KSE price index sheds 22.3 pts; volume rises

KIPCO gains 10 fils; NAPESCO tumbles KUWAIT CITY, July 27: Kuwait stocks retreated on Wednesday, partly reversing the strong gains in the last session. The bourse dropped 22.3 pts to 5461.9 points as profit taking weighed on select counters. The banks cl

The KSX 15 benchmark rose 1.56 pts to 815 pts and is down 69 pts year-to-date while weighted index inched 0.11 pts into red. The volume turnover meanwhile saw a modest rebound after falling sharply on Tuesday. 68.87 million shares changed hands — a 21.9 pct rise from the day before.

The sectors closed mostly in the red turf. Healthcare outled the rest with 0.56 pct gain whereas oil and gas dived 4.2 percent, the steepest decliner of the day. In terms of volume, real estate mustered the highest market share of 31.9 pct while financial services followed with over 27 percent contribution.

In individual shares, National Bank of Kuwait dropped 10 fils to KD 0.600 whereas investment conglomerate KIPCO rose 10 fils. NAPESCO tumbled 100 fils to KD 0.730 and Kuwait National Cinema Co extended its decline with a 90 fils slide.

Zain was unchanged at KD 0.340 off early lows after trading over 3 million shares while Wataniya Telecom was not traded during the session. Kuwait Telecommunications Co (VIVA) stood pat at KD 0.930 and Agility was up 5 fils at KD 0.475.

Gulf Bank was flat at KD 0.234 and Kuwait Finance House climbed 10 fils on back of 3.6 million shares. The company has posted a net profit of KD 70.87 million and earnings per share of 13.74 fils in the first six-months of 2016.

The market opened flat and eased slightly in early trade. The main index continued to head south and hit the day’s lowest level of 5453.53 pts almost half way into the session. It saw a modest claw-back before winding up with moderate losses.

Top gainer of the day, National International Holding Co spiked 9.43 pct to 58 fils and Gulf Glass Manufacturing Co climbed 8.33 pct to stand close behind. NAPESCO slid 12 percent, the steepest decliner of the day and Aqar Real Estate Investment Co topped the volume with 8 million shares.

Reflecting the day’s drop, the losers outnumbered the winners. 30 stocks advanced whereas 41 closed lower. Of the 119 counters active on Wednesday, 48 closed lower. 1904 deals worth KD 7.56 million were transacted — a 73.9 pct surge in value from the day before.

National Industries Group took in 2 fils to settle at 120 fils and ACICO Industries erased Tuesday’s gains with 25 fils drop. Boubyan Petrochemical Co pulled up from slight early lows to close flat at 510 fils and Qurain Petrochemical Industries Co followed suit.

Climbed

Jazeera Airways climbed 10 fils to KD 0.860 whereas ALAFCO clipped 2 fils. The company has posted a net profit of KD 9.94 million and earnings per share of 10.95 fils in the nine-month period ending June 30, 2016 as compared to net profit of KD 13.35 million and earnings per share of 16.31 fils in the same period last year.

Kuwait Portland Cement added 10 fils whereas Kuwait Cement Co was not traded during the session. The company has posted a net profit of KD 12.16 million and earnings per share of 17.06 fils in the six-month period ending June 30, 2016 as compared to net profit of KD 13.75 million and earnings per share 19.29 fils in the same period last year.

Automated Systems Co dropped 12 fils to KD 0.248 and PAPCO gave up 2 fils to settle at 104 fils. Combined Group Contracting Co and United Projects Group shed 20 fils each to end at KD 0.660 and 104 fils respectivel while Burgan Well Drilling Co rose 5 fils to 98 fils.

Kuwait and Gulf Link Transport Co was unchanged at 45 fils and KGL Logistics Co was down 5 fils at 69 fils. Yiaco Medical Co gained 8 fils whereas Zima Holding paused at 42 fils.

In the banking sector, Al Ahli Bank of Kuwait slipped 5 fils to KD 0.320 whereas Ahli United Bank and Kuwait International Bank were flat at KD 0.395 and 186 fils respectively. Burgan Bank stood pat at KD 0.330 off early lows.

Boubyan Bank rose 5 fils to 395 fils and Warba Bank paused at 172 fils. The company has logged a net profit KD 455,000 and earnings per share of 0.46 fils in the first six months of 2016 as compared to net profit of KD 315,000 and earnings per share of 0.32 fils in 2015 H1.

Kuwait Investment Co took in 2 fils whereas National Investment fell 2 fils to 104 fils. Securities Group Co and KFIC were unchanged at 82 fils and 40 fils respectively whereas KAMCO was up 4 fils at 93 fils.

Noor Financial Investment Co dialed up 2 fils on back of over 1 million shares while Bayan Investment Co and Al Deera Holding Co eased 0.5 fils each. Al Mal Investment Co paused at 26 fils after trading 2.8 million shares.

National Real Estate Co and Tamdeen Real Estate Co were flat at 77 fils and KD 0.500 respectively while Salhia Real Estate Co clipped 0.5 fils. Mabanee Co stagnated at KD 0.780.

The market has been largely positive so far during the week and has gained 70 points in last four sessions. It has climbed 91 points from the start of the month but is down 2.73 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

In the bourse related news, Yiaco Medical Co has incurred a net loss of KD 1.86 million and losses per share of 10.26 fils in the January-June period down from net profit of KD 639,485 and earnings per share of 3.52 fils in the same period last year.

Al Kout Industrial Projects Co has posted a net profit of KD 2.92 million and earnings per share of 29.03 fils in the first half of 2016 up from net profit of KD 2.04 million and earnings per share of 20.27 fils in the first six months of 2015.

Hilal Cement Company has posted a net profit of KD 20,659 and earnings per share of 0.2 fils in the six-months period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fils in the same period last year.

The Energy House Co has posted a first half net loss of KD 1.14 million and loss per share of 1.99 fils as compared to net loss of KD 963,435 and loss per share of 1.28 fils in H1 of 2015.

Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months from date of the approval.