Kuwait stocks tumble 9.1 pts to 5,380.45 pts

19/07/2016 05:27 AST

Kuwait stocks swung lower on Monday amid rising speculation as second-quarter earnings season kicked off. The price index declined 9.1 points in a slightly volatile trade to 5,380.45 points with mixed boards.

The KSX-15 benchmark rose 7 points to 806.55 points trimming the month’s losses to 4.37 points while the weighted index gained 2.05 points. The volume turnover meanwhile saw a modest rebound after dropping in the last session. 71 million shares changed hands, a rise of 21.32 percent from the previous session. The sectors closed mixed. Technology outshone the rest with 3.05 percent gain for a second day in row while oil and gas sank 1.06 percent to end the day as the weakest performer.

In terms of volume, financial services mustered the highest market share of 38.91 percent while real estate and banks trailed far behind with 24.75 percent and 13.96 percent contributions respectively. Top gainer of the day, Automated Systems Co surged 9.43 percent and Egypt Kuwait Holding Co stood next with 8.06 percent gain. Kuwait Cable Vision plummeted 11.11 percent, the steepest decliner for two days in a row. The heaviest-traded stock Al-Mal Investment Co eased 1.82 percent with nearly 6 million shares. Among the notable movers, National Bank of Kuwait rose 10 fils on the back a 7.2 percent rise in second-quarter net profit. Kuwait Food Co (Americana) plunged 40 fils whereas Humansoft Holding Co was down by the same amount with thin trading. ACICO Industries Co plummeted 25 fils while Agility continued its surge with 10 fils gain to settle at KD 480 fils on the back of 1 million shares.

Mabanee resumed trading with 10 fils jump and Kuwait Cement Co followed suit. Kuwait Foundry Co stagnated at 166 fils in this session. The market opened on a tame note and moved sideways in early trade. The price index slipped below the red line and troughed at 5,369.44 points well past the mid-session before paring back some of the loses at close. The banking sector saw modest gains as Al-Ahli Bank of Kuwait rose 16 fils to KD 0.330 while Kuwait Finance House climbed 10 fils. Gulf Bank and Warba Bank gained 2 fils each whereas Boubyan Bank shed 5 fils to stand at 380 fils. Burgan Bank and Commercial Bank of Kuwait closed fl at at KD 0.325 and KD 0.380 respectively. Ahli United Bank added 5 fils.

Kuwait International Bank was up 4 fils after trading over 1 million shares. Kuwait International Bank has an- Photo by Rizk Tawfik Traders watch share movements on the fl oor of the Kuwait Stock Exchange. The price index dropped 9.1 pts on Monday. nounced a net profit of KD 12 million, a 15 percent rise, during the first half of 2016 compared to KD 10.5 million in the corresponding period of 2015. This growth is attributable to an increase in the financing income by 19% i.e. KD 5.5 million to reach KD 34.3 million compared to KD 28.7 million for the corresponding period last year. This has refl ected positively on earnings per share (EPS) which also increased by 15% to reach 12.8 fils compared to 11.2 fils. The market spread was almost even as 43 stocks advanced whereas 42 closed lower. Of the 126 counters active on Monday, 41 closed fl at. 2,032 deals worth KD 8.5 million were transacted, a drop of 14.92 percent in value from the last session. In the real estate sector, United Real Estate Co gave up 8 fils while Kuwait Real Estate Co edged 2 fils higher on the back of over 1.4 million shares. National Real Estate Co and Salhia Real Estate Co stood pat during this session. Ajial Real Estate Co was down 6 fils and Injazzat Real Estate Development Co eased 1 fils. Al-Mazaya Holding Co and National Industries Group advanced 2 fils each to settle at 118 fils and 116 fils.

Flex Resorts & Real Estate Co rose 5.95 percent with thin trading. Independent Petroleum Group Co dived 10 fils whereas Boubyan Petrochemicals Co was down 5 fils and Qurain Petrochemicals Co nudged 4 fils higher. Ikarus Petroleum Industries C

Arab Times