Kuwaiti stocks open week with downtick–Ooredoo tumbles 60 fils;KFH fla

22/11/2016 05:33 AST

Kuwait stocks kicked off the week with a downtick after logging modest gains during previous week. The bourse, after firm start, closed 4.43 points down at 5507.31 pts even as the sentiment turned sluggish. The banks were muted and most of the other heavyweights remained subdued.

The KSX 15 index inched 0.25 pts up to 871.82 points taking the month’s gains to 45 points while weighted index eased 0.11pts. The volume turnover meanwhile shrank slightly after rising in the previous three sessions. 150.9 million shares changed hands – a 3.7 pct fall from Thursday.

The sectors closed mostly in the red. Healthcare outshone the rest with 1.54 percent gain whereas technology skidded 5.94 pct, the worst performer of the day. In terms of volume, technology accounted for the highest market share of 38.63 pct while real estate followed with 23 percent contribution.

In the individual shares, Kuwait Food Co (Americana) dipped 20 fils to KD 2.620 and Jazeera Airways followed suit to end at 790 fils. Sector bellwether National Bank of Kuwait was unchanged at 640 fils after trading 1.6 million shares while Ahli United Bank was up 5 fils at 400 fils.

Zain was unchanged at 410 fils off early highs with a volume of 3.6 million and Wataniya Telecom (Ooredoo) tumbled 60 fils reversing most of the gains in the last session. Kuwait Telecommunications Co (VIVA) slipped 10 fils to KD 0.870 and Agility paused at 540 fils.

Kuwait Finance House stagnated at 520 fils and Gulf Bank of Kuwait took in 2 fils. The bank has recorded a net profit of KD 32.80 million and earnings per share of 11 fils in the Jan-September period.

The market opened firm and headed north in early trade. The price index scaled the day’s highest level of 5528.85 points and retreated thereafter. It slipped into red as sentiment weakened and bottomed at 5499.24 pts in the final minutes. However it pulled up to close with marginal losses.

Top gainer of the day, AWJ Holding Co vaulted 9.26 pct to 59 fils and Yiaco climbed 8.6 percent to stand next. OSOS slid 8.77 pct, the steepest decliner of the day and Ithmaar Bank topped the volume with 18.8 million shares.

Despite the day’s downtick, the winners outnumbered the losers. 48 stocks advanced whereas 37 closed lower.

Of the 121 counters active on Sunday, 36 closed flat. 3283 deals worth KD 16.55 million were transacted – a 17.9 pct rise in value from the last session.

National Industries Group was flat at 118 fils after trading over 1 million shares and Gulf Cable was up 5 fils at 380 fils. Kuwait Cement Co rose 15 fils to 405 fils and Kuwait Portland Cement Co stood pat at 950 fils. Heavy Engineering Industries Shipbuilding Co added 2 fils to settle at 154 fils.

Kuwait Foundry Co rose 4 fils to 176 fils while ACICO Industries pulled 10 fils lower. Boubyan Petrochemical Co rose 5 fils to 465 fils and Al Kout Industries Co gained 10 fils. Kuwait National Cinema Co held ground at 950 fils with thin trading.

Stalled

Equipment Holding Co stalled at 42.5 fils and Gulf Glass Manufacturing Company followed suit. The company has registered a net profit KD 1.20 mln and earnings per share of 23.46 fils in the nine-month period ending Sept 30, 2016.

Combined Group Contracting Co slid 30 fils whereas Automated Systems Co climbed 4 fils to 250 fils. Zimah Holding was unchanged at 41 fils and Mezzan Holding followed suit. KCPC was up 6 fils at 166 fils.

Kuwait and Gulf Link Transport Co eased 1 fil to 52 fils and KGL Logistics Co followed suit. GPI and GFC dialed up 2 fils each and Al Rai Media Group followed suit to end at 140 fils.

ALAFCO took in 2 fils and Qurain Petrochemical Industries Co was up by same measure. The company has registered a net profit of KD 10.48 million and earnings per share of 10.08 fils in the January-September period as compared to net profit of KD 6.61

Arab Times