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KSE gains 29.49 pts amid choppy trading Kout Food soars 50 fils; NBK slips

KUWAIT CITY, Dec 19: Kuwait stocks chalked a modest rebound on Thursday to end the week on positive note. The price index climbed 29.49 pts in choppy trade to wind up at 7605.04 points. The advance was led by banks and some of the mid and low caps even as blue chips remained muted in absence of fresh cues.The KSX 15 measure rose 1.3 points to 1075.86 pts trimming the month’s losses to 8 pts while weighted index nudged 0.47 pts higher. The volume turnover meanwhile fell for the 4th straight session. 174.26 million shares changed hands - a 2.26 percent fall in value from Wednesday. The sectors closed mixed. Technology outshone the rest with 2.30 percent upswing while insurance slipped 0.44 percent, the worst performer of the day. In terms of volume, real estate dominated with 38.34 pct market share and financial services came in next with 37.31 percent.

Among notable gainers, Combined Group Contracting Co soared 40 fils to KD 1.280 and Advanced Technology rose 30 fils with thin volume. Kout Food Group spiked 50 fils and Kuwait Building Materials Manufacturing Co climbed 15 fils.  Shuaiba Industrial Co rose 15 fils to KD 0.265 and Hilal Cement Co was up 8 fils at KD 0.210. Safwan Trading and Contracting Co jumped 40 fils to KD 0.540 and Gulf Franchising Holding Co added 9 fils. Zima Holding Co rose 10 fils to KD 0.152. Telecom major Zain continued to stagnate at KD 0.700 off early lows and Wataniya Telecom too did not budge from its earlier close of KD 1.740 after trading in green earlier in the session. Agility too was unchanged at KD 0.710 and the stock has rallied 200 fils so far in 2013.

Ticked
The market opened firm and ticked higher in early trade. The index continued to gain ground amid moderate buying in select counters and moved sideways past the mid-session. It revved up again in the final minutes and closed at the day’s highest level of 7605.04. Top gainer of the day, Real Estate Asset Management Co spiked 9.43 percent to KD 0.116 and Gulf Finance Co climbed over 9 percent to stand next. United Real Estate Co shed 4.84 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 37.79 percent. Reflecting the day’s upswing, the winners outnumbered the losers. 52 stocks advanced whereas 44 closed lower. Of the 147 counters active on Thursday, 51 closed flat. 4626 deals worth KD 20.76 million were transacted - a 8.67 percent rise in value from Wednesday.

Al Arabi Holding Group Co gained 8 fils and Automated Systems Co jumped 25 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.  On the downside, Kuwait National Cinema Co fell 10 fils and Independent Petroleum Group was down 5 fils. 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.

NICBM slipped 4 fils and Gulf Cable gave up 10 fils to end at KD . 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. National Industries Group vacillated in a tight range before ending flat at KD 0.230 Kuwait Foundry Co followed suit. 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 Sep 30, 2013. ACICO Industries edged 5 fils to KD 0.290.

Flat
Kuwait Cement Co was flat at KD 0.370 and Jazeera Airways followed suit. Metal and Recycling Co took in 2 fils and Kuwait Gulf Links was up by same measure. ALAFCO gave up 5 fils to end at KD 0.270 and IFA Hotels and Resorts closed unchanged at KD 0.290.  National Bank of Kuwait dropped 10 fils to KD 0.890 after clocking a volume of over 3 million whereas Gulf Bank rose 5 fils to KD 0.370. 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. Commercial Bank of Kuwait climbed 20 fils whereas Al Ahli Bank slid 20 fils to settle at KD 0.450. Ahli United Bank gained 10 fils extending an identical rise in the day before. Kuwait International Bank slipped 5 fils.  Kuwait Finance House rose 10 fils trimming taking the year’s losses to 20 fils and Boubyan Bank followed suit. Burgan Bank pared slight early session loss to close unchanged at KD 0.570.

Kuwait Investment Co rose 2 fils to KD 0.134 while International Financial Advisors paused at KD 0.102. National Investment Co and KIPCO both closed flat and Securities Group Co slipped 4 fils. Kuwait Financial Centre ( Markaz) closed flat and KMEFIC ticked 2 fils higher.  Osoul Investment Co and KFIC fell 1 fils each and Al Deera Holding ticked 2 fils up. Noor Financial Centre and Al Tamdeen Investment fell 2fils each. National Real Estate rose 2 fils to settle at KD 0.154 and Tamdeen Real Estate Co followed suit.

The bourse has been lackluster during the week. It closed lower in 3 of the five sessions and dived almost 100 points week-on-week. The index has tumbled 170 points from start of the month and is trading over 27 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Warba Bank announced has logged a net loss of KD 3.12 million in the nine-month period ending Sept 30, 2013 and chalked a loss per share of 3.12 fils as against KD 2.06 net loss and and loss per share of 2.07 fils 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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