Kuwait bourse tumbles 167.52 pts amid sell-off – NBK dives 50 fils; Americana flat

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KUWAIT CITY, Jan 17: Kuwait stocks went into a downward spiral on  further drop in oil prices following the lifting of Iran sanctions. The price index tanked 167.52 pts amid broad sell-off to 5098.42 points extending the rout to tenth straight session. The banks and financials led the day’s decline even as sentiment turned extremely bearish.

The KSX 15 gauge tumbled 40.34 points to 788.04 pts taking the month’s decline to 96 pts. The volume turnover meanwhile surged past the 200 million mark for the first time from start of the year on brisk selling across the board. 207.7 million shares changed hands – a 67.3 pct jump from the last session.

The sectors all closed in deep red. Banks sank 5.23 pct, the biggest loser of the day while parallel market saw the smallest drop of 0.88 pt. Volume wise, real estate clocked the highest market share of 63.72 percent and financial services stood next with 12.48 pct contribution.

Among notable losers, National Bank of Kuwait skidded 50 fils to KD 0.690 while Kuwait Finance House was down 25 fils taking the month’s losses to 90 fils. Investment conglomerate KIPCO shed 20 fils after heading north in the last session and Mabanee Co swung 40 fils into red.

Telecom major Zain, dropped 15 fils to KD 0.320 after trading 3.7 million shares and is down 30 fils so far during the month while Wataniya Telecom (Ooredoo) managed to hold the ground unchanged KD 1.069 with thin volume. Kuwait Telecommunications Co (VIVA) slipped 10 fils.

Agility dived 25 fils to KD 0.375 after trading 2.63 million shares. The company has won Capital Markets Authority’s approval for its request to buy back or sell up to 10% of own shares over a period of 6 months.

The market opened weak and fell sharply in early trade. The main index continued to erode as sentiment was battered by further decline in oil prices before leveling off past the mid-session. It plumbed the day’s lowest level of 5095.08 pts and closed with steep losses.

Top gainer of the day, Aqar Real Estate Investment Co climbed 6.67 pct to 80 fils and ACICO Industries jumped 5.26 percent to stand next. Safwan Trading and Contracting Co plunged 14 percemt. The steepest decliner of the day and Themar topped the volume with 101 million shares.

Mirroring the day’s decline, the market spread almost completely skewed towards the losers. 8 stocks advanced whereas a whopping 110 closed lower. Of the 132 counters active on Monday, 14 closed lower. 2950 deals worth KD 27.68 million were transacted – a 53.6 pct spike in prices from the previous session.

National industries Group dropped 8 fils to 98 fils s after trading 1.4 million shares while Kuwait Cement Co and Gulf Cable were down 25 fils each to end at KD 0.370 and KD 0.300 respectively. Kuwait Portland Cement slid 40 fils to KD 0.980.

Kuwait Food Co (Americana) was unchanged at KD 1.900 with thin trading and Humansoft Holding skidded 50 fils. City Group shed 25 fils. The company has received the approval of Capital Markets Authority for its request to voluntarily withdraw from Kuwait Stock Exchange.

Boubyan Petrochemicals Co dipped 25 fils to KD 0.455 whereas ACICO Industries swung 15 fils higher. Shuaiba Industrial Co and Qurain Petrochemical Industries Co slipped 10 fils each and RISCO paused at KD 0.300.

Kuwait and Gulf Link Transport Co inched 0.5 fils down and KGL Logistics Co nudged 1 fils higher to 49 fils. ALAFCO gave up 4 fils whereas Jazeera Airways was not trading during the session.  Mezzan Holding Co slid 30 fils and Zima Holding closed 5 fils lower. Kuwait National Cinema Co added 10 fils and Independent Petroleum Group fell 5 fils to KD 0.315. Equipment Holding Co took in 2 fils.

In the banking sector, Gulf Bank dropped 10 fils to KD 0.222 and Kuwait International Bank was down by same measure to settle at KD 0.198. Al Ahli Bank of Kuwait and Ahli United Bank slid 25 fils each whereas Commercial Bank of Kuwait held steady at KD 0.500. Boubyan Bank dipped 25 fils to KD 0.400 after trading 1.3 million shares .

Warba Bank dropped 10 fils to KD 0.166 and Burgan Bank shed 20 fils. 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.

Kuwait Investment Co and National Investment gave up 5 fils each to close at 90 fils 67 fils respectively and Commercial Facilities Co closed 8 fils in red. Securities Group Co was down 4 fils at 100 fils and KMEFIC inched 1 fils lower.

Sokouk Holding Co and Al Deera Holding Co fell 2.5 fils each while Tamdeen Investment Co shed 20 fils. Bayan Investment Co closed 2.5 fils in red. 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.

National Real Estate Co fell 5 fils to 79 fils and Tamdeen Real Estate Co dived 40 fils. Al Mazaya Holding Co gave up 5 fils and Alargan International Co dropped 10 fils to 164 fils.

The market witnessed sharp losses during last week. The price index closed lower in all the five sessions and slid 210 points week-on-week. It has tumbled 507 points so far during the month and is down 9.2 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Gulf Insurance Group has been granted the approval by Capital Markets Authority on January 7, 2016 to buy back or sell a maximum of 10% of its shares for 6 months from date of the approval.

Al-Enmaa Real Estate Co has posted a net profit of KD 4.38 million and earnings per share of 9.73 fils for the year ending Dec 31, 2015 as compared to net profit of KD 3.36 million earnings per share of 7.47 fils in the year before .

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 31 Oct 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 of KD 25,007 and earnings per share of 0.08 fils in the quarter ending 31 Oct 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.

By John Mathews

Arab Times Staff

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