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Seen in the photo, market participants at KSE trading floor. The bourse shed 39.78 pts on Sunday.
Kuwait measure skids 39.78 pts; volume dips Wataniya Telecom gains 40 fils; NIG slips

KUWAIT CITY, Dec 29: Kuwait stocks pulled lower Sunday extending the losses to second straight session. The index slid 39.78 pts to 7,586.45 pts as selling weighed on select counters. Most of the blue chips however bucked the market trend to close higher even as the investors rejigged their positions ahead of the new year. The KSX 15 benchmark climbed 7.98 pts to 1,074.38 taking the 2013 gains to 65 pts while the weighted index was up 1.42 points. The volume turnover meanwhile receded further for the third day in row. Over 200 million shares changed hands — a 18.57 percent fall from the day before.
The sectors closed mixed. Telecommunication outshone the rest with 1.74 percent rally whereas financial services shed 1.30 pct, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 46.85 percent and real estate came in next with 25.91 pct. Industrials was a distant third with 13.54 percent.

Among the prominent losers, Combined Group Contracting Co dived 60 fils to KD 1.220 and Kuwait Cement Co was down 15 fils at KD 0.365. Kuwait National Cinema Co slipped 10 fils and Al Arabi Holding Group followed suit. IFA Hotels and Resorts and Gulf Petroleum gave up 5 fils each.
Kuwait Resorts Co fell 5 fils to 90 fils after clocking volume of 6.23 million shares and National Industries Group 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, as against KD 11.44 million profit and earnings per share of 9.1 fils in the 9M of 2012.
 

Rose
Telecom major Zain rose 10 fils to KD 0.700 recouping the loss in the day before and Wataniya Telecom gained 40 fils to end at KD 1.800. Agility too was up 10 fils at KD 0.700 taking the month’s losses to 20 fils.  The market opened flat and moved sideways in early trade. The index hit the day’s highest level of 7,638.81 pts and retreated thereafter as sentiment turned weak. It continued to edge lower to bottom at 7,570.99 pts in the final minutes before closing in deep red.  Top gainer of the day, Al Rai Media rallied 7.58 percent and Zimah climbed 6.25 percent to stand next. Taiba slid 7.69 percent, the steeper decliner of the day and Gulf Finance House topped the volume with a whopping 63.33 million shares.

Mirroring the day’s decline, the market spread was skewed towards the losers. 30 stocks advanced whereas 67 closed lower. Of the 133 counters active on Sunday, 36 closed flat. 4,700 deals worth KD 17.14 million were transacted - a 19.94 pct drop in value from the day before.  The Energy House closed 4 fils lower and NICBM was down 6 fils at KD 0.196 and Equipment Holding Co ticked 2 fils lower. Contracting and Marine Services Co shed 10 fils and Kuwait Gulf Links eased 2 fils.

ALAFCO was unchanged at KD 0.270 whereas KGL Logistics Company closed flat. The company has won the approval of Capital Markets Authority to its request to buy back or sell up to 10% of own shares over a period of 6 months commencing date of approval. Kuwait Foundry Co was flat at KD 0.395 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.  Metal and Recycling Co was unchanged at KD 1.420 and United Industries Co too did not budge from its earlier close of KD 0.152. 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.


Climbed
On the upside, Americana climbed 20 fils to KD 2.480 taking the months gains to 60 fils while NAPESCO jumped 30 fils to KD 0.550. Kuwait Portland Cement gained 20 fils and Safwan Trading Co was up 5 fils with thin trading.
In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.900 recouping the loss in the day before and Gulf Bank closed flat at KD 0.370. NBK has announced the retirement of the CEO Ibrahim Dabdoub earlier in the month.


Al Ahli Bank rose 5 fils to KD 0.455 whereas Ahli United Bank shed 10 fils. Kuwait International Bank paused at KD 0.290 and Burgan Bank followed suit. Kuwait Finance House stagnated at KD 0.800 after clocking a volume of over 2 million shares and Boubyan Bank was unchanged at KD 0.560.
Kuwait Investment Co fell 2 fils to KD 0.132 and National Investments Company was flat at KD 0.160. The company has won the approval of Capital Markets Authority to the company’s request to buy back or sell up to 10% of own shares over a period of 6 months.
Securities House Co slipped 2 fils while Kuwait Financial Centre and KIPCO gained 4 fils and 10 fils respectively. Bayan Investment Co shed 6 fils and Sokouk Holding shaved off 2 fils. Noor Financial Investment held steady at KD 0.120.


International Financial Advisors clipped 2 fils after trading 2.6 million shares and United Real Estate was down by same measure. National Real Estate Co too slipped 2 fils whereas Mabanee Co closed flat.
The bourse trended higher during last week. It closed higher in 4 of the 5 sessions and gained 21 points week-on-week. The index has tumbled 198 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 it 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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