Kuwait oepns week on tame note; volume up

Americana tumbles 100 fils; VIVA gains

Arab Times Staff

KUWAIT CITY, March 26: Kuwait stocks trod water on Sunday as it kicked off the week on a tepid note. The price index eased 2.95 points in choppy trade to 7,040.51 pts even investors consolidated their positions following last week’s rally. Major banks and other heavyweights mostly sagged.

The KSX 15 gauge slid 12.54 pts to 950.61 points taking the month’s losses to 14 pts while weighted index fell 2.45 pts. The volume turnover meanwhile rose slightly stemming the three day fall. 296 million shares changed hands — a 8.7 percent rise from Thursday.

The sectors closed mixed. Parallel market outshone the rest with 2 percent gain whereas technology slid 1.92 percent, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 44.9 percent and financial sector followed with 33.8 percent contribution.

In the individual shares, sector bellwether National Bank of Kuwait dropped 10 fils to 690 fils after trading over 3 million shares and Kuwait Finance House too was down by same measure erasing last session’s gains. Kuwait Food Co (Americana) tumbled 100 fils.

Zain slipped 10 fils to 450 fils with a volume of over 2 million shares and Wataniya Telecom (Ooredoo) shed 20 fils extending deeper losses in the previous session. Kuwait Telecommunications Co (VIVA) however climbed 20 fils to 870 fils and Agility was up 10 fils at 660 fils.

Commercial Bank dropped 20 fils to 430 fils and Boubyan Bank was down 10 fils. The bank’s fourth quarter profit rose 13.5 percent yearon-year to KD 11.44 million and for the full year period, profit was up 16.6 percent to KD 41.07 mln.

The market opened on a weak note and edged lower in early trade. The price index plumbed the day’s lowest level of 7,022.38 pts and headed north amid moderate buying in select counters. It moved sideways thereafter and peaked at 7,060.77 pts before retreating back into red at close.

Top gainer of the day, Gulf Finance Co climbed 8.93 percent to 61 fils and Taamer rallied 7 percent to stand next. Kuwait National Cinema Co plunged 12.66 percent, the steepest decliner of the day and Sokouk Holding topped the volume with 24.9 million shares.

Mirroring the day’s downtick, the losers outnumbered the winners. 39 stocks advanced whereas 41 closed lower. Of the 137 counters active on Sunday, 41 closed flat. 5,949 deals worth KD 29.4 million were transacted — a 16 percent rise in value from the day before.

National Industries Group took in 2 fils before settling at 134 fils and Heavy Engineering Industries and Shipbuilding Co followed suit. NICBM gained 6 fils and while Gulf Cable rose 10 fils to 490 fils. Equipment Holding Co stood pat at 60 fils.

Kuwait Foundry Co climbed 15 fils to 315 fils whereas Shuaiba Paper Industries Co wiped off Thursday’s gains with a 25 fils drop. Boubyan Petrochemical Industries Co dipped 20 fils and Al Qurain Petrochemical Co gave up 5 fils.

Stalled

ACICO Industries was unchanged at 300 fils and Kuwait Portland Cement followed suit. Zimah Holding fell 1 fil to 56 fils and Mezzan Holding held ground at KD 1.000. Al Rai Media Group stalled at 178 fils.

Automated Systems Co slid 25 fils to 280 fils. Humansoft Holding Co and KPPC paused at KD 3.100 and 160 fils respectively whereas Burgan Well Drilling Co added 3 fils. KCPC gained 10 fils and Mowasat Hospital Co was down 5 fils at 370 fils.

Kuwait Gulf Link Transport Co eased 1 fil to 69 fils whereas KGL Logistics Co stood pat at 77 fils. Combined Group Contracting Co Jeeran Holding clipped 2 fils and AWJ Holding gave up 3 fils before closing at 99 fils.

In the banking sector, Gulf Bank rose 2 fils to 250 fils whereas Al Ahli Bank and Burgan Bank were unchanged at 305 fils and 330 fils respectively.

Kuwait International Bank dialed up 2 fils to end at 244 fils and Warba Bank stood pat at 265 fils off slight early highs. Ahli United Bank was up 10 fils at 470 fils.

Kuwait Investment Co dialed down 2 fils whereas National Investment Co and KIPCO stagnated at 116 fils and 490 fils respectively. Securities House Co paused at 53 fils and Securities Group Co followed suit. Aayan Investment Co inched 1 fil up with brisk trading.

KFIC and Unicap were unchanged at 44.5 fils and 51 fils respectively while Sokouk Holding fell 3 fils. International Financial Advisors was flat at 46.5 fils after trading over 6 million shares and Tamdeen Investment Co was up 5 fils at 325 fils.

Bayan Investment Co inched 0.5 fil higher to 44.5 fils and Al Deera Holding gave up 2.5 fils. Noor Financial Investment Co eased 1 fil while Kuwait Insurance Co gained 10 fils. First Takaful Insurance Co added 3 fils to close at 64 fils.

Mabanee Co shed 20 fils extending last session’s losses while Kuwait Real Estate Co slipped 5 fils after trading over 20 million shares. National Real Estate Co took in 2 fils and Mazaya Holding clipped 2 fils. United Real Estate Co eased 1 fil to 96 fils.

The market was buoyant during last week. The main index closed higher in all the five sessions and rallied 233 points week-on-week. It has gained 258 points from start of the month and is trading 22.54 percent 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 percent to KD 2.59 million in last quarter of 2016 while profits rose 10 percent to KD 10.25 million during the fiscal year of 2016. The board has recommended an annual cash dividend of 8 percent or 8 fils per share.

Gulf Glass Manufacturing Co’s fourth quarter net profit dipped o 64 percent 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 percent to KD 4.52 million from the year before. The board of directors has recommended a dividend payout of 20 percent 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. The board has recommended a cash dividend of 5 percent or 5 fils per share for FY 2016.

Ajial Real Estate Entertainment Company (AREEC) net losses narrowed by 22.7 percent 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 percent of capital.