Kuwait bourse slides 38.49 pts

KUWAIT CITY: Kuwait stocks sagged on Sunday reversing the upswing in last two sessions. The main gauge dropped 38.49 points to 6262.63 points even as oil prices continued to weaken. The decline was paced by telecom service providers whereas the banks remained mostly subdued. The KSX 15 benchmark dropped 5.37 pts to 996.84 points to taking the month's losses to 19 points while weighted index edged

  
18 August 2015
Volume dips Ooredoo

Ooredoo dives 80 fils; KFH flat
KUWAIT CITY: Kuwait stocks sagged on Sunday reversing the upswing in last two sessions. The main gauge dropped 38.49 points to 6262.63 points even as oil prices continued to weaken. The decline was paced by telecom service providers whereas the banks remained mostly subdued. The KSX 15 benchmark dropped 5.37 pts to 996.84 points to taking the month's losses to 19 points while weighted index edged 2.39 pts lower. The volume turnover meanwhile slid below the 100 million mark after rising sharply in the last session. 83.87 million shares changed hands - a 58.36 pct slide from Thursday. The sectors closed mostly in the red turf. Basic materials outshone the rest with 1.55 percent gain whereas telecommunications dived 2.65 pct, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 31.3 percent while real estate followed with 29 pct. Telecommunications was a distant third with 10.8 percent contribution. Among day's losers, Kuwait National Cinema Company tumbled 100 fils to KD 1.000 while Mezzan Holding shed 40 fils. Gulf Cable dropped 10 fils to KD 0.480 and Boubyan Petrochemicals Co followed suit.

Telecom major Zain gave up 5 fils after trading over 2 million shares and Wataniya Telecom (Ooredoo) plunged 80 fils to end at KD 1.320. Kuwait Telecommunications Co (VIVA) shed 20 fils and Agility gave up 10 fils to close at KD 0.650. Nafais Holding retreated 10 fils and Kuwait Food Co (Americana) shed 20 fils. The company has registered a net profit of KD 24.19 million and earnings per share of 62 fils in the sixmonths period ending June 30, 2015 as compared to KD 30.89 million profit and earnings per share of 79 fils in the same period last year. The market opened firm and moved sideways in early trade.

The key measure retreated thereafter amid selling in select counters and hit the day's lowest level of 6261.22 pts in the final minutes. However its managed to pare back some of the losses at close. Top gainer of the day, NICBM climbed 4.72 pct to 222 fils while Tahssilat rose 4.71 percent to stand close behind. NCCI tumbled 30.4 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with over 10 million shares. Reflecting the day's downswing, the market spread was skewed towards the losers. 31 stocks advanced whereas 51 closed lower. Of the 131 counters active on Sunday, 49 closed flat. 2533 deals worth KD 15.6 million were transacted - a 35.6 pct dip in value from the day before.

National Industries Group fell 2 fils to KD 0.170 whereas Kuwait Foundry Co nudged 2 fils higher. Kuwait Portland Cement Co was flat at KD 1.180 and ACICO Industries Co held steady at KD 0.305. Gulf Petroleum Investment closed 3 fils lower while City Group was unchanged at KD 0.400 off early lows. The company has posted a net profit of KD 3.56 million and earnings per share of 31.51 fils in the January-June period of 2015 as against net profit of KD 2.85 million and earnings per share of 25.29 fils in the same period last year.

Profit

Kuwait and Gulf Link Transport Co inched 1 fils down whereas KGL Logistics Company closed flat after trading over 1 million shares. The company has posted a net profit of KD 3.49 million and earnings per share of 5.82 fils in the first half of 2015, up from net profit of KD 2.73 million and earnings per share of 5.06 fils in the same period last year. Gulf Petroleum Investment slipped 3 fils and Equipment Holding Co paused at 74 fils. The company has incurred a net loss of KD 494,362 loss per share 3.62 fils as compared to net profit of KD 496,880 and earnings per share of 3.64 fils in 2014, H1. ALAFCO vacillated in a tight range before closing unchanged at KD 0.230 while Jazeera Airways added 5 fils. Zima Holding Co eased 3 fils. In the banking sector, National Bank of Kuwait dropped 10 fils to KD 0.840 while Gulf Bank and Commercial Bank of Kuwait were flat at KD 0.275 and KD 0.610 respectively.

Al Ahli Bank was steady at KD 0.345 and Ahli United Bank followed suit. Kuwait International Bank dialed up 2 fils while Burgan Bank a added 5 fils to close at KD 0.415. Kuwait Finance House paused at KD 0.620 and Boubyan Bank closed 5 fils in red. National Investment Co clipped 2 fils and Kuwait Investment Company gave up 4 fils. The company has registered a net profit of KD 2.53 million and earnings per share of 4.619 fils in the sixmonth period ending June 30, 2015 down from KD 5.22 million profit and earnings per share of 9.541 fils in the first six-months of 2014. Securities House Co dialed down 3 fils whereas Securities Group Co was flat at KD 0.120. Kuwait Financial Centre took in 2 fils whereas Al Aman Investment Co clipped 2 fils to end at 67. Bayan Investment Co and Osoul Investment both closed flat. KFIC rose 2 fils to 57 fils whereas KAMCO held steady at KD 0.102. National Real Estate Co paused at 92 fils whereas Mabanee Co gained 10 fils. The bourse was mixed during last week. The price index closed higher in 3 of the 5 sessions and climbed 52 pts week-on-week. It has gained 10 pts from start of the month and is trading 3.59 pct lower year-to-date.

KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Safat Energy Holding Company has incurred a net loss of KD 82,966 and losses per share of 0.14 fils narrowing from net loss of KD 333,485 and losses per share of 0.55 fils in the same period last year. Kuwait Insurance Company has recorded a net profit of KD 4.55 million and earnings per share of 24.53 fils in the January-June period, up from net profit of KD 3.47 million and earnings per share of 18.65 fils in the first half of 2014. Alimtiaz Investment Group Co has registered a net profit of KD 7.65 million and earnings per share of 6.96 fils in the first of 2015, rising sharply from net profit of KD 50,685 and earnings per share of 0.05 fils in the same period of 2014. Aayan Leasing and Investment Company has clocked a net profit of KD 5.42 million and earnings per share of 6.76 fils in the six-months period ending June 30, 2015, down from net profit of KD 8.88 million and earnings per share of 11.07 fils in the H1 of 2014. City Group Company has posted a net profit of KD 3.56 million and earnings per share of 31.51 fils in the January-June period of 2015 as against net profit of KD 2,85 million and earnings per share of 25.29 fils in the same period last year.

© Arab Times 2015