Kuwait equities fall amid choppy trading–Humansoft Holding dives 100Fi

Zain gains

20/12/2016 05:49 AST

Kuwait stocks headed south on Sunday after posting strong gains during last week. The price index dropped 17.49 pts in choppy trade to 5,651.17 points weighed by select counters even as the blue chips remained largely subdued.

The KSX 15 benchmark eased a slight 0.45 pt to 889.23 points while weighted index inched 0.4 point into red. The volume turnover, meanwhile, receded for the second straight session. 134.47 million shares changed hands — a 11.4 percent drop from Thursday.

The sectors closed mostly in red. Consumer services outshone the rest with 085 percent gain whereas technology dipped 1.18 pct, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 57 pct while financial service trailed far behind with 17.9 percent contribution.

In the individual shares Gulf Bank slipped 4 fils to 246 fils erasing Thursday’s gains while Ahli United Bank was down 5 fils at 390 fils with thin trading. Humansoft Holding plunged 100 fils to KD 2.120 extending the drop in the previous session.

Zain rose 5 fils on back of 2.3 million shares to 425 fils and Wataniya Telecom (Ooredoo) shed 20 fils to close at KD 1.120. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.920 and Agility closed 10 fils lower at 620 fils.

Jazeera Airways dropped 10 fils to 770 fils and ALAFCO was up 10 fils at 234 fils. Jazeera has posted a net profit of KD 12.01 million and earnings per share of 60.06 fils in the first nine months of 2016.

The market opened on tame note and moved sideways in early trade. The main index scaled the day’s highest level of 5,672.72 pts and headed lower thereafter as sentiment turned weak. It continued to drift into red and plumbed the day’s lowest level of 5,641.29 pts in final hour before clawing back some of the losses at close.

Top gainer of the day, Contracting and Marine Services Co climbed 7.58 pct to 71 fils and Muntazahat climbed 6.58 pts to stand next. MENA Holding slid 11.11 pct, the steepest decliner of the day and Investors Holding Group topped the volume with 45.5 million shares.

Reflecting the day’s drop, the losers outnumbered the winners. 35 stocks advanced whereas 41 closed lower. Of the 129 counters active on Sunday, 53 closed flat. 2,916 deals worth KD 7.9 million were transacted — a 37 percent dip in value from the day before.

National Industries Group was flat at 126 off slight early highs Gulf Cable too did not budge from its earlier close of 385 fils. Heavy Engineering Industries and Shipbuilding Co fell 2 fils and Equipment Holding Co inched 0.5 fil into red.

Kuwait Portland Cement Co was unchanged at KD 0.910 and Kuwait Foundry Co followed suit. Al Qurain Petrochemical gave up 4 fils to close at 224 fils while Yiaco and AWJ Holding Co paused at 425 fils and 65 fils respectively.

Dropped

Automatic Systems Co dropped 6 fils to 242 fils and Gulf Glass Manufacturing Company fell 5 fils. The company has registered a net profit KD 1.20 mln and earnings per share of 23.46 fils in the nine-month period ending Sept 30, 2016. Zimah Holding Co stagnated at 41.5 fils whereas Mezzan Holding Co climbed 10 fils to 840 fils. The company has won the approval of Capital Markets Authority for it request to buy back or sell up to 10 pct of its shares over a period of 6 months.

Kuwait and Gulf Link Transport Co fell 2 fils to 53 fils and Al Qurain Petrochemical Co gave up 4 fils to end at 224 fils. Combined Group Contracting Co dipped 10 fils and Kuwait National Cinema Co stood pat at KD 1,020.

In the banking sector, National Bank of Kuwait was flat at KD 0.650 and Al Ahli Bank added 5 fils before settling at 300 fils. Kuwait International Bank was unchanged at 206 fils and Kuwait Finance House followed suit.

Burgan Bank fell 5 fils to 300 fils and Boubyan Bank held ground at 400 fils off slight early lows. Wa

Arab Times