Kuwait index slips into red; volume ‘rebounds’
Humansoft Holding dives 235 fils; KIPCO gains
KUWAIT CITY, Feb 13: Kuwait stocks pulled lower on Tuesday partly reversing last session’s gains. The price index dropped 37.14 pts in sluggish trading to 6,670.31 points weighed by steep losses in Humansoft Holding, the priciest share in the bourse. The broader sentiment however remained mixed.
The KSX 15 gauge rose 3.17 pts to 939.11 points taking the year’s gains to 25 pts while weighted index edged 0.67 pts up. The volume turnover meanwhile rebounded from Monday’s multi-month low. 84.7 million shares changed hands — a 79.4 pct surge from the day before.
The sectors closed mostly mixed. Technology outshone the rest with 1.9 pct gain whereas healthcare shed 3.41 percent, the biggest loser of the day. Volume wise, financial services accounted for the highest market share of 29.8 pct and banks followed close behind with 29.5 percent contribution.
In the individual shares, National Bank of Kuwait rose 5 fils to 746 fils recouping Monday’s losses while Commercial Bank of Kuwait soared 30 fils to 430 fils. KIPCO was up 5 fils at 305 fils and Mabanee Co climbed 11 fils to 731 fils. Humansoft Holding tanked 235 fils.
Kuwait Finance House closed flat at 592 fls and Gulf Bank of Kuwait eased 1 fils. The bank has recorded a 17.2 pct rise in profits to KD 10.14 million during the fourth quarter of 2017 from same period last year. During the FY 2017 fiscal, the bank’s earnings rose 11.8 pct to KD 48.02 million
The market opened firm but fell sharply in early trade. The main index pulled up briefly and drifted lower thereafter as sentiment turned negative. It plumbed the day’s lowest level of 6,669 points in the final minutes before closing with moderate losses.
Top gainer of the day, Kuwait Cable Vision Co spiked 20 pct to 30 fils and Energy Holding Co climbed 11.5 pct to 28 fils. Yiaco 13.6 pct, the steepest decliner of the day and Ithmaar Bank topped the volume with 14.5 million shares.Despite the day’s drop, the market spread was almost even. 50 stocks advanced whereas 49 closed lower. Of the 118 counters active on Tuesday, 19 closed flat. 3,155 deals worth KD 10.9 million were transacted – a 21 pct jump in value from the day before.
National Industries Group ticked 1 fil up to 160 fils on back of over 2 million shares while Gulf Cable and Kuwait Cement Co stood pat at 425 fils and 470 fils respectively. Heavy Engineering Industries and Shipbuilding Co.
ALAFCO fell 5 fils to 380 fils and Jazeera Airways dropped 11 fils to 599 fils. The company has registered 23.7
pct dip in net profits to KD 8.2 million during 2017 as when to the previous fiscal year. The operating revenues grew 7.3 pct KD 56.6 m and operating profits was up 12.1% to KD 7.7 million.
Soared
UPAC soared 53 fils to 613 fils and NAPESCO closed flat. The company’s fourth quarter earnings rose 2 pct to KWD 2.02 million in from KD 1.98 million in the same period a year earlier. During fiscal year 2017, earnings surged by 30.1 pct year-on-year to KD 10.02 million.
Independent Petroleum Group and Shuaiba Industrials were unchanged at 390 fils and 250 fils respectively while OSOS added 2.6 fils. Boubyan Petrochemical Co clipped 2 fils and Al Qurain Petrochemical dialed up 2 fils to end at 346 fils.
Kuwait and Gulf Links Transport Co eased 1 fil to 114 fils and KGL Logistics inched 0.4 fil higher. Al Rai Media Group held ground at 110 fils and Mezzan Holding too did not budge from its earlier close of 770 fils. IFA Hotels and Resorts slipped 4 fils to 151 fils.
In the banking sector, Burgan Bank fell 2 fils to 309 fils and Al Ahli Bank gave up 4 fils before winding up at 296 fils. Kuwait International Bank took in 2 fils to close at 231 fils.
AlMutahed dialed up 2 fils before ending at 348 fils and Boubyan Bank edged 1 fil into red. Warba Bank was up 4 fils at 228 fils.
Kuwait Investment Co and Commercial Facilities eased 1 fil each whereas National Investment Co edged 0.6 fil into green. Coast Investment Co took in 0.5 fils and Securities House Co closed 0.6 fil in green.
KAMCO added 1.1 fils while Kuwait Financial Centre ( Markaz) and KMEFIC dialed up 2 fils each to close at 114 fils and 28 fils respectively. Al
Mal Investment Co inched 0.3 fil up while Bayan Investment Co and KFIC trimmed 0.1 fil each.
Al Deera Holding took in 1 1 fils whereas Unicap and Al Salaam were up 1.5 fils each. Noor Financial Investment Co gave up 0.8 fil and Amwal Investment fell 1.4 fils to 55.3 fils. Al Imtiaz was down 3 fils at 148 fils.
National Real Estate Co was unchanged at 121 fils and Kuwait Real Estate Co eased 0.2 fil to 58.6 fils. Salhiya Real Estate Co added 2 fils and Tamdeen investment Co climbed 4 fils to 399 fils. Mazaya Holding ticked 1 fil up to 109 fils.
The bourse has been mixed so far during the week and has gained 16 points in last three sessions. It had slipped 17 pts from start of the month and is trading 4 pct higher year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.
In the bourse related news, Zain has reported a a 9.4% increase in fourth quarter profits to KD 38 million as compared to Q4 of 2016. In 2017 fiscal year, the earnings were marginally up by 0.8 percent to KD 160 million and earnings per share stood at 39 fils. The board has recommended a cash dividend of 35 fils per share for FY 2017.
Mabanee has logged 1.6pct drop in in profits to KD 12.45 million during the fourth quarter of 2017 from same period a year ago. In 2017 fiscal year, the earnings ticked up by 1 pct to KD 49.15 million. The board members has recommended a cash dividend of 10% for FY17, in addition to 5% bonus shares or 5-for-100 shares
Aqar Real Estate Investments’ fourth quarter profits dropped by 14.7 pct from the same period last year to to KD 732,000. During fiscal year 2017, earnings saw a marginal year-on-year rise of 1.1 percent to KD 1.76 million. The board of directors has recommended cash dividend of 6 pct or 6 fils per share for FY17.