives 50 fils; Zain flat

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KUWAIT CITY, Nov 11: Kuwait stocks pulled lower on Wednesday after trading flat in the last session. The bourse dropped 21.53 pts to 5,765.75 points weighed by selling in select counters. The banks and other heavyweights were largely muted even as sentiment remains depressed over weak oil prices.

The KSX 15 gauge however rose 2.77 pts to 948.28 pts taking the month’s gains to 23 points while weighted index edged 0.88 points higher. The volume turnover meanwhile swelled mostly on spurt in speculative trading. 159.01 million shares changed hands – a 26.8 pct jump from the day before.

Among the losers, National Investment Co slipped 4 fils to KD 0.110 and Warba Insurance Co was down by same measure. Humansoft Holding Co slid 50 fils extending its losses to third straight session and Nafais Holding was down 8 fils at KD 0.154. Burgan Well Drilling Co dropped 5 fils to 94 fils.

Telecom heavyweight Zain was unchanged at KD 0.375 off slight early highs and Wataniya Telecom (Ooredoo) shed 20 fils to settle at KD 1.040. Kuwait Telecommunications Co (VIVA) held steady at KD 0.910 after trading 1.9 million shares.

Logistics major Agility gave up modest early gains to close flat at KD 0.520. The company has posted a net profit of KD 39.07 million and earnings per share of 33.97 fils in the January-September period as against net profit of KD 37.14 million earnings per share of 32.28 fils in the year before period.

The market opened slightly weak and moved sideways in early trade. The key index continued to drift listlessly as investors toed caution and headed south past the mid-session. It plumbed the day’s lowest level of 5756.63 points in the final minutes before paring back some of the losses at close.

Top gainer of the day, Kuwait Medical Services Co vaulted 10.2 pct to 27 fils and Qurain Holding Co climbed 7.69 pct to stand next. RKWC slid 7.27 pct, the steepest decliner of the day and Injazzat Holding Co topped the volume with 39.86 million shares.

Mirroring the day’s downswing, the market spread was skewed towards the losers. 37 stocks advanced whereas 41 closed lower. Of the 129 counters active on Wednesday, 51 closed flat. 3248 deals worth KD 17.94 million were transacted – a 27.77 pct surge in value from the day before.

Kuwait Food Co (Americana) was flat at KD 2.300 and Combined Group Contracting Co too did not budge from its earlier close of 0.780. Jazeera Airways was up 5 fils at KD 0.465 and ALAFCO dialed up 2 fils to end at KD 0.226. Gulf Insurance Group soared 50 fils.

National Industries Group eased 2 fils to KD 0.146 after trading over 2 million shares and Kuwait Cement Co climbed 5 fils. The company has recorded a net profit KD 16.30 million and earnings per share of 22.86 fils in the first nine-months of 2015 up from net profit of KD 14,07 million and earnings per share of 19.74 fils in the year before period.

Gained

Kuwait Portland Cement Co gained 20 fils and Heavy Engineering Industries and Shipbuilding Co was up 6 fils to 154 fils. Gulf Cable was flat at KD 0.410 off early lows and Qurain Petrochemicals Industries Co took in 2 fils. ACICO Industries Co added 5 fils to settle at KD 0.280.

Equipment Holding Co gave up 3 fils and Mezzan Holding Co closed flat. The company has clocked a net profit of KD 16.15 million earnings per share 54.49 fils in the Jan-Sept period up from net profit of KD 11.68 million and earnings per share of 39.42 fils in the same period last year.

Kuwait National Cinema Co climbed 5 fils to KD 0.970 and Independent Group closed 5 fils in red. Kuwait and Gulf Link Transport Co was unchanged at 48 fils and KGL Logistics Co followed suit.

In the banking sector, National Bank of Kuwait rose 10 fils on back of 1.2 million shares and Commercial Bank of Kuwait closed flat. The bank has clocked a net profit of KD 25.40 million and earnings per share of 18 fils in the nine-month period ending Sept 30, 2015.

Gulf Bank paused at KD 0.280 and Kuwait Finance House followed suit after trading 3.5 million shares. Al Ahli Bank climbed 5 fils to KD 0.385 and Ahli United Bank held steady at KD 0.550.

Kuwait International bank was flat at KD 0.230 and Burgan Bank followed suit. Boubyan Bank paused at KD 0.435 and Ithmaar Bank inched 0.5 fils lower to 47 fils. Warba Bank held steady at KD 0.208.

Investment conglomerate KIPCO was unchanged at KD 0.610 and Securities House followed suit to end at 52 fils. Bayan Investment Co inched 0.5 fils and Al Deera Holding closed 1.5 fils lower.

KFIC gave up 2.5 fils and Sokouk Holding Co edged 1 fils higher. National Real Estate Co added 1 fils and Mabanee Co paused at KD 0.880. Ekitittab Holding Co dialed up 1 fils to close at 35 fils.

The bourse has been mixed so far during the week and has slipped 4 points in last four sessions. It has retreated 9 pts so far during the month and is trading 11781 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, United Foodstuff Industries Group Co. has logged a net profit of KD 385,003 and earnings per share of 11.64 fils in the 9-month period ending Sept 30, 2015 down from net profit of KD 832,345 and earnings per share of 25.16 fils in the 9M, 2014.

Abyaar Real Estate Development Co has registered a net profit of KD 6,103 and earnings per share 0.01 fils for the nine-month period ended September 31, 2015 down sharply from net profit of KD 487,234 and earnings per share of 0.44 fils in the same period of 2014.

Tamdeen Real Estate Company as clocked a net profit of over KD 9 million and earnings per share of 22.6 fils in the nine-month period ending Sept 30, 2015, climbing from net profit of KD 6.61 million and earnings per share of 16.4 fils in the year before period.

Securities Group Company has recorded a net profit of KD 2.47 million and earnings per share of 9.69 fils in the six-month period ending Sept 31, 2015 as compared to net profit of KD 2.57 million and earnings per share of 10.09 fils in the year before period.

Qurain Petrochemical Industries Co has posted a net profit of KD 6.61 million and earnings per share of 6.31 fils in the nine-month period ending September 30, 2015 as against net profit of KD 14.76 and earnings per share of 14.03 fils in the year before period.

By John Mathews

Arab Times Staff

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