Kuwait bourse edges lower;volume tumbles–Commercial Bank drops 10 fils

31/05/2016 05:31 AST

Kuwait stocks sagged slightly Sunday as sentiment dampened over scrapping of stake sale of Kharafi Group owned Americana. The price index eased 3.86 points in volatile session to settle at 5,392.81 pts with mixed board. Some of the banks closed lower whereas telecom service providers remained muted.

The KSX 15 measure fell 1.35 pts to 830.15 points taking the month’s losses to 33 points while weighted index inched 0.78 pts down. The volume turnover meanwhile dipped below the 200 million mark after hitting a multi-month high in the last session. 155.63 million shares changed hands — a 36.6 percent drop from Thursday.

The sectors closed mixed. Technology outshone the rest with 1.29 pct gain whereas financial services shed 1.60 percent, the biggest loser of the day. Volume wise, financial services topped with 24.7 pct market share while real estate and telecommunications followed closely with 23 pct and 22 percent contributions respectively.

In the individual shares, Kuwait Finance House rose 5 fils to KD 0.470 recouping Thursday’s fall while Commercial Bank shed 10 fils to settle at KD 0.425. Humansoft Holding Co soared 80 fils to KD 1.420 and Kuwait National Cinema Co vaulted 100 fils with thin trading.

Zain was unchanged at KD 0.350 off early lows after trading over 1 million shares and Wataniya Telecommunications Ooredoo) too did not budge from its earlier close of KD 1.100. Kuwait Telecommunications Co (VIVA) paused at KD 0.930 off early highs and Agility slid 25 fils.

Investment conglomerate KIPCO stood pat at KD 0.520 and Bayan Investment Co clipped 2 fils. The company has incurred a first quarter net loss of KD 199,725 and loss per share of 0.55 fils.

The market opened on a tame note and moved sideways in early trade. The price index headed south thereafter as sentiment turned negative and plumbed the day’s lowest level of 5351.8 points. It clawed back most of the losses amid buying in select counters and wound up slightly in red.

Top gainer of the day, Kuwait National Cinema Co jumped 8.33 pct to KD 1.300 while Injazzat Real Estate Co climbed 6.67 percent to stand next. National Investment Co slid 8.9 pct, the steepest decliner of the day and Hits Telecom topped the volume with 33.38 million shares.

Reflecting the day’s downtick, the losers outnumbered the winners. 32 stocks advanced whereas 48 closed lower. Of the 120 counters active on Sunday, 40 closed flat. 3265 deals worth KD 9.9 million were transacted — a 36.6 percent slump in value from the day before.

National Industries Group fell 2 fils to 110 fils erasing an identical rise in the last session while Gulf Cable shed 15 fils. Kuwait Cement Co was up 5 fils at 375 fils and Kuwait Portland Cement stood pat at KD 0.990.

Jazeera Airways was unchanged at KD 0.900 off early lows and ALAFCO followed suit to end at 204 fils. Automated Systems Co added 5 fils whereas NAPESCO was down 10 fils at KD 0.720. Educational Holding Group climbed 10 fils to 200 fils.

Dialed

Equipment Holding Co took in 1 fils on back of 6.6 million shares and Kuwait Foundry Company dialed up 2 fils. The company has penciled a net profit of KD 592,402 and earnings per share of 3.85 fils in the January- March period bouncing from a net loss of KD 469,119 and losses per share of 3.05 fils in the same period last year

Kuwait and Gulf Links Transport Co dialed up 2.5 fils and KGL Logistics Co rose 5 fils on back of 4.5 million shares. The company has logged a net profit of KD 1.83 million and earnings per share of 3.11 fils in the 3-month period ending March 31, 2016.

Burgan Well Drilling Co and PAPCO were flat at 98 fils and 106 fils respectively while Safwan Trading and Construction Co gave up 5 fils. Zima Holding Co paused at 44 fils after trading 3.5 million shares whereas Mezzan Holding dropped 20 fils.

Boubyan Petrochemicals Co was

Arab Times