Kuwait bourse closes week lower; volume up

Napesco dips 40 fils; Markaz gains

KUWAIT CITY, April 13: Kuwait stocks pulled lower on Thursday to wind up the week on a sour note. The price index pared back steep early session losses to close 34.23 pts down at 7,007.89 points weighed by some of the heavyweights. The trading floor sentiment was soggy in absence of catalysts.

The KSX 15 benchmark dropped 10.28 pts to 9,43.04 points while weighted index gave up 3.88 pts. The volume turnover meanwhile rebounded from Wednesday’s dip which pushed it to month’s lowest level. 383 million shares changed hands — a 40 pct surge from the day before.

The sectors closed mostly in red. Parallel market outperformed the rest with 4 pct jump whereas technology dived 3.58 percent, the biggest loser of the day. In terms of volume, real estate notched the highest market share of 47.7 pct and financial services stood next with 27.7 percent contribution.

Among the notable losers, National Bank of Kuwait extended previous day’s losses with 10 fils drop to 680 fils and Kuwait Finance House followed suit with a volume of 2.5 million shares to close at 530 fils. KIPCO too was down 10 fils taking the month’s losses to 70 fils.

Zain fell 5 fils to 470 fils after trading over 3 million shares while Ooredoo slid 40 fils to KD 1.140 with thin volume. Kuwait Telecommunications Co (VIVA) slipped 10 fils to 900 fils and Agility followed suit.

Burgan Bank gave up 5 fils and Commercial Bank of Kuwait tripped 19 fils to end at 425 fils. The bank’s fourth quarter earnings rose 10.8 pct year-on-year to KD 22.91 million.

The market opened firm but slipped into red in early trade. The main index continued to slide amid selling pressure and plumbed the day’s lowest level of 6973.6 pts before ticking up. It clawed back some of the lost ground thereafter and wound up with moderate losses.

Top gainer of the day Thuraya vaulted 25.9 pct to 194 fils while Massaleh climbed 9.2 percent to stand next. Ream tumbled 17.6 pct, the steepest decliner of the day and Sokouk Holding topped the volume with over 37 million shares.

Reflecting the day’s drop, the losers outnumbered the winners. 45 stocks advanced whereas 57 closed lower. Of the 141 counters active on Thursday 39 closed flat. 7502 deals worth KD 34.5 million were transacted – a 29.8 pct surge in value from the day before

National Industries Group was unchanged at 128 fils and Gulf Cable too did not budge from its earlier close of 475 fils. Heavy Engineering Industries and Shipbuilding Co clipped 2 fils while Contracting and Marine Services inched 1 fil up.

Jazeera Airways dropped 10 fils to 570 fils recouping Wednesday losses whereas ALAFCO stood pat at 250 fils. Metal and Recycling Co added 2 fils while Boubyan Petrochemical Co paused at 570 fils. NCCI was up 4 fils at 91 fils.

Kuwait National Cinema Co rebounded strongly with a 100 fils jump to KD 1.500 and Al Qurain Petrochemical Co rose 5 fils to 340 fils. Kuwait Portland Cement gained 10 fils and Equipment Holding Co dialed up 2 fils.

Profits

Kuwait Foundry Co rose 5 fils and Napesco slid 40 fils to KD 1.180. Napesco has posted a 93.2 pct yearon-year rise in profits in fourth quarter to KD 1.99 million while in 2016 the company logged profits of KD 7.71 million, up 35.6% from last year.

Burgan Well Drilling Co inched 1 fils higher to 94 fils and AWJ Holding eased 1 fil. KPPC and Jeeran Holding gave up 1 fils each and OSOS shed 10 fils. ACICO Industries fell 5 fils to 290 fils and Mezzan Holding shed 10 fils.

Kuwait and Gulf Link Transport Co dialed up 1fils and KGL Logistics Co added 2 fils on back of 1.3 million shares. Zimah Holding inched 1 fils into green and Yiaco dropped 10 fils. Al Rai Media Group stood pat at 176 fils.

In the banking sector, Gulf Bank and Kuwait International Bank were unchanged at 260 fils. Al Ahli Bank gave up 5 fils and Ahli United Bank followed suit to end at 450 fils. Boubyan Bank was up 5 fils at 420 fils and Warba Bank slipped 5 fils to 255 fils.

National Investment Co climbed 10 fils to 120 fils on back of 2.9 million shares whereas Kuwait Investment Co was unchanged at 102 fils. Coast Investment Co eased 1 fils after trading 8.5 million shares and KFIC closed flat.

Kuwait Financial Centre (Markaz) gained 6 fils and KMEFIC edged 0.5 fils into green. Securities House Co took in 1 fils and Securities Group Co was unchanged at 99 fils.

Bayan Investment Co fell 3 fils to 53 fils and Aayan dialed up 2 fils with brisk trading. KAMCO added 1 fils before settling at 92 fils and Sokouk Holding rose 4 fils. Noor Financial Investment Co paused at 55 fils.

Kuwait Real Estate Co was flat at 66 fils with a volume of over 3 million and National Real Estate Co too did not budge from its earlier close of 106 fils. Mabanee Co stagnated at 830 fils and Mazaya Holding dialed up 2 fils.

The market was mixed during the week the week. The main index closed lower in three of the five sessions and shed 22 points week-on week. It has shed 12 points from start of the month and is trading 21.9 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. The board has recommended an annual cash dividend of 8% or 8 fils per share.

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 2115. The annual profits in 2016 clocked KD 1.5 million and the board has recommended the distribution of cash dividends at 5% of capital.