Kuwait index retreats 13.93 pts; volume dips – KFH falls 5 fils;

01/06/2016 06:26 AST

Kuwait stocks swung lower on Monday extending the losses to second straight day. The price index slipped 13.93 pts in slightly volatile session to 5,378.88 points tracking weak regional markets amid fall in oil prices.

The KSX 15 benchmark slipped 3.48 points to 826.67 pts taking the year’s losses to 58 points while weighted index inched 0.7 pts into red. The volume turnover meanwhile shrank further after receding sharply in the previous session. 128.19 million shares changed hands — a 17.6 percent drop from Sunday.

The sectors closed mixed. Consumer services outled the rest with 0.56 pct gain whereas basic materials shed 1.82 percent, the biggest loser of the day. In terms of volume, financials services clocked the highest market share of 42.17 percent while telecommunications and real estate trailed far behind with 14 pct and 13.3 percent contributions respectively.

Among the day’s losers, Kuwait Finance House fell 5 fils to KD 0.465 taking the month’s losses to 25 fils while KIPCO was down 10 fils after trading over 2 million shares. Mabanee Co dropped 10 fils to KD 0.800 partly reversing Sunday’s gains.

Zain gave up 5 fils to settle at KD 0.345 whereas Wataniya Telecom (Ooredoo) shed 20 fils with razor thin volume. Kuwait Telecommunications Co (VIVA) stood pat at KD 0.930 off early lows and Agility too did not budge from its earlier close of KD 0.470.

National Investment Co slipped 6 fils after trading 5.3 million shares and Kuwait Finance and Investment Co clipped 0.5 fil. The company has logged a net loss of KD 255,507 and loss per share of 0.8 fil in the three-month period ending March 31, 2016.

The market opened flat and drifted sideways in early trade. The price index hit the day’s highest mark of 5,396.37 pts and headed south as sentiment turned sour. It bottomed at 5,364.95 pts well past the mid-session before paring back some of the losses at close.

Top gainer of the day, Nafais Holding Co spiked 6.41 pct to 166 fils while Kuwait Resorts Co (Muntazahat) rallied 5.19 pct to stand next. Al Kout Industrial Projects Co slid 7.6 percent, the steepest decliner of the day and Al Mal Investment Co topped the volume with 19.6 million shares.

Mirroring the day’s downtick, the losers outnumbered the winners. 31 stocks advanced whereas 42 closed lower. Of the 116 counters active on Monday, 43 closed flat. 3,011 deals worth KD 9.9 million were transacted — a 5.2 pct fall in value from the day before.

National Industries Group dialed up 2 fils recouping Sunday’s downtick while Kuwait Cement Co gained 15 fils. Gulf Cable rose 10 fils and Boubyan Petrochemical Co was up 10 fils at KD 0.530. ACICO Industries Co dropped 10 fils to 295 fils.

Jazeera Airways was unchanged at KD 0.900 and ALAFCO followed suit to wind up at 204 fils. NAPESCO and PAPCO paused at KD 0.720 and 106 fils respectively whereas Nafais Holding Co gained 10 fils with thin trading.

Clipped

Kuwait and Gulf Links Transport Co eased 1.5 fils and KGL Logistics Company clipped 1 fil after trading 2.9 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.

Equipment Holding Co took in 1 fil with a volume of 4.5 million whereas Kuwait Foundry Company closed flat. The company has penciled a net profit of KD 592,402 and earnings per share of 3.85 fils in the January- March period.

Zima Holding gave up 1 fil after trading 1.3 million shares and Mezzan Holding stood pat at 1.040. Gulf Glass Manufacturing Co was unchanged at 310 fils and Boubyan Petrochemical Co climbed 10 fils to KD 0.530.

Gulf Petroleum Investment Co stagnated at 44 fils and Humansoft Holding Co slid 40 fils to KD 1.380. The company has posted a net profit of KD 6.19 million and earnings per share of 51 fils in the quarter ending March 31, 2016.

Arab Times