Kuwait treads water; volume turnover drops – NBK sheds 20 fils; Zain slips

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KUWAIT CITY, Nov 10: Kuwait stocks trod water on Tuesday as investors consolidated their position after two-day advance. The price index eased 0.4 pts to 5,787.28 points paring back steeper losses earlier in the session. The heavyweights closed mixed even as some of the insurance and industrial shares shone.

The KSX 15 benchmark dropped 4.86 pts to 945.51 pts trimming the month’s gains to 20 points while weighted index edged 1.71 pts higher. The volume turnover meanwhile shrank after rising in the last session. 125.4 million shares changed hands — a 16.16 pct drop in value from the day before.

The sectors closed mixed. Insurance outperformed the rest with 2.45 percent gain while oil and gas shed 0.61 pct, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 38.7 pct while contribution financial services and industrials followed with 24.69 pct and 14 percent respectively.

Among the notable movers, Gulf Insurance Group vaulted 50 fils to KD 0.700 extending an identical jump in the last session while Kout Food Group climbed 30 fils. On the downside, Humansoft Holding plunged 50 fils after posting steep losses on Monday and Mezzan Holding slid 40 fils.

Zain fell 5 fils to KD 0.375 after trading 1.5 million shares and Wataniya Telecom (Ooredoo) held steady at KD 1.060. Kuwait Telecommunication (VIVA) was up 10 fils at KD 0.910 and logistics major Agility was unchanged at KD 0.520 after trading 2.8 million shares.

National Bank of Kuwait shed 20 fils erasing the gains in the last session and Kuwait Finance House rose 10 fils to KD 0.590. The bank has clocked a net profit of KD 105.70 million and earnings per share of 22.54 fils in the January-September period of 2015 as against net profit of KD 90.09 million and earnings per share of 19.22 in 9M, 2014.

The market opened on a tame note and pulled lower in early trade. The key index moved sideways thereafter as investors toed caution before drifting lower to plumb the day lowest level of 5,762.33 pts past the mid-session . It however pared back most of the losses at close.

Top gainer of the day, Kuwait Medical Services Co soared 11.36 pct to 910 fils and Ras Al Khaimah White Cement Co climbed 7.84 pct to stand next. Qurain Holding Co dived 7.14 pct, the steepest decliner of the day and Investors Holding Co topped the volume with 22.54 million shares.

The market spread was slightly skewed towards the losers. 46 stocks advanced whereas 50 closed lower. Of the 138 counters active on Tuesday, 42 closed flat. 3,143 deals worth over KD 14 million were transacted — a 33.23 percent drop in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, was unchanged at KD 0.148 and RISCO too did not budge from its earlier close of KD 0.320. Gulf Cable rose 5 fils to KD 0.410 and Shuaiba Industrial Co gained 10 fils.

Slipped

ACICO Industries Co slipped 5 fils and Hilal Cement Company pulled 10 fils lower. The company has incurred a net loss of KD 117,151

 and loss per share of 1.5 fils in the nine-month period ending Sept 30, 2015 narrowing from net loss of KD 282,090 and loss per share of 3.7 fils in the year before period.

Jazeera Airways dropped 10 fils to KD 0.460 and ALAFCO dialed down 2 fils to settle at KD 0.224 with thin volume. Kuwait Food Co (Americana) was steady at KD 2.300 and Combined Group Contracting Co gave up 10 fils to close at KD 0.780. Zima Holding fell 2 fils after trading 2.3 million shares.

Kuwait and Gulf Link Transport Co clipped 1.5 fils and KGL Logistics Company inched 1 fils down. The company has recorded a nine-month net profit of KD 5.4 million and earnings per share of 9.01 fils as against net profit of KD 4.37 million and earnings per share of 7.79 fils in the year before period.

Mashaer Holding Co dropped 6 fils to KD 0.104 and Kuwait Foundry Company was down 6 fils. The company has incurred a net loss of KD 2.31 million and loss per share of 15.02 fils in the nine-month period ended Sept 31,2015.

In the banking sector, Gulf Bank slipped 5 fils to KD 0.280 and Commercial Bank shed 10 fils. Al Ahli United Bank fell 5 fils to KD 0.380 and Ahli United Bank paused at KD 0.550. Kuwait International Bank gave up 2 fils to end at KD 0.230.

Burgan Bank slipped 5 fils to KD 0.395 and Boubyan Bank was steady at KD 0.435. Ithmaar Bank inched 0.5 fils up and Warba Bank closed flat.

Investment major KIPCO dropped 10 fils to KD 0.610 trimming higher gains and saw a volume of over 1 million while National Investment Co took in 2 fils. Kuwait Investment Co closed flat and Bayan Investment Co followed suit.

Osoul Investment Co added 0.5 fils and Securities House Co paused at 52 fils. Noor Financial Investment dialed down 2 fils and Mabanee Co closed flat. Mazaya Holding was up 2 fils at 112 fils.

The bourse has been largely positive so far during the week and has added 17 points in last three sessions. It has gained 12 pts so far during the month and is trading 11.61 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Cement Company has recorded a net profit of KD 16.30 million and earnings per share of 22.86 fils in the first nine-months of 2015 up from net profit of KD 14,07 million and earnings per share of 19.74 fils in the year before period.

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.

Warba Bank has recorded a net profit of KD 1.25 million and earnings per share 1.25 fils in the first nine-months of the year as compared to net profit of KD 318,000 and earnings per share of 0.32 fils in the 9M of 2014.

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.

Qurain Petrochemical Industries Co 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.

By John Mathews

Arab Times Staff

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