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KSE price index closes in red; volume rebounds Zain falls 10 fils; Gulf Cables gains

KUWAIT CITY, Dec 3: Kuwait stocks sagged Tuesday extending the losses to fourth consecutive day. The index pared steep losses to close 5.76 pts lower at 7718.34 points as select mid and low caps weighed.
Some of the banking heavyweights shined whereas the telecom majors closed mixed. The market mood remained lackluster even the corporate earnings announcements has reduced to a trickle. The KSX 15 benchmark inched 1 pts higher to 1071.15 points and is down 12 pts from start of the month while the weighted index inched 0.75 pts higher. The volume turnover meanwhile rebounded after hitting a multi-month low in the last session. 220.66 million shares changed hands — a 30.26 percent jump from Monday.  The sectors closed mostly lower. Consumer goods outshone the peers with 0.99 percent rise whereas technology slid over 3 percent — the worst performer of the day. In terms of volume, financial services garnered the highest market share of 42.84 pct and real estate followed with 36.01 percent. Banks was a distant third with 7.56pct contribution.

Automated Systems Co dived 25 fils to KD 0.410 while Boubyan Petrochemical Co was down 10 fils at KD 0.620. Metal and Recycling Co eased 2 fils to KD 0.124 and Energy House followed suit. NICBM fell 4 fils to KD 0.218 extending the losses to KD 0.218. Jazeera Airways slipped 5 fils to KD 0.490 and Kuwait Cable Vision Co too was down by same measure to settle at 65 fils. The company has incurred a net loss of KD 284,136 and loss per share of 9.47 fils in the January-September period of 2013.

Flat
Bourse heavyweight Zain dropped 10 fils to KD 0.670 whereas Wataniya Telecom pulled up from early lows to close flat at KD 1.800. Zain has earned KD 165.62 million in the first nine-months of 2013 while earnings per share came in at 43 fils. The market opened on a firm note and edged slightly higher in early trade. The index hit the day’s highest level of 7744.78 pts but failed to hold on to the gains. It retreated thereafter as sentiment turned negative and bottomed at 7662.96 pts past the mid-session. It clawed back most of the losses in the final minutes and closed slightly in the red.  Top gainer of the day, Safwan Trading Co spiked 8.93 percent and National Slaughter House stood next with 6.85pct rise. Kuwait Cable Vision Co slumped 7.14 percent, the steepest decliner of the day and Tijara topped the volume with 22.94 million shares.
The market spread was slightly skewed towards the losers. 41 stocks advanced whereas 56 closed lower. Of the 144 counters active on Tuesday, 47 closed flat. 5593 deals worth KD 28.53 million were transacted — a 26.43 percent jump in value from the day before.


On the upside, Gulf Cable soared 40 fils to KD 0.870 recouping most of the losses on Monday and United Projects Co climbed 30 fils. Mashaer Holding rose 10 fils to KD 0.234 and Hilal Cement followed suit to wind up at KD 0.184.
Gulf Petroleum Investment Co gained 3 fils on back of over 4 million shares while ACICO Industries climbed 10 fils. The company has logged net profit of KD 4.04 million and earnings per share of 16.33 fils in the first nine-months of the year, up from KD 2.33 million profit and 9.42 fils EPS in the 9M of 2012.
Contracting and Marine Services Co added 4 fils and Kuwait Foundry Co was up 5 fils at KD 0.415. 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 Sept 30, 2013.
Gulf Franchising Holding Co gained 5 fils whereas National Industries Group gave up slight early gains to stagnate at KD 0.240. The company has posted a net profit of KD 10.49 million and earnings per share of 8.3 fils in the nine-month period ending September 30,2013. IFA Hotels and Resorts paused at KD 0.265 off early highs.

Budge
Kuwait Gulf Links stagnated at KD 0.106 and KGL Logistics Co too did not budge from its earlier close. The company has registered a net profit of KD 7.97 million and earnings per share of 24.04 fils in the January-September period, down from KD 8.73 million and earnings per share of 29.04 fils in the 9M of 2012.
In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.890 whereas Gulf Bank was unchanged at KD 0.380 off early lows. Commercial Bank of Kuwait retreated 10 fils extending the losses in the day before whereas Al Ahli Bank closed 5 fils higher at KD 0.480.
Ahli United Bank slipped 10 fils to KD 0.710 whereas Kuwait International Bank closed flat after clocking a volume of over 2.5 million shares. Burgan Bank too did not budge from its earlier close of KD 0.570 and the stock has gained 40 fils from start of the year.


Kuwait Finance House rose 10 fils on back of 2.75 million shares recouping the losses on Monday and settled at KD 0.800 and Boubyan Bank too was up by same measure.
National Investment Co fell 2 fils to KD 0.158 whereas International Financial Advisors inched 1 fils up. The company has posted a net profit of KD 3.005 million and earnings per share of 4.48 fils in the nine-month period ending Sept 30, 2013.
Securities House and Bayan Investment Co gave up 2 fils each whereas Sokouk Holding Co took in 2 fils to wind up at KD 0.120.Noor Financial Investment too rose 2 fils whereas Al Tamdeen Investment Co flunked 2 fils.
The bourse has been downbeat so far during the week and shed 66 points in the last three sessions. The index had shed 161 points during whole of November and is trading over 30 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.


In the bourse related news, Advanced Technology slumped 40 fils. The company has logged a net profit of KD 3.34 million and earnings per share of 22.304 fils in the nine-month period ending Sep 30, 2013, up from KD 2.90 million and earnings per share of 19.341 fils in the same period last year.
Salhia Real Estate has logged KD 6.42 million profit and earnings per share of 13 fils in the January-September period, up from KD 6.05 million and 12.2 fils, EPS in the same period last year.
Kuwait National Cinema has notched a net profit of KD 6.13 million earnings per share of 61.74 fils in the nine-month period ending September 2013, soaring from KD 4.73 million profit and earnings per share of 47.43 fils in the 9M period of 2012.
Refrigeration Ind. and Storage has posted a net profit of KD 2.50 million and clocked an earnings per share of 28.25 fils in the nine month period ending September 30, 2013. This compares with KD 2.24 million profit and earnings per share of 25.39 fils in the same period last year.

By John Mathews
Arab Times Staff



 


By: John Mathews

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