28 July, 2015

Kuwait bourse edges lower; volume shrinks

KUWAIT CITY: Kuwait stocks sagged on Sunday, extending the retreat to third consecutive session. The main gauge dropped 4.66 pct in choppy trade to 6,281.84 points weighed by some of the banks and some of the mid and small caps. The market board was mixed even as investors eye fresh cues before picking up new positions. The KSX 15 measure slipped 2.9 pts to 1,025.39 points trimming the month's

28 July 2015
KFH slips 10 fils; Americana gains
KUWAIT CITY: Kuwait stocks sagged on Sunday, extending the retreat to third consecutive session. The main gauge dropped 4.66 pct in choppy trade to 6,281.84 points weighed by some of the banks and some of the mid and small caps. The market board was mixed even as investors eye fresh cues before picking up new positions. The KSX 15 measure slipped 2.9 pts to 1,025.39 points trimming the month's gains to 9 points while weighted index edged 1.73 points lower. The volume turnover meanwhile shrank after swelling in the last two sessions. Over 106 million shares changed hands a 30.9 percent drop from Thursday. The sectors closed mixed. Healthcare outshone the rest with 4.9 percent upswing whereas technology shed 1.15 percent, the worst performer of the day. In terms of volume, financial sector garnered the highest market share of 41.6 pct while real estate stood next with 33.32 percent. Among the day's losers, IFA Hotels and Resorts Co dived 50 fils while Mezzan Holding Co was down 20 fils at KD 1.200 after posting strong gains in the last session. Gulf Cable too shed 20 fils and Kuwait Cement Co pulled 15 fils lower to KD 0.365. Telecom service provider Zain eased 5 fils to KD 0.430 and Wataniya Telecom dropped 20 fils. Kuwait Telecommunications Co (VIVA) was unchanged at KD 0.940 and logistics major Agility climbed 10 fils to KD 0.660 recouping the losses in the last session.

Down

Burgan Bank fell 5 fils and Kuwait Finance House was down 10 fils at KD 0.630 after trading 1.28 million shares. The bank has logged a net profit of KD 62.3 million in the first half of 2015, a 14.1 percent increase from KD 54.6 million over the same period of the previous year. Earning per share stood at 13.30 fils as compared to 11.64 fils for corresponding period of 2014. The market opened weak but nudged up in early trade. The price index moved sideways in the green zone before peaking at 6298.54 points and retreated thereafter as sentiment turned weak. It slipped into red past the mid-session to bottom at 6278.07 pts and pared back some of the losses at close. Top gainer of the day, Gulf Glass Manufacturing Co spiked over 9 percent to 600 fils while Educational Holding Group climbed 8.87 percent to stand next. IFA Hotels and Resorts tumbled 23.58 pct, the steepest decliner of the day and Al Dar National Real Estate Co continued to top the volume with over 14 million shares. Reflecting the day's downtick, the market spread was skewed towards the losers. 57 stocks advanced whereas 29 closed lower. Of the 135 counters active on Sunday, 49 closed flat. 2850 deals worth KD 10.33 million were transacted - a 28.7 pct drop in value from the day before.

National Industries Group eased 2 fils to KD 0.168 whereas RISCO held steady at KD 0.400. Boubyan Petrochemicals Co closed flat. The company has won the approval of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for 6 months. ACICO Industries Co slipped to KD 0.315 and Equipment Holding Co gave up 3 fils to settle at 76 fils. NICBM was unchanged at KD 0.210 and Safat Energy Holding Co paused at 20 fils. City Group dialed down 5 fils and Soor Fuel Marketing Co was down 10 fils at KD 0.118. Jazeera Airways was steady at KD 0.475 and ALAFCO followed suit. The company has clocked a net profit of KD 13.4 million for the nine-month period ending June 30, 2015. The earnings per share came in at 16.3 fils and company's total revenues reached KD 47.7 million. Automated Systems Co and Humansoft Holding Co shed 10 fils each whereas Kout Food Group gained 10 fils. Kuwait Food Co (Americana) jumped 40 fils to KD 2.880 and has rallied 200 fils so far during the month. In the banking sector, National Bank of Kuwait was flat at KD 0.860 after trading 1.2 million shares and Gulf Bank followed suit The bank has posted a net profit of KD 16.03 million and earnings per share of 7.78 fils in the first half of 2015 soaring from net profit of KD 12.57 million and earnings per share of 6.10 fils in the same period last year.

Flat

Al Ahli Bank of Kuwait was flat at KD 0.370 and Ahli United Bank too did not budge from its earlier close of KD 0.570. Kuwait International Bank rose 4 fils to KD 0.246 and Boubyan Bank held steady at KD 0.425. National Real Estate Co inched 1 fils down whereas Salhia Real Estate Co was up 5 fils at KD 0.335. Mabanee Co and Al Mazaya Holding Co paused at KD 0.980 and KD 0.122 respectively whereas Arkan Al Kuwait Real Estate Co dialed down 6 fils. National Investment Co was flat at KD 0.136 and KIPCO followed suit. The company has recorded a first half profit of KD 25.4 million and in the second quarter, it posted KD 13.4 million in net profits. Osoul Investment Co was unchanged at KD 0.136 and Securities Group Co closed 4 fils lower. Sokouk Holding Co and Securities House Co both inched 1 fils higher and Kuwait Investment Co gave up 2 fils to settle at 118 fils. The bourse was mixed during last week . The main gauge closed lower in two of the three sessions and shed 10 points week-on-week. It has gained 80 points from start of the month and is trading 3.88 pct lower year-to-date.

KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, First Dubai For Real Estate Development has logged a net profit of KD 952,384 and earnings per share of 0.95 fils in the six-months period ending June 31, 2015 as compared to net profit of KD 1.16 million and earnings per share of 1.17 fils in H1 of 2014. Sanam Real Estate has clocked a net profit of KD 24,649 and earnings per share of 0.20 fils in the January- June period of 2015 as against a net profit of KD 137,740 and earnings per share of 1.14 fils in first half of 2014. Combined Group Contracting Co. has been granted approval by Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months. National Industries Company has won the permission of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for a period of 6 months. Gulf Insurance Group (GIG) 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 grew 3.7 pct to KD 82.5 million.

© Arab Times 2015