KUWAIT CITY, Feb 20: Kuwait stocks edged lower on Monday extending last session's losses. The price index fell 11.1 pts in volatile trade to 6,779.83 points even as the board remained broadly mixed. The banks were mostly subdued while telecom services providers swung into red.
The KSX 15 benchmark dropped 7.72 points to 961.83 pts taking the month's losses to 24 points while weighted index eased 2.79 points. The volume turnover meanwhile dipped sharply to hit month's lowest level. 380 million shares changed hands — a 27 pct drop from Sunday.
In the individual shares, Kuwait Finance House fell 10 fils to 620 fils after trading 4.2 million shares while Ahli United Bank gave up 5 fils before settling at 435 fils. National Investment Co slipped 4 fils whereas KIPCO stood pat at 510 fils.
Zain dipped 15 fils to 480 fils with a whopping 15.7 mln volume turnover and Wataniaya Telecom (Ooredoo) slumped 40 fils to KD 2.220. Kuwait Telecommunications Co (VIVA) was down 10 fils at 840 fils whereas Agility was not traded during the session.
Jazeera Airways skidded 20 fils to 610 fils with thin trading and ALAFCO paused at 255 fils. The company posted a 72.8 pct surge in profits to KD 5.2 mln in the quarter ended Dec 31, 2016.
The market opened weak and headed south in early trade. The main index plumbed the day's level of 6,756.74 pts amid selling in select counters and clawed back in volatile trading into green zone. It peaked at 6,798.18 pts past the mid-session before slipping back into red at close.
Top gainer of the day, Jeeran Holding climbed 8.93 pct to 61 fils and Kuwait Foundry Co climbed 7.8 pct to stand next. EK Holding sank 9.7 percent, the steepest decliner of the day and Remal topped the volume with over 35 million shares.
Mirroring the day's downtick, the losers outnumbered the winners. 37 stocks advanced whereas 63 closed lower. Of the 144 counters active on Monday, 44 closed flat.
National Industries Group fell 4 fils to 148 fils while Kuwait Cement Co and Gulf Cable gained 10 fils each to wind up at 495 fils and 580 fils respectively. Kuwait Portland Cement was unchanged at KD 1.080 and Metal and Recycling Co gave up 5 fils.
ACICO Industries Co dropped 10 fils to 310 fils erasing Sunday's gains while Boubyan Petrochemical Co and NICBM stalled at 580 fils and 216 fils. Equipment Holding Co inched 1 fil into red and Al Qurain Petrochemical Co added 5 fils.
Kuwait National Cinema Co climbed 20 fils to KD 1.400 with razor-thin trading whereas Humansoft Holding and NAPESCO stood pat at KD 3.060 and 820 fils. Burgan Well Drilling Co inched 1 fil lower and Combined Group Contracting Co paused at 500 fils.
Zimah Holding Co clipped 2 fils and Mezzan Holding dropped 10 fils. The company's net profits jumped 23.1 pct to KD 4.0 mln in Q4 of 2016 while profits for the full year 2016 profit slipped 11.6 pct to KD 17.1 mln.
Eased
Kuwait and Gulf Link Transport Co eased 1 fil to 69 fils and KGL Logistics Co took in 1 fil before settling at 76 fils. Shuaiba Paper Industries Co jumped 25 fils to 460 fils.
Automated Systems Co rose 11 fils to 255 fils and AWJ Holding was up 4 fils on back of 5.8 million shares. Al Rai Media Group Co was unchanged at 176 fils while Heavy Engineering Industries and Shipbuilding Co followed suit.
Sector bellwether National Bank of Kuwait was flat at 730 fils off slight early highs and Al Ahli Bank too did not budge from its earlier close of 305 fils.
Kuwait International Bank slipped 6 fils after trading over 10 million shares and Gulf Bank fell 2 fils. The bank's Q4 net profit rose 7.8% to KD 10.14 m and during the fiscal year of 2016, profits clocked KD 42.94 million — up 10.1 pct from previous year.
Burgan Bank and Boubyan Bank were unchanged at 320 fils and 410 fils respectively while Warba Bank climbed 5 fils to 275 fils. Commercial Bank of Kuwait was not traded during the session.
Kuwait Investment Co and Securities Group Co were flat at 102 fils and 99 fils respectively whereas International Financial Advisors inched 0.5 fil into green. Coast Investment Co fell 3 fils and Securities House Co clipped 2 fils.
Osoul Investment Co stagnated at 50 fils whereas Bayan Investment Co and Al Mal Investment eased 1 fil each. KFIC took in 1.5 fils and Al Deera Holding followed suit to close at 39.5 fils. Al Salam fell 2 fils to 62 fils.
KAMCO and Unicap were flat at 89 fils and 54 fils respectively whereas Kuwait Insurance Co gained 10 fils. Noor Financial Investment Co dialed up 2 fils while Ektittab Holding and Sokouk Holding gave up 2 fils each.
United Real Estate Co took in 2 fils while Salhiya Real Estate Co and Mabanee Co paused at 390 fils and 840 fils respectively. Mazaya Holding rose 4 fils and National Real Estate Co clipped 2 fils.
The market has been retreating so far during the week and has shed 45 points in last two sessions. It has dipped 52 points from start of the month and is trading 17.95 pct higher year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.
In the bourse related news, Al Mazaya Holding net profits soared 31.7 pct to KD 2.59 million in last quarter of 2016 while profits rose 10 pct to KD 10.25 million during the fiscal year of 2016. The board has recommended an annual cash dividend of 8% or 8 fls per share.
Gulf Glass Manufacturing Co's fourth quarter net profit dipped o 64% in KD 14,000 from KD 39,000 in same period last year. During the fiscal year of 2016, profits was down 48 percent to KD 1.21 million from KD 2.34 mln in the previous year.
Al Mowasat Health Care has posted KD 1.8 million profits during the fourth quarter of 2016 and for the fiscal year of 2016, earnings rose 35.3 pct to KD 4.52 million from the year before. The board of directors has recommended a dividend payout of 20% or 20 fils per share.
Injazzat Real Estate Development has posted a net profit of KD 550,000 in the last quarter of 2016 and during the fiscal year of 2016, the bank earned KD 3.2 million. The board has recommended a cash dividend of 5% or 5 fils per share for FY 2016, with a total value of KD 2.03 million.
Ajial Real Estate Entertainment Company (AREEC) net losses narrowed by 22.7 pct to KD 888,620 from KD 1.15 million in Q4 of 2115. The annual profits in 2016 clocked KD 1.5 million and the board has recommended the distribution of cash dividends at 5% of capital.
By John Mathews
Arab Times Staff