Kuwait index dips into red as volume recedes

NAPESCO tumbles 68 fils; KIPCO gains

KUWAIT CITY, May 28 : Kuwait stocks slipped deeper into red on Sunday extending its losing streak to fourth straight session. The price index dipped 37.87 points in choppy trade to 6,649.66 pts tracking weak regional sentiment. Most of the heavyweights sagged while Agility bucked the trend with strong gains.

The KSX 15 benchmark fell 1.85 pts to 912.9 points taking the month’s losses to 7 pts while weighted index edged 1.21 pts into red. The volume turnover meanwhile dipped again below the 100 million mark. 72.4 million shares changed hands — a 29.4 pct drop from last session.

The sectors closed mixed. Technology outshone the rest with 3.62 pct gain whereas oil and gas shed 1.93 pct, the biggest loser of the day. In terms of volume, real estate notched the highest market share of 42.31 percent while financial services followed with 33.46 pct contribution.

In the individual shares. National Bank of Kuwait slipped 5 fils to 680 fils after trading 1.5 million shares and Kuwait Finance House gave up 4 fils to settle at 488 fils. KIPCO however bucked the broader trend to gain 5 fils on thin trading.

Zain fell 3 fils to 428 fils with razor thin trading volume and Ooredoo stood pat at KD 1.220 . Agility surged 40 fils to 690 as it resumed trading after few day’s of absence from the trading floor while Kuwait Telecommunications Co (VIVA) paused at 840 fils.

Burgan Bank inched 1 fil lower and Gulf Bank was down 4 fils at 240 fils. The bank has posted a 6.7 pct increase in first quarter profit to KD 9.36 million from KD 8.77 million in Q1 of 2016. The net operating profit rose by 6.8 percent to KD 9.8 million.

The market opened firm but slipped into a shallow trough in early trade. The main index swung back into green to scale the day’s highest level of 6,692.98 pts and headed south as sentiment turned negative. It plumbed the day’s lowest level of 6,642.8 points and drifted sideways thereafter before closing with moderate losses.

Top gainer of the day, Gulf Finance Co soared 18.42 pct to 54 fils and Automated Systems Co climbed 15.7 pct to stand next. Energy Holding Co slumped 16.28 percent, the steepest decliner of the day and Bayan Investment Co topped the volume with over 17 million shares.

Reflecting the day’s downswing, the losers outnumbered the winners. 32 stocks advanced whereas 51 closed lower. Of the 101 counters active on Sunday, 18 closed flat. 1,979 deals worth KD 13.5 million were transacted — a 29 pct surge in value from the day before.

National Industries Group fell 5 fils to 115 fils and Kuwait Cement Co stood pat at 445 fils. Boubyan Petrochemical Co slipped 6 fils to 551 fils and Al Qurain Petrochemical Co swung 10 fils higher to 344 fils. KCPC was flat at 160 fils.

Jazeera Airways eased 1 fil to 474 fils and ALAFCO took in 1 fil extending the strong gains in the last session. Educational Holding Co clipped 1 fil and Independent Petroleum Group jumped 30 fils. OSOS gave up 3 fils to close at 122 fils.

Slipped

Kuwait Foundry Co rose 5 fils and Shuaiba Industrial slipped 5 fils to 305 fils. The company has logged a Q1 profit of KD 632,050 up 0.4 percent from KD 629,560 in the same period a year ago. In 2016, it recorded a 9.43 percent year-on-year rise in profits to KD 1.9 million.

Humansoft Holding tumbled 75 fils while National Petroleum Services slumped 68 fils. The company’s first quarter profit surged 62.7 percent year-on-year to KD 2.31 mln as to compared to KD 1.42 million in same period last year.

Combined Group Contracting Co shed 23 fils and Automated Systems Co gained 38 fils before closing at 280 fils. Equipment Holding Co eased 0.6 fils and KGL Logistics Co inched 0.1 fil into red. Mezzan Holding was down 5 fils at 990 fils.

In the banking sector, Ahli United Bank was unchanged at 430 fils and Boubyan Bank followed suit. Warba Bank clipped 2 fils whereas Commercial Bank, Al Ahli Bank and Kuwait International Bank were not traded during the session.

Kuwait Investment Co dialed up1 fil and National Investment Co was up 3 fils at 99 fils. Coast Investment Co fell 2.7 fils whereas Securties House Co and Securities Group Co held ground at 44 fils and 97 fils respectively. Aayan Investment Co clipped 0.7 fil.

Bayan Investment Co dipped 7.8 fils to 48 fils with brisk trading and Al Deera Holding dialed down 1 fil. Sokouk Holding took in 2.9 fils on back of over 4 million shares and Ekttitab Holding inched 0.5 fil up.

KAMCO took in 1 fil whereas International Financial Advisors inched 1 fil into red. Al Imtiaz added 3 fils while Ahleia Insurance Co gained 5 fils to wind up at 495 fils.

National Real Estate Co dropped 8 fils to 104 fils after trading over 9 million shares whereas Kuwait Real Estate Co paused at 82 fils. Mazaya Holding dialed down 2 fils and Mabanee Co closed 1 fil in red. United Real Estate Co slipped 7 fils.

The market was largely sluggish during last week. The price index closed lower in three of the five sessions and shed 37 points weekon-week. It has tumbled 192 points from start of the month and is trading 15.68 pct higher year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Finance and Investment (KFIC) rebounded to post a net profit of KD 146,350 in the first three months of 2017, from KD 255,510 loss in first quarter of 2016. Operating income grew 76 percent year-on-year to reach KD 1.65 million.

Aayan Real Estate has recorded a 164.7 percent jump in its profits to KD 536,890 for the first quarter of 2017 from same period in the year before. During 2016, the profit saw a 1.5 percent uptick to KD 2.75 million in 2016 from the previous year.

Ooredoo Kuwait has posted 26.6 pct jump in profits during the first quarter of 2017 to KD 12.93 million from KD 10.21 million in same period last year. It had recorded a growth of 75 percent in profits to KD 46.67 million during 2016.

Mowasat Healthcare has registered a 40.2 percent increase in net profits in the first quarter of 2017, to reach KD 1.92 million as compared to KD 1.37 million in the year before period.

Al Ahleia Insurance ‘s first quarter net profit dropped by 14.5 percent in the first to KD 2.88 million from KD 3.37 million in Q1 of 2016. Operational income dipped 39.6 pct to KD 1.58 million.

National Ranges Company’s (Mayadeen) losses shrank by 18.2 pct in the first quarter of 2017 to KD 642,620 from about KD 785,610 in same period of 2016.