KSE index retreats for 4th straight day
Gulf Cable gains 30 fils; Zain slips
KUWAIT CITY, June 29: Kuwait stocks sagged on Monday, extending the decline to fourth consecutive day. The key index pared back steeper early losses to close 4.57 pts lower at 6,195.67 points even as the blue chips remained mostly muted. The market remained cautious owing to weak cues and fears over intensifying Greece crisis.
The KSX 15 benchmark inched 0.66 pts up to 1,022.33 points and is down 6 points so far during the month while weighted index inched 0.1 pts higher. The volume turnover meanwhile shrank as it continued to remain anemic below the 100 million mark. Over 75 million shares changed hands — a 24.13 pct drop from Sunday.
The sectors diverged during the session. Technology outshone the rest with 3.52 percent spike whereas oil and gas shed 0.99 pct, the biggest loser of the day. In terms of volume, real estate clocked the highest market share of 46.30 percent while financial services followed with 32.8 pct. Industrials was a distant third with 6.62 pct.
Among the day’s notable movers, Gulf Cable climbed 30 fils to KD 0.610 while Automated Systems Co gained 25 fils to wind up at KD 0.495. Combined Group Contracting Co rose 20 fils after pulling lower in the last session and the newly listed Mezzan Holding Co was up by same measure. Bourse heavyweight Zain gave up slight early gains to close 5 fils lower at KD 0.420 with a volume of 1.18 million. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.930 and logistics major Agility followed suit.
Kuwait Food Co (Americana) climbed 20 fils to KD 2.700 trimming the year’s losses to 100 fils and Jazeera Airways held steady at KD 0.460 The airline has posted a net profit of KD 3 million in the first quarter of 2015, an increase of 44.6% from the same quarter last year.
Weak
The market opened weak and edged lower in early trade. The main gauge continued to erode as sentiment remained negative before showing a feeble uptick half way into the session. It moved sideways briefly before slipping further to bottom at 6,166.04 pts and managed to claw back most of the losses at close.
Top gainer of the day, Mowasat Health Care Co vaulted 15.38 pct to 180 fils while Automated Systems Co climbed 5.32 percent to stand next. Kuwait Cable Vision Co dived 8.62 pct, the steepest decliner of the day, and Al Dar National Real Estate Co topped the volume with over 25 million shares.
Reflecting the day’s slight fall, the losers outnumbered the winners. 34 stocks advanced whereas 40 closed lower. Of the 119 counters active on Monday, 45 closed flat. 1653 deals worth KD 7.87 million shares were transacted - a 38.51 pct drop in value from the last session. National Industries Group eased 2 fils to KD 0.166 whereas Kuwait Cement Co was up 5 fils at KD 0.370. Gulf Cable climbed 30 fils to KD 0.610 and Kuwait Portland Cement paused at KD 1.180 off early lows. Zima Holding added 4 fils with thin trading and Gulf Petroleum Investment gave up 3 fils.
Shuaiba Industrial Co added 10 fils whereas Gulf Glass Manufacturing Co was unchanged at KD 0.600. Qurain Holding Co pulled 8 fils lower and Educational Holding Group closed 6 fils up. ALAFCO dialed down 2 fils to settle at KD 0.214.
National Investment Co was flat at KD 0.124 and sector major KIPCO followed suit. Securities Hose Co clipped 2 fils after trading over 3 million shares and Housing Finance Co was down by same measure.
Kuwait Investment Co took in 2 fils whereas Sokouk Holding Co dialed down 2 fils. The company has been granted the permission by Capital Markets Authority to buy back or sell up to 10% of own shares over a period of 6 months.
The Energy House inched 1 fils up. The company has logged a net loss of KD 1.024 million and loss per share of 1.366 fils in the three months of the year ending March 31, as against a net profit of KD 234,309 earnings per share of 0.312 fils in the same period last year.
Steady
Bayan Investment Co and Tamdeen Investment Co paused at 49 fils and 330 fils respectively whereas Aayan Leasing and Investment Co inched 1 fils lower. National Real Estate Co was steady at 96 fils and Mabanee Co too did not budge from its earlier close of KD 0.980.
In the banking sector, National Bank of Kuwait and Commercial Bank stagnated at KD 0.860 and KD 0.620 respectively whereas Gulf Bank closed 5 fils up. Al Ahli Bank of Kuwait was steady at KD 0.375 whereas Ahli United Bank was not traded during the session.
Kuwait International Bank and Kuwait Finance House were muted at KD 0.242 and KD 0.650 and Burgan Bank followed suit with a volume of 1.13 million. Boubyan Bank pulled 5 fils up.
The bourse has been retreating so far during the week and is down 16 fils in last 2 sessions. It has tumbled 97 points so far during the month and is trading 5.2 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Boubyan Petrochemicals Co. has won the approval of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for 6 months.
Aqar Real Estate Investments Co. has got the nod of Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months.
Privatization Holding Co. has received the approval of Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months.
Gulf Insurance Group (GIG) has registered a net profit of KD 3.7 million or 20.86 fils per share, for the financial period ended March 31, 2015 - an increase of 22.8 percent from the same period last year. Shareholder equity grew 3.7 pct to KD 82.5 million.
Tamdeen Investment Co has recorded 18.5 pct rise in its earnings of the first quarter of 2015. It stood at KD 7.25 million compared to KD 6.12 million in the Q1 of 2014 while earnings per share came in at 25.75 fils.
Sokouk Holding has clocked a net profit of KD 5.012 million and earnings per share of 9 fils in the year ending Dec 31, 2014 and the Board of Directors recommended 5 percent bonus shares.
Kuwait Foundry Co has logged a net profit of KD 2.26 million and earnings per share of 14.74 fils in the first nine-months of 2014, as against KD 2.13 million profit and earnings per share 13.9 fils in the 9M of 2013. Warba Bank has recorded a net profit of KD 115,000 and earnings per share of 0.12 fils in 2014, rebounding from net loss of KD 3.709 million and loss per share of 3.71 fils in 2013.