KSE slides 45.48 pts amid drop in volume - NBK slips 10 fils; Americana extends rally

KUWAIT CITY, Feb 9

Kuwait stocks veered south on Tuesday extending snapping the three-day gains tracking weakness in regional and global markets. The bourse slid 45.48 pts to 5,163.8 points weighed by selling in select counters led by some of the heavyweights even as investors turned cautious.

The KSX 15 index eased 2.17 pts to 840.02 points taking the year's losses to 44 points while weighted index edged 1.99 points lower. The volume turnover meanwhile dropped below the 200 million mark after surging in the last session. 145.68 million shares changed hands -- a 32.2 pct fall from Monday.

The sectors closed mostly in the red turf. Consumer goods outshone the rest with 1.85 percent gain whereas financial services shed 1.29 pct, the biggest loser of the day. In terms of volume, financial services notched the highest market share of 50 percent while real estate and banks trailed far behind with 25.8 pct and 8.9 percent contributions respectively.

Among the prominent losers, National Bank of Kuwait fell 10 fils to KD 0.730 after trading 1.6 million shares and investment conglomerate KIPCO was down 10 fils at KD 0.540. Tamdeen Real Estate Co slid 50 fils to KD 0.580 and Humansoft Holding followed suit to end at KD 0.880. Kuwiat Food Co (Americana) rallied 100 fils to KD 2.300.

Zain was flat at KD 0.355 off early lows and Wataniya Telecom Co (Ooredoo) too did not budge from its earlier close of KD 1.080. Kuwait Telecommunications Co (VIVA) slipped 10 fils to KD 0.900 and logistics major Agility stood pat at KD 0.435 after trading 1.2 million shares.

Tamdeen Investment Co shed 15 fils while Kuwait Finance and Investment Co inched 0.5 fils up. The company has won the approval of Capital Markets Authority for the company's request to renew permission to buy back or sell up to 10% of own shares for an additional period of 6 months.

The market opened weak and moved sideways in early trade. The main index continued to drift listlessly thereafter even as investors toed caution in absence of any cues. It slipped to the day's lowest level of 5162.2 points in the final minutes before closing well below the red.

Top gainer of the day, City Group Co rallied 12.2 pct to 460 fils and Taiba Kuwaiti Holding Co climbed 7.14 pct to stand next. Kuwait Cable Vision Co slumped 9 percent , the steepest decliner of the day and Securities House Co topped the volume with over 21 million shares.

Reflecting the day's decline, the market spread was skewed towards the losers. 18 stocks advanced whereas 71 closed lower, Of the 128 counters active on Tuesday, 39 closed flat. 3504 deals worth KD 10.7 million were transacted - a 36 pct drop in value from the day before.

National Industries Group fell 2 fils to 114 fils while Kuwait Cement Co and RISCO were down 15 fils each to end at KD 0.365 and KD 0.330 respectively. Kuwait Portland Cement shed 20 fils whereas Gulf Cable closed 10 fils higher at KD 0.355.

Posted

Boubyan Petrochemical gave up 5 fils and Qurain Petrochemical Industries Co took in 2 fils. The company has posted a nine-month net profit of KD 11,34 million and earnings per share of 10.84 fils as compared to net profit of KD 14.91 million and earnings per share of 14.17 fils in the year before period.

Equipment Holding Co was unchanged at 53 fils and ALAFCO too closed steady at KD 0.178. Jazeera Airways slid 30 fils to KD 0.830 whereas Mezzan Holding Co rallied 20 fils. Kuwait and Gulf Link Transport Co inched 0.5 fils into red and KGL Logistics slipped 3 fils to 54 fils. Zima Holding clipped 2 fils and Safwan Trading and Contracting Co closed 10 fils lower.

In the banking sector, Gulf Bank fell 4 fils to KD 0.206 while Commercial Bank of Kuwait and Al Ahli Bank were unchanged at KD 0.500 and KD 0.360 respectively. Kuwait International Bank gave up 2 fils to wind up at 194 fils.

Burgan Bank was flat at KD 0.350 and Kuwait Finance House too did not budge from its earlier close of KD 0.480 after trading 1.4 million shares. Boubyan Bank paused at KD 0.390 off early lows and Warba Bank stood pat. National Investment Co inched 1 fils down to 81 fils with a volume of 1.15 million and Kuwait Investment Co closed 3 fils in red at 93 fils. Kuwait Financial Centre ( Markaz) clipped 1 fils and KMEFIC nudged 1 fils up. KAMCO climbed 6 fils to KD 0.108 and

Bayan Investment Co was steady at 33 fils and Warba Insurance Company closed flat. The company has clocked a net profit of KD 1.63 million and earnings per share of 10.10 fils during 2015. The BOD recommended 10 pct cash dividends.

National Real Estate Co fell 1 fils to 89 fils while Salhia Real Estate climbed 15 fils. Mabanee Co stagnated at KD 0.930 and Al Mazaya Holding Co clipped 2 fils.

The market has been mixed so far during the week and has shed 34 points in last three sessions. It had dropped 125 points from start of the month and is down 8 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news , Abyaar Real Estate Development C0 has posted a net profit of KD 9,31 million and earnings per share of 15.04 Fils for the year ending Dec 31, 2015 as compared to net profit of KD 8.08 million and earnings per share of 13.05 fils in 2014. The BOD has recommended 7% cash dividends

Aqar Real Estate Investments Co. has registered a net profit of KD 2.49 million and earnings per share of 11.07 fils during 2015 as against net profit of KD 2.24 million and earnings per share of 9.81 fils in the year before. Board of Directors recommended 6% cash dividends.

Ajial Real Estate and Enter. Company has logged a net profit of KD 760,291 and earnings per share of 4.33 fils in the year ended Dec 31, 2015 up from net profit of KD 636,393 and earnings per share of 3.63 fils in 2014.

Al-Mowasat Health Care Co has posted a net profit of KD 3.34 million and earnings per share of 32.89 fils in the year ending Dec 31, 2015 as against net profit of KD 2.005 million and earnings per share of 19.73 fils in the same period last year. The Board of Directors has recommended 15% cash dividend.

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

© Arab Times 2016