Kuwait bourse skids 49.03 pts on broad selling Gulf cables slips 20 fils; KIPCO ticks up

KUWAIT CITY, Dec 4: Kuwait stocks skidded on Tuesday erasing the modest gains in the previous session.
The index slid 49.03 points amid broad selling as investors booked the pre-election rally gains. The trading floor was downbeat even as the market awaits cues to boost the sentiment. KSE rallied 176.98 points during whole of November. The KSX 15 slipped 3.13 points to 1,022.43 points while the weighted index edged 1.8 points lower. The volume turnover meanwhile pulled higher stemming the three-day decline. 408.08 million shares changed hands — a 19.17 percent rise from the day before. It had hit a soared past the 500 million mark on the last trading day of November.

The sectors wound up mostly in the red. Healthcare outpaced the peers with 0.90 percent gain whereas real estate slid 1.82 percent, the worst performer of the day. In terms of volume, financial sector mustered 42.75 percent share of the total market while real estate and industrials followed with 25.65 percent and 20.61 percent respectively. Gulf Cables slipped 20 fils to KD 1.200 and Kuwait Portland Cement Co followed suit to end at KD 1.020. Advanced Technology Co fell 10 fils with thin trading and Mashaer Holding Co was down by same measure. Jazeera Airways dropped 5 fils to KD 0.460. Kuwait Pipes eased 4 fils to KD 0.116 and National Industries Group was down 2 fils after trading 2.4 million shares. The company’s net profit soared 259 percent in the first nine months to KD 11.45 million while earnings per share clocked 9 fils. Egypt Kuwait Holding Co shed 10 fils to end at KD 0.300.

Bourse heavyweight Zain fell 10 fils to KD 0.820 and the counter saw 2.07 million shares changed hands while Wataniya Telecom was flat at KD 2.320 after hovering in moderate range. Agility was down 10 fils at KD 0.510 off early highs. The stock has added 15 fils and is trading 135 fils higher year-to-date.
The market opened weak and slipped into a shallow trough in early trading. The index pulled up and hovered around the opening mark in the first half before heading lower again. It hit the day’s lowest level of 5906.05 points in the final minutes before ticking slightly higher at close.  Top gainer of the day, Al Aman Investment Co rallied 8.93 percent to 61 fils and Securities Group climbed 8.16 percent to stand close behind. National International Holding Co tumbled 16.3 percent, the steepest decliner of the day, and Mayadeen topped the volume with 69.46 million shares.
Mirroring the day’s decline, the market spread was heavily skewed towards the losers. 21 stocks advanced whereas 80 closed lower. Of the 131 counters active on Tuesday, 30 closed flat. 6932 deals worth KD 33.24 million were transacted — a 10.14 percent increase in value from the previous session.

On the upside, United Projects Co rose 10 fils to KD 0.580 and Kuwait Foundry Co was up by same measure to end at KD 0.310. Yiaco Medical Co climbed 15 fils to KD 0.400.
In the banking sector, Gulf Bank slipped 5 fils to KD 0.425 and National Bank of Kuwait was unchanged at KD 0.980 with a volume of 1.89 million shares. Central Bank of Kuwait has approved the National Bank of Kuwait’s request to buy or sell no more than 10 percent of its issued shares for six months period ending 23/5/2013.
Commercial Bank of Kuwait rose 10 fils to KD 0.670 whereas Al Ahli Bank held the ground steady at KD 0.640. Ahli United Bank was down 10 fils at KD 0.840. AUB has recorded KD 8.45 million net profit in July-September period while in the first nine-months it reached KD 29 million.
Kuwait International Bank was flat at KD 0.290 after trading 2.2 million shares and Burgan Bank too did not budge from its earlier close of KD 0.530. Kuwait Finance Hose stagnated at KD 0.810. The lender’s BoD has recommended increasing its capital by 20 percent to support its expansion efforts locally and globally.

National Investment Co fell 2 fils to KD 0.132 whereas KIPCO was up 5 fils at KD 0.400. The stock eked a meager 5 fils gain during whole of November and is trading 95 fils higher YTD. International Finance Co slipped 2 fils and Kuwait Financial Centre Co ( Markaz) followed suit.
Osoul Investment Co dropped 4 fils to 76 fils and Sokouk Holding Co pulled 5 fils lower. International Financial Advisors edged 1.5 fils lower. The firm has logged a net loss of KD 9.97 million and loss per share of 14.9 fils as compared to loss of KD 14.11 million in the first nine months of 2012.  Combined Group Contracting Co closed flat at KD 1.460 and Kuwait Gulf Links followed suit to close at 89 fils. The stock is trading 13 fils lower year-to-date. ALAFCO fell 5 fils to KD 0.320 after trading 2.6 million shares. The company has posted a net profit of KD 25.63 million and earnings per share of 32.88 fils in the year ended 30/9/2012 and the Board of Directors recommended a dividend payout of 5 percent or 5 fils per share.
Al Tamdeen Investment Co took in 2 fls to end at KD 0.168 whereas Noor Financial Investment Company was down 2 fils. The company has posted a net profit of KD 3.1 million and during the first nine months of 2012 while earnings per share came in at 9 fils. Total assets reached KD 219.8 million and the liabilities chalked KD 157 million.

The bourse has been trending lower during the week and has shed over 36 points in last three sessions. The index had advanced 176.98 points in November and is trading 1.94 percent higher 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.

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. 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.

By: John Mathews

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