Kuwait- Wataniya Telecom Dives 40 Fils NBK Flat| MENAFN.COM

Wednesday, 01 February 2023 03:32 GMT

Kuwait- Wataniya Telecom Dives 40 Fils NBK Flat

(MENAFN- Arab Times) Kuwait stocks headed south on Thursday to close the week on a sour note. The key index dropped 46.87 pts to 6332.27 points snapping the 2-day upswing. The banking shares were mostly muted whereas the other telecom majors closed lower. The KSX 15 benchmark was down 4 points to close at 1016.98 pts taking the month's losses to 44 pts while weighted index edged 1.64 pts lower. The volume turnover meanwhile rose slightly after holding almost steady in the last session. 146.73 million shares changed hands € a 5.13 pct increase from the day before.

The sectors closed mostly in the negative territory. Basic materials outshone the rest with 0.50 pct gain whereas parallel market slumped 3.42 percent, the worst performer of the day. In terms of volume, real estate accounted for the highest market share of 36.57 percent and financial services stood next with 35.78 percent. Parallel market followed with 27.28 pct contribution. Among the individual shares, Gulf Cable shed 30 fils to wind up at KD 0.560 while National Industries Group slipped 10 fils to KD 0.180 after edging higher in the day before. Independent Petroleum Group too gave up 10 fils to end at KD 0.355 with thin trading.

Sector major Zain fell 5 fils to KD 0.450 after trading over the 1 million shares and Wataniya Telecom slid 40 fils extending the losses on Wednesday. Kuwait Telecommunications Co (VIVA) held steady at KD 0.910 after vacillating in a tight range whereas Agility bucked the trend to close 10 fils higher. Kuwait Finance House slipped 10 fils after trading 2.22 million shares and Burgan Bank held the ground steady at KD 0.430. The banking group has posted a net profit of KD 17.5 million while earning per share came in at 6 fils. Operating income surged 14 percent from same period last year to KD 70.5 million. Slipped The market opened flat and slipped into red in early trade. The index ticked up briefly before retreating again as selling weighed on select counters. It continued to slide in the second half and troughed at 6314.86 pts in the final minutes before clawing back some of the losses at close.

Top gainer of the day, MENA Real Estate Co rallied 8.2 pct to 33 fils while Contracting and Marine Services Co climbed over 7 pct to stand next. Kuwait Medical Services Co tumbled a whopping 24.3 pct, the steepest decliner of the day and Ajwan topped the volume with over 34 million shares. Reflecting the day's downswing, the market spread was heavily skewed towards the losers. 27 stocks advanced whereas 67 closed lower. Of the 124 counters active on Thursday, 30 closed flat. 4,018 deals worth KD 13.8 million were transacted € a 27.9 percent slump in value from the day before. Kuwait Cement Co rose 5 fils to KD 0.370 whereas ACICO Industries gave up 5 fils to end at KD 0.295. Kuwait Foundry Co was flat at KD 0.265 and Boubyan Petrochemicals Co too did not budge from its earlier close of KD 0.630.

Qurain Petrochemical Industries Co added 4 fils to settle at KD 0.202 and Educational Holding Group followed suit. Humansoft Holding Co was unchanged at KD 0.690 and Energy House pared back the downtick on Wednesday with 2 fils rise. ALAFCO was flat at KD 0.220 whereas Jazeera Airways pulled 10 fils lower. The airline has posted a net profit of KD 3 million in the first quarter of 2015, an increase of 44.6% from the same quarter last year. The operating profit came in at KD 2.4 million. Mashaer Holding shed 8 fils and Burgan Well Drilling Co was down 6 fils at KD 0.138. KGL Logistics eased 2 fils and Kuwait Gulf Link Transport Co dialed 1 fils up. Future Communications Co Global dropped 10 fils to KD 0.114.

International Financial Advisors took in 2 fils on back of 9.5 million shares whereas KIPCO paused at KD 0.630 .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. Earnings per share grew by 24% to 8.84 fils from first quarter of 2014. Bayan Investment Co and Al Deera Holding inched 1 fils each to close at 4 fils and 55 fils respectively whereas Noor Financial Investment Co and Alimitiaz Investment Group Co clipped 2 fils each. Ekttitab Holding Co held steady at 45 fils. Stagnated In the banking sector, National Bank of Kuwait was flat at KD 0.830 and Gulf Bank followed suit. Al Ahli Bank too stagnated at KD 0.360 whereas Commercial Bank of Kuwait was not traded during the session. Kuwait International Bank was steady at KD 0.244 and Ahli United Bank Kuwait closed 4 fils higher at KD 0.580.

Boubyan Bank held the ground steady at KD 0.425. National Real Estate Co dialed down 2 fils to end at 98 fils whereas Salhia Real Estate Co was unchanged at KD 0.345. Tamdeen Real Estate Co pulled 5 fils higher and Mabanee Co gained 10 fils. The bourse was mixed during the week. It closed higher in three of the five sessions and has shed 24 points week-on-week. It has dropped 44 points from start of the month and is trading 3.11 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) The company 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 reached KD 82.5 million - a growth of 3.7 percent. Tamdeen Investment Co has recorded 18.5 pct rise in its earnings of the first quarter.

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 of 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.

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