Kuwait index extends decline in tepid trade–United Projects Group dips

12/05/2016 04:47 AST

Kuwait stocks swung lower on Tuesday extending the losses to fourth straight session. The key index dropped 12.43 points in sluggish trade to 5,351.8 points weighed by weakening oil prices and lack of catalysts. The KSX 15 benchmark dropped 4.08 points to 848.48 pts taking the month’s losses to 15 points while weighted index edged 0.61 pts lower. The volume turnover meanwhile rose past the 100 million mark for the first time during the week. 106.34 million shares changed hands – a 8 pct increase from Monday.

The sectors closed mixed. Healthcare outshone the rest with 0.74 percent gain whereas technology slid 4.18 pct, the biggest loser of the day. In terms of volume financial services mustered the highest market share of 33.92 percent while real estate and oil and gas followed with 25.17 percent and 21.23 pct contributions respectively.

Among notable losers, Kuwait Food Co (Americana) tripped 20 fils to KD 2.340 trimming the year’s gains to 340 fils while investment conglomerate KIPCO was down 10 fils at KD 0.530. United Projects Group plunged 50 fils to KD 0.650.

Zain fell 5 fils to KD 0.345 erasing the last session’s gains while Wataniya Telecom (Ooredoo) rose 20 fils to KD 1.120. Kuwait Telecommunications Co (VIVA) dipped 20 fils KD 0.970 and is trading 90 fils down year-to-date.

Agility rose 10 fils to KD 0.510. The company has clocked a first quarter net profit of KD 13.10 million and earnings per share of 11.39 fils up from net profit of KD 11.81 million and earnings per share of 10.27 fils in the same period last year.

The market opened on tame note and moved sideways in early trade. The price index continued to trade flat before slipping into red past the mid-session amid moderate selling in select counters. It plumbed the day’s lowest level of 5,337.2 pts in the final minutes before paring back some of the losses at close.

Top gainer of the day, Kuwait National Cinema Co jumped 9.2 pct to KD 1.180 while LTTC climbed 6.7 percent to stand next. Shuaiba Industrial Co slid 8.77 percent, the steepest decliner of the day and Gulf Petroleum Investment topped the volume with over 21 million shares.

Mirroring the day’s fall, the losers outnumbered the winners. 41 stocks advanced whereas 51 closed lower. Of the 135 counters active on Tuesday, 33 closed flat. 2,663 deals worth KD 9.22 million were transacted – a 29.54 percent dip in value from the day before.

National Industries Group was flat at 124 fils while RISCO fell 5 fils to 305 fils. Gulf Cable climbed 5 fils to 375 fils whereas ACICO Industries stood pat at 295 fils. Boubyan Petrochemical Co dropped 10 fils to KD 0.530.

Jazeera Airways was unchanged whereas Automated Systems Co was down 20 fils at 305 fils. NAPESCO paused at KD 0.730 and Jeeran Holding Co followed suit. Kuwait Gulf Link eased 1 fil to and KGL Logistics too was down by same measure.

Equipment Holding Co and Kuwait Foundry Company clipped 2 fils each Kuwait Foundry 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.

PAPCO took in 2 fils whereas Qurain Petrochemical Industries Co gave up 2 fils to settle at 210 fils. The Energy House Co inched 1 fil higher whereas Mashaer Holding Co closed 1 fil in red. Yiaco Medical Co rose 10 fils to 192 fils.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.670 whereas Commercial Bank and Ahli United Bank rose 5 fils each to KD 0.435 and KD 0.425 respectively. Al Ahli Bank was not traded during the session.

Kuwait Finance House slipped 5 fils whereas Burgan Bank pulled 5 fils higher. The bank has registered a net profit of KD 14.28 million and earnings per share of 4.4 fils in the first quarter of 2016 as compared to net profit of KD 17.53 mln and earnings

Arab Times