Sunday , September 24 2023

Kuwait index slips into red turf; volume surges – Americana tumbles 50 fils; Zain gains

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KUWAIT CITY, Aug 8: Kuwait stocks slipped into red zone on Tuesday partly reversing last session’s gains. The price index fell 7.5 pts in volatile session to 6,829.92 points weighed by select shares. The banking majors eked modest gains even as the overall mood remained mixed.

The KSX 15 benchmark climbed 9.5 points to 960.53 pts taking the month’s gains to 17 points while weighted index added 3 pts. The volume turnover meanwhile surged past the 100 million mark to hit month’s highest. 110.22 million shares changed hands — a 96.68 pct jump from the day before.

The sectors close mixed. Telecommunications outshone the rest with 1.28 pct gain whereas parallel market slipped 0.85 percent, the worst performer of the day. Volume wise, financial services clocked the highest market share of 38.2 pct and real estate stood nex with 17.26 percent contribution.

In the individual shares, Kuwait Food Co (Americana) dipped 50 fils to KD 2.050 while Salhiya Real Estate Co was down 15 fils at 350 fils. Sector bellwether National Bank of Kuwait rallied 10 fils on back of over 3 million shares to 716 fils and Kuwait Finance House climbed 8 fils.

Zain rose 8 fils to 454 fils with a volume of over 6 million and Ooredoo extended Monday’s strong gains with 5 fils increase to KD 1.170. Kuwait Telecommunications Co ( VIVA) climbed 14 fils to 814 fils and Agility scaled 10 fils on back of over 1 million shares.

Gulf Bank added 3 fils and Al Ahli Bank of Kuwait closed flat. The bank has recorded a profit of KD 7.7 million in April — June quarter, a 5.6 pct increase from second quarter of last year. During first half period, earnings rose 7.7 pct to KD 16.21 million.

The market opened flat and edged lower in early trade. The main index dipped briefly and bounced close to opening mark before drifting sideways half way into the session. It slipped again to plumb the day’s lowest level of 6,810.03 pts in the final minutes and clawed back most of the gains at close.

Top gainer of the day, Unicap rallied 6.82 pct to 47 fils and Automated Systems Co 5.88 pct to stand next. Ajwan Real Estate Co slid 8.8 percent, the steepest decliner of the day and Gulf Petroleum Institute topped the volume with 12.5 million shares.

Despite the day’s downtick, the winners outnumbered the losers. 50 stocks advanced whereas 43 closed lower. Of the 121 counters active on Tuesday, 28 closed flat. 4,264 deals worth KD 19.69 million were transacted — 88.5 percent surge in value from the day before.

National Industries Group, the flagship company of Kharafi Group rose 3 fils on back of 3.3 million shares and Gulf Cable jumped 19 fils to 458 fils. Kuwait Portland Cement Co dropped 10 fils and Shuaiba Industrial was flat at 280 fils.

Jazeera Airways ticked 1 fil up to 556 fils and ALAFCO rose 5 fils on back of 1.3 million shares. Humansoft Holding paused at KD 4.289 and NAPESCO took in 1 fil. ACICO Industries slipped 4 fils to 260 fils.


Equipment Holding took in 1.3 fils and UPAC closed flat. The company’s second quarter earnings rose 19.3 percent year-on-year to KD 2.29 million while during the first half , the profit increased 16.7 percent to KD 4.47m.

Educational Holding Group was unchanged at 350 fils and Eyas For Higher and Technical Education too did not budge from its earlier close of 845 fils. OSOS eased 1 fil to 125 fils.

Mezzan Holding rallied 17 fils to 912 fils and Alrai Media Group closed flat. The company recorded a 25.2 percent year-on-year drop fall in profits for the second quarter. In the January — June period, the profits dived 44.2% to KWD 1.64 million.

Combined Group Contracting Co and Burgan Well Drilling Co stood pat at 560 fils and 88 fils respectively while IFA Hotels and Resorts was down 10 fils at 275 fils.

Al Qurain Petrochemical Co and Boubyan Petrochemical Co stalled at 353 fils and 570 fils respectively and NICBM too did not budge from its earlier close of 180 fils.

In the banking sector, Commercial Bank rose 3 fils to 353 fils while Burgan Bank and Boubyan Bank dialed up 1 fil each to end at 361 fils and 416 fils respectively.

Al Mutahed was unchanged at 415 fils and Kuwait International Bank gave up 1 fil before settling at 245 fils. Warba Bank held ground at 266 fils after trading over 1.4 million shares.

KIPCO and Kuwait Investment Co took in 2 fils each whereas International Financial Advisors inched 0.2 fil into red. National Investment Co added 3 fils whereas KFIC and Arzan were flat at 43 fils and 36 fils respectively.

KAMCO eased 1 fil to 76 fils and Osoul Investment was down 4 fils at 55 fils. Noor Financial Investment Co edged 1 fil higher to 54 fils and Coast Investment Co followed suit. Securities Investment House trimmed 0.1 fil and Al Mal Investment Co gave up 0.5 fil.

Sokouk Holding added 0.8 fil whereas Tamdeen Investment Co slipped 5 fils to 300 fils. Al Madina fell 4 fils and Amwal Investment stood pat 44.8 fils. Kuwait Insurance Co shed 19 fils whereas Warba Insurance Co paused at 97 fils.

United Real Estate Co and National Real Estate Co were flat at 87.9 fils and 123 fils respectively whereas Kuwait Real Estate Co edged 1.1 fls higher. Mabanee Co climbed 26 fils to 805 fils and Mazaya Holding took in 1 fil.

The market has been mixed so far during the week and has added 5 points in last three sessions. It has shed 21 points from the start of the month and is trading 18.82 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.

In the bourse related news, Imtiaz Investment Group’s second quarter profits soared by a whopping 1,041 pct to KD 19.97 million from same period in 2016. During the first six months, profits surged 626.3% to KD 32.32 million.

Kuwait International Bank has posted a 37.1% year-on-year drop in second quarter profits to KD 3.32 million from same period in 2016. In the January-June period, earnings stood at KD 10.92 million, down 8.9% from first half of 2016.

Aqar Real Estate Investment’s second quarter profits surged 27 pct to KD 350,410 mln from same period last year helped by increase of rent revenues. The revenues rose 23.4 percent to KD 687,320 in the first half while operating revenues climbed 21.6 percent to KD 987,070.

National Real Estate’s (NREC) ordinary general meeting has approved raising its capital to KD 150 million, by issuing 1.5 billion shares at a nominal value of 100 fils each. The company’s current capital stands at KD 98.97 million.

By John Mathews

Arab Times Staff

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