Kuwait index extends losses; volume drops – Americana dives 80 fils; KIPCO gains

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KUWAIT CITY, May 16: Kuwait stocks headed south on Monday extending the losses to second session. The price index dropped 27.56 pts to  5,384.14 pts amid selling in select counters. The banks  remained mostly muted whereas other heavyweights closed mixed.

The KSX 15 benchmark eased 2.31 pts to 842.69 points and is down 20 points during the month while weighted index edged 0.87 pts lower. The volume turnover meanwhile dipped below the 100 million mark to hit a  multi-month low. 78.9 million shares changed hands – a 39 pct drop from the day before.

The sectors closed mostly in the red. Healthcare outpaced the rest with 0.76 pct gain whereas consumer goods shed 1.36 percent, the worst performer of the day. In terms of volume, real estate notched the highest market share of 25.7 pct while financials services stood next with 21.9 percent contribution.

Among notable losers, Kuwait Food Co (Americana)  slumped 80 fils to KD 2.260 extending  an identical decline in the previous session and Humansoft Holding was down by same measure to close at KD 0.980. United Projects Group was down 10 fils at KD 0.690.

Zain rose 5 fils to KD 0.350 on back of 1.4 million shares and Wataniya Telecom (Ooredoo) shed 20 fils. Kuwait Telecommunication Co (VIVA)  dropped 20 fils to KD 0.950 taking the month’s losses to 70 fils while logistics major Agility gave up 5 fils to settle at KD 0.495.

Investment conglomerate KIPCO climbed 10 fils to KD 0.540 with thin trading whereas Sokouk Holding Co inched 0.5 points lower. The company has posted a net loss of KD 651,332 and loss per share of 1.14 fils in the quarter ending March 31, 2016.

The market opened on tame note and moved sideways in early trade. The key gauge slipped into red thereafter as sentiment turned negative and continued to drift lower. It hit day’s lowest level of 5,343.9 points in the final minutes before paring back some of the losses at close.

Top gainer of the day, Kuwait Cable Vision Co climbed 6.38 pct to 25 fils and Osoul Investment Co rose 5.95 pct to stand close behind. Marakez slid 10.2 percent, the steepest decliner of the day and Gulf Petroleum Investment Co topped the volume with 9.4 million shares.

Mirroring the day’s downswing, the market spread was skewed towards the losers. 26 stocks advanced whereas 50 closed lower. Of the 117 counters active on Monday, 41 closed flat. 2,217 deals worth KD 11.8 million were transacted – a 26.22 pct drop in value from the day before.

National Industries Group was unchanged at 116 fils after trading 1.5 million shares  while Gulf Cable was down 5 fils. NIG has recorded a first quarter profit of KD 386,000 and  earnings per share of 0.3 fils as against net profit of  KD 5.91 million and earnings per share of 4.5 fils in the same period last year

Kuwait Cement Co shed 15 fils whereas Kuwait Portland Cement gained 20 fils. ALAFCO climbed 6 fils to 212 fils and Nafais Holding Co followed suit. Jeeran Holding Co stood pat 72 fils and City Group too did not budge from its earlier close.

Kuwait Foundry Co was flat at 188 fils  and ACICO Industries Co dialed up 5 fils. The company has clocked a net profit of KD 3.85 million and earnings per share of 14.11 fils in the first quarter of 2016  as compared to net profit of KD 3.94 million and earnings per share of 14.46 fils in same period of 2015.

PAPCO added 5 fils whereas Osos Holding Group Co  fell 4 fils. Mashaer Holding Co took in 2 fils and Zima Holding Co inched 0.5 fil into green. Yiaco Medical Co climbed 10 fils to 210 fils.

Kuwait and Gulf Link Transport Co rose 1.5 fils and KGL Logistics Co clipped 2 fils. The company has logged a net profit of KD 1.83 million and earnings per share of 3.11 fils in the 3-month period ending March 31, 2016  up from net profit of KD 1.74  and earnings per share of 2.91 fils in the same period last year.

In the banking sector, National Bank of Kuwait was flat at KD 0.660 off early lows with a volume of 8.5 million and Gulf Bank gave up 4 fils to end at 232 fils. Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session while Warba Bank stagnated at 174 fils.

Burgan Bank slipped 5 fils to KD 0.335 while Ahli United Bank and Al Ahli Bank were not traded during the session. Kuwait Finance House  paused at KD 0.480 off slight early lows and Boubyan Bank too did not budge from its earlier close of KD 0.400.

National Investment Co was unchanged at 116 fils and Securities Group Co followed suit. Bayan Investment Co and KFIC eased 0.5 fil each while Kuwait Investment Co closed 1 fil in green. Al Deera Holding Co and Ekttitab Holding Co clipped 0.5 fil each.

National Real Estate Co and Mabanee Co were steady at 90 fils and KD 0.830 respectively  whereas Al Mazaya Holding closed 2 fils higher with a volume of over 1 million.

The market  has been trending lower so far during the week and has shed 47 points in last two sessions.. It  has  dropped 42  points so far during the month  and is trading  4.75 pct  down year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news , Hilal Cement Company has registered a net profit of  KD 415,000  and earnings per share of 5.4 fils in the first quarter of 2016  rebounding from a net loss of  KD 78,685 and losses per share of 1.0 fil in 2015 Q1.

Advanced Technology Company  has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of  KD 1.15 million and earnings per share of 7.69 fils in the same period last year.

Shuaiba Industrial Co has posted a net profit of  KD 629,557 and earnings per share of 7.93 fils in the first quarter of 2016 as compared tnet profit of KD 444,921 and earnings per share 5.65 fils in the same period last year.

Aqar Real Estate Investments Co has  penciled a net profit of KD 278,860  and earnings per share 1.30 fils in the first three months of 2016  as against a net profit of KD 506,241 and earnings per share of 2.22 fils in the same period last year

Mezzan Holding Co has reported a net profit of  KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of  KD 5.45 million and earnings per share of 17.52 fils in the same period last year.

By John Mathews – Arab Times Staff

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