Kuwait’s bourse closes down in volatile trade

KIPCO falls 10 fils; KFH gains

By John Mathews

Arab Times Staff

KUWAIT CITY, Dec 15 : Kuwait stocks edged lower on Thursday to wind up the week on slightly dull note. The bourse eased 3.49 pts in volatile trade to close at 5,668.49 points snapping the fourday gains which lifted the bourse out of the year-todate losses for the first time during the year.

The KSX 15 gauge rose 2.9 points to 889.68 pts taking the month’s gains to 5 points while weighted index inched 0.88 pts higher. The volume turnover meanwhile shrank sharply from Wednesday’s multi-month high as investors toed caution. 151.83 million shares changed hands — a 47 pct drop from Wednesday.

The sectors closed mostly in the red. Healthcare outshone the rest with 1.22 pct gain whereas basic materials slipped 0.54 percent, the biggest loser of the day. In terms of volume, real estate logged the highest market share of 40.8 percent and financial services stood next with 33 percent contribution.

In the individual shares, Kuwait Finance House rose 10 fils to 540 fils recouping last session’s fall while investment major KIPCO was down 10 fils at 500 fils and has retreated 80 fils so far during the year. Kuwait Cinema Co soared 60 fils to KD 1.020.

Zain fell 5 fils to 420 fils after trading 3.4 million shares whereas Wataniya Telecom ( Ooredoo) was unchanged at KD 1.140. Kuwait Telecommunications Co (VIVA) paused at KD 0.920 and Agility too did not budge from its earlier close of 630 fils.

Jazeera Airways climbed 10 fils to KD 0.780 and ALAFCO added 4 fils. Jazeera has posted a net profit of KD 12.01 million and earnings per share of 60.06 fils in the first nine months of 2016.

The market opened firm and pulled briefly higher in early trade. It scaled the day’s highest level of 5,674.14 points and retreated thereafter as sentiment turned negative. It bottomed at 5,652.4 pts past the mid-session before clawing back most of the losses at close.

Top gainer of the day, Al Aqaria rallied 8.51 pct to 25.5 fils while Metal and Recycling Co climbed 7.9 pct to stand next. Masaken slid 8.47 percent, the steepest decliner of the day and Investors Holding Group topped the volume with over 30 million shares.

Despite the day’s downtick, the winners outnumbered the losers. 43 stocks advanced whereas 38 closed lower. Of the 133 counters active on Thursday, 52 closed flat. 3,539 deals worth KD 12.54 mln were transacted — a 35 percent drop in value from the day before.

National Industries Group took in 2 fils recouping last session’s dip whereas Gulf Cable stood pat at 385 fils after trading 1.4 million shares. Contracting and Marine Services Co climbed 4 fils to 66 fils and Al Kout Industries gained 10 fils.

Slipped

Kuwait Food Co (Americana) stood pat at KD 2.600 and Kuwait Foundry Co rose 6 fils to 182 fils. Equipment Holding Co dialed up 1.5 fils on back of 1.7 million shares and NICBM closed flat.

Kuwait Portland Cement slipped 10 fils to 910 fils and Shuaiba Industrial Co shed 15 fils. The company has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M.

Humansoft Holding Co slid 40 fils whereas Mowasat Hospitals climbed 10 fils to 240 fils. KPPC and AWJ Holding Co gave up 1 fil each whereas Automated Systems Co closed 4 fils higher.

Mezzan Holding was unchanged at 930 fils whereas Alrai Media Group Co clipped 2 fils. Metal and Recycling Co was up 5 fils at 68 fils with thin trading volume.

Kuwait and Gulf Link Transport Co took in 1 fil and KGL Logistics Co followed suit. Combined Group Co and Osos closed flat at KD 0.620 fils and 130 fils respectively. Al Qurain Petrochemical Co paused at 228 fils.

In the banking sector, National Bank of Kuwait was flat at 650 fils off slight early highs and Gulf Bank rose 4 fils on back of 4.4 million shares. Commercial Bank of Kuwait and Al Ahli Bank stagnated at 415 fils and 295 fils respectively.

Burgan Bank added 5 fils and Kuwait International bank dialed up 2 fils to wind up at 206 fils. Ahli United Bank stalled at 395 fils and Boubyan bank closed 5 fils in green. Warba Bank was up 4 fils at 222 fils.

Kuwait Investment Co took in 1 fil whereas International Financial Advisors and National Investment Co stood pat at 32 fils and 99 fils respectively. Coast Investment Co and KMEFIC eased 0.5 fil each whereas Bayan Investment Co closed flat.

Al Mal Investment and Aayan Investment Co were unchanged at 21.5 fils and 30.5 fils respectively whereas Unicap inched 0.5 fil higher. Ektittab Holding Co edged 0.5 fil into green and Noor Financial Investment Co followed suit.

Securities Group Co rose 5 fils to 90 fils and Securities House Co took in 0.5 fil to settle at 43 fils. Alimtiaz dialed up 1 fil and Warba Insurance Co followed suit. Kuwait Insurance Co climbed 4 fils to 250 fils.

National Real Estate Co and Salhiya Real Estate Co paused at 104 fils and 360 fils respectively whereas Mazaya Holding clipped 2 fils. Mabanee Co held steady at KD 0.840 and Argan Real Co climbed 10 fils to 176 fils.

The market has been buoyant during the week. The price index closed higher in four of the five sessions and has gained 79 points week-on-week. It has rallied 116 points from the start of the month and is up 0.95 pct year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Shuaiba Industrial Co has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and earnings per share of 16.83 fils in same period of 2015.

Aqar Real Estate Investments Co. has registered a net profit of KD 923,223 and earnings per share of 4.34 fils in the January-September period down from net profit of KD 1.72 million and EPS of 7.63 fils in the 9M of 2015.

Jeeran Holding Co. has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.

Kuwait Building Materials Mfg. has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.

Hilal Cement Company has logged a net loss of KD 3,709 and loss per share of 0.04 fils in the January-September period of 2016 narrowing from a net loss of KD 117,151 and LPS of 1.39 fils in same period in 2015.