KSE kicks off week with 13.7 pts retreat–CBK falls 10 fils;KIPCO flat

06/09/2016 05:21 AST

Kuwait stocks headed south on Sunday as it kicked off the week on a dull note. The bourse slipped 13.7 pts to 5,395.49 pts in anemic trading as negative sentiments weighed on select counters.

The KSX 15 benchmark eased 3 pts to 802.27 points taking the year’s losses to 82 points while weighted index inched 1.25 pts into red. The volume turnover meanwhile shrank further to hit a fresh multi-month low. 30.8 million shares changed hands — a 3.52 pct fall from Thursday.

The sectors closed mixed. Parallel market outshone the rest with 0.90 pct gain whereas technology shed 3.6 percent, the biggest loser of the day. In terms of volume, oil and gas notched the highest market share of 24 pct while real estate and financial services followed with 23 pct and 21 pct contributions respectively.

Among the notable losers, Commercial Bank fell 10 fils to 295 fils extending the losses in the last session while Kuwait Finance House was down 5 fils at KD 0.455. Kuwait Insurance Co gave up 10 fils to settle at KD 0.250 and Mezzan Holding shed 40 fils.

Zain eased 5 fils to KD 0.320 reversing Thursday’s uptick while Wataniya Telecom (Ooredoo) dropped 20 fils to KD 1.020. Kuwait Telecommunications Co (VIVA) shed 10 fils and logistics major Agility stood pat at 465 fils off slight early lows.

KIPCO pulled up from early losses to close flat at KD 0.550 and National Investments Company clipped 2 fils. NIC has logged a net profit of KD 1,76 million and earnings per share of 2.10 fils in the six-month period ending June 30, 2016.

The market opened flat and edged lower in early trade. The price index drifted in a narrow range below the rim as trading floor mood turned sour and plumbed the day’s lowest level of 5,379.6 pts past the mid-session. It however clawed back some of the losses at close.

Top gainer of the day, Safat Energy Co rallied 6.85 pct to 39 fils and Kuwait Cable Vision Co climbed 5.36 percent to stand next. Sanam Real Estate Co sank 8 pct, the steepest decliner of the day and Safat Energy Co also topped the volume with 4.6 million shares.

Reflecting the day’s fall, the losers outled the winners by almost one to two. 21 stocks advanced whereas 43 closed lower. Of the 112 counters active on Sunday, 47 closed flat. 1,441 deals worth KD 3.2 million were transacted — 17 pct rise in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, dialed up 2 fls to end at 118 fils and Al Qurain Petrochemical Co followed suit. Gulf Cable and Kuwait Foundry Co paused at KD 0.370 and 164 fils while Boubyan Petrochemical Co nudged 2 fils into green.

Kuwait Food Co (Americana) stagnated at KD 2.440 off early highs while NAPESCO and Burgan Well Drilling Co stood pat at KD 0.750 and 68 fils. Kuwait Cinema Co climbed 20 fils to KD 0.960.

Jazeera Airways rose 20 fils to KD 0.830 and KGL Logistics Company clipped 1 fils. The company has posted a net profit of 30, 2016 KD 3.76 million and earnings per share of 6.36 fils in the first half of 2016.

Paused

Zimah Holding Co paused at 40 fils and Yiaco Medical Co pulled 10 fils lower. The company has incurred a net loss of KD 1.86 million and losses per share of 10.26 fils in the January-June period down from net profit of KD 639,485 and earnings per share of 3.52 fils in the same period last year.

Equipment Holding Co was unchanged at 44 fils and ACICO Industries Co followed suit. OSOS dropped 6 fils and AWJ Holding Co was up 3 fils at 68 fils. Future Communications Co Global fell 5 fils to 87 fils.

In the banking sector, National Bank of Kuwait was flat at KD 0.590 and Gulf Bank too did not budge from its earlier close of 226 fils. Ahli United Bank paused at 385 fils whereas Al Ahli Bank was not traded during the session.

Kuwait International Bank stood pat at 190 fils and Burgan Bank followed suit to end

Arab Times