KSE Index Retreats On Soggy Sentiment

(MENAFN- Arab Times) Kuwait stocks sagged marginally Wednesday as it resumed its decline after the modest rebound in the last session. The price index, after a tame start, slipped 3.15 pts to 6,231.25 points even as sentiment turned soggy. The banks were mostly muted whereas the telecom service providers headed south. The KSX 15 benchmark dropped 6.35 points to 1,018.05 pts trimming the month's gains to a meager 2 points while weighted index edged 1.41 points lower. The volume turnover was little changed after surging in the last session. 89.93 million shares changed hands € a 0.48 pct rise from the day before. The sectors closed mostly in the red turf. Oil and gas outshone the rest with over 1 pct gain whereas healthcare shed 1.37 pct, the steepest decliner of the day. In terms of volume, real estate accounted for the highest market share of 37.57 pct and financial services stood next with 32.29 percent. Parallel market was far behind with 7.9 pct contribution.

Among individual shares, Kuwait Food Co (Americana) dropped 20 fils to KD 2.800 extending the heavy losses on Tuesday and Mabanee Co was down by same measure to end at KD 0.980. Safwan Trading and Contracting Co and RISCO were down 15 fils each at KD 0.315 and KD 0.360 respectively. Sector bellwether Zain dialed down 5 fils after trading over 2 million shares and Wataniya Telecom pulled 20 fils lower to KD 1.220 with thin trading. Kuwait Telecommunications Co fell 10 fils to KD 0.930 and logistics major Agility gave up 10 fils to settle at KD 0.720.

Steady

Kuwait Finance House shed 10 fils whereas Burgan Bank held steady at KD 0.425. The banking group has posted a net profit of KD 17.5 million while earning per share came in at 6 fils. The market opened on tame note and move sideways in early trade. The key gauge retreated slightly thereafter amid selling in select counters and plumbed the day's lowest level of 6,217.45 pts past the mid-session. It however clawed back some of the losses in the final minutes and closed marginally in red.

Top gainer of the day, Livestock Transport and Trading Company climbed 7.14 pct to 120 fils and Gulf Glass Manufacturing Co rose 5.77 pct to stand next. Al Nawadi Holding Co dived 9.09 pct, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 18.1 million shares changing hands. Despite the day's downtick, the winners outnumbered the losers. 41 stocks advanced whereas 32 closed lower. Of the 125 counters active on Wednesday, 52 closed lower. 2121 deals worth KD 14.73 million were transacted € a 50.47 pct surge in value from the day before. National Industries Group, the flagship company of Kharafi Group, was unchanged at KD 0.168 while Kuwait Cement Co added 5 fils to end at KD 0.370. Gulf Cable gained 10 fols and Kuwait Portland Cement Co held the ground steady at KD 1.180. Shuiaba Industrial Co retreated 15 fils. Kuwait Foundry Co rose 5 fils to KD 0.275 recouping the fall in the last session whereas ACICO Industries Co closed 5 fils lower.

Qurain Petrochemical Industries Co took in 2 fils while Ikarus Petroleum Industries Co was up 6 fils at KD 0.148. Independent Petroleum Group gained 15 fils and Kuwait National Cinema Co jumped 20 fils. The company has received the permission of Capital Markets Authority to its request to buy back or sell up to 10% of own shares over a period of 6 months. Kuwait and Gulf Links Transport Co and Humansoft Holding Co were flat at 50 fils and KD 0.800 respectively and The Energy House inched 1 fils higher to 71 fils. United Projects Group was flat at KD 0.700. ALAFCO continued to stagnate at KD 0.218 and Jazeera Airways gave back 5 fils to wind up at KD 0.465. The newly listed Mezzan Holding Co was steady at KD 1.060 after trading over 4 million shares. National Investment Co dialed up 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 while earnings per share grew by 24% to 8.84 fils.

Slipped

Securities House Co and Gulf Investment House slipped 2 fils each whereas Al Aman Investment Co closed flat. National Real Estate fell 2 fils whereas Al Mazaya Holding closed 2 fils higher. Bayan Investment Co and Osoul Investment Co were steady at 50 fils and 55 fils each whereas Noor Financial Investment Co inched 1 fils up. Al Madina For Finance and Investment Co was up 2 fils at 53 fils. In the banking sector, National Bank of Kuwait and Gulf Bank were unchanged at KD 0.850 and KD 0.270 respectively whereas Commercial Bank closed 10 fils higher at KD 0.620. Al Ahli Bank of Kuwait and Ahli United Bank were steady at KD 0.380 and KD 0.570 respectively and Kuwait International Bank too did not budge from its earlier close of KD 0.244. Boubyan Bank eased 5 fils to KD 0.425. The bourse has been mixed so far during the week and has retreated 6 points in last four sessions. It has slid 61 points so far during the month and is trading 4.66 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) 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.

Tamdeen Investment Co has recorded 18.5 pct rise in its earnings of the first quarter of 2015. It stood at KD 7.25 million compared to KD 6.12 million in the Q1 of 2014 while earnings per share came in at 25.75 fils. 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. 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.