Kuwait stocks kicks off week on lackluster note -Ooredoo drops

01/07/2017 05:53 AST

Kuwait stocks edged lower on Wednesday as it opened after the Eid-Al-Fitr holidays. The price index fell 3.03 pts in volatile trade to 6,769.06 pts even as the broader sentiment remained lackluster in absence of cues.

The KSX 15 benchmark inched 0.05 pts higher to 920.26 points while weighted index eased 0.82 points. The volume turnover meanwhile ticked slightly up. 37.34 million shares changed hands — a 4.14 pct rise from the previous session.

The sectors closed mixed. Industrials outshone the rest with 1 pct gain whereas parallel market shed 1.37 percent, the biggest loser of the day. Volume wise, financial services accounted for the highest market share of 35.2 percent and real estate followed with 26.4 percent contribution.

In the individual shares, National Bank of Kuwait took in 2 fils on back of over 2 million shares and KIPCO erased last session’s gains with a 2 fils drop to 336 fils. Mabanee Co dropped 9 fils to 771 fils and Eyas For Higher and Technical Education slumped 40 fils.

Zain eased 1 fil to 424 fils after vacillating a tight range while Ooredoo shed 30 fils extending last session’s losses. Kuwait Telecommunications Co (VIVA) fell 2 fils to 820 fils and Agility dialed down 1 fil before settling at 824 fils.

Al Mutahed dipped 20 fils to 420 fils and Gulf Bank added 2 fils. The bank has posted a 6.7 pct increase in first quarter profit in to KD 9.36 million from KD 8.77 million in Q1 of 2016. The net operating profit rose by 6.8% to KD 9.8 million.

The market opened on a positive note and ticked up in early trade. The main index scaled the day’s highest level of 6,780.18 points and headed south as sentiment soured. It traded choppy before bottoming at 6,738.97 points and clawed back most of the losses in the final minutes.

Top gainer of the day, Burgan Well Drilling Co rallied 19.72 percent to 86 fils and UPAC climbed 16.5 pct to stand next. Contracting and Marine Services Co slid 15.66 pct, the steepest decliner of the day and Al Imtiaz topped the volume with 5,8 million shares.

Reflecting the day’s downtick, the losers outnumbered the winners. 35 stocks advanced whereas 49 closed lower. Of the 1793 shares active on Wednesday, 29 closed flat. 1793 deals worth KD 7.28 million were transacted — a 1.14 pct uptick in value from the last session.

National Industries Group fell 1 fil to 114 fils and Gulf Cable followed suit. Metal and Recycling Co was flat at 89 fils while Heavy Engineering Industries and Shipbuilding Co climbed 5 fils to 216 fils. Educational Holding Group rose 8 fils to 377 fils.

Boubyan Petrochemical fell 6 fils to 575 fils and Al Qurain Petrochemical Co added 3 fils. Independent Petroleum Group rose 4 fils and Kuwait Cable Vision was down 3 fils at 28 fils. Equipment Holding Co edged 1.9 fils into red.

Climbed

ALAFCO climbed 8 fils to 315 fils and Napesco was up 9 fils at KD 1.359. The company’s first quarter profit surged 62.7% year-on-year to KD 2.31 million as to compared to KWD 1.42 million in same period last year. It company had earned KD 7.71 million in 2016.

Humansoft Holding clipped 1 fil and Acico Industries trimmed 2 fils before closing at 260 fils. The company’s first quarter profits rose by 0.78 pct to KD 3.88 mln as compared to KD 3.85 million in Q1 of 2016. Net operating profits was up 11.8 percent to KD 9.87 million.

Gulf Finance Co slipped 4 fils to 80 fils while OSOS and Zimah Holding dialed down 2 fils each to close at 120 fils and 50 fils. Al Rain Media Group took in 2 fils and KPPC closed 2.8 fils in red.

In the banking sector, Kuwait Finance House fell 1 fil to 485 fils and Burgan Bank paused at 330 fils off early lows. Al Ahli Bank and Kuwait International Bank were not traded during the session.

Commercial Bank of Kuwait took in 2 fils partly recouping previous session’s losses while Boubyan Bank

Arab Times