Kuwait bourse extends losses in volatile trade

Mabanee Co sheds 20 fils; Americana gains

KUWAIT CITY, April 17: Kuwait stocks swung into red on Monday extending the losses to third consecutive session. The price index dipped 49.56 pts in volatile trade to 6,919.61 pts as sentiment turned dour in absence of catalysts. The banking shares were mostly muted while other blue chips closed mixed.

The KSX 15 benchmark fell 4.2 pts to 942.08 points while weighted index edged 1.48 pts lower. The volume turnover meanwhile shrank further to hit the month’s lowest. 242.77 million shares changed hands — a 25.6 pct drop from Sunday.

The sectors closed mostly in red. Telecommunications outpaced the rest with 1.12 pct gain whereas technology sank 4.14 percent, the worst performer of the day. In terms of volume, real estate mustered the highest market share of 49.3 pct and financial services trailed with 34 percent contribution.

Among notable losers, Kuwait Finance House dropped 10 fils to 530 fils after trading over 2 million shares while KIPCO gave up 5 fils before settling at 405 fils. Mabanee Co was down 20 fils at 810 fils and Kuwait National Cinema Co plunged 80 fils to KD 1.420.

Zain was unchanged at 465 fils off slight early lows and Ooredoo spared 80 fils to KD 1.220. Kuwait Telecommunications Co (VIVA) was unchanged at 890 fils and Agility was up 10 fils at 650 fils taking the month’s gains to 60 fils.

Gulf Bank slipped 5 fils to 250 fils and National Bank of Kuwait closed flat. The bank has posted a net profit of KD 85.4 million in the first quarter of 2017 as against KD 78.9 mln in the same period last year.

The market opened firm but slipped into red in early trade. The price index spiked briefly to scale the day’s highest level of 6,969 pts and see sawed till mid-session. It fell sharply thereafter to bottom at 6,896.39 points as sentiment turned negative before paring back some of the losses at close.

Top gainer of the day, KBMMC jumped 7.35 percent to 146 fils while Ooredoo rallied 7 pct to stand close behind. REAM slid 14.29 percent, the steepest decliner of the day and Aayan topped the volume with 22.6 million shares.

Mirroring the day’s slide, the market spread was skewed towards the losers. 24 stocks advanced whereas 56 closed lower. Of the 135 counters active on Monday, 55 closed flat. 6,020 deals worth KD 23.2 million were transacted — a 17.9 pct drop in value from the day before.

National Industries Group rose 2 fils to 126 fils while Gulf Cable was unchanged at 465 fils. Heavy Engineering Industries and Shipbuilding Co slipped 6 fils whereas Contracting and Marine Services Co and Metal and Recycling Co paused at 60 fils and 78 fils respectively.

Climbed

Kuwait Food Co (Americana) climbed 20 fils to KD 2.460 and Kuwait Foundry Co held ground at 310 fils. Boubyan Petrochemical Co rose 10 fils and Al Qurain Petrochemical Co was unchanged at 340 fils.

Kuwait Portland Cement was flat at 990 fils while OSOS and Yiaco Medicals was down 10 fils each to close at 146 fils and 200 fils respectively. Burgan Well Drilling Co tripped 5 fils and Equipment Holding clipped 3 fils to wind up at 58 fils.

IFA Hotels and Resorts and Independent Petroleum Group gained 10 fils each to close at 192 fils and 430 fils respectively while Combined Group Contracting Co paused at 510 fils.

ALAFCO dialed down 5 fils and Napesco was up 20 fils at KD 1.220. Zimah Holding inched 1 fil up on back of 1.9 million shares and Automated Systems added 5 fils. Kuwait and Gulf Link Transport Co gave up 2 fils and KGL Logistics Co stood pat at 70 fils after gyrating in a tight range. Al Rai Media Group clawed back from slight early dip to close unchanged at 176 fils.

In the banking sector, Burgan Bank was flat at 340 fils off slight early lows whereas Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session.

Kuwait International Bank seesawed before holding ground at 530 fils and Boubyan Bank too did not budge from its earlier close of 415 fils. Warba Bank stagnated at 255 fils.

Kuwait Investment Co was unchanged at 110 fils off early lows whereas Securities Group Co and Securities House Co stalled at 99 fils and 50 fils respectively.

Kuwait Financial Centre (Markaz) took in 2 fils and Osoul Investment paused at 65 fils. Coast Investment Co inched 1 fil into red after trading 3.6 million share and KMEFIC dialed down 2 fils. Aayan eased 1 fil even as the counter saw brisk trading of over 22 million shares.

Bayan Investment Co and Al Deera Holding were up 1 fil each whereas Unicap was unchanged at 49 fils. KFIC slipped 3 fils to 48 fils and Noor Financial Investment Co inched 1 fil into red.

KAMCO rose 3 fils while Tamdeen Investment Co climbed 5 fils to 315 fils. Al Imitiaz slipped 6 fils to 182 fils and Sokouk Holding stalled at 51 fil. Al Madina clipped 1 fil.

Tamdeen Real Estate Co and Mazaya Holding stood pat at 425 fils and 120 fils respectively while United Real Estate Co closed flat at 102 fils. Salhiya Real Estate erased 5 fils and National Real Estate Co fell 2 fils.

The market has been weak so far during the week and has slid 86 points in last two sessions. It has shed 87 points from start of the month and is trading 20.38 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.

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. The board has recommended a cash dividend of 5% or 5 fils per share for FY 2016.

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 2,115. The annual profits in 2016 clocked KD 1.5 million and the board has recommended the distribution of cash dividends at 5% of capital.