11 May, 2015

Kuwait bourse declines 5.64 pts; volume dips

KUWAIT CITY: Kuwait stocks sagged Monday after edging lower in last two sessions. The key measure slipped 5.64 pts to 6388.84 pts in a limp session even as shares closed mixed. Some of the banking stocks shone whereas other blue chips remained subdued.

11 May 2015
Humansoft Holding dives 50 fils, Zain flat

KUWAIT CITY: Kuwait stocks sagged Monday after edging lower in last two sessions. The key measure slipped 5.64 pts to 6388.84 pts in a limp session even as shares closed mixed. Some of the banking stocks shone whereas other blue chips remained subdued.

The KSX 15 benchmark climbed 4.23 points to 1042.69 pts narrowing the month's losses to 18 points while weighted index edged 0.99 pts up. The volume turnover meanwhile dropped below the 200 million mark to hit the month's lowest level as investors toed caution. 144.9 million shares changed hands a 29.8 pct drop from the last session.

The sectors closed mostly in the red turf. Oil and gas outperformed the rest with 1.12 pct gain whereas real estate shed 0.95 percent, the worst performer of the day. In terms of volume, financial services notched the highest market share of 34.17 pct and real estate followed with 29.36 percent. Industrials was a distant third with 11.64 percent contribution.

Among the notable losers, Humansoft Holding dived 50 fls to KD 0.690 and Mabanee Co was down 10 fils at KD 0.950 extending an identical fall in the previous session. Kuwait Investment Co gave up 6 fils to wind up at KD 0.130.

Sector bellwether Zain was unchanged at KD 0.465 after gyrating in a tight range and Watanya Telecom too did not budge from its earlier close of KD 1.420 after adding 20 fils from start of the year. Kuwait Telecommunications Co ( VIVA) too pared back early losses to close flat at KD 0.870 whereas Agility slipped 10 fils to end at KD 0.780.

Clipped

National Investment clipped 2 fils whereas KIPCO paused at KD 0.640.The company has posted a net profit of KD 12 million for the first three months of 2015 -- an increase of 17 per cent from the same period last year. Earnings per share grew by 24% to 8.84 fils from first quarter of 2014 and operating profits before provisions rose 9 pct to KD 37 million.

The market opened flat and moved sideways in early trade. The price index rose slightly to hit the day's highest level of 6397.8 points and slipped into red thereafter as sentiment turned negative. It continued to drift lower to plumb the day's lowest level 6370.74 points in the final minutes before clawing back some of the losses at close.

Top gainer of the day, Strategia Holding Co vaulted 10 pct to 55 fils and Kuwait Portland Cement climbed 8.33 percent to stand next. Humansoft Holding plunged 6.66 pct, the steepest decliner of the day, and Al Madina topped the volume with 15.9 million shares.

Mirroring the day's downtick, the market spread was skewed towards the losers. 34 stocks advanced whereas 48 closed lower. Of the 133 counters active on Monday, 51 closed flat. 3627 deals worth KD 12.30 million were transacted - a 0.40 pct rise in value from the day before.

National Industries Group, the flagship company of Kharafi Group was unchanged at KD 0.188 and Kuwait Cement Co too did budge from its earlier close of KD 0.355. Kuwait Portland Cement soared 40 fils to KD 1.300 while Gulf Cable and Shuaiba Industrial Co added 10 fils each.

Metal and Recycling Co paused at 83 fils and Gulf Glass Manufacturing Co followed suit to close at KD 0.620. Salbookh Trading Co climbed 6 fils and City Group held steady at KD 0.540 .

ALAFCO paused at KD 0.216 and Jazeera Airways followed suit. The airline has posted a net profit of KD 3 million in the first quarter of 2015, an increase of 44.6% from the same quarter last year. The operating profit came in at KD 2.4 million, up 141.2 % from Q1 2014 while operating revenue rose 3.5 pct to KD12.9 million.

Kuwait and Gulf Links Transport Co was unchanged at 50 fils and KGL Logistics Co inched 1 fils lower. NAPESCO climbed 30 fils to KD 0.580 and United Projects Group was up by same measure to settle at KD 0.750. Burgan Well Drilling Co pulled 4 fils lower to KD 0.136.

Steady

National Real Estate Co gave back 4 fils and Al Mazaya Holding Company held steady at KD 0.120. The company has posted a net profit of KD1.71 million in the first quarter of 2015, a 16.6% increase from KD1.47 million from corresponding period of 2014. Earnings per share clocked 2.77 fils.

In the banking sector, National Bank of Kuwait rose 10 fils on to KD 0.850 and Gulf Bank was flat at KD 0.275. Commercial Bank of Kuwair climbed 20 fils whereas Al Ahli bank was unchanged at KD 0.360. Ahli United Bank pulled 10 fils lower to KD 0.560 and Kuwait International Bank closed steady at KD 0.249. Boubyan Bank stagnated at KD 0.440.

Burgan Bank slipped 5 fils to KD 0L.435 and Kuwait Finance House was up 10 fils at KD 0.670. The bank has posted a net profit of KD 29.9 million in the first three months of 2015 as compared to KD 26.1 million in the same period last year. Earnings per share increased by 1% to 6.12 fils over the same period last year.

The bourse has been slightly negative so far during the week and has retreated 8 pts in last two sessions. It had gained 9 points from start of the month but is trading 2.05 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Gulf Insurance Group (GIG) The company has registered a net profit of KD 3.7 million or 20.86 fils per share, for the financial period ended March 31, 2015 - an increase of 22.8 percent from the same period last year. Shareholder equity reached KD 82.5 million - a growth of 3.7 percent.

Gulf Glass Manufacturing Co has posted a net profit KD 629,298 and earnings per share of 14.17 fils in the January March period of 2015 as against net profit of KD 281,177 and earnings per share of 6.33 fils in Q1 of 2014.

Sokouk Holding has clocked a net profit of KD 5.012 million and earnings per share of 9 fils in the year ending Dec 31, 2014 and the Board of Directors recommended 5 percent bonus shares.

Capital Markets Authority has approved the listing of Mizan Holding Company in Kuwait Stock Exchange main market subject to fulfillment of some conditions.

Kuwait Foundry Co has logged a net profit of KD 2.26 million and earnings per share of 14.74 fils in the first nine-months of 2014, as against KD 2,13 million profit and earnings per share 13.9 fils in the 9M of 2013.

Warba Bank has recorded a net profit of KD 115,000 and earnings per share of 0.12 fils in 2014, rebounding from net loss of KD 3.709 million and loss per share of 3.71 fils in 2013.

© Arab Times 2015