Kuwait bourse retreats; volume turnover drops

Zain sheds 25 fils; NBK flat

By John Mathews

Arab Times Staff

KUWAIT CITY, March 13: Kuwait stocks swung lower on Monday, snapping the two-day advance. The price index dropped 30.45 pts in choppy trade to 6,711.57 pts as sentiment turned sour. The banking majors were muted while other heavyweights mostly closed mixed.

The KSX 15 benchmark dipped 7.79 pts to 948.76 points taking the month’s losses to 16 points while weighted index edged 1.75 points lower. The volume turnover meanwhile fell sharply after holding above the 400 million mark in the last two sessions. 279.4 million shares changed hands – a 33.8 percent dip from Sunday.

The sectors closed mostly in red. Technology outperformed the rest with 1.1 pct gain whereas consumer goods dived 2.79 percent, the biggest loser of the day. In terms of volume, financial services mustered the highest market share of 36 pct while real estate stood next with 27.6 percent contribution.

Among notable losers, Burgan Bank fell 5 fils to 325 fils extending an identical fall on Sunday while National Investment Co eased 2 fils after trading over 1 million shares. UPAC tumbled 50 fils to 870 fils and NAPESCO shed 20 fils.

Zain slid 25 fils to 450 fils with a volume of 1.2 million shares whereas Wataniya Telecom (Ooredoo) climbed 20 fils to KD 1.240. Kuwait Telecommunications Co (VIVA) gained 20 fils whereas logistics major Agility stood pat at 580 fils.

National Bank of Kuwait was flat at 730 fils off early lows whereas Kuwait International Bank gave up 4 fils. The bank ’s fourth quarter earnings increased to KD 4.72 million in last quarter of 2016 .

The market opened firm but fell sharply in early trade. The main index plumbed the day’s lowest level of 6705.44 points as sentiment weakened and clawed back close to the opening mark. It moved sideways thereafter well past the mid-session and headed south again to close with moderate losses,.

Top gainer of the day, Equipment Holding Co rallied 9.43 pct to 58 fils while Amwal climbed 8.6 percent to stand next. PAPCO plunged 13.3 pct, the steepest decliner of the day and Ithmar Bank topped the volume with 40.2 million shares.

Mirroring the day’s downswing, the market spread was skewed towards the losers. 37 stocks advanced whereas 73 closed lower. Of the 141 counters active on Monday, 31 closed flat. 5,982 deals worth KD 21.4 million were transacted – a 32 pct drop in value from the day before

National Industries Group fell 2 fils to 128 fils while Shuaiba Paper Industries Co jumped 25 fils recouping the last session’s drop. Combined Group Contracting Co dipped 10 fils and Al Qurain Petrochemical gave up 5 fils to close at 350 fils.

Kuwait Cement Co paused at 490 fils while Kuwait Portland Cement shed 20 fils. Metal and Recycling Co inched 1 fils into red. Zimah Holding stood ground at 54 fils after trading over 3 million shares.

Down

Jazeera Airways was unchanged at 570 fils and ALAFCO followed suit to wind up at 244 fils. Humansoft Holding was down 20 fils at KD 0.3020 erasing Sunday’s gains and Independent Petroleum Group shed 15 fils.

Kuwait Foundry Co and ACICO Industries was flat at 295 fils and 300 fils respectively while Automated Systems Co rose 10 fils. Heavy Engineering Industries and Shipbuilding Co slipped 6 fils and Boubyan Petrochemical Co was down 10 fils at 560 fils.

Automated Systems Co climbed 10 fils to 305 fils and Burgan Well Drilling Co added 4 fils. KCPC was up 6 fils at 184 fils and OSOS followed suit. Kuwait and Gulf Links Transport Co inched 1 fils lower to 66 fils and KGL Logistics paused at 70 fils.

Mezzan Holding dropped 10 fils and Al Rai Media Group closed flat. The company’s Q4 profits dropped 26.4 pct to KD 1.17 m from same period in the previous year and in 2016 fiscal year, the profits dipped 34.9 pct to KD 4.11 mln.

In the banking sector, Gulf Bank fell 2 fils to 244 filss whereas Commercial Bank gained 25 fils. Ahli United Bank stood pat at 445 fils with thin volume whereas Al Ahli Bank was not traded during the session.

Boubyan Bank slipped 5 fils to 415 fils whereas Kuwait Finance House stagnated at 610 fils after giving up slight early gains. Warba Bank was down 5 fils at 255 fils

Kuwait Investment Co inched 1 fils up to 95 fils and International Financial Advisers eased 1.5 fils. KIPCO paused at 490 fils while Coast Investment Co and KMEFIC clipped 1 fils each. Unicap was unchanged at 51 fils and Noor Financial Investment Co followed suit.

KAMCO was flat at 85 fils whereas Al Madina slipped 3 fils to 50 fils . Sokouk Holding Co eased 1.5 fils after trading 7.8 million shares and KFIC followed suit. Bayan Investment Co inched 0.5 fils into red.

Kuwait Financial Centre (Markaz) took in 1 fils whereas Tamdeen Investment Co climbed 5 fils to 325 fils. Securities House Co dialed down 2.5 fils and Securities Group Co added 4 fils. Al Deera Holding paused at 36.5 fils.

National Real Estate Co and Salhiya Real Estate Co were flat at 104 fils and 380 fils respectively whereas United Real Estate Co took in 2 fils. Aqar Real Estate Co added 5 fils.

The market has been mixed and is unchanged from start of the week. It has dropped 71 points from start of the month and is trading 16.76 pct higher year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Al Mazaya Holding net profits soared 31.7 pct to KD 2.59 million in last quarter of 2016 while profits rose 10 pct to KD 10.25 million during the fiscal year of 2016. The board has recommended an annual cash dividend of 8% or 8 fls per share

Gulf Glass Manufacturing Co’s fourth quarter net profit dipped o 64% in KD 14,000 from KD 39,000 in same period last year. During the fiscal year of 2016, profits was down 48 percent to KD 1.21 million from KD 2.34 mln in the previous year.

Al Mowasat Health Care has posted KD 1.8 million profits during the fourth quarter of 2016 and for the fiscal year of 2016, earnings rose 35.3 pct to KD 4.52 million from the year before. The board of directors has recommended a dividend payout of 20% or 20 fils per share.

Injazzat Real Estate Development has posted a net profit of KD 550,000 in the last quarter of 2016 and during the fiscal year of 2016, the bank earned KD 3.2 million.

Ajial Real Estate Entertainment Company (AREEC) net losses narrowed by 22.7 pct to KD 888,620 from KD 1.15 million in Q4 of 2115. The annual profits in 2016 clocked KD 1.5 million and the board has recommended the distribution of cash dividends at 5% of capital.