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KSE tumbles 46.42 pts as sentiment turn weak NAPESCO tanks 50 fils; Zain gains

KUWAIT CITY, Dec 12: Kuwait stocks fell sharply on Thursday, to end week on a sluggish note. The index slid 46.42 points to 7,704.34 pts as investors exited select mid and low caps amid weak sentiment. Some of the heavyweights however bucked the trend to eke modest gains.  The KSX 15 rose 2.69 points to 1,076.02 pts trimming the month’s losses to 7 points and weighted index edged 1.26 pts lower to 453.34 points . The volume turnover meanwhile slid below 200 million to hit the second lowest mark of the month. 164.30 million shares changed hands — a 23.47 pct drop from the day before.

The sectors closed mostly in the red. Technology out led the peers with 0.68 percent rise whereas oil and gas tumbled 2.49 percent, the worst performer of the day. In terms of volume, real estate garnered the highest market share of 42.18 percent and financial services came in next with 36.30 pct. Industrials were a distant third with 8.39 percent contribution. Among the notable losers, Combined Group Contracting Co dived 40 fils to KD 1.240 and NAPESCO skidded 50 fils to close at KD 0.500. City Group was down 25 fils at KD 0.460 with thin trading volume and United Projects Group retreated 30 fils.

Kuwait Food Co ( Americana) shed 20 fils to wind up at KD 2.340 and Advanced Technology followed suit. Gulf Cables dropped 20 fils. The company has earned KD 9.06 million and clocked an earnings per share of 43 fils in the first nine-months of 2013.  The telecom major Zain bucked the market mood to rise 10 fils and Agility was up by same measure to end at KD 0.730. Wataniya Telecom however were unchanged at KD 1.760 after pulling sharply lower in the day before and the stock has retreated 40 fils from start of the month.

The market opened flat and moved sideways in early trading. The index slipped thereafter as sentiments turned negative and continued to erode to hit the day’s lowest level of 7,676.28 points in the final minutes. It however slightly clawed back the losses at close.  Top gainer of the month, Al Themar International Holding Co rallied 10.13 percent to 87 fils while Securities Group climbed 5.36 pct to stand next. NAPESCO plunged over 9 percent, the steepest decliner of the day and Investors Holding Group topped the volume with 12.62 million shares.  Mirroring the day’s drop, the losers vastly outnumbered the winners. 25 stocks advanced whereas 68 closed lower. Of the 139 counters active on Thursday, 46 closed flat. 4,697 deals worth KD 19.04 million were transacted — a 7.90 pct fall in value from the day before.

IFA Hotels and Resorts Co fell 10 fils and Burgan Well Drillings Co was down by same measure. ACICO Industries too gave up 10 fils to close at KD 0.290. . 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.
National Industries Group slipped 4 fils to KD 0.234 after clocking a volume of 1.80 million and Kuwait Foundry Co shed 15 fils . Metal and Recycling Co ticked 2 fils lower and The Energy House eased 6 fils to settle at KD 0.110 and Equipment Holding Co gave up 2 fils.
KGL Logistics Co was flat at KD 0.260 and Kuwait Gulf Links held steady at KD 0.106. The company 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.
Kuwait Cement Co and RISCO stagnated at KD 0.375 and KD 0.315 respectively while Kuwait Cable Vision Co inched 1 fils up . 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 upside, Automated Systems Co rose 10 fils while Jazeera Airways added 5 fils and the stock has gained 175 fils so far in 2013. NICBM took in 2 fils to close at KD 0.214.

In the banking sector, National Bank of Kuwait gained 10 fils erasing the gains in the day before whereas Gulf Bank was unchanged at KD 0.375 off early highs. Commercial Bank tumbled 30 fils and Al Ahli Bank fell 10 fils to close at KD 0.465. Kuwait Finance House stagnated at KD 0.790 while Boubyan Bank pulled 10 fils lower.
Ahli United Bank was flat at KD 0.720 and Kuwait International Bank too did not budge from its earlier close of KD 0.300. 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.
Commercial Facilities co slipped 5 fils to KD 0.275 and International Financial Advisors vacillated in narrow range before closing flat at KD 0.104. National Investments Company was unchanged at KD 0.162. The company has won the approval of Capital Markets Authority to the company request to buy back or sell up to 10% of own shares over a period of 6 months

KIPCO too was unchanged at KD 0.620 and Securities Group climbed 6 fils. Bayan Investment and Noor Financial Investment fell 2 fils each and Securities House Co ticked 1 fils lower. Mabanee Co shed 20 fils and Tamdeen Real Estate edged 2 fils lower. National Real Estate Co was unchanged at KD 0.158.
The bourse has been sluggish during the week and has shed 60 points in the week-on-week. The index has dived 81 points from start of the month and is trading over 29 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 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.
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 Sep 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.

By John Mathews
Arab Times Staff

By: John Mathews

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