KUWAIT CITY, Sept 28: Kuwait stocks sagged on Wednesday reversing the uptick in the last session. The price index slipped 9.97 pts to 5,402.4 points in tepid trade even as the heavyweights closed mixed.

The KSX 15 gauge slipped 3.36 pts to 815.72 points taking the year’s losses to losses to 69 points while weighted index inched 1.49 pts lower. The volume turnover meanwhile was little changed after receding in the day before. 74.72 million shares changed hands — a 1.28 pct fall from Tuesday.

The sectors closed mostly in the red turf. Financial services outperformed the rest with 0.16 percent gain whereas parallel market slid 4.7 pct, the biggest loser of the day. In terms of volume, real estate garnered the highest market share of 44 percent while financial services trailed with 26.23 pct.

In the individual shares, National Bank of Kuwait dropped 10 fils to KD 0.590 knocking off an identical gain in the previous session while Gulf Bank dialed down 2 fils to settle at 230 fils. Kuwait Food Co (Americana) stood pat at KD 2.480 off early lows.

Zain was unchanged at KD 0.340 and Wataniya Telecom (Ooredoo) tumbled 80 fils after posting strong gains on Tuesday. Kuwait Telecommunications Co (VIVA) slipped 10 fils to KD 0.880 and Agility added 5 fils before settling at KD 0.480.

KIPCO pulled up from shallow trough to close flat at KD 0.550 and Kuwait Financial Centre (Markaz) took in 1 fils with thin volume. The company has posted a first half net profit of KD 810,000 and earnings per share of 2 fils.

The market opened on tame note and edged lower in early trade. The price index hit the day’s lowest level of 5,393.41 pts almost half way into the session as selling weighed on select counters. It drifted sideways thereafter and closed with slight losses.

Top gainer of the day, Amar For Financing and Leasing vaulted 10 pct to 55 fils and while Kuwait Gulf Links Transport Co climbed 6.1 pct to stand next. Masaken tumbled 30.86 percent, the steepest decliner of the day and Abyaar Real Estate Co topped the volume with 16.3 million shares.

Reflecting the day’s downswing, the losers vastly outnumbered the gainers. 29 stocks advanced whereas 44 closed lower. Of the 118 counters active on Wednesday, 45 closed flat. 2006 deals worth KD 8.05 million were transacted — a 6.62 pct rise in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, rose 2 fils on back of over 1 million shares whereas Gulf Cable and Kuwait Portland Cement Co paused at 385 fils and KD 0.960 respectively. Boubyan Petrochemical Co gave up 5 fils to end at 485 fils.

Equipment Holding Co eased 0.5 fils while Al Qurain Petrochemical Co and Salbookh Trading Co added 2 fils each to close at 200 fils and 61 fils respectively.

Zimah Holding Co stagnated at 40 fils and KGL Logistics Company closed 1 fils in green. The company has posted a net profit of 30, 2016 KD 3.76 million and earnings per share of 6.36 fils in the first half of 2016.

Gained

Mezzan Holding gained 20 fils whereas Combined Group Contracting Co closed flat. The company has registered a net profit of KD 219,574 and earnings per share of 1.63 fils in the first six months of 2016.

Jazeera Airways climbed 10 fils to KD 0.830 recouping the drop on Tuesday while Kuwait Cable Vision Co clipped 2.5 fils and Soor Holding Co was down 2 fils at 110 fils.

National Ranges Co (Mayadeen) was unchanged at 28.5 fils and Energy House Co stood pat At 43 fils. The company has posted a first half net loss of KD 1.14 million and loss per share of 1.99 fils as compared to net loss of KD 963,435 and loss per share of 1.28 fils in H1 of 2015.

In the banking sector, Kuwait Finance House traded in narrow range before closing unchanged at 470 fils and Burgan Bank followed suit. Al Ahli Bank gained 5 fils whereas Ahli United Bank retreated 5 fils to settle at 385 fils.

Commercial Bank rose 5 fils to 325 fils while Kuwait International Bank gave up 2 fils to end at 188 fils. Boubyan Bank stalled at 395 fils and Warba Bank  followed suit to wind up at 166 fils.

National Investment Co held ground at 112 fils off slight early lows while International Financial Advisors and Arzan Financial Co eased 0.5 fils each to close at 30 fils and 30.5 fils respectively.

KFIC and Aayan Investment Co clipped 0.5 fils each and Bayan Investment Co stood pat at 32.5 fils. Sokouk Holding Co stagnated at 31 fils and Ektittab Holding Co too did not budge from its earlier close of 38 fils. Al Salam fell 0.5 fils to 49.5 fils.

Noor Financial Investment Co added 0.5 fils and Tamdeen Investment Co climbed 10 fils to 310 fils. Al Mal dialed down 1 fils to close at 22.5 fils with a volume of 5.8 million.

Kuwait Real Estate Co and ERESCO took in 1 fils each whereas National Real Estate Co edged 1 fils into red. Mabanee Co gained 10 fils and Salhiya Real Estate Co was down 5 fils at 365 fils.

The market has been mixed so far during the week and has eased 3 points in last four sessions. It has dropped 17 pts from start of the month but is down 3.79 pct year-to-date. KSE, with 198 listed companies, is the second largest bourse in the region.

In the bourse related news, Hilal Cement Company has posted a net profit of KD 20.659 mln and earnings per share of 0.2 fils in the six-months period ending June 6, 2016 rebounding from a net loss of KD 95,105 and loss per share of 1.1 fils in the same period last year.

Metal and Recycling Co clocked a net profit of KD 118,386 and earnings per share of 1.58 fils in the six-month period ending June 31,2016 rebounding from net loss of KD 185,711 and losses per share of 2.48 fils in same period last year.

Gulf Glass Manufacturing Company has registered a net profit of KD 941,711 and earnings per share of 18.35 fils in the six-month period ending June 30 as against a net profit of KD 1.39 million and earnings per share of 27.09 fils in the same period last year.

Asiya Capital Investments Company has clocked a net loss of KD 5.46 million and loss per share of 7.03 fils in the January-June period sliding from a net profit of KD 1.77 million and earnings per share of 2.29 fils in the same period last year.

Salhia Real Estate Company won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months from date of the approval.

By John Mathews

Arab Times Staff