Kuwait index edges higher;volume rises –Zain slips 5 fils;Agility gain

15/03/2016 07:08 AST

Kuwait stocks edged higher on Sunday after posting impressive gains during last week. The price index added 3.67 pts in lackluster trade to close at 5,288.54 points amid mixed board. The banks were mostly muted whereas telecom service providers closed lower.

The KSX 15 gauge eased 2.86 pts to 868.84 points taking the month’s losses to 41 points while weighted index inched 1 pt lower. The volume turnover meanwhile saw an uptick stemming a four-day drop 165.7 million shares changed hands — up 8.59 pct from Thursday.

The sectors diverged during the session. Oil and gas outshone the rest with 2.25 pct gain whereas healthcare slid 2.13 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 28.9 pct and banks stood close behind with 28 percent. Real estate traied with 23.9 pct contribution.

In the individual shares, Kuwait Food Co (Americana) retreated 40 fils after last week’s winning streak to close at KD 2.520 whereas Kuwait Portland Cement climbed 40 fils to KD 1.040. Sector bellwether National Bank of Kuwait pulled up from early session trough to close flat at KD 0.760 and Kuwait Finance House too did not budge from its earlier close of KD 0.510.

Zain eased 5 fils to KD 0.375 trimming the month’s gains to 15 fils while Wataniya Telecom (Ooredoo) and Kuwait Telecommunications Co (VIVA) shed 20 fils each to settle at KD 1.200 and KD 1.000 respectively. Agility rose 5 fils to KD 0.455.

Investment major KIPCO slipped 10 fils and National Investments Company stood pat at 91 fils. The company has incurred a net loss of KD 5.57 million and losses per share of 7 fils in the year 2015 as against net profit of KD 6.67 mln and earnings per share 8 fils in the same period last year.

The market opened flat and moved sideways in early trade. The main index slipped into red and drifted lower amid selling in select counters to bottom at 5272.61 points. It moved listlessly in the second half before ticking up in the final minutes to close in the green turf.

Top gainer of the day, Kuwait Cable Vision Co vaulted 10.2 pct to 27 fils and Safat Energy Co jumped 9.5 percent to stand next. PAPCO dived 8.9 percent, the steepest decliner of the day and Ithmaar Bank topped the volume with over 34 million shares.

Despite the day’s uptick, the losers outnumbered the winners. 39 stocks advanced whereas 53 closed lower. Of the 130 counters active on Sunday, 38 closed flat. 3214 deals worth KD 10.78 million were transacted – a 17.8 pct rise in value from the lasts session.

National Industries Group, the Kharafi Group’s flagship company, fell 2 fils to 116 fils whereas RISCO and Gulf Cable paused at 320 fils and 355 fils respectively. Equipment Holding Co gave up 3 fils and Ikarus Petroleum Industries Co climbed 4 fils to 82 fils.

PAPCO dropped 10 fils to 102 fils and Safwan Trading and Contracting Co shed 25 fils. Mezzan Holding gained 40 fils and United Projects Group jumped 50 fils to KD 0.730. Mezzan Holding Co swung d 40 fils into the green zone.

NAPESCO rose 30 fils to KD 0.660 whereas Burgan Well Drilling Co and Jeeran Holding Co stood pat at 114 fils and 69 fils respectively. Zima Holding eased 5 fils and Al Nawadi Holding closed 5 fils up at 78 fils.

Shuaiba Industrial Co was unchanged at KD 0.420 and Kuwait Foundry Company added 8 fils. The company has posted a net loss of KD 2.94 million and loss per share of 19.17 fils in the year ending December 31, 2015 after logging a net profit of KD 2.42 mln and earnings per share of 15.76 fils in the year before. The Board of Directors has recommended 10 percent cash dividends.

In the banking sector, Gulf Bank fell 2 fils to 214 fils and Al Ahli Bank of Kuwait was down 5 fils at KD 0.355. Ahli United Bank and Kuwait International Bank stood pat at KD 0.430 and 198 fils respectively whereas Commercial Bank

Arab Times