KSE winds up month with 28.45 pts drop

NBK dips 30 fils; Ooredoo soars

KUWAIT CITY, March 31: Kuwait stocks headed south on Thursday to wind up the month on a sour note. The price index dropped 28.45 points to 5,228.75 points weighed by broad selling led by banks. The market was soggy even as oil prices slipped below the $40 pb mark amid renewed oversupply fears.

The KSX 15 benchmark rose 0.98 pts to 850.5 pts taking the month’s gains to 23 pts while weighted index eased 0.13 pts. The volume turnover meanwhile slipped below the 200 million mark after receding in the last session. 194.49 million shares changed hands — down 18 pct from Wednesday.

The sectors closed mostly in the red turf. Telecommunications outshone the rest with 1.16 pct gain whereas healthcare shed 1.66 percent, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 31.4 pct and financials services stood next with 28.7 percent. Banking sector was a distant third with 10.5 pct contribution.

Among the notable losers, sector bellwether National Bank of Kuwait dropped 30 fils to KD 0.670 after trading 1.9 million shares and Commercial Bank shed 25 fils to settle at 440 fils. Kuwait Finance House slid 40 fils with a volume of 5.8 million and has given up 20 fils during the month.

Zain rose 5 fils to 355 fils after trading over 2 million shares while Wataniya Telecom (Ooredoo) soared 60 fils trimming the month’s losses to 60 fils. Kuwait Telecommunications (VIVA) was unchanged at KD 1.020 off early lows and Agility gave up 5 fils to settle at 480 fils.

Kuwait Food Co (Americana) gave up early gains to close unchanged at KD 2.460 and HumanSoft Holding Co climbed 10 fils. The company has clocked a net profit of KD 17.51 million and earnings per share of 144 fils in 2015 soaring from net profit of KD 8.26 million and earnings per share of 68 fils in the previous year. Board of Directors has recommended 25 percent cash dividends.

The market opened weak and slipped into red in early trade, The main gauge continued to drift lower amid moderate selling across the sectors and hit the day’s lowest level of 5,213.16 points well past the mid-session. However it pared back some of the losses at close.

Top gainer of the day, Kuwait Financial Centre (Markaz) rallied 12.5 pct to 90 fils while Gulf Cable climbed 7.6 pct to stand next. Aqar Real Estate Co slumped 14.29 pct, the steepest decliner of the day and Al Dar Nationa; Real Estate Co topped the volume with over 26 million shares.

Reflecting the day’s downswing, the market spread was skewed towards the losers. 43 stocks advanced whereas 58 closed lower. Of the 139 counters active on Thursday, 38 closed flat. 3,927 deals worth KD 20.5 million shares were transacted — a 18 pct drop in value from the day before.

National Industries Group was unchanged at 122 fils while Kuwait Cement Co closed flat. NIG has logged a net profit of KD 25.42 million and earnings per share of 19.2 fils during whole of 2015 as compared to net profit of KD 28.28 mln and earnings per share of 21.3 fils in the year before . The BOD also recommended distributing 10 pct cash dividends.

Slipped

Jazeera Airways slipped 10 fils to KD 0.890 whereas ALAFCO stood pat at 216 fils. Combined Group Co and United Projects Group dropped 10 fils and IFA Hotels and Resorts Co clipped 2 fils. Gulf Cable jumped 25 fils to 350 fils extending the gains in the last session.

Kuwait and Gulf Link Co took in 1.5 fils and KGL Logistics Co gave up 2 fils to settle at 71 fils. Al Mowasat Holding Healthcare Co dropped 10 fils and Mezzan Holding Co shed 20 fils erasing the gains in the last session. Qurain Petrochemical Industries Co stood pat at 192 fils.

Shuaiba Industrial Co shed 10 fils and Kuwait Foundry Company followed suit. The company has posted a net loss of KD 2.94 million and loss per share of 19.17 fils in the year ending Dec 31, 2015 after logging a net profit of KD 2.42 mln and earnings per share of 15.76 fils in the year before. The Board of Directors has recommended 10 percent cash dividends.

ACICO Industries Co was steady at KD 0.285 and Equipment Holding Co too did not budge from its earlier close of 285 fils. Boubyan Petrochem- ical Co gained 20 fils and Independent Petroleum Group added 10 fils. Zima Holding Co inched 1 fil into green after trading over 6 million shares.

In the banking sector, Gulf Bank fell 4 fils to 212 whereas Al Ahli Bank and Ahli United Bank were up 5 fils each to end at 335 fils and 440 fils respectively.

Burgan Bank was flat at 340 fils and Kuwait International Bank followed suit. Boubyan Bank added 5 fils adding to an identical rise in the last session while Warba Bank clipped 2 fils.

National Investment Co and KIPCO was unchanged at 91 fils and KD 0.550 respectively while KMEFIC inched 1 fil up. Gulf Insurance Grouop shed 30 fils and Tamdeen Investment Co dropped 10 fils. Al Mazaya Holding took in 2 fils.

The market was mixed during the week. The price index closed lower in three of the five sessions and shed 40 points week-on-week. It has gained 22 points from start of the month but has dropped 6.88 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Tamdeen Investment Co has posted a net profit of KD 11.52 million and earnings per share of 39.07 fils in the year ending Dec 31, 2015, up from net profit of KD 9.05 million and earnings per share of 30.41 fils in the year before.

Salhia Real Estate Company has posted an annual net profit of KD 11.62 million and earnings per share of 23.55 fils as compared to net profit of KD 11.42 million and earnings per share of 23.07 fils . The Board of Directors has recommended 20 pct cash dividends.

Abyaar Real Estate Development Co has recorded a net loss of KD 21,700 and loss per share of 0.02 fil in 2015 after posting net profit of KD 755,088 and earnings per share of 0.69 fil in the year before.

Credit Rating and Collection Co has incurred a net loss of KD 454,911 and losses per share of 2.76 fils in 2015 as against net loss of KD 2.26 million and losses per share of 13.73 fils in the year before.

Injazzat Real Estate Development Company has clocked a net profit KD 3.07 million and earnings per share of 9.2 fils in 2015, rising sharply from net profit of KD 1.51 mln and earnings per share of 4.5 fils in the same period last year . The BOD has recommended 5 pct cash dividends.