13 January, 2016

Kuwait edges slightly lower; volume jumps - NBK drops 10 fils; KIPCO gains

KUWAIT CITY, Jan 13Kuwait stocks edged lower on Wednesday extending the decline to eighth straight session. The main index, after a tame start, closed 4.66 points down at 5,352.96 pts even as investors toed caution in wake of further drop in oil prices. The banks and most of the blue chips were largely muted whereas the mid and small caps closed mixed.The KSX 15 benchmark eased 0.64 points to 851.

KUWAIT CITY, Jan 13

Kuwait stocks edged lower on Wednesday extending the decline to eighth straight session. The main index, after a tame start, closed 4.66 points down at 5,352.96 pts even as investors toed caution in wake of further drop in oil prices. The banks and most of the blue chips were largely muted whereas the mid and small caps closed mixed.

The KSX 15 benchmark eased 0.64 points to 851.72 pts taking the month's losses to 33 points while weighted index was almost unchanged at 363.25 pts. The volume turnover meanwhile saw a moderate swell after hitting the month's lowest level in the last session. 72.47 million shares changed hands -- a 19.58 pct rise from Tuesday.

The sectors closed mixed. Financial services outshone the rest with 0.53 pct increase whereas oil and gas shed 1.39 percent, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 39.67 pct while real estate and banks followed with 21.2 pct and 12.2 percent contributions respectively.

In the individual shares, National Bank of Kuwait dropped 10 fils to KD 0.760 after trading 1.6 million shares whereas Kuwait Finance House closed flat at KD 0.495 off early lows. KIPCO swung 10 fils higher to KD 0.530 on back of over 2 million shares and has retreated 50 fils from start of the month.

Zain rose 5 fils to KD 0.340 with a volume of 3.9 million and Wataniya Telecom (Ooredoo) held steady at KD 1.060. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.990 after trading 2.7 million shares.

Kuwait Food Co (Americana) continued to stagnate at KD 0.425 and logistics major Agility followed suit. The company has won Capital Markets Authority's approval for its request to buy back or sell up to 10% of own shares over a period of 6 months.

The market opened flat and moved sideways in early trade. The price index edged into red thereafter amid selling in select counters and plumbed the day's lowest level of 5,334.58 points in the final minutes before paring back some of the losses at close.

Top gainer of the day, Coast Investment and Development Co climbed 7.41 percent to 29 fils while National Cleaning was up 6.58 percent to stand next. Taameer Real Estate Investment Co slid 11.11 pct, the steepest decliner of the day and Gulf Finance House topped the volume with over 10 million shares.

Despite the day's downswing, the winners outled the losers. 49 stocks advanced whereas 31 closed lower. Of the 116 counters active on Wednesday, 36 closed flat. 2,299 deals worth KD 12.4 million were transacted - a 39.19 pct surge in value from the day before.

National Industries Group was unchanged at KD 0.110 off early lows and Gulf Cable slipped 15 fils to KD 0.340. Kuwait Portland Cement Co paused at KD 1.020 and Kuwait Cement Co too did not budge from its earlier close of KD 0.370.

Plunged

ACICO dropped 15 fils to KD 0.300 whereas Kuwait National Cinema Co plunged 50 fils to KD 0.900. Equipment Holding Co inched 1 fils up on back of 1.3 million shares. NICBM dropped 10 fils and NAPESCO slid 30 fils. Nafais Holding Co gave up 10 fils to end at KD 0.124.

Jazeera Airways Co dropped 10 fils to KD 0.820 and ALAFCO stood pat at KD 0.204. Burgan Well Drilling Co added 4 fils whereas Mashaer Holding Co pulled 6 fils lower. Zima Holding Co clipped 2 fils and Mezzan Holding was down 20 fils at KD 1.060.

In the banking sector, Gulf Bank of Kuwait was flat at KD 0.242 and Al Ahli Bank too held steady at KD 0.360. Ahli United Bank of Kuwait stagnated at KD 0.510 and Kuwait International Bank closed 4 fils higher.

Boubyan Bank paused at KD 0.425 after vacillating in tight range and Warba Bank nudged 2 fils higher. Commercial Bank of Kuwait was not traded during the session

Burgan Bank closed flat. The bank has obtained the approval of Central Bank of Kuwait and Capital Markets Authority to issue bonds for its holders at a maximum of KD 100 million with an aim to boost its capital base.

National Investment Co was unchanged at 77 fils and Noor Financial Investment followed suit. The company has logged a net profit of KD 59,909 and earnings per share of 0.15 fils in the nine-month period ending 30 Sept 2015.

Commercial Facilities Co rose 4 fils to KD 0.152 and Kuwait Investment Co inched 1 fils up. Securities House Co took in 0.5 fils and Al Madina For Finance and Investment Co was up by same measure. First Investment Co added 3 fils.

Bayan Investment Co and KMEFIC eased 0.5 fils each while Al Deera Holding closed 1 fils up. Bayan has obtained the approval of Capital Markets Authority to sell 30,319,197 shares for 6 months from the date of the approval. Mabanee Co climbed 10 fils to KD 0.890 whereas Al Enma Real Estate Co closed 4 fils lower. National Real Estate Co and Tamdeen Real Estate Co stood pat.

The market has been trending lower so far during the week and has slid 123 points in last four sessions. It has dived 263 points so far during the month and is down 4.67 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Gulf Insurance Group has been granted the approval by Capital Markets Authority on Jan 7, 2016 to buy back or sell a maximum of 10% of its shares for 6 months from date of the approval.

Al-Enmaa Real Estate Co has posted a net profit of KD 4.38 million and earnings per share of 9.73 fils for the year ending Dec 31, 2015 as compared to net profit of KD 3.36 million earnings per share of 7.47 fils in the year before .

Al Safat Real Estate Co has incurred a net loss of KD 53,673 and loss per share of 0.22l fils in the period ending Oct 31, 2015 as compared to net profit of KD 96,933 and earnings per share of 0.40 fils in the same period of 2014.

Boubyan International Industries Holding Company has clocked a net profit of of KD 25,007 and earnings per share of 0.08 fils in the quarter ending Oct 31, 2015 as against net loss of KD 126,236 and loss per share of 0.42 fils in the same period of last year.

Strategia Investment Co has won the Capital Markets Authority's approval for the company's request to buy back or sell up to 10% of own shares over a period of 6 months.

City Group Co has received the approval of Capital Markets Authority for its request to voluntarily withdraw from Kuwait Stock Exchange.

© Arab Times 2016

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