Kuwait stocks retreat 8.73 pts; volume rises–Ooredoo drops 20 fils;

NBK gains

07/12/2016 05:54 AST

Kuwait stocks sagged on Monday extending the losses to second straight session. The price index gave up slight early gains to close 8.73 points down at 5,546.17 points. Some of the banking shares shone whereas other heavyweights were mostly subdued.

The KSX 15 benchmark climbed 10.53 points to 872.4 pts paring the year’s losses to 12 points while weighted index rose 3 pts. The volume turnover meanwhile bounced back following Sunday’s pull back. 153 million shares changed hands — a 37.8 pct swell from the day before.

The sectors closed mostly in the red. Banks outpaced the rest with 1 percent gain whereas technology slid 3.2 pct, the worst performer of the day. In terms of volume, real estate accounted for the highest market share of 45.4 percent while financials services followed with 32.6 percent contribution.

In the individual shares, National Bank of Kuwait climbed 20 fils to 650 fils while Commercial Bank of Kuwait was up 15 fils at 425 fils. Investment conglomerate KIPCO stood pat at 510 fils while Humansoft Holding Co slumped 40 fils to 770 fils.

Zain was unchanged at 405 fils after trading 3.7 million shares and Wataniya Telecom (Ooredoo) dropped 20 fils to KD 1.100. Kuwait Telecommunications Co (VIVA) stalled at 900 fils paused at 900 fils and Agility followed suit to end at 570 fils.

Kuwait Finance House gained 10 fils extending an identical rise in the last session while Boubyan Bank closed 5 fils higher. The bank has recorded a net profit of KD 29.62 million and earnings per share of 13.68 fils in the nine-month period ending September 30, 2016.

The market opened flat and slipped briefly into red in early trading. The main index drifted sideways almost half way into the session before heading north amid buying in select counters. It peaked at 5,564.19 points and retreated thereafter to close with marginal losses.

Top gainer of the day, Manzel rallied 6.56 pct to 28.5 fils while Masaken climbed 5.49 percent to stand next. Amwal skidded 10.26 percent , the steepest decliner of the day and Abyaar Real Estate topped the volume with over 25 million shares.

The market spread was nearly even. 39 stocks advanced whereas 40 closed lower. Of the 124 counters active on Monday, 45 closed flat. 3,301 deals worth KD 13 million were transacted — a 13.16 percent rise in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, took in 2 fils while Gulf Cable gave up 5 fils to end at 370 fils. Kuwait Portland Cement Co was unchanged at KD 0.920 and Heavy Engineering Industries and Shipbuilding Co followed suit.

Kuwait Food Co (Americana) held ground at KD 2.620 with thin trading and Kuwait National Cinema Co climbed 10 fils to KD 0.950. Jazeera Airways dipped 30 fils to KD 0.770 and ALAFCO rose 8 fils extending the last session’s uptick.

Paused

ACICO Industries paused at 270 fils off early lows and Boubyan Petrochemical Co too did not budge from its earlier close of 465 fils. Equipment Co eased 0.5 fil and Al Qurain Petrochemical Co dialed down 2 fils before settling at 228 fils.

NAPESCO rose 10 fils to 810 and RISCO closed 5 fils in green. The company has posted a net profit of KD 4.64 million and earnings per share of 47.37 fils in the nine-month period ending Sept 30, 2016.

Mezzan Holding gained 20 fils on back of 1.2 million shares whereas Zimah Holding stalled at 41 fils. Combined Group Contracting Co and OSOS dropped 10 fils each whereas AWJ Holding Co stood pat at 67 fils. EK Holding Co gave up 2 fls to close at 170 fils.

Kuwait Foundry Co was flat at 174 fils and Shuaiba Industrial Co gained 15 fils. The company has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M.

Kuwait and Gulf Link Transport Co took in 2 fils and KGL Logistics Con nudged 1 fil higher. Burgan Well Drilli

Arab Times