KUWAIT CITY: Kuwait stocks retreated on Monday snapping the five-day advance. The price index slipped 10.08 points in a tame session to 5,412.31 pts weighed by selling in select counters. Most of the banks were muted while other heavyweights closed mixed.
The KSX 15 benchmark dropped 4.71 points to 811.14 points taking the month’s losses to 15 pts while weighted index gave up 1.38 points. The volume turnover meanwhile surged past the 100 million mark for the first time in last five sessions. 113.49 million shares changed hands – a 37 percent increase from Sunday.
The sectors closed mixed. Consumer goods outpaced the rest with 1.39 percent gain whereas technology slid 3.26 pct, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 29.7 pct while industrials and real estate followed with 17.7 percent and 16.2 pct contributions respectively.
Among the day’s losers, National Bank of Kuwait dropped 10 fils to KD 0.610 with a volume of 1.3 million and Boubyan Bank followed suit after trading 12.4 million shares. Kuwait Food Co ( Americana) bucked the trend to gain 40 fils and has retreated 80 fils during the month.
Zain fell 5 fils to KD 0.340 and Kuwait Telecommunications Co (VIVA) was down 10 fils at KD 0.930. Logistics major Agility gave up 5 fils to settle at KD 0.485 whereas Wataniya Telecom ( Ooredoo) was not traded during the session.
KIPCO stood pat at KD 0.520 and Bayan Investment Co clipped 1 fils to close at 34 fils. The company has incurred a first quarter net loss of KD 199,725 and loss per share of 0.55 fils.
The market opened on dull note and moved sideways in early trade. The price index continued to move along the opening mark as board remained mixed and slipped into red past the mid-session. It plumbed the day’s lowest level of 5,405.21 pts past the mid-session before closing with moderate losses.
Top gainer of the day, Danah Al Safat climbed 8.7 pct to 124 fils while Gulf Glass Manufacturing Co rose 6 percent to stand next. Al Dar National Real Estate Co slid 8.33 percent, the steepest decliner of the day and National Ramges Co (Mayadeen) topped the volume with 17.14 million shares.
Reflecting the day’s downswing, the losers outnumbered the winners. 32 stocks advanced whereas 45 closed lower. Of the 109 counters active on Monday, 32 closed flat. 2,197 deals worth KD 11.29 million were transacted — a 65.55 percent jump in value from the day before.
National Industries Group was unchanged at 112 fils and Kuwait Cement Co too did not budge from its earlier close of 0.375. RISCO added 5 fils with thin trading whereas Gulf Cable and Kuwait Foundry Co stood pat at KD 0.400 and 178 fils respectively.
ACICO Industries Co rose 10 fils to KD 0.295 whereas Boubyan Petrochemicals Co shed 10 fils. Al Kout Industrial Projects Co paused at KD 0.630 off early lows and Qurain Petrochemical Industries Co dialed up 2 fils.
Jazeera Airways recouped early losses to close unchanged at KD 0.920 and ALAFCO rose 4 fils to KD 0.204. Jazeera has reported a net profit of over KD 4 million and earnings per share of 20.05 fils in the quarter ending March 1, 2016.
Automated Systems Co dipped 25 fils to KD 0.370 and City Group dived 50 fils to KD 0.630 erasing the gains in the last session. Qurain Petrochemical Industries Co took in 2 fils whereas Salbookh Trading Co eased 2 fils to 73 fils.
United Projects Group climbed 10 fils to KD 0.690 and PAPCO gave up 6 fils to wind up at 100 fils. Kuwait and Gulf Links Transport Co was unchanged at 49 fils whereas KGL Logistics Co slipped 3 fils to 79 fils.
Burgan Well Drilling Co took in 2 fils and Mezzan Holding Co stood pat at KD 1.060. RISCO added 5 fils whereas Hits Telecom Holding Co and Gulf Petroleum Investment Co trimmed 0.5 fils each. Zima Holding Co too eased 0.5 fils to end at 43 fils.
In the banking sector, Kuwait Finance House was flat at KD 0.465 off early highs and Gulf Bank closed 2 fils in green. KFH has logged a first quarter net profit of KD 34.10 million and earnings per share of 6.61 fils.
Kuwait International Bank paused at 196 fils and Warba Bank followed suit. Commercial Bank, Al Ahli Bank, Ahli Unted Bank and Burgan Bank were not traded during the day.
Kuwait Investment Co stagnated at 88 fils and National Investment Co followed suit after trading 2.7 million shares. Bayan Investment Co and KAMCO clipped 1 fils each whereas Ekttitab Holding added 1.5 fils on back of 7.8 million shares.
Kuwait Financial Centre slipped 3 fils and Al Mal Investment Co gave up 0.5 fils with a volume of 1.28 million. Warba Insurance Co stood pat at 102 fils.
National Real Estate Co dialed down 1 fils whereas Mabanee Co climbed 10 fils to KD 0.800. Al Mazaya Holding Co gave up 2 fils to end at 120 fils and Tamdeen Real Estate Co closed flat.
The market has been mixed so far during the week and is up 2 points in last two sessions. It has climbed 11 points so far during the month but is down 3.61 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.
In the bourse related news , Sanam Real Estate Company has announced a net profit of KD 9,856 and earnings per share of 0.08 fils in the first quarter of 2016 rebounding from net loss of KD 111,398 and losses per share of 0.92 fils in the same period last year
The Energy House Co has recorded a net profit of KD 956,632 and earnings per share of 1.276 fils in the quarter ending March 31, 2016 rebounding from a net loss of KD 1.02 million and losses per share of 1.366 fils in the same period last year .
Advanced Technology Company has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of KD 1.15 million and earnings per share of 7.69 fils in the same period last year.
Shuaiba Industrial Co has posted a net profit of KD 629,557 and earnings per share of 7.93 fils in the first quarter of 2016 as compared to net profit of KD 444,921 and Earnings per share 5.65 fils in the same period last year.
Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.
