Kuwait stocks tread water; volume soars – Mabanee Co sheds 30 fils;

16/02/2016 07:46 AST

The KSX 15 gauge slipped 5.43 pts to 821.74 points taking the month’s losses to 6 points while weighted index edged 1.46 pts lower. The volume turnover meanwhile swelled past the 100 million mark after hitting a four-week low in the last session. 101.85 million shares changed hands — a 35.53 percent surge from Thursday.

The sectors closed mixed. Financial services outshone the rest with 2.77 pct gain whereas telecommunications shed 0.93 pct, the biggest loser of the day. In terms of volume real estate garnered the highest market share of 45.6 percent and financial services followed with 34 pct. Banks trailed far behind with 7.5 percent contribution.

In the individual shares, National Bank of Kuwait slipped 10 fils to KD 0.710 and is down 90 fils year-to-date whereas Kuwait Finance House stood pat at KD 0.475 after trading 1.4 million shares. Mabanee Co shed 30 fils to settle at KD 0.890.

Wataniya Telecom (Ooredoo) dropped 20 fils to KD 1.060 and heavyweight Zain was unchanged at KD 0.340. The company has clocked a net profit of KD 154.31 million and earnings per share of 40 fils in the full year 2015 and the Board of Directors has recommended 30 pct cash dividends.

Kuwait Telecommunications Co (VIVA) gave up 10 fils to settle at KD 0.870 and logistics major Agility added 5 fils to settle at KD 0.425. Kuwait Food Co (Americana) slid 40 fils to KD 2.340 snapping the strong rally in the last week.

The market opened slightly weak but edged up in early trade. The price index drifted listlessly thereafter as sentiment turned brittle and slipped into red again. It troughed at 5,118.55 pts in the final minutes before paring back some of the losses at close.

Top gainers of the day, Al Aman Investment Co and Future Communications Co rallied 9.8 pct each while Taameer shed 6.2 pct, the steepest decliner of the day. Al Dar National Real Estate Co topped the volume with over 37 million shares.

Mirroring the day’s mixed mood, the winners and losers were nearly evenly poised. 37 stocks advanced whereas 40 closed lower. Of the 116 counters active on Sunday, 39 closed flat. 2,630 deals worth KD 7.11 million were transacted — a 10 pct fall in value from the lasts session.

National Industries Group, the flagship company of the Kharafi Group, was unchanged at KD 0.110 off early lows and Gulf Cable climbed 10 fils to KD 0.345. Shuaiba Industrial Co gained 20 fils whereas Kuwait Foundry Co was down 4 fils at KD 0.400.

Slipped
ACICO Industries slipped 10 fils to KD 0.279 and Equipment Holding Co clipped 2 fils to settle at 51 fils. Kuwait Cable Vision eased 1.5 fils to 27 fils and Humansoft Holding paused at KD 0.860. Gulf Petroleum Investment Co and Gulf Franchising Holding Co gave up 0.5 fils each.

ALAFCO rose 4 fils to KD 0.182 and Jazeera Airways Co closed flat. The company has posted a net profit of KD 15.38 mln and earnings per share of 37.82 fils in the full year 2015 rebounding from a net loss of KD 2.88 million and loss per share of 6.87 fils in the year before. The Board of Directors recommended 15 pct cash dividends.

Egypt Kuwait Holding Co dropped 8 fils to KD 0.118 while Zima Holding and Mezzan Holding Co held steady at 99 fils and KD 1.080 respectively. Yiaco Medical Co gained 10 fils to end at KD 0.148 and Jeeran Holding stood pat at 64 fils.

In banking sector Gulf Bank eased 2 fils to KD 0.204 and Al Ahli Bank was unchanged at KD 0.350. Burgan Bank too stagnated at KD 0.325 whereas Ahli United Bank and Commercial Bank of Kuwait were not traded during the session. Warba Bank took in 2 fils to close at 178 fils.

Boubyan Bank was flat at KD 0.380 off early highs and Kuwait International Bank followed suit. The bank has clocked a net profit of KD 16 million and earnings per share of 17.14 fils during 2015 soaring from net profit of KD 13.67 million and earnings per share of 14.65 fils in th

Arab Times