Kuwait edges 3.38 pts lower; volume shrinks – NBK sheds 20 fils; Ooredoo gains

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KUWAIT CITY, Nov 17: Kuwait stocks fell slightly on Tuesday reversing the uptick in the last session. The main gauge gave up early gains to close 3.38 points lower at 5,699.78 pts weighed by selling in some of the banking and investment shares. The KSX 15 measure dropped 9.6 pts to 933.67 points trimming the month’s gains to 8 pts while weighted index edged 2.7 pts down. The volume turnover meanwhile slid to the month’s lowest level as investors toed caution. 107.37 million shares changed hands — a 35.27 pct plunge from last session. The sectors closed mostly in the red turf. Parallel market outshone the rest with 0.86 pct gain whereas financial services dipped over 1 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 32.63 pct while real estate stood next with 29.99 percent.

Basic materials was a distant third with 10.59 pct contribution. In the individual shares, National Bank of Kuwait dropped 20 fils to KD 0.830 after trading over 3 million shares and Kuwait Finance House was down 10 fils erasing the gains in the last session. Tamdeen Investment Co shed 20 fils whereas Humansoft Holding bounced 30 fils to KD 0.790. Zain was unchanged at KD 0.365 off early lows with a volume of 2.9 million and Wataniya Telecom (Ooredoo) climbed 20 fils. Kuwait Telecommunications Co (VIVA) rose 10 fils on back of 3.7 million shares extending the gains in the last session and Agility pulled 10 fils lower.

National Industries Group dialed down 2 fils and Kuwait Food Co (Americana) followed suit. The company has clocked a net profit of KD 35.21 million and earnings per share of 90.03 fils in the nine-month period ending Sept 30, 2015, down from net profit of KD 41.83 million and earnings per share of 106.95 fils in the same period last year. The market opened flat and edged higher in early trade. The price index peaked at 5,716.51 pts and retreated thereafter as selling weighed on select counters. It plumbed the day’s lowest level of 5,691.56 pts past the mid-session and moved sideways till the close.

Top gainer of the day, Mashaer Holding Co vaulted 9.62 pct and Ajwan Trading Co climbed 9.26 pct to stand close behind. United Food Group Co slid 13.33 pct, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 7.9 million shares. Mirroring the day’s downtick, the losers outled the winners. 38 stocks advanced whereas 44 closed lower. Of the 130 counters active on Tuesday, 48 closed flat. 3,038 deals worth KD 14.6 million were transacted — a marginal 0.34 pct fall in value from the day before. Jazeera Airways rose 10 fils to KD 0.114 and ALAFCO pulled 8 fils lower. Kuwait and Gulf Link Transport Co inched 0.5 fils down and KGL Logistics Co eased 1 fils after trading 5.3 million shares. Mashaer Holding Co rose 10 fils to KD 0.114.

Climbed

Kuwait Cement Co was unchanged at KD 0.405 and NICBM climbed 6 fils to KD 0.222. ACICO Industries was unchanged at KD 0.280 and Equipment Holding inched 1 fils into red. Al Nawadi Holding Co paused at 80 fils and Qurain Petrochemical Industries Co followed suit. The company has posted a net profit of KD 6.61 million and earnings per share of 6.31 fils in the nine-month period ending Sept 30, 2015 as against net profit of KD 14.76 and earnings per share of 14.03 fils in the year before period. Jeeran Holding added 5 fils and Mezzan Holding Co was flat at KD 1.080. The company has clocked a net profit of KD 16.15 million earnings per share 54.49 fils in the January-September period up from net profit of KD 11.68 million and earnings per share of 39.42 fils in the same period last year.

Shuaiba Industrial Co rose 5 fils and RISCO followed suit. The company has registered a net profit of KD 3.22 million and earnings per share of 34.68 fils in the January- September period as compared to net profit of KD 2.92 million and earnings per share of 31.45 fils in the same period last year. In the banking sector, Gulf Bank slipped 5 fils to KD 0.275 and Al Ahli Bank of Kuwait was down by same measure. Commercial Bank of Kuwait was steady at KD 0.370 and Ahli United Bank too did not budge from its earlier close of 0.530. Kuwait International Bank stagnated at KD 0.230 and Burgan Bank too paused at KD 0.390 after trading 1.8 million shares.

Boubyan Bank held steady at KD 0.435 and Warba Bank followed suit. National Investment Co fell 4 fils to 104 fils while KIPCO and Kuwait Investment Co paused at KD 0.600 and 100 fils respectively. Osoul Investment Co and Al Deera Holding Co eased 1 fils each whereas Securities Group Co closed flat. National Real Estate Co inched 1 fils into red and Al Mazaya Holding clipped 2 fils to settle at KD 0.108. Mabanee Co was up 10 fils at KD 0.890 recouping the loss in the last session. The bourse has been largely negative so far during the week and has skidded 66 points in last three sessions.

It has dived 75 pts so far during the month and is trading 12.79 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Gulf Glass Manufacturing Company has posted a net profit of KD 59,392 and earnings per share of 0.22 fils in the nine-month period ending Sept 30, 2015 rebounding from a net loss of KD 1.15 million and losses per share of 4.37 fils in the 9M of 2014.

Abyaar Real Estate Development Co has registered a net profit of KD 6,103 and earnings per share of 0.01 fils for the nine-month period ended Sept 30, 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 has 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 30, 2015 as compared to net profit of KD 2.57 million and earnings per share of 10.09 fils in the year before period.

By John Mathews Arab Times Staff

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