Kuwait’s equities wind up week on tepid note

Humansoft Holding skids 152 pts; NBK gains

KUWAIT CITY, Feb 15: Kuwait stocks pulled lower on Thursday to end the week on a tepid note. The price index slipped 13.1 pts in choppy trade to 6764.28 points weighed by Humansoft Holding even as the most of the heavyweights eked modest gains. The broader mood however remained mixed.

The KSX 15 gauge rose 4.69 pts to 946.48 points while weighted index added 1.101 pts to end at 410.66 points. The volume turnover meanwhile tapered for the second straight session. 52.27 million shares changed hands — a 20 pct drop from the day before.

The sectors closed mostly in green. Technology outpaced the rest with 1.74 pct gain whereas industrials shed 1.67 pct, the biggest loser of the day. Volume wise, banks accounted for the highest market share of 44.5 pct and financial services followed with 25 percent contribution.

In the individual shares, Humansoft Holding sank 152 points to KD 3.448 giving up almost half of last session’s gains while UPAC slid 40 fils. National Bank of Kuwait rallied 8 fils on back of over 2 million shares and Mabanee Co climbed 4 fils to 729 fils.

Zain took in 1 fil to close at 453 fils and Ooredoo dropped 10 fils to KD 1.059 extending Wednesday’s losses. Kuwait Telecommunications Co was unchanged at 758 fils and Agility was up 4 fils at 840 fils.

Burgan Bank dropped 6 fils to 306 fils and Kuwait Finance House dialed up 2 fils. The bank has registered a 10 pct rise in profits to KD 46.29 percent during Q4, 2017 compared to the same period in 2016. In fiscal year 2017, profits was up 11.5 pct year-on-year to KD 184.16 million.

The market opened firm but fell sharply in early trade. The main index moved sideways before drifting deeper further into red as selling weighed on select counters. It plumbed the day’s lowest level of 6734 pts in the final minutes before clawing back some of the losses at close. Top gainer of the day, Al Aqaria soared 19.5 pts to KD 1.557 and Sanam Real Estate climbed 17.8 percent to stand next. Kuwait Cable Vision Co tumbled 20 percent, the steepest decliner of the day and Ithmaar Bank topped the volume with 10.3 million shares.

Despite the day’s drop, the winners outnumbered the losers. 51 stocks advanced and 39 closed lower. Of the 117 counters active on Thursday, 27 closed flat. 2401 deals worth KD 9.1 million were transacted — a 7.8 pct fall in value from the day before.

National Industries Group was flat at 161 fils and Gulf Cable gave up 5 fils before settling at 413 fils. Kuwait Cement Co dipped 20 fils to 450 fils and Heavy Engineering Industries and Shipbuilding Co took in 2 fils. Equipment Holding Co eased 0.4 fil to 36.9 fils.

Jazeera Airways was unchanged at 600 fils off early lows and Yiaco Medical too did not budge from its earlier close of 127 fils. The company has recorded a loss of KD 482,100 in the July — Sept period, down 10.4% from in the same period of 2016. In the first nine-month of 2017, the losses stood at KD 8.9 million.

Gained

Kuwait Food Co ( Americana) rose 2 fils to KD 1.002 and Kuwait Foundry Co gained 13 fils. Kuwait National Cinema Co climbed 16 fils to KD 1.095 and Educational Holding Co was up 12 fils at 314 fils. OSOS added 2.4 fils before settling at 92 fils.

Combined Group Contracting Co fell 1 fils to 458 fils and Mezzan Holding stood pat at 770 fils. Kuwait and Gulf Links Transport Co and KGL Logistics were unchanged at 112 fils and 53 fils respectively whereas KPPC held ground at 54.8 fils.

Boubyan Petrochemical dialed up 2 fils and Qurain Petrochemical Industries clipped 3 fils. The company has posted a 10.2 pct in profits to KD 5.47 million during the third quarter ended 31 Dec, 2017 from same period last year. During the nine months ended on Dec 31, the profits fell 3.3 pct to KD 16.03 million from 9M, 2016.

In the banking sector, Commercial Bank of Kuwait gained 10 fils and Gulf Bank added 2 fils on back of over 4 million shares. Al Mutahed was flat at 346 fils.

Al Ahli Bank jumped 17 fils to 313 fils and Kuwait International Bank was up 4 fils at 237 fils. Boubyan Bank stood pat at 480 fils and Warba Bank ticked 1 fil into red.

Kuwait Investment Co took in1 fil and Commercial Facilities Co took in 2 fils. International Financial Advisors trimmed 0.8 fil and KIPCO inched 1 fil down to 304 fils. Coast Investment Co nudged 0.5 fil up and Securities House Co closed 0.3 fil in red.

KAMCO and Ektittab Holding were flat at 66 fils and 30.5 fils while KMEFIC inched 0.1 fil up. Bayan Investment and Osoul Investment paused at 41.9 fils and 53.9 fils respectively while Noor Financial Investment gave up 0.5 fil.

National Real Estate Co was unchanged at 120 fils whereas Salhiya Real Estate and Injazzat dialed up 2 fils each. Mazaya Holding stalled at 110 fils and AREEC gained 6 fils.

The bourse was largely upbeat during the week. The main index closed higher in two of the five sessions and gained 110 pts week-onweek. It had gained 77 points from start of the month and is trading 5.56 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.

Al Imtiaz Investment Group slipped into red in the fourth quarter of 2017 as it incurred KD 2.9 million in losses in the quarter against profit of KD 6.7 million in the yearago period. In the full-year 2017, it posted a profit of KD 30.85 mln, up 124.7% from previous year. The company attributed its higher annual profits to selling a part of its stake in an associate.