KSE retreats 15.87 pts amid lacklustre trade – Kout Food Group dips 50

09/03/2016 05:55 AST

Kuwait stocks sagged on Monday partly reversing the gains in the previous session. The bourse dropped 15.87 pts in a lackluster trade amid selling in select counters. Some of the banking shares eked modest gains whereas other heavyweights remained largely muted.

The KSX 15 benchmark eased 2.88 pts to 859.17 points taking the month’s gains to 33 points while weighted index inched 0.64 pts up. The volume turnover meanwhile shrank after hitting a one-month high in the last session. 215.4 million shares changed hands — a 25.24 percent drop from Sunday.

The sectors closed mixed. Insurance sector outpaced the rest with 0.84 percent gain whereas consumer goods shed 1.12 pct, the steepest decliner of the day. In terms of volume, financial services notched the highest market share of 39.6 pct while real estate and banks followed with 28.8 percent and 12.17 pet contributions respectively.

Among the notable movers, Kuwait Food Co (Americana) climbed 20 fils to KD 2.320 extending the strong gains in the last session whereas Kout Food Group slid 50 fils to KD 0.550. Kuwait Finance House added 10 fils on back of 3.4 million share and has retreated 30 fils so far during the year.

Telecom heavyweight Zain eased 5 fils to KD 0.375 whereas Wataniya Telecom (Ooredoo) held steady at KD 1.220 off early highs. Kuwait Telecommunications Co (VIVA) paused at KD 0.970 after vacillating in a tight range and Agility followed suit to end at KD 0.460.

ALAFCO stood pat at 198 fils and Jazeera Airways Co was flat at KD 0.840. The company too has posted a net profit of KD 15,38 million and earnings per share of 37.82 fils in the full year 2015 rebounding from a net loss of KD 2.88 million and loss per share of 6.87 fils in the year before. Board of Directors recommended 15 percent cash dividends.

The market opened firm and edged higher in early trade. The price index peaked at 5289.37 pts slipped into red thereafter as sentiment turned weak. It continued to drift lower and bottomed at 5254.29 pts in the final minutes before paring back some of the losses at close.

Top gainer of the day, Tahssilat spiked 9.26 percent to 59 fils and IFA Hotels and Resorts climbed 6.17 pct to stand next. Real Estate Management Co slumped 12 pet, the steepest decliner of the day and Kuwait Business Town Co topped the volume with 17.4 million shares.

Reflecting the day’s downswing, the losers outnumbered the winners. 42 stocks advanced whereas 49 closed lower. Of the 133 counters active on Monday, 133 closed flat. 4160 deals worth KD 14.4 million were transacted — a 14.4 pct rise in value from the day before.

National Industries Group, the flagship company of the Kharafi Group was unchanged at 118 fils off early highs and ACICO Industries Co pulled 15 fils lower 0.275. NICBM slipped 10 fils to 220 fils whereas IFA Hotels and Resorts Co gained 10 fils.

Shed
Equipment Holding Co took in 1 fils whereas Indepdent Petroleum Group shed 15 fils to end at 300 fils. Kuwait and Gulf Link Transport Co was flat at 45 fils and KGL Logistics Co inched 1 fils into red. Yiaco Medical Co rose 10 fils to 178 fils.

United Projects Co was flat at 660 fils whereas Zima Holding Co gave up 5 fils to end at 79 fils. Kuwait Cable Vision Co nudged 1.5 fils higher and Mezzan Holding Co dropped 20 fils.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.740 off early lows and Gulf Bank nudged 2 fils higher to 216 fils. Commercial Bank shed 10 fils whereas Al Ahli Bank of Kuwait closed 5 fils in green. Warba Bank eased 2 fils to 176 fils.

Ahli United Bank and Kuwait International Bank were flat at 445 fls and 196 fils respectively and Burgan Bank too did not budge from its earlier close of 345 fils. Boubyan Bank rose 10 fils to KD 0.410.

National Investment Co took in 2 fils to settle at 87 fils and KIPCO stood pat at KD 0.560 off ea

Arab Times