KSE ‘kicks off’ month with 20.83 pts decline – NBK drops 20 fils;

05/04/2016 05:32 AST

Kuwait stocks kicked off the month on dull note as it extended its losses from the last session. The price index dropped 20.83 points in slightly volatile session to 5,207.92 pts weighed by moderate selling in select counters led by banks .

The KSX 15 benchmark dipped 11.93 points to 838.57 pts taking the year’s losses to 46 points while weighted index was down 3.85 points. The volume turnover meanwhile ticked above the 200 million mark amid speculative selling . 202.85 million shares changed hands — a 4.3 pct rise from Thursday.

Among prominent losers, National Bank of Kuwait dropped 20 fils to KD 0.650 after trading 2.5 million shares while Commercial Bank of Kuwait shed 25 fils extending an identical fall in the last session. Investment conglomerate KIPCO gave up 10 fils to settle at KD 0.540. Zain eased 5 fils to end at 350 fils while Wataniya Telecom (Ooredoo) slid 40 fils to KD 1.040 partly erasing the gains on Thursday. Kuwait Telecommunications Co (VIVA) slumped 30 fils to KD 0.990 taking the year’s losses to 70 fils and logistics major Agility gave up 5 fils to close at KD 0.475.

Kuwait Food Co (Americana) bucked the trend to gain 60 fils whereas Humansoft Holding Co shed 20 fils to settle at KD 0.640. Jazeera Airways dropped 20 fils to KD 0.870 and ALAFCO clipped 2 fils. Sultan Centre added 4 fils with razor thin trading .

The market opened weak and edged lower in early trade. The price index moved sideways thereafter as sentiment turned soggy and ticked up past the mid-session . It retreated again to trough at 5,198.82 pts before paring back some of the losses at close.

Top gainer of the day, Themar Holding Co spiked 12.5 pct to 90 fils and National Ranges Co (Mayadeeen) jumped 10.6 percent to stand next.

Kuwait Insurance Co slid 8 pct, the steepest decliner of the day and Investors Holding Co topped the volume with over 36 million shares. Mirroring the day’s drop, the market spread was heavily skewed towards the losers. 31 stocks advanced whereas 60 close lower. Of the 118 counters active on Sunday, 27 closed flat. 3,685 deals worth KD 11.4 million were transacted — a 44.39 pct drop in value from the last session. National Industries Group, the flagship company of the Kharafi Group was unchanged at 122 fils after trading over 1 million shares and Gulf Cable too did not budge from its earlier close of 350 fils. Boubyan Petrochemical Co shed 20 fils and NICBM clipped 2 fils. Equipment Holding Co inched 1 fils lower. Ikarus Petroleum Industries Co and Boubyan Petrochemical Industries Co took in 1 fils each whereas Qurain Petrochemicals Industries Co closed flat. Safwan Trading and Contracting Co climbed 10 fils and Yiaco Medical Co was down 8 fils at 144 fils.

Mezzan Holding gained 20 fils and United Projects Group slid 40 fils to KD 0.680. The company has posted a net profit of KD 6.75 million and earnings per share of 86 fils in the year ending Dec 31, 2015 up from net profit of KD 5.65 million and earnings per share of 72.08 fils in the year before. The BOD has proposed 86 pct cash dividends.

Paused Jeeran Holding Co paused at 71 fils and Palms Agro Production Co followed suit. The company has logged a net profit of KD 892,487 and earnings per share of 17.06 fils in the last year, surging from net profit of KD 467,113 and earnings per share of 8.93 fils in the previous year. Board of Directors has recommended 10% cash dividends. Kuwait and Gulf Link Transport Co inched 0.5 fils up and KGL Logistics Company clipped 1 fils after trading 2.2 million shares. The company has posted a net profit of KD 5.85 million and earnings per share of 9.78 fils in the year ended Dec 25, 2015 up from net profit of KD 5.23 million and earnings per share of 9.15 fils in the year before.

In the banking sector, Gulf Bank added 2 fils whereas Ahli United Bank gave up 5 fils to end at KD 0.435. Kuwait Finance House stood pat

Arab Times