Kuwait’s market treads water; volume ticks up

Commercial Bank jumps 23 fils; Ooredoo slips

By John Mathews

Arab Times Staff

KUWAIT CITY, April 18: Kuwait stocks trod water Wednesday after see sawing earlier in the week. The All Shares Index edged 2.34 pts down in volatile session to 4,804.07 points even as the broader sentiment remained mixed.

The Premier Market fell 4.74 points to 4,777.70 pts while weighted index ticked 1.78 pts higher to 484.53 points. The volume turnover meanwhile shrank after Tuesday’s upwsing. Over 58 million shares changed hands — down 31.2 pct from the day before.

The sectors closings diverged. Technology outpaced the rest with 3.3 pct gain whereas industrials shed 0.66 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 46.4 pct and banks trailed with 21 pct contribution.

Among the notable movers, Commercial Bank nearly recouped Tuesday’s losses with 23 fils jump to 423 fils and National Industries Group, which resumed trading after a long gap, rose 9 fils to 157 fils on back of 5.8 million shares. Kuwait Cement Co slid 30 fils to 440 fils.

Zain took in 1 fil on back of over 1 million shares while Ooredoo gave up 3 fils before closing at 907 fils. Kuwait Telecommunication Co (VIVA) dipped 15 fils to 705 fils and Agility dialed up 2 fils.

National Bank of Kuwait and Gulf Bank clipped 1 fil each. NBK ‘s profits rose 9.6 pct year-on-year in the first quarter of 2018 to KD 93.6 bln from KD 85.4 billion in the same period last year .Earning per share clocked 15 fils for the quarter and assets rose 7.8 percent to KD 26.78 bln.

The market opened on tame note and see sawed in early trade. The index drifted south thereafter as selling dominated the trading floor and scarped the day’s lowest of 4,794 pts half way into the session. It clawed back thereafter and peaked at 4,812 pts in the final minutes before closing slightly in red.

Top gainer of the day, Masaken rallied 14.29 pct to 80 fils and LTTC climbed 10 pct to stand next. Amwal Investment dived 8.35 percent, the steepest decliner of the day and National Industries Group topped the volume with 8.5 million shares.

The market spread was almost even. 40 stocks advanced whereas 38 closed lower. Of the 104 counters active on Wednesday, 26 closed flat. 2,525 deals worth KD 8.7 million were transacted — a 28.6 pct drop in value from the day before.

Kuwait Foundry Co and ACICO Industries were unchanged at 248 fils and 250 fils respectively whereas Equipment Holding trimmed 0.1 fil. Mashaer Holding clipped 2 fils while IFA Hotels and Resorts stood pat at 100 fils.

Jazeera Airways paused at 655 fils and ALAFCO edged 1 fil into red. Heavy Engineering Industries and Shipbuilding Co slipped 5 fils to 279 fils and Mezzan Holding added 2 fils.

Shed

Humansoft Holding and NAPESCO were unchanged at KD 3.940 and 735 fils respectively whereas NICBM shed 14 fils. Boubyan Petrochemical Co dropped 7 fils to 806 fils while Al Qurain Petrochemical Co trimmed 1 fil.

Educational Holding Group gained 17 fils and Automated Systems Co climbed 8 fils to 160 fils. UPAC scaled 10 fils whereas YIACO Medical and Inovest were flat at 120 fils and 71 fils respectively. Al Rai Media Group ticked 1 fil up to 130 fils.

Independent Petroleum Group climbed 10 fils. The company 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.

In the banking sector, Kuwait Finance House and Kuwait International Bank were unchanged at 518 fils and 219 fils respectively while Gulf Bank clipped 1 fil to close at 251 fils.

Burgan Bank slipped 5 fils to 259 fils and Boubyan Bank gave up 3 fils to wind up at 467 fils. Warba Bank was flat at 237 fils and Ahli United Bank too did not budge from its previous close of 184 fils. Al Ahli Bank closed 2 fils down at 343 fils.

KIPCO fell 2 fils to 274 fils whereas GFH paused at 103 fils. Kuwait Investment Co took in 1 fil whereas Coast Investment Co and Al Deera Holding closed flat at 30 fils and 22 fils respectively.

Noor Financial Investment Co added 1.5 fils before settling at 48.3 fils while Al Imtiaz Investment closed 2 fils higher. Securities House Co ticked 1.2 fils up to 46.2 fils and Al Mal Investment inched 0.1 fil into green.

National Real Estate Co was unchanged at 111 fils and United Real Estate dialed up 1.1 fils. Kuwait Real Estate Co and International Resorts Co trimmed 0.1 fil each whereas Mazaya Holding rose 0.800 fils. Arkan took in 2.4 fils and Abyaar clipped 0.2 fil.

The market has been mixed so far during the week adding 3 pts in last three sessions and the All Shares Index is trading 196 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, Educational Holding Group 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 percent higher increase fro the same period in 2017.

Zain has reported a a 9.4 percent 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 percent 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 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.