Kuwait bourse ‘little’ changed; volume dips – NBK rallies 20 fils;

Ooredoo falls

24/11/2016 05:37 AST

Kuwait stocks sagged slightly on Tuesday even as investors toed the sidelines in absence of cues. The main index, after firm start, eased 2.34 points in choppy trade to 5,515.41 pts with counters closing broadly mixed.

The KSX 15 rose 4.85 pts to 874.7 points and is down 10 points year-to-date while weighted index inched 0.74 pts lower. The volume turnover meanwhile fell marginally extending the decline to third straight day. 134 million shares changed hands — a 1.85 pct fall from Monday.

The sectors diverged in a narrow range. Healthcare outshone the rest with 1.49 percent gain whereas oil and gas shed 0.69 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 48 percent while banks and real estate trailed with 20 percent and 11.9 pct contributions respectively.

In the individual shares, National Bank of Kuwait rallied 20 fils to 640 fils on back of 3.6 million shares and Ahli United Bank climbed 10 fils to 405 fils. Kuwait Food Co (Americana) stood pat at KD 2.620 and Jazeera Airways was up 10 fils at 810 fils trimming the year’s losses to 40 fils.

Zain fell 5 fils to 405 fils after trading 3.2 million shares and Wataniya Telecom (Ooredoo) erased Monday’s gains with a 40 fils slide. Kuwait Telecommunications ( VIVA) was unchanged at 870 fils with thin trading while Agility was down 10 fils at 520 fils.

Investment major KIPCO was flat at 510 fils and Sokouk Holding Co followed suit. The company has incurred a net loss of KD 2.26 million and loss per share of 3.96 fils in the first nine months of 2016.

The market opened on a firm note but headed south in early trade. The price index slipped below the red as sentiment turned weak and plumbed the day’s lowest mark of 5,502.19 points half way into the session. It pulled up close to the opening mark before falling again and clawed back most of the losses at close.

Top gainer of the day, Shuaiba Industrial Co vaulted 9.6 percent to 285 fils and KSH climbed 7.6 percent to stand next. Metal and Recycling Co tumbled 21 pct, the steepest decliner of the day and Ithmaar Bank topped the volume with 16 million shares.

Reflecting the day’s tame closing, the market spread was almost even. 45 stocks advanced and 46 closed lower. Of the 127 counters active on Tuesday, 36 closed flat. 3,195 deals worth KD 12.25 million were transacted — a 24 pct drop in value from the day before.

National Industrial Group was unchanged at 118 fils and Kuwait Foundry Co took in 2 fils to close at 174 fils. Kuwait Portland Cement dipped 10 fils to 940 fils whereas Kuwait Cement Co was not traded during the session. Equipment Holding Co eased 2 fils to 43.5 fils.

Kuwait National Cinema Co gained 10 fils whereas Al Qurain Petrochemical Co gave up 2 fils before settling at 212 fils. The company has registered a net profit of KD 10.48 million and earnings per share of 10.08 fils in the January-September period as compared to net profit of KD 6.61 million and earnings per share of 6.31 fils in 2015, 9M.

Mezzan Holding dropped 20 fils to 970 fils while Zimah Holding inched 1 fil into green. UPAC climbed 10 fils to 690 fils and Natiional Ranges Co (Mayadeen) stood pat at 28.5 fils.

NICBM rose 10 fils to 206 fils and Yiaco Medical Co jumped 25 fils. The company has logged a nine-month net loss of KD 2.40 million and loss per share of 13.24 fils as compared to net profit of KD 751,920 and earnings per of 4.13 fils in the same period of 2015.

Kuwait and Gulf Link Transport Co was flat at 51 fils and KGL Logistics followed suit. Hits Telecom added 2.5 fils on back of over 1 million shares while EK Holding rose 6 fils.

In the banking sector, Gulf Bank fell 2 fils to 234 fils and Al Ahli Bank gave up 5 fils to close at 300 fils. Kuwait International Bank dialed up 2 fils whereas Commercial Bank of Kuwait was not t

Arab Times