Kuwait bourse edges lower in ‘tepid’ trade–NBK drops 10 fils;Americana

25/05/2016 05:13 AST

Kuwait stocks inched lower on Tuesday extending the losses to fourth straight session. The price index eased 2.53 pts to 5,314.5 points in lackluster trade even as sentiment remained downbeat on weak oil prices.

The KSX 15 dropped 4.94 points to 824.9 points taking the month’s losses to 39 points while weighted index eased 1.16 points. The volume turnover meanwhile rose modestly after slipping below the 100 million mark in the previous session. 120.8 million shares changed hands — a 22 pct increase from Sunday.

The sectors closed mostly in the red turf. Technology outpaced the rest with 1.52 pct gain whereas consumer goods was down 0.87 pct, the worst performer of the day. In terms of volume financial services notched the highest market share of 27.3 pct while telecommunications and real estate followed with 20.15 pct contribution.

In the individual shares, sector bellwether National Bank of Kuwait dropped 10 fils to KD 0.620 while Kuwait Finance House gave up 5 fils to settle at KD 0.470 after trading 3.8 million shares. Kuwait Food Co (Americana) climbed 20 fils to KD 2.300 trimming the month’s losses to 120 fils.

Zain was unchanged at KD 0.345 after trading over 3 million shares while Wataniya Telecom (Ooredoo) climbed 20 fils to KD 1.120. Kuwait Telecommunications Co (VIVA) stood pat at KD 0.930 and Agility slipped 10 fils to KD 0.485.

Investment conglomerate KIPCO was down 10 fils at KD 0.520 and has retreated 30 fils so far during the month whereas KFIC clipped 2.5 fils. The company has logged a net loss of KD 255,507 and loss per share of 0.8 fils in the three-month period ending March 31, 2016.

The market opened on tame note and moved sideways in early trade. The main gauge ticked up half way into the session to peak at 5326.01 pts and slipped back as investors toed caution. It troughed at 5309.92 points before paring back most of the losses at close.

Top gainer of the day, Ajwan Gulf Real Estate Co rallied 9 pct to 30 fils on back of 3.7 million shares while Hayat Communications climbed 5.8 pct to stand next. KFIC slid 6.3 percent, the steepest decliner of the day and Hits Telecom topped the volume with over 21 million shares.

Despite the day’s downtick, the winners slightly outnumbered the losers. 39 stocks advanced whereas 34 closed lower. Of the 115 counters active on Monday, 42 closed flat. 2996 deals worth KD 11.9 million were transacted — a 58.3 pct surge in value from the day before.

National Industries Group fell 4 fils to 108 fils while Gulf Cable was down 20 fils at KD 0.400. NIG has recorded a fiest quarter profit of KD 386,000 and earnings per share of 0.3 fils.

Jazeera Airways rose 10 fils to KD 0.890 and ALAFCO was up 4 fils extending an identical gain in the last session. Kuwait and Gulf Link Transport Co inched 0.5 fils up whereas KGL Logistics was flat at 78 fils.

Shed

Zima Holding ticked 0.5 fils up on back of 6.2 million shares while Mezzan Holding Co shed 20 fils. The company has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.

ACICO Industries climbed 15 fils to 315 fils and United Projects Group dropped 30 fils to KD 0.680. Mashaer Holding was unchanged at 78 fils. Boubyan Petrochemical Co and Salbookh Trading Co stood pat at KD 0.520 and 75 fils respectively.

Equipment Holding Co slipped 3 fils to 62 fils while City Group rose 10 fils to KD 0.530. Qurain Petrochemical Industries Co clipped 2 fils to close at 204 fils.

In the banking sector, Burgan Bank was flat at KD 0.330 and Gulf Bank of Kuwait followed suit. The bank has registered a net profit of KD 8.76 million and earnings per share of 3 fils in the first quarter down from net profit of KD 9.78 million and

Arab Times