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Kuwait treads water as investors cautious – Zain slips 5 fils; NBK flat

KUWAIT CITY, Jan 6: Kuwait stocks trod water on Wednesday after heading south in the last two sessions. The main gauge inched 0.18 pts lower in lacklustre trading even as investors toed caution amid turmoil in global markets triggered by weak Chinese economic data and Saud-Iran tension.

The KSX 15 benchmark rose 1.58 pts to 890.47 points and weighted index ticked 0.27 pts higher. The volume turnover meanwhile was little changed after slipping below the 100 million mark in the last session. 94.55 million shares changed hands – a 0.89 pct rise from Tuesday.

The sectors closed mixed. Technology out led the rest with 0.89 pct gain while insurance dropped 0.58 percent, the biggest loser of the day. In terms of volume, financial services notched the highest market share of 44.19 pct and real estate stood next with 30.8 percent. Banking sector was a distant third with over 16 percent contribution.

In the individual shares, Kuwait Finance House climbed 10 fils to KD 0.530 recouping the drop in last session and Commercial Bank of Kuwait followed suit to end at KD 0.510. Mabanee Co was down 10 fils at KD 0.910.

Zain fell 5 fils to KD 0.350 whereas Wataniya Telecom (Ooredoo) held the ground unchanged at KD 1.060. Kuwait Telecom (VIVA) too was unchanged at KD 0.990 and logistics major Agility gained 10 fils to settle at KD 0.470.

Investment major KIPCO stagnated at KD 0.570 and Noor Financial Investment inched 1 fil lower. The company has logged a net profit of KD 59,909 and earnings per share of 0.15 fil in the nine-month period ending Sept 30, 2015.

The market opened on tame note and remained flattish in early trade. The price index continued to move sideways along the opening mark as investors toed caution. It dipped briefly in the final minutes to plumb the day’s lowest level of 5,551.81 pts before clawing most of the losses at close.

Top gainer of the day, Masaken International Real Estate Co rallied 7.5 percent to 71 fils and Arzan Financial Group climbed 7.1 pct to stand close behind. Nafais Holding Co plunged 10.8 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 17.7 million shares.

 Despite the day’s mixed board, the winners outnumbered the losers. 45 stocks advanced whereas 37 closed lower. Of the 125 counters active on Wednesday, 43 closed flat. 2,262 deals worth KD 6.6 million were transacted – a 41.8 pct tumble in value from the day before

National Industries Group, the flagship company of the Kharafi Group took in 2 fils to settle at KD 0.122 and RISCO added 5 fils. Kuwait Portland Cement slid 40 fils to KD 1.040 whereas Kuwait Cement Co was flat at KD 0.370.


Jazeera Airways shed 20 fils whereas ALAFCO clipped 2 fils to wind up at KD 0.206. Kuwait Food Co (Americana) was unchanged at KD 2.060 and NAPESCO climbed 30 fils to KD 0.680. Mashaer Holding Co and The Energy House Co gave up 2 fils each.

Kuwait Foundry Co took in 2 fils and NICBM was up by same measure to end at 250 fils. Boubyan Petrochemicals Co dropped 10 fils and Independent Petroleum Group followed suit.

ACICO Industries Co gained 10 fils and Equipment Holding Co paused at 57 fils. Mezzan Holding Co held steady at KD 1.140 and Educational Holding Group fell 2 fils to KD 0.218.

KGL Logistics Co inched 1 fil higher and City Group was down 25 fils to KD 0.380. The company has received the approval of Capital Markets Authority for its request to voluntarily withdraw from Kuwait Stock Exchange.

In the banking sector, National Bank of Kuwait was flat at KD 0.790 off early lows and Gulf Bank followed suit. NBK has won the approval of Central Bank of Kuwait to extend its approval to buy back or sell a maximum of 10% of its shares for 6 months from Nov 23, 2015.

Kuwait International Bank eased 2 fils to KD 0.222 whereas Boubyan Bank stagnated at KD 0.430. Al Ahli Bank and Ahli United Bank were not traded during the session.

Burgan Bank paused at KD 0.375. 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 stagnated at 98 fils and National Investment Co nudged 1 fil higher. KMEFIC and Ektittab Holding Co added 0.5 fil each and KAMCO closed 2 fils in green.

KIPCO was unchanged at KD 0.570 and Kuwait Financial Centre (Markaz) was eased 1 fils to 99 fils. Tamdeen Investment Co was steady at KD 0.405 and Warba Insurance Co pulled 6 fils lower.

National Real Estate Co rose 1 fil to 88 fils and Ajial Real Estate and Entertainment Co gained 6 fils. Salhia Real Estate Co held the ground unchanged at KD 0.350 and Al Mazaya Holding Co followed suit to end at KD 0.100.

Alargan International Real Estate Co climbed 4 fils Bayan Investment Co ticked 0.5 fils up. 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.

The market has been  downbeat so far during the week and has slid 49 points in last three sessions. It had dived 155 points in December and shed 14 pct during whole of 2015. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, 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 Oct 31, 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 fil in the quarter ending Oct 31, 2015 as against net loss of KD 126,236 and loss per share of 0.42 fil 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.

International Financial Advisors has won the nod of Capital Markets Authority on Dec 6, 2015, for its IFA’s request to sell own 47,110,564 shares over a period of 6 months.

By John Mathews

Arab Times Staff

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