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Kuwait bourse declines 43.86 pts as volume falls NAPESCO sheds 40 fils; Zain gains

Kuwait City, Dec 1: Kuwait stocks slumped Sunday to kick off the month on sour note. The index shed 43.86 pts in volatile trade to close at 7741.62 pts even as the trading turned anemic. The banks lead the day’s decline while the telecom stocks bucked the trend to eke modest gains. KSE saw a corrective phase during most part of November even as the earnings failed to buoy the sentiments. The KSX 15 measure slipped 4.65 pts to 1078.66 points trimming the 2013 gains to 69 pts whereas the weighted index eased 1.61 points to 457.39 pts. The volume turnover meanwhile fell sharply below the 200 million mark to hit a multi-month low . 192.65 million shares changed hands — a 29.5 percent drop from the day before.

All sectors closed in the red except technology which jumped 2.19 percent and telecommunication which closed flat. Oil and gas slid 0.92 pct, the worst performer of the day. In terms of volume, real estate chalked the highest market share of 39.48 percent and financial services followed with 37.91 pct. Industrials came a distant third with 9.21 percent contribution. NAPESCO shed 40 fils while Kuwait Resorts Co eased 6 fils to settle at 98 fils. IFA Hotels and Resorts and Jeeran Holding Co were down 5 fils each and Kuwait Gulf Links gave up 4 fils to settle at KD 0.106. The stock has shed 6 fils during whole of November and is trading 18 fils higher year-to-date. Gulf Cables dropped 20 fils to KD 0.880 while National Industries Group, the Kharafi Group flagship, edged 2 fils lower. Kuwait Building Materials Manufacturing Co retreated 8 fils with thin trading. Kuwait Cement Co shed 10 fils.
 

Climbed
Among the heavyweights, Wataniya Telecom climbed 20 fils to KD 1.820 and Zain gained 10 fils on back of 0.83 million shares. The company has earned KD 165.62 million in the first nine-months of 2013 while earnings per share came in at 43 fils. Agility held the ground unchanged at KD 0.720.  The market opened flat and moved sideways in early trade. The index rose briefly to hit the day’s highest level of 7791.41 pts but retreated thereafter as sentiment turned negative. It fell sharply to trough at 7688.79 pts past the mid-session and traded flat again before clawing back some of the losses at close. Top gainer of the day, Securities Group climbed 8.62 pct to 126 fils and Gulf Franchising Co rose 6.49 percent to stand next. KAMCO slid 7.81 percent, the steepest decliner of the day, and International Financial Advisers topped the volume with 23.8 million shares.

Mirroring the day’s downswing, the losers vastly outnumbered the winners. 28 stocks advanced whereas 72 closed lower. Of the 147 counters active on Sunday, 47 closed flat. 5385 deals worth KD 22.39 million were transacted — a 20.69 percent fall in value from the day before.  United Industries Co fell 2 fils to KD 0.152 and KGL Logistics Company was down 5 fils. The company has won the approval of Capital Markets Authority to its request to buy back or sell up to 10% of own shares over a period of 6 months.  On the flipside, Mashaer Holding Company climbed 8 fils to KD 0.234 and Humansoft rose 10 fils to KD 0.250. The company has earned a net profit of KD 3.30 million and earnings per share of 28.93 fils in the first nine months of the year. Gulf Petroleum Investment Co took in 3 fils on back of 4.7 million shares.  Jazeera Airways and ALAFCO closed flat whereas Kuwait Foundry Co added 5 fils . The company has posted a net profit of KD 2.13 million and earnings per share of 13.90 fils in the nine-month period ending Sep 30, 2013.

Spiked
Automated Systems Co spiked 25 fils to KD 0.460 and Independent Petroleum Group rose 5 fils. The company has posted a net profit of KD 4.35 million in the first nine months of 2013 while earnings per share came in at 30.10 fils.  In the banking sector, National Bank of Kuwait fell 10 fils to KD 0.890 and Gulf Bank followed suit to wind up at KD 0.380. Commercial Bank gained 30 fils whereas Burgan Bank gave up 10 fils to close at KD 0.570. Al Ahli Bank was not traded during the session.  Ahli United Bank rose 10 fils to KD 0.730 whereas Kuwait International Bank was down 5 fils. The lender has posted a net profit of KD 9.29 million and earnings per share of 9.95 fils in the January-September period.  Boubyan Bank closed flat and Kuwait Finance House was down 10 fils at KD 0.800. “We are bullish on the stock from a short-term perspective. It could continue to rise and reach our price target of 0.85 dinars and 0.9 dinars in the near term.” Global Investment House said in a note on KFH earlier in the month. Kuwait Investment Co eased 2 fils after clocking 1,58 million in volume whereas Commercial Facilities Co slipped 5 fils. National Investment Co was unchanged at KD 0.158 off slight early lows and KIPCO shed 10 fils to close at KD 0.630.

Securities Group rose 10 fils to KD 0.126 whereas KAMCO retreated 10 fils. Noor Financial Investment fell 2 fils to settle at KD 0.122. has won the approval of Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months.  United Real Estate Co flunked 2 fils to end at KD 0.126 whereas National Real Estate Co closed flat. Salhia Real Estate gained 10 fils whereas Mabanee Co paused at KD 1.140. The bourse  was downbeat during last week . It closed lower in three of the five sessions and shed 56 points week-on-week. The index has slid 161 points during whole of November and is trading over 31 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Automated Systems announced has earned KD 1.45 million in the nine-month period ending Sep 30, 2013 while earnings per share stood at 36.27 fils. This compares with KD 4.01 million net profit and 100.26 fils EPS in the same period last year.  ACICO Industries has logged net profit KD 4.04 million earnings per share of 16.33 fils in the first nine-months of the year, up from KD 2.33 million profit and earnings per share of 9.42 fils in the 9M of 2012.

By John Mathews
Arab Times Staff



 


By: John Mathews

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