KSE edges 4.36 pts lower in choppy trade Wataniya Telecom dives 40 fils; CBK adds 10 fils

KUWAIT CITY, Dec 24: Kuwait stocks edged lower Monday, extending the losses to third straight day.
The index eased 4.36 pts to 5958.75 pts in choppy trade weighed by select blue chips even as investors continue to toe caution in absence of positive cues.
The KSX 15 gauge slipped 1.76 pts to 1,018.78 points while weighted index crept 0.79 pts lower to settle at 419.83 points. The volume turnover saw a slight uptick stemming the three-day decline. 215.92 million shares changed hands - up 2.42 percent from Sunday. It had soared past the 500 million mark on 18th on positive cues from the newly formed government.
The sectors closed mixed. Parallel market outpaced the rest with 0.47 percent rise whereas consumer good shed 1.77 percent, the biggest loser of the day. In terms of volume, financial services dominated with 41.91 percent market share while banks and real estate followed with 25.30 percent and 22.65 percent respectively.

Wataniya Telecom slid 40 fils to KD 2.320 partly erasing the gains in the previous session while Zain slipped 10 fils to KD 0.800 after trading 1.67 million shares. The stock has shed 40 fils from start of the month while year-to-date, it has tumbled 100 fils. Agility held the ground unchanged at KD 0.520.
National Industries Group eased 2 fils to KD 0.214 after trading 1.87 million shares while Contracting and Marine Services pulled 8 fils lower. ACICO Industries edged 2 fils lower. The company’s earnings in January-September period spiked 51.3% to KD 2.33 million from KD 1.54 million in the prior-year period.
The market opened weak and slipped into red in early trade. The index pulled back from the trough amid bargain buying in select counters and peaked at 5972.4 pts. It retreated again to slipped below the opening mark to bottom at 5949.27 pts in the final minutes before paring the losses slightly at close.

Top gainer of the day, Zimah climbed 8.62 percent to 63 fils while Pearl of Kuwait Real Estate Co rose 8.06 percent to stand next. Kuwait Cables Vision Co slid 8.77 percent, the steepest decliner of the day while Commercial Bank of Kuwait topped the volume with over 39 million shares.
Mirroring the day’s fall, the losers outnumbered the winners. 41 stocks advanced whereas 51 closed lower. Of the 139 counters active on Monday, 47 closed flat. 4134 deals worth KD 45.20 million were transacted - a 19.54 percent increase in value from the day before.
On the upside, Gulf Glass Manufacturing Co jumped 40 fils to KD 0.700 adding to the modest rise in the previous session while Combined Group Contracting Co added 10 fils. Burgan Well Drilling Co gained 4 fils to close at 18 fils. IFA Hotels and Resorts was up 10 fils at KD 0.440.
In the banking sector, Gulf Bank was flat at KD 0.415 and National Bank of Kuwait followed suit. Central Bank of Kuwait has approved NBK’s request to buy or sell no more than 10% of its issued shares for six months period ending on 23/5/2013. Commercial Bank of Kuwait rose 10 fils to KD 0.680.

Al Ahli Bank gained 10 fils to wind up at KD 0.580 whereas Kuwait International Bank slipped 5 fils after stagnating on Sunday. Ahli United Bank stagnated 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.
Burgan Bank was unchanged at KD 0.530 and Kuwait Finance House too did not budge from its earlier close of KD 0.830. The stock has added 20 fils from start of the month while year-to-date, it has shed 70 fils. Boubyan Bank was flat at KD 0.640.
International Financial Advisers inched 0.5 percent up on back of 6.22 million shares and National Investment Co was up 2 fils at KD 0.134. KIPCO clipped 5 fils erasing the gains in the previous session. The company has registered 0.4 percent year-on-year increase in profit to KD 23.7 million in the first nine months of 2012 while in Q3 its earned KD 6.6 million.

Securities Group Co dropped 6 fils and Securities House Co knocked off 5 fils after trading 7.76 million shares. International Finance Co inched 1 fils lower and Kuwait Financial Centre (Markaz) was flat at KD 0.122. First Investment Co was down 4 fils at KD 0.124.
Osoul Investment Co slipped 3 fils to 86 fils whereas KAMCO gained 8 fils. Bayan Investment Co inched 0.5 fils lower. The company has won the approval of the Capital Market Authority on its request to sell own shares amounting to 34,499,385 over a period of 6 months.
Sokouk Holding Co added 2 fils on back of 9.28 million shares and Tamdeen Investment Co followed suit. The company has earned KD 4.47 million with earnings per share of 15.03 fils in January-September period. Noor Financial Centre was flat at 66 fils.

National Real Estate Co stagnated at KD 0.126 and Tamdeen Real Estate took in 2 fils to settle at KD 0.216. Salhiya Real Estate was not traded during the session. Capital Market Authority approved the company’s request to buy back or sell a maximum of 10% of its shares within 6 months from the date of approval.
Jazeera Airways was unchanged at KD 0.340 and United Projects Group dropped 10 fils to KD 0.570. ALAFCO stagnated at KD 0.355. 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 has recommended a dividend payout of 5 percent or 5 fils per share.

The bourse has been retreating so far during the week and has shed 24.56 pts in last two sessions. The index has shed over 14 points from start of the month and is trading 2.88 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.

Kuwait Real Estate has registered a net profit KD 1.733 million and EPS of 1.91 fils in the January-Sept period as against earnings of KD 877,467 and earnings per share of 0.97 fils in the same period last year.
Meanwhile KSE has reviewed the KSX 15 Index following which Ahli United Bank, Boubyan Petrochemical Company, and Qurain Chemical Industries Company were replaced by Wataniya Telecom Co, Al Ahli Bank of Kuwait and Kuwait Food Company (Americana). ALAFCO Aviation Lease and Finance Company, Boubyan Petrochemical Company, and Gulf Cable & Electrical Industries Co will be added to the reserve list of companies list for the next review.


By: John Mathews

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