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Kuwait bourse ends week on ‘firm’ note Wataniya Telecom vaults 60 fils; Americana falls

KUWAIT CITY, Dec 5: Kuwait stocks chalked modest gains Thursday to end the week on positive note. The price index climbed 27.69 pts in lackluster trade to close at 7764.86 points. Telecom and bank shares shined whereas profit taking weighed on some of the mid and low caps. The market has been fluctuating between small gains and losses during the week as investors await catalysts .
The KSX 15 benchmark jumped 12.41 pts to 1078.87 points taking the 2013 gains to almost 70 pts while weighted index added 3.37 points. The volume turnover meanwhile shrank for the second straight session to slip below the 200 million mark. 174.68 million shares changed hands - a 14.49 percent fall from the day before.
The sectors closed mixed. Telecommunications outshone the rest with 1.76 percent rally and consumer goods shed 0.34 pct - the biggest loser of the day. In terms of volume, financial services dominated with 43.18 percent market share and real estate stood next with 35.08 pct. Industrials was distant third with 6.96 percent contribution.
Gulf Cables soared 40 fils to KD 0.900 after closing in red in the previous session and Metal and Recycling Co climbed 10 fils on back of 1.47 million shares. Hilal Cement gained 8 fils with thin trading while Kuwait Foundry Co and ACICO Industries were up 5 fils each.


Rallied
Alrai Media Group Co climbed 8 fils and Kuwait Company For Process Plant Construction and Contracting Co rallied 20 fils. Kuwait Portland Cement Co gained 20 fils. The company has chalked a net profit of KD 6.57 million and earnings per share of 72.3 fils in the nine months ending Sept 30, 2013.
Among the heavyweights, Wataniya Telecom vaulted 60 fils to KD 1.800 recouping the loss in the previous session while Zain gained 20 fils on back of 3.6 million shares. Zain 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 steady at KD 0.720 off early highs.
The market opened flat and slipped into red in early trade. The index troughed at 7737.17 pts before pulling higher to hover around the opening mark as investors toed caution. It edged up in the final minutes and closed with modest gains.
Top gainer of the day, Aayan Real Estate Co rallied 7.94 percent to 68 fils while Metal and Recycling Co climbed 7.46 pct to stand close behind. KMEFIC slid 6.85 percent, the steepest decliner of the day and Aayan also topped the volume with 12.72 million shares.


Reflecting the day’s upswing, the market spread was skewed towards the winners. 61 stocks advanced whereas 37 closed lower. Of the 149 counters active on Thursday, 51 closed flat. 5391 deals worth KD 22.82 million were transacted - a 9.23 percent drop in value from the day before.
Among other gainers, The Energy House rose 4 fils and Credit Rating and Collection Co followed suit. Equipment Holding Co ticked 2 fils higher and Kuwait Cable Vision Co took in 1 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.
On the flip side, NICBM slipped 10 fils while Petrogulf and Kuwait and Gulf Link fell 2 fils each. KGL has incurred a net loss of KD 815,921 and loss per share of 3.09 fils in the first nine-months of 2013, narrowing from KD 5.79 million loss and 21.92 fils LPS in the year before period.
City Group shed 25 fils after clocking thin volume and Kuwait Food Co (Americana) was down 20 fils at KD 2.400. The stock has retreated 20 fils from start of the month but has rallied 660 fils in 2013. Al Nawadi Holding gave up 6 fils to close at KD 0.126.


Shares
Kuwait Cement Co was unchanged at KD 0.380 and National Industries Group followed suit to end at KD 0.240 after trading over 2 million shares. 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 Sept 30,2013 .
ALAFCO stagnated at KD 0.275 and Jazeera Airways too did not budge from its earlier close of KD 0.490. The company has posted a net profit of KD 14.06 million and earnings per share of 33.49 fils in the first nine months of 2013 . KGL Logistics paused at KD 0.265.
In the banking sector, National Bank of Kuwait vacillated in a narrow range before closing flat at KD 0.880 whereas Gulf Bank edged 5 fils higher to KD 0.380. Commercial Bank was steady at KD 0.710 off early lows and is unchanged year-to-date.


Al Ahli Bank fell 5 fils to KD 0.480 a whereas Ahli United Bank gained 10 fils . Kuwait International Bank added 5 fils on back of 1.9 million shares and Burgan Bank rose 10 fils. Kuwait Finance House climbed 20 fils whereas Boubyan Bank was unchanged at KD 0.560.
International Financial Advisors stagnated at KD 96 fils whereas National Investment Co and Coast Investment and Development Co gained 4 fils each. KIPCO pulled 10 fils lower extending an identical loss from the day before. Bayan Investment and Noor Financial Services fell 2 fils each and KMEFIC was down 5 fils.
Warba Insurance and Kuwait Reinsurance Co were up 4 fils each at KD 0.122 and KD 0.150 respectively while First Takaful added 5 fils. Mabanee Co rallied 20 fils to KD 1.160 and Salhia Real Estate closed 5 fils higher.
The bourse charted a mixed trend during the week . The index closed lower in three of the five sessions and shed 20 points week-on-week. It had retreated 143 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, Independent Petroleum Group 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. This compares with KD 5.07 million net profit and earnings per share of 35.10 fils in the same period last year.


Advanced Technology has logged a net profit of KD 3.34 million and earnings per share of 22.304 fils in the nine-month period ending Sept 30, 2013, up from KD 2.90 million and earnings per share of 19.341 fils 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 Sept 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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