Kuwait market edges down in choppy trade

Commercial Bank sheds 27 fils; Zain flat

KUWAIT CITY, April 17: Kuwait stocks sagged on Tuesday partly reversing last session’s gains. The All Shares Index fell 7.18 pts in choppy trade to 4,806.41 points weighed by select counters even as the overall mood remained mixed.

The Premier Market edged 2.45 pts higher to 4,782.44 pts while Main Market dipped 23.7 pts to 4,8447.75 points. The volume turnover meanwhile saw modest rebound following two-day drop. 84.5 million shares changed hands — up 18.8 pct from the day before.

The sectors closed on both sides. Technology outshone the rest with 2.8 percent gain whereas real estate slipped 0.45 pct, the worst performer of the day. Volume wise, banks mustered the highest market share of 21 pct and real estate followed with 17 percent contribution.

In the individual shares, Commercial Bank slid 27 fils to 400 fils and AlMutahed was down 4 fils at 296 fils. Kuwait Portland Cement reversed Monday’s gains with a 37 fils drop to KD 1.054 and UPAC climbed 29 fils to 689 fils.

Zain was unchanged at 419 fils after trading over 1 million shares while Ooredoo dropped 10 fils to 910 fils. Kuwait Telecommunications Co (VIVA) took in 1 fil and Agility stood pat at 831 fils after gyrating narrowly earlier in the session.

Boubyan Bank was down 4 fils at 470 fils. The bank has registered a 17.8 pct jump in profits to KD 12.56 million during the first quarter of 2017 from same quarter in 2017.

The market opened flat and vacillated in early trade. The index edged up to scale the day’s highest level of 4,789 pts ahead of the midsession and drifted lower in the second half. It bottomed at 4,770 pts before clawing back some of its losses at close.

Top gainer of the day, Jiyad rallied 21 pct to 97 fils and Amwal climbed 10.3 pct to stand next. BIIHC slumped 11.9 pct, the steepest decliner of the day and Noor Financial Investment Co topped the volume with 10.9 million shares.

Despite the day’s downtick, the winners slightly outnumbered the losers. 46 stocks advanced whereas 43 closed lower. Of the 109 counters active on Tuesday, 20 closed flat. 3,693 deals worth KD 10.9 million were transacted — a 11.7 pct increase in value from the day before.

Kuwait Foundry Co was unchanged at 248 fils and Gulf Cable clipped 2 fils before settling at 400 fils. Heavy Engineering Industries and Shipbuilding Co gave up 3 fils while ACICO was unchanged at 250 fils with thin trading.

Jazeera Airways was flat at 655 fils whereas ALAFCO added 5 fils to wind up at 369 fils. Equipment Holding Co took in 0.7 fil while NICBM climbed 8 fils to 169 fils. Higher Humansoft Holding and OSOS ticked 1 fil higher each to close at 89.5 fils while Combined Group Contracting Co slipped 3 fils to 429 fils. Mezzan Holding OSOS gained 6.7 fils with 1 trade.

Educational Holding Group dipped 5 fils. The company has incurred a loss of KD 2.66 million during the first six months that ended on 28 February 2018 as compared to profits of KD 3.18 million in the corresponding period last year. The operating profits stood at KD 3.77 million, a 17% higher increase fro the same period in 2017.

Jumped

Boubyan Petrochemical Co jumped 21 fils and Al Qurain Petrochemical Co rose 3 fils to 351 fils. KGL Logistics was flat at 45.9 fils and Inovest ticked 1 fil higher. Kuwait National Cinema Co held ground at KD 1.099 and Al Rai Media Group trimmed 1 fil.

In the banking sector, National Bank of Kuwait was unchanged at 725 fils whereas Kuwait Finance House and Gulf Bank dialed up 1 fil each to end at 518 fils and 252 fils.

Burgan Bank eased 1 fil to 277 fils and Al Ahli Bank stood pat at 345 fils. Kuwait International Bank took in 2 fils on back of 2.7 million shares and Warba Bank followed suit to end at 237 fils. Ahli United Bank paused at 184 fils.

KIPCO was flat at 276 fils after trading 1.7 million shares and GFH too did not budge from its earlier close of 103 fils. National Investment Co fell 1.9 fils and Kuwait Investment Co paused at 137 fils.

Bayan Investment added 1.3 fils while Coast Investment Co and Sokouk Holding trimmed 0.1 fil each. Osoul Investment slipped 3 fils to 60 fils and Securities House edged 0.5 fil inot green. Al Deera Holding ticked 1 fil up to 22 fils.

Noor Financial Investment rose 1.8 fils to 46.8 fils while Amwal climbed 4.6 fils. Ektittab Holding dialed up 2.6 fils and Kuwait Insurance Co gave up 5 fils. Warba Insurance Co closed 1.4 fils up.

Mabanee Co dropped 3 fils to 682 fils and Mazaya Holding clipped 1.5 fils. National Real Estate Co dipped 8 fils to 111 fils and Salhiya Real Estate Co closed 2 fils higher. United Real Estate Co eased 0.1 fil to 58.9 fils.

The market has been mixed so far during the week adding 5 pts in last two sessions and the A1l Shares Index is trading 194 pts down from start of the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.

In the bourse related news, Independent Petroleum Group (IPG) has registered a 26.7 pct jump in profits to KD 2.18 million during the first quarter of 2018 compared to the same period of 2017. Earnings per share stood at 12.03 fils as against 11.58 fils in first quarter of last year

Zain has reported 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. The board has recommended a cash dividend of 35 fils per share for FY 2017.

Shuaiba Industrial’s profits surged 101.4 pct to KD 419,000 during the fourth quarter of 2017 compared to the same period in the previous year. During 2017, the earnings ticked up by 1.6 percent to KD 1.9 million from KD 1.87 million in year before. The board has recommended a cash dividend of 17% or 17 fils per share for FY17.

Kuwait Cement Co has posted a 15.4 pct drop in profits during the fourth quarter of 2017 to KD 4.94 mln from KD 4.28 million in last quarter of 2016. During fiscal year 2017, earnings were down 11.8 percent to KD 17.19 million. The board members have recommended a cash dividend of 20 pct or 20 fils per share for 2017.

Aqar Real Estate Investments’ fourth quarter profits dropped by 14.7 pct from the same period last year 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.