By John Mathews

Humansoft Holding dips 20 fils; Al Ahli Bank gains

KUWAIT CITY, April 19: Kuwait stocks pulled lower on Thursday to wind up the week on a dull note. The All Shares Index fell 6.59 pts in sluggish trade to 4,797.48 points dragged by Commercial Bank of Kuwait and some of the mid-caps. The blue chips closed mixed.

The Premier Market slipped 4.51 pts to 4,773.19 points while main market index shed 10.16 pts. The volume turnover meanwhile jumped to week’s highest following Wednesday’s dip. 79.5 million shares changed hands — a 36 pct surge from the day before.

The sectors closed mixed. Consumer goods outshone the rest with 0.60 pct gain whereas insurance shed 2 pct, the worst performer of the day. Volume wise, financial services accounted for the highest market share of 39 pct and real estate trailed with 20 pct contribution.

In the individual shares, Commercial Bank tumbled 40 fils to 383 fils whereas Al Ahli Bank climbed 17 fils to 360 fils with thin trading. Humansoft Holding dropped 20 fils to KD 3.920 and Mezzan Holding was down 15 fils at 725 fils.

Zain eased 1 fil down to 419 fils after trading 1.8 million shares while Ooredoo rose 8 fils to 915 fils. Kuwait Telecommunications Co (VIVA) jumped 30 fils to 735 fils and Agility gave up 6 fils to wind up at 827 fils.

National Bank of Kuwait eased 1 fil to 723 fils and Boubyan Bank gained 5 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 rise in Q1 profits is attributed to higher operating revenues and a decline in provision.

The market opened firm and ticked up in early trade. The index scaled the day’s highest level of 4,810 pts and drifted lower amid selling in select counters. It plumbed the day’s lowest level of 4,780 points in the final hour before clawing back most of the losses at close.

Top gainer of the day, Energy Holding Co vaulted 10 pct to 26.4 fils and Amwal rallied 8.44 pct to stand next. Al Aqaria dived 9.8 percent, the steepest decliner of the day and Manazel topped the volume with 11.6 million shares.

Despite the day’s downtick, the winner slightly outnumbered the losers. 49 stocks advanced whereas 46 closed lower. Of the 109 counters active on Thursday, 14 closed flat. 3,066 deals worth KD 11.93 million were transacted — a 37 pct surge in value from the day before

National Industries Group fell 3 fils to 154 fils after trading 1.6 million shares while Gulf Cable was unchanged at 385 fils. Heavy Engineering Industries and Shipbuilding Co added 5 fils on back of over 2 million shares while Equipment Holding closed 1.5 fils higher.

Kuwait Foundry Co clipped 1 fil and Kuwait Portland Cement jumped 26 fils to KD 1.080. NICBM and Automated Systems Co rose 5 fils each to close at 160 fils and 165 fils respectively whereas KCPC gave up 4 fils.

Trimmed

Combined Group Contracting Co took in 2 fils while OSOS trimmed 0.5 fil before closing at 89 fils. UPAC climbed 19 fils to 718 fils and IFA Hotels and Resorts was up 4 fils at 104 fils.

Jazeera Airways slid 15 fils to 640 fils and ALAFCO stood pat at 368 fils. KGL Logistics edged 0.4 fil higher and Al Rai Media Group dialed down 2 fils to end at 128 fils.

Al Qurain Petrochemical paused at 350 fils and Boubyan Petrochemical Co gained 19 fils. Boubyan has acquired 1.06 million shares in Educational Holding Group. for KD 0.308 per share. The deal, which is valued at about KD 327,200, will take the total stake to 82.52 percent from 82.09 pct,

In the banking sector, Gulf Bank rose 5 fils to 256 fils while Kuwait International Bank took in 2 fils to close at 221 fils. Warba Bank ticked 1 fil higher to 238 fils.

Kuwait Finance House and Burgan Bank clipped 1 fil each to close at 517 fils and 258 fils respectively whereas Ahli United Bank fell 2 fils to 182 fils. Al Mutahed added 2 fils to end at 292 fils.

KIPCO ticked 1 fil up to 275 fils on back of 2.5 fils and National Investment Co close 1.9 fils in green. International Financial Advisors was unchanged at 26.4 fils while Kuwait Investment Co and Kuwait Financial Centre (Markaz) were flat at 138 fils and 110 fils respectively.

Bayan Investment Co took in 0.800 fils and KMEFIC gave up 2.2 fils to close at 21.8 fils. Al Madina slipped 0.7 fil to 29.9 fils and Al Mal Investment edged 0.2 fil higher. Unicap added 1.8 fils and Tamdeen Investment Co ticked 1 fil higher.

Noor Financial Investment Co dialed up 0.5 fil and Amwal climbed 3.8 fils to 48.8 fils. Kuwait Insurance Co and Warba Insurance Co inched 1 fil up each and Gulf Insurance tumbled 36 fils.

Kuwait Real Estate was unchanged at 47.9 fils and National Real Estate climbed 6 fils to 117 fils. Salhiya Real Estate clipped 1 fil and Mazaya Holding trimmed 0.1 fil. Arkan slipped 3 fils to 73 fils.

The market was mixed during the week. The index closed lower in three of the four sessions slipping 4 pts week-on-week and is trading 203 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 Feb 28, 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.

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.

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 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.