Kuwait bourse edges lower; volume shrinks – KIPCO drops 10 fils;

Americana stagnates

31/08/2016 05:25 AST

Kuwait stocks sagged on Monday extending the losses to fourth straight session. The bourse eased 6.27 points in choppy trade to 5404.7 pts even speculative trading pushed select counters in a narrow range.

The KSX 15 gauge slipped 1.34 pts to 801.93 points taking the month’s losses to 9 pts while weighted index inched 0.61 pts into red. The volume turnover meanwhile shrank after the Sunday uptick. Over 48 million shares changed hands – a 12.14 pct fall from the day before.

The sectors closed mostly in the red turf. Consumer goods outshone the rest with 1.75 percent gain while oil and gas slid 2.34 pct, the worst performer of the day. In terms of volume, financial services mustered the highest market share of 39.15 percent and real estate followed with 20 pct contribution.

In the individual shares, investment conglomerate KIPCO dropped 10 fils to KD 0.540 whereas Kuwait Food Co (Americana) continued to stagnate at KD 2.440. Mabanee Co slipped 10 fils to KD 0.790 erasing the gains in the last session and has shed 150 fils year-to-date.

Zain was unchanged at KD 0.325 and Wataniya Telecom (Ooredoo) climbed 20 fils to KD 1.020 with thin volume. Kuwait Telecommunications Co (VIVA) stood pat at KD 0.910 while Agility gave up 5 fils to settle at KD 0.465.

National Bank of Kuwait was flat at KD 0.580 off early highs and Kuwait International Bank followed suit. KIB has logged a net profit of KD 11.97 million and earnings per share of 12.83 fils in the six-month period ending June 30, 2016.

The market opened flat and slipped into red in early trade. The price index drifted sideways thereafter as stocks range traded mostly on speculative pressure. It dropped further past the mid-session to plumb the day’s lowest mark of 5389.89 pts before paring back some of the losses at close.

Top gainer of the day, Kuwait Cable Vision Co vaulted 12.2 pts to 23 fils and Danah Foodstuff Co climbed 8.7 pct to stand next. National Cleaning Co slid 6.25 percent, the steepest decliner of the day and Equipment Holding Co topped the volume with 3.2 million shares.

Mirroring the day’s downtick, the losers outnumbered the winners. 20 stocks advanced whereas 47 closed lower. Of the 117 counters active on Monday, 50 closed flat. 1497 deals worth KD 4.9 million were transacted – a 10.38 pct drop in value from the day before.

National Industries Group paused at 114 fils while Kuwait Cement Co and Contracting and Marine Services Co fell 5 fils each to close at and KD 0.375 and 88 fils respectively. Kuwait Foundry Co dialed up 2 fils and Gulf Cable was down 5 fils at KD 0.375.

Equipment Holding Co eased 2.5 fils and ACICO held the ground at 290 fils with thin trading. NICBM added 10 fils and Combined Group Contracting Co was up by same measure.

Paused

Humansoft Holding Co paused at KD 1.500 and Independent Petroleum Group Co dialed down 5 fils. The company has clocked a net profit of KD 2.53 million and earnings per share of 17.53 fils in the first half of 2016 as compared to net profit of KD 1,45 million and earnings per share of 10.03 fils in 2015 HI.

Zimah Holding Co was unchanged at 40 fils and NAPESCO slid 30 fils to KD 0.700. The company has logged a net profit of KD 3.75 million and earnings per share of 67.49 fils in the first half of 2016.

Mezzan Holding Co stagnated at KD 1.020 and Kuwait National Cinema Co pulled 10 fils lower. The company has posted a net profit of KD 4.93 million and earnings per share of 52.35 fils as against a net profit of KD 5,98 million and earning per share of 62.65 fils in the same period last year.

Kuwait and Gulf Link Transport Co eased 0.5 fils to 42.6 fils and KGL Logistics took in 1 fils to close at 71 fils.

In the banking sector, Kuwait Finance House was flat at KD 0.460 after trading 2.8 million shares. Gulf Bank stood pat at 226 fils whereas Ahli U

Arab Times