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Kuwait nudges lower amid volatile trading Wataniya Telecom skids 40 fils; Americana gains

KUWAIT CITY, Dec 11: Kuwait stocks edged lower Wednesday extending the downtrend to third consecutive day. The index fell 5.34 pts in volatile trade to close at 7,750.76 points amid selling pressure in select counters led by banks. Some of the mid and low caps however eked modest gains on speculative interest. The KSX15 benchmark dropped 10.15 pts to 1,073.33 points taking the month’s losses to 10 pts whereas weighted index edged 2.43 pts lower. The volume turnover meanwhile rebounded after sinking to the month’s low in the previous session. 214.68 million shares changed hands — a 35.44 percent jump fro Tuesday. The bourse has been trending lower since November as the earnings failed to bolster the sentiment.

The sectors saw a mixed trend. Financial services outshone the rest with 0.59 percent gain whereas telecommunications skidded 1.27 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 45.21 pct and real estate came in next with 33.52 percent contribution.  Among notable losers, Safwan Trading and Contracting Co dived 50 fils to KD 0.510 and Kout Food Group followed suit to end at KD 0.740. PAPCO fell 10 fils to KD 0.126 and Yiaco too was down by same measure to close at KD 0.355. Contracting and Marine Services eased 6 fils to KD 0.174.

Kuwait Cement Co fell 5 fils to KD 0.375 and NICBM edged 4 fils lower. Equipment Holding Co ticked 2 fils lower whereas United Industries Co closed flat. The company has won the approval of Capital Markets Authority to buy back or sell up to a maximum of 10% of its shares over a period of 6 months. Zain slipped 10 fils to KD 0.690 and Wataniya Telecom skidded 40 fils to KD 1.760 after stagnating in the day before. Agility gave up 10 fils to close at KD 0.720 and the stock is trading 210 fils higher year-to-date.
 

Sideways
The market opened flat and moved sideways in early trade. The index edged lower thereafter as selling dominated the trading floor and bottomed at 7,734.26 pts. It clawed back to hit the day’s highest level of 7,762.34 pts before drifting lower again in the second half of the session and closed slightly below the red. Top gainer of the month Warba Insurance climbed over 7 percent to 122 fils and International Resorts Co rallied 6.25 percent to stand next. Safwan Trading Co slid 8.93 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 23.4 million shares. On the upside, Kuwait Food Co ( Americana) rose 20 fils recouping the loss in the day before and IFA Hotels and Resorts rallied 15 fils on back of 2.68 million shares. Burgan Well Drilling Co was up 10 fils at KD 0.230 and Boubyan Petrochemicals Co followed suit.
 

Kuwait Company For Process Plant and Construction rose 10 fils while Credit Rating and Collection Co added 6 fils. ACICO Industries gained 15 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. United Industries Co was flat at KD 0.150 and Gulf Cables followed suit. The company has earned KD 9.06 million and clocked an earnings per share of 43 fils in the first nine-months of 2013 as compared with net profit of KD 10.54 million and earnings per share of 50 fils in the same period last year.
 

Kuwait Gulf Links was unchanged at KD 0.106 and RISCO too did not budge from its earlier close of KD 0.315. The company 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.  Jeeran Holding Co gained 4 fils and Kuwait Portland Cement Co jumped 40 fils to KD 1.420. 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. In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.890 and Gulf Bank edged 5 fils lower. Commercial Bank was not traded during the year. The lender has won the central bank’s approval to its request to buy back and sell up to 10% of own issued shares over a period of 6 months.

Eased
Al Ahli Bank of Kuwait eased 5 fils to KD 0.475 and Ahli United Bank paused  at KD 0.720.  Kuwait International Bank took in 5 fils and Burgan Bank was unchanged at KD 0.560 and the stock has shed 20 fils from start of the month. Kuwait Finance House gave up 10 fils and Boubyan Bank held steady at KD 0.280.
National Investment Co stagnated at KD 0.162 after clocking 3.67 million shares and KIPCO followed suit to end at KD 0.620. International Financial Advisors rose 4 fils on back of 12.7 million shares. 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 September 30, 2013. Securities Group Co shed 6 fils and Securities House Co edged 2 fils lower. International Finance Co took in 1 fils while First Investment Co and Bayan Investment added 2 fils each. Al Deera Holding inched 1 fils lower.

Mabanee Co shed 20 fils to end at KD 1.140 and International Resorts Co gained 5 fils. Tamdeen Real Estate held the ground steady at KD 0.204 whereas Tamdeen Investment Co was up 2 fils.  The bourse bas been downbeat dull so far during the week and has shaved off 14 points in the last four sessions. The index has retreated 35 points from start of the month 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, Automated Systems shed 10 fils. The company has earned KD 1.45 million in the nine-month period ending Sept 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. 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 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 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 and 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.
 

By John Mathews
Arab Times Staff


By: John Mathews

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