KSE index sheds 9.55 pts as volume ebbs Agility slips 10 fils; NBK stagnates

KUWAIT CITY, Nov 25: Kuwait stocks pulled lower Sunday, snapping the four-day advance which lifted the bourse to a four-week high in the previous session. The index fell 9.55 points in volatile session weighted by moderate profit taking in select mid and low-caps. The heavyweights however were mostly muted even as investors toed caution. The KSX 15 benchmark rose 1.56 points to 1,023.55 points reaching fresh high while weighted index was up 1.16 points at 419.09 points. The volume turnover meanwhile receded after soaring past the 500 million mark in the previous session. 303.81 million shares changed hands — down 40.23 percent from Thursday. The sectors closed mixed. Healthcare outpaced the rest with 2.82 percent rally and technology dropped 1.91 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 59.55 percent while real estate and banks followed with 27.67 percent and 5.02 percent respectively.

Automated Systems Co dropped 20 fils to KD 0.435 and Kuwait Portland Cement Co was down 20 fils at KD 1.000 adding to an identical fall in the previous session. Contracting and Marine Services Co fell 10 fils and Kuwait Pipes edged 2 fils lower.
Kuwait Gulf Links edged 2 fils lower and Heavy Engineering Industries and Shipbuilding Co was down 2 fils at KD 0.170. United industries Co slipped 1 fils lower to 93 fils.
Bourse heavyweight Zain bucked the market trend to climb 10 fils extending the strong gains from the previous session and the counter saw 2.44 million shares change hands. Agility slipped 10 fils to KD 0.520 whereas Wataniya Telecom was not traded during the session.

The market opened weak and slipped into a shallow trough in early trade. The index bounced back but sagged again as selling weighed on select counters. It continued to drift and bottomed at 5,856.31 points almost half way into the session before clawing back most of the losses in the second half.
Top gainer of the day, Advanced Technology Co spiked 12.09 percent to KD 0.510 and Safatec climbed 6.67 percent to stand next. Qurain Holding Co dived 7.69 percent, the steepest decliner of the day, and Gulf Investment House topped the volume with 45.03 million shares.
The markets spread was biased towards the losers. 53 stocks advanced whereas 35 closed lower. Of the 128 counters active on Sunday, 40 closed flat. 4798 deals worth KD 25.01 million were transacted - down 39.78 percent in value from the day before.

“It was a seller’s market with retail investors making a quick buck — people were buying again into small and big-cap stocks which is a good sign,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House. “They believe the momentum will continue.”
On the upside, Burgan Well Drilling Co rose 6 fils to KD 0.182 and Kuwait Hotels Co added 10 fils with thin trading. RISCO gained 4 fils and Kuwait Foundry Co was up 5 fils at KD 0.310. National Industries Group held the ground unchanged at KD 0.220 off early lows and Jazeera Airways too was unchanged at KD 0.455 after pulling lower in the last session.
In the banking sector, National Bank of Kuwait stagnated at KD 0.980 with a volume of 1.58 million shares and Gulf Bank too did not budge from its earlier close of KD 0.425. Kuwait International Bank was steady at KD 0.295.
Burgan Bank was flat at KD 0.530 while Al Ahli Bank of Kuwait and Commercial Bank of Kuwait were not traded during the day. CBK has won the approval of central bank to extend permission to buy back or sell up to 10 percent of own issued shares over a period of six months ending May 21, 2013.

Kuwait Finance House stagnated at KD 0.810 after trading 1.75 million shares and Ahli United Bank followed suit to end at KD 0.850. AUB has recorded KD 8.45 million net profit in July-September period while in the first nine-months it reached KD 29 million. Boubyan Bank paused at KD 0.630.
Kuwait Investment Co was unchanged at KD 0.102 and National Investment Co too did not move in either direction after trading 3.54 million shares. KIPCO stagnated at KD 0.400. The stock has added 10 fils from start of the month while year-to-date, it is up a meager 5 fils.
Securities House Co eased 2 fils after trading 4.3 million shares and Securities Group gained 8 fils to wind up at KD 0.128. Al Tamdeen Investment Co rose 2 fils. The company has earned KD 4,475,284 with earnings per share of 15.03 fils in January-September period.

Kuwait Financial Centre Co (Markaz) slipped 2 fils to 120 fils and KMEFIC ticked 1 fils lower. Al Mal Investment Co held steady at 38 fils after trading 2.8 million shares. The company has incurred a net loss of KD 4,443,525 and loss per share of 8.41 fils in the January-September period.
National Real Estate Co eased 2 fils while Tamdeen Real Estate and Mabanee Co both stagnated at KD 0.218 and KD 1.260 respectively. Mabanee Co has earned KD 21,364,685 and earnings per share of 34.43 fils in the first nine months of 2012.
The bourse has been positive during last week. It closed higher in 4 of the 5 sessions and rallied 87.8 points week-on-week. The index has gained 111.79 points from start of the month and has climbed 1.5 percent year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Global Investment House has chalked a net loss of KD 35.46 million and loss per share of 72 fils in the first nine months of 2012 as against loss of KD 54.22 million and LPS of 110 fils in the same period last year.

International Finance has logged a net profit of KD 174,952 and earnings per share of 0.22 fils in the first nine months of 2012 after chalking a net loss of KD 9.32 million and LPS of 13.71 fils in the same period last year.
Aayan Leasing and Investment has recorded a nine months net profit KD 17.62 million and earnings per share of 38.26 fils in the January-September period as against net loss of KD 7.22 million and loss per share of 21.90 fils in 9M 2011.
Abyaar Real Estate Development has announced a net loss KD 1.24 million and loss per share of 1.15 in the first nine months of 2012 as against earnings of KD 821,618 and EPS of 0.78 fils in the same period last year.
Kuwait Stock Exchange has suspended shares of the following of companies for failing to submit the financial results in the stipulated time: Al-Safat Investment Co, Kwt, Commercial Markets Complex Co, Industrial and Financial Inv Co, Alimtiaz Investment Group Co, Jeeran Holding Co. Meanwhile Global Investment House Co, Al-Ahleia Holding Company and Al-Safwa Group Co are barred for posting losses exceeding 75 percent of capital.


By: John Mathews

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