Kuwait’s bourse retreats 14.1 pts in choppy trade–Ooredoo skids 40fils

KFH edges up

06/12/2016 05:46 AST

Kuwait stocks pulled lower as it kicked off the week on a dull note. The main index slipped 14.1 pts in choppy trade to 369.02 points even as trading floor sentiment turned skittish. The heavyweights closed mixed while some of the mid and small caps headed south on profit taking.

The KSX 15 benchmark was little changed at 861.87 points and is down 23 points year-to-date while weighted index edged 0.59 points into red. The volume turnover meanwhile fell sharply as investors toed the sidelines in absence of positive cues. 111 million shares changed hands — a 36 pct drop from Thursday.

The sectors closed mostly in the red. Basic materials outperformed the rest with 1.59 percent gain whereas technology dived 4 pct, the biggest loser of the day. In terms of volume, financial services mustered the highest market share of 47 percent while real estate trailed with 26 pct contribution.

Among day’s notable losers, sector bellwether National Bank of Kuwait dipped 10 fils to 630 fils while Al Ahli Bank was down 5 fils at 295 fils. Humansoft Holding Co slid 60 fils to KD 2.100 partly reversing the losses in the last session.

Zain was unchanged at 405 fils after trading 2.4 million shares and Wataniya Telecom (Ooredoo) dived 40 fils to KD 1.120. Kuwait Telecommunications (VIVA) stood pat at 900 fils and logistics major Agility followed suit to wind up at 570 fils.

Kuwait Finance House rose 10 fils to 510 fils with a volume of over 1 million shares and Gulf Bank of Kuwait paused at 232 fils. The bank has recorded a net profit of KD 32.80 million and earnings per share of 11 fils in the Jan-Sept period.

The market opened wobbly and swung lower in early trade. The price index drifted sideways briefly before slipping into red almost an hour into the session. It plumbed the day’s lowest level of 5,542.29 points in the final minutes amid selling in select counters before clawing back some of the losses at close.

Top gainer of the day, AWJ Holding rallied 8 pct to 67 fils and Sanam Real Estate Co climbed 7.27 percent to stand next. Shuiba Industrial Co skidded 8.33 percent, the steepest decliner of the day and Al Imtiaz topped the volume with over 26 million shares.

Mirroring the day’s downswing, the winners outnumbered the losers. 42 stocks advanced whereas 31 closed lower. Of the 120 counters active on Sunday, 47 closed flat. 2,583 deals worth KD 11.58 million were transacted — a 28.5 percent drop in value from the day before.

National Industries Group fell 2 fils to 120 fils after trading over 2 million shares whereas Gulf Cable and Heavy Engineering Industries and Shipbuilding Co were flat at 375 fils and 160 fils respectively. Boubyan Petrochemical Co held ground at 465 fils.

Kuwait Food Co took in 2 fils and ACICO Industries added 5 fils before settling at 270 fils. Kuwait and Gulf Link Transport Co inched 1 fils higher KGL Logistics followed suit. Kuwait Food Co (Americana) was not traded during the session.

ALAFCO dialed up 2 fils and Jazeera Airways Co stood pat at 800 fils. The airline 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.

Slipped

OSOS slipped 10 fils to 154 fils extending the steep drop in the last session while UPAC climbed 10 fils to 660 fils. Mezzan Holding gained 30 fils and Zimah Holding inched 1 fils into red. Kuwait Cinema Co stalled at KD 0.940.

Al Qurain Petrochemical Co rose 10 fils to 230 fils and Equipment Holding Co dialed up 0.5 fils. AWJ Holding rose 5 fils to 67 fils and IFA Hotels and Resorts added 4 fils. FutureKid was up 2 fils at 106 fils.

NAPESCO stood pat at 800 fils and Yiaco Medical Co followed suit. The company has logged a nine-month net loss of KD 2.40 million and loss per share of 13.24 fils.

In the banking sector, Commercial Bank of Kuwait stagnated at 410 fil

Arab Times