Kuwait kicks off month with 25.86 pts decline – NBK drops 10 fils; KIPCO gains

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KUWAIT CITY, June 1 : Kuwait stocks headed south as it kicked off the month on low note amid broad selling pressure. The price index dropped 25.86 points to 5,374.47 pts led by banks even as sentiment turned negative.

The KSX 15 gauge dropped 5.3 points to 820.8 pts taking the year’s losses to 64 points while weighted index edged 2.41 pts into red. The volume turnover meanwhile shrank slightly after rebounding in the last session. 157.9 million shares changed hands – down 7.7 pct from Tuesday.

The sectors closed mostly in the red turf. Consumer goods outpaced the rest with 1.39 pct gain whereas basic materials slid 3.28 percent, the weakest performer of the day. In terms of volume, real estate accounted for the highest market share of 36.8 pct while financial services and telecommunications trailed far behind with 19.5 percent and 14 pct contributions respectively.

Among notable losers, National Bank of Kuwait dropped 10 fils to KD 0.620 after trading 1.9 million shares and Gulf Bank was down 10 fils at 220 fils. Investment conglomerate. Kuwait Food Co (Americana) tumbled 100 fils as it resumed trading after a one-week hiatus.

Zain was unchanged at KD 0.345 off slight early lows and Wataniya Telecom (Ooredoo) tanked 100 fils to KD 1.100. Kuwait Telecommunications Co (VIVA) stood pat at KD 0.930 and Agility too did not budge from its earlier close of KD 0.470.

Investment conglomerate KIPCO rose 10 fils to KD 0.520 and National Investments Company gave up 2 fils. The company has logged a first quarter net profit of KD 1.11 million and earnings per share of 1.3 fils as compared to net profit of over KD 2 million and 2.3 fils in 2015 Q1.

The market opened flat and moved briefly sideways. The main index slipped into red thereafter amid a bout of selling as sentiment turned negative. It continued to drift listlessly before plumbing the day’s lowest level of 5367.68 pts. It however clawed back some of the losses at close.

Top gainer of the day, Munatazahat Holding Co rallied 5.9 percent to 89 fils while Kuwait Cinema Co climbed 5.7 pct to stand next. Al Dar National Real Estate Co slumped 13.7 percent, the steepest decliner of the day and counter also topped the volume with 25.9 million shares.

Mirroring the day’s downswing, the losers vastly outled the winners. 25 stocks advanced whereas 55 closed lower. Of the 113 counters active on Wednesday, 33 closed flat. 3191 deals worth KD 12.4 million were transacted — a 20.7 pct drop in value from the day before.

National Industries Group gave up 2 fils and Kuwait Foundry Co followed suit. NIG has recorded a first quarter profit of KD 386,000 and earnings per share of 0.3 fils.

Jazeera Airways was unchanged at KD 0.900 and ALAFCO followed suit to end at 198 fils. Humansoft Holding slid 60 fils to KD 1.320 and Mezzan Holding shed 20 fils. Al Kout Industrial Projects Co dived 50 fils to KD 0.550.

Clocked

Gulf Cable shed 10 fils whereas ACICO Industries Co closed flat. 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 3.94m and earnings per share of 14.46 fils in same period of 2015.

 NAPESCO and Mashaer Holding stood pat at KD 0.700 and 78 fils respectively whereas Boubyan Petrochemical Co was down 10 fils at KD 0.520. Burgan Well Drilling Co slipped 5 fils to 88 fils.

Kuwait and Gulf Links Transport Co inched 0.5 fils into red and KGL Logistics clipped 2 fils after trading over 2 million shares. Educational Group Co dropped 10 fils and Equipment Holding Co eased 3 fils.

Qurain Petrochemical Industries Co fell 2 fils to 210 fils whereas Kuwait Resorts Co closed 5 fils higher on back of 3.9 million shares. PAPCO and Zima Holding paused at 106 fils and 43 fils respectively.

In the banking sector, Kuwait Finance House rose 5 fils on back of 1.4 million shares to KD 0.470 whereas Burgan Bank slipped 5 fils. The bank has registered a net profit of KD 14.28 million and earnings per share of 4.4 fils in the first quarter of 2016.

Ahli United Bank fell 5 fils to 410 fils while Al Ahli Bank and Boubyan Bank stood pat at KD 0.330 and KD 0.400 respectively. Kuwait International Bank closed flat at 194 fils and Warba Bank clipped 2 fils.

Kuwait Investment Co dialed down 2 fils and Kuwait Financial Centre (Markaz) followed suit. Securities Group and Al Deera Holding were unchanged at 82 fils and 40 fils respectively whereas Al Mal Investment shaved off 1.5 fils with a volume of 4.5 million.

Ekttitab Holding Co and Al Imtiaz Investment Group Co added 1 fil each while Bayan Investment Co inched 0.5 fils higher. Osoul Investment Co edged 0.5 fils into red.

National Real Estate Co and Mabanee Co were flat at 90 fils and KD 0.790 respectively whereas Al Mazaya Holding fell 2 fils after trading over 1 million shares. Alargan International Real Estate Co pulled 6 fils lower to 144 fils.

The market has been mixed so far during the week and has shed 22 points in last four sessions. It had rallied 47 points during whole of May but is down 4.29 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, Sanam Real Estate Company has announced a net profit of KD 9,856 and earnings per share of 0.08 fils in the first quarter of 2016 rebounding from net loss of KD 111,398 and losses per share of 0.92 fils in the same period last year.

The Energy House Co haa recorded a net profit of KD 956,632 and earnings per share of 1.276 fils in the quarter ending March 31, 2016 rebounding from a net loss of KD 1.02 million and losses per share of 1.366 fils in the same period last year.

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 f ils in the first quarter of 2016 as compared to net profit of KD 444,921 and Earnings per share 5.65 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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