KSE benchmark ‘sags’ 6.15 pts; volume drops

Americana tumbles 100 fils; KFH flat

KUWAIT CITY, June 5: Kuwait stocks sagged Sunday after eking modest gains in the previous week. The price index slipped 6.15 pts in lackluster trade to 5,370.9 points weighed by some of the heavyweights. The banks were mostly muted while some of the mid and small caps shone on speculative buying buoyed.

The KSX 15 benchmark dipped 6.85 points to 811.25 pts taking the year’s losses to 73 pts while weighted index edged 1.94 pts lower. The volume turnover meanwhile dropped sharply close to the 100 million mark as investors toed caution. Over 104 million shares changed hands — a 37.6 pct fall from Thursday.

The sectors closed mostly in the red turf. Basic materials outshone the rest with 1.76 pct gain whereas consumer goods shed 1.49 percent, the biggest loser of the day. In terms of volume financial services clocked the highest market share of 28.5 pct while telecommunications and real estate followed with 24.6 pct and 20.43 percent contributions respectively.

In the individual shares, Kuwait Food Co (Americana) tumbled 100 fils extending the slump from last week following the scrapping of stake sale while National Bank of Kuwait was down 10 fils at KD 0.610. Kuwait National Cinema continued its strong winning streak with 100 fils gain to settle at KD 1.680.

Zain fell 5 fils to KD 0.340 while Wataniya Telecom (Ooredoo) stood pat at KD 1.200. Kuwait Telecommunications Co (VIVA) too held steady at KD 0.920 and logistics major Agility gave up 5 fils to settle at KD 0.470.

Investment conglomerate KIPCO was unchanged at KD 0.510 whereas Bayan Investment Co inched 0.5 pts lower. The company has incurred a first quarter net loss of KD 199,725 and loss per share of 0.55 fils.

The market opened slightly weak and moved sideways in early trade. The main index ticked to peak at 5,378.84 pts past the mid-session and slipped back into red as sentiment turned dour again. It drifted listlessly thereafter and closed with marginal losses.

Top gainer of the day, Al Kout Industrial Projects Co jumped 9 pct to KD 0.600 while Tahssilat climbed 7.8 pct to stand next. Shuaiba Industrial Co slid 9 pct, the steepest decliner of the day and Hits Telecom topped the volume with 25.4 million shares.

Reflecting the day’s downtick, winners outnumbered the losers. 24 stocks advanced whereas 46 closed lower. Of the 116 counters active on Sunday, 46 closed flat. 2,304 deals worth KD 7.4 million were transacted — a 38.16 pct plunge in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, was flat at 112 fils while Gulf Cable was down 10 fils at KD 0.385. ACICO Industries added 5 fils whereas Gulf Glass Manufacturing Co gave up 5 fils to close at KD 0.260.

Jazeera Airways shed 20 fils and ALAFCO dialed up 2 fils to end at KD 0.880. Automated Systems Co and Humansoft Holding Co dropped 20 fils each whereas Boubyan Petrochemical Co pared back slight early losses to close flat at KD 0.520.

Eased

Equipment Holding Co eased 3 fils after trading over 1 million and Kuwait Foundry Company slipped 4 fils. Mezzan Holding Co paused at KD 1.040 off early lows. The company 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.

United Projects Co was unchanged at KD 0.690 and City Group Company followed suit. The company has registered a net profit of KD 1.84 million and earnings per share of 16.35 fils in the January- March period of 2016. KGL Logistics Co clipped 2 fils to close at 85 fils.

Mashaer Holding Co eased 3 fils to whereas Zima Holding stood pat at 43 fils. Gulf Petroleum Investment Co and PAPCO were flat at 44 fils and 106 fils respectively while Egypt Kuwait Holding Co dropped 8 fils. IFA Hotels and Resorts Co dialed down 2 fils.

In the banking sector, Kuwait Finance House was unchanged at KD 0.465 and Ahli United Bank too did not budge from its earlier close of KD 0.415. Kuwait International Bank paused at 194 fils whereas Boubyan Bank was up 5 fils at KD 0.405.

Burgan Bank fell 5 fils to KD 0.325 and Warba Bank stood pat at 172 fils. Gulf Bank, Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session.

National Investment Co eased 1 fils to 87 fils after trading 2.3 million shares and Securities House Co stagnated at 41 fils. Al Aman Investment Co clipped 1 fils and Al Mal Investment Co followed suit with a volume of 2.7 million shares.

Aayan Leasing and Investment Co and Al Deera Holding paused at 37 fils and 40 fils respectively and Ekttitab Holding inched 1 fils into green. Sokouk Holding eased 0.5 fils whereas Kuwait Insurance Co closed flat at KD 0.300.

Kuwait Real Estate Co gave up 1 fils whereas United Real Estate Co and National Real Estate Co stood pat at 92 fils and 91 fils respectively. Tamdeen Real Estate Co gained 10 fils wheeas Mabanee Co and Al Mazaya Holding were unchanged at KD 0.780 and 118 fils respectively.

The market was mixed during last week. The price index closed lower in three of the five sessions and shed 19 points week-on-week. It has dropped 30 points so far during the month and is down 4.35 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 has 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.