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Kuwait bourse extends losses; drops 63.64 pts Agility falls 20 fils; Gulf Cables gains

KUWAIT CITY, Dec 15: Kuwait stocks slumped Sunday extending the losses from the previous week. The index dropped 63.64 percent to 7640.7 pts paring steeper losses earlier in the session. The financial, real estate and industrials led the day’s decline even as the banks remained mostly muted. The KSX 15 measure slipped 1.56 pts to 1074.46 points while weighted index inched 0.86 pts lower. The volume turnover meanwhile rebounded above the 200 mark helped mostly by speculative interest in select counters. 207.52 million shares changed hands — a 26.30 percent jump from last session. The sectors closed mostly in red. Healthcare outshined with 1.72 percent upswing whereas real estate shed 1.49 percent, the biggest loser of the day. In terms of volume, real estate accounted for 35.87 percent market share and financial chalked 30.73 percent to stand next. Industrials came in third with 20.91 percent contribution.

Kuwait Portland Cement Co skidded 20 fils to end at KD 1.400 and PAPCO slipped 10 fils. RISCO eased 5 fils and Kuwait Cement Co followed suit to wind up at KD 0.370. Hilal Cement shed 8 fils while Jazeera Airways fell 5 fils erasing the gains in the day before. Equipment Holding Co eased 2 fils to KD 0.148 and Kuwait Gulf Links was down by same measure to close at KD 0.104. IFA Hotels and Resorts gave up 5 fils and Kuwait Cement Co followed suit. NICBM was down 4 fils at KD 0.210  Among the heavyweights, Zain held the ground unchanged at KD 0.700 off early lows whereas Wataniya Telecom climbed 20 fils to KD 1.780. Agility retreated 20 fils to KD 0.710 trimming the year’s gains to 200 fils.

Weak
The market opened weak and headed lower in early trade. The index hit the day’s lowest level of 7613.26 points as selling weighed on select counters and bounced back slightly before drifting sideways. It clawed back more losses in the final minutes but closed with steep losses. Top gainer of the day, Advanced Technology Co climbed 6.25 pct to KD 0.850 and Safwan Trading Co rose 5.88 percent to stand next.PAPCO slid 7.94 percent, the steepest decliner of the day and Mayadeen topped the volume with 35.18 million shares. Reflecting the day’s decline, the losers vastly outnumbered the gainers. 24 stocks advanced whereas 83 closed lower. Of the 147 counters active on Sunday, 40 closed flat. 5175 deals worth KD 19.04 were transacted — a 2.11 percent fall in value from the day before.

Among other losers, Contracting and Marine Services eased 4 fils to KD 0.176 and RISCO pulled 5 fils lower. 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 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.  On the flip side, United Industries Co took in 2 fils and Burgan Well Drilling Co was up by same measure. Gulf Cables gained 10 fils partly recouping the losses in the previous session. and Kuwait Cables Vision Co added 3 fils.

KGL Logistics Co rose 5 fils whereas Kuwait Food Co (Americana) held the ground steady at KD 2.340. National Industries Group inched 2 fils lower after clocking 1.34 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 September 30, 2013. Kuwait Foundry Co clawed back slight early losses to close unchanged at KD 0.400 and ACICO Industries followed suit. 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.

Flat
In the banking sector, National Bank of Kuwait closed flat at KD 0.900 and Gulf Bank too did not budge from its earlier close of KD 0.375. The bank 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. Al Ahli Bank rose 5 fils to KD 0.470 partly recouping the losses in the previous session while Commercial Bank and Ahli United Bank were unchanged at KD 0.700 and KD 0.720 respectively. Kuwait International Bank gave back 5 fils to settle at KD 0.295 and Burgan Bank paused at KD 0.560. The stock has shed 20 fils from start of the month and has added 30 fils year-to-date. Kuwait Finance House and Boubyan Bank were both flat at KD 0.790 and KD 0.550 respectively.  Kuwait Investment Co fell 2 fils to KD 0.134 while International Financial Advisors and National Investment Co shed 4 fils each. NIC 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.

Securities House took in 1 fils and KMEFIC gained 3 fils with thin trading. KIPCO was flat at KD 0.620 while Bayan Investment Co and KAMCO fell 2 fils each. Noor Financial Investment nudged 2 fils higher whereas Sokouk Holding flunked 2 fils to close at KD 0.116. Noor Financial Investment took in 2 fil. National Real Estate Co fell 2 fils to KD 0.156 whereas Mabanee Co gained 20 fils to close at KD 1.140. Salhia Real Estate Company shed 15 fils and International Resorts Co eased 4 fils. The bourse had been negative during last week. It closed lower in four of the five sessions and dropped 60 points week-on-week. The index has plunged 142 points from start of the month and is trading over 28 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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