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KSE drops 44.87 pts amid volatile trade NAPESCO dives 40 fils; Zain flat

KUWAIT CITY, Dec 30: Kuwait stocks slid Monday, extending the decline to third consecutive day. The index shed 44.87 pts in volatile trade to close at 7,541.58 points even as the investors exited positions in absence of positive news flow. Some of the mid and small caps headed south whereas the heavyweights closed mixed. The mobile telecom operators shined. The KSX 15 benchmark slipped 6.11 pts to 068 paring the 2013 gains to almost 60 pts while the weighted index was down 1.33 points at 461.95 pts. The volume turnover meanwhile receded below the 200 million mark. 195.61 million shares changed hands — a 2.36 percent fall from the day before.

The sectors closed mixed. Basic materials outshone the rest with 0.84 percent gain whereas oil and gas dived 2 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 45.62 percent while real estate came in next with 28.82 pct contribution. NAPESCO dived 40 fils to KD 0.510 and Yiaco Medicals was down 10 fils at KD 0.345. Al Rai Media Group Co retreated 8 fils and Kuwait United Poultry Co followed suit to end at KD 0.158. RISCO dived 15 fils to KD 0.305 with thin trading volume.

PAPCO fell 5 fils and Kuwait Portland Cement slumped 40 fils to KD 1.380. Metal and Recycling Co shaved off 4 fils and ALAFCO was down 5 fils. Hilal Cement Co and National Industries Group fell 8 fils and 2 fils respectively.  Among the heavyweights, Zain closed flat at KD 0.690 and Wataniya Telecom tumbled 40 fils reversing the gains in the day before. Agility held the ground unchanged at KD 0.700 after trading slightly in red earlier in the session and the stock has rallied 190 fils so far during the year.

The market opened flat but pulled lower in early trading. The index continued to fall amid selling in select counters and hit the day’s lowest level of 7500.97 pts ahead of the session’s half-way mark. It clawed back some of the losses in the second half but still closed in deep red.
Top gainer of the day, Taiba Kuwait Holding Co rallied 8.33 percent to 65 fils and Nafais climbed 5.38 percent, to stand next. Real Estate and Asset Management Co dived 8.77 percent, the steepest decline of the day and Gulf Finance House topped the volume with 36.34 million shares. Reflecting the day’s downswing, the market spread was skewed towards the losers. 43 stocks advanced whereas 43 closed lower. Of the 155 counters active on Monday, 52 closed flat. 4792 deals worth KD 18.23 million were transacted — a 6.32 percent drop in value from the day before.
Gulf Petroleum Investment Co clipped 5 fils after clocking a volume of 14.7 million shares and Advanced Technology shed 10 fils. Heavy Engineering Industries and Shipbuilding Co gave up 6 fils to settle at KD 0.152.

On the upside, Combined Group soared 60 fils while Kuwait Foundry Co rallied 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 Sept 30, 2013. This compares with KD 485,899 profit and 3.16 fils EPS in the year before.
IFA Hotels and Resorts rose 10 fils and Kuwait & Gulf Link Transport took in 2 fils. 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.
Al Arabi Holding Group climbed 8 fils to KD 0.196 whereas Gulf Cable closed flat. 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.
Humansoft was unchanged at KD 0.230 and Jazeera Airways followed suit to end at KD 0.230. ACICO Industries Co paused at KD 0.280. 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.


In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.890 and Gulf Bank held steady at KD 0.370. Commercial Bank jumped 30 fils to KD 0.730 and Al Ahli Bank eased 5 fils erasing the gains in the day before.
Ahli United Bank stagnated at KD 0.710 and Kuwait International Bank was up 5 fils at KD 0.295. Burgan Bank was unchanged at KD 0.560 and Kuwait Finance House retreated 10 fils to KD 0.790. Boubyan Bank added 10 fils to settle at KD 0.570.
Kuwait Investment Co fell 2 fils to KD 0.130 and National Investment Co followed suit. 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
KIPCO stagnated at KD 0.620 off early lows and Securities House inched 1 fils lower. Securities Group Co and Kuwait Financial Centre fell 2 fils each whereas Bayan Investment shed 9 fils. Osoul Investment shaved off 4 fils and KAMCO was flat at KD 0.116.

Al Deera Holding took in 1 fils whereas Noor Financial Investment shed 6 fils. National Real Estate Co took in 2 fils and Mabanee Co was unchanged at KD 1.140.
The bourse has been downbeat so far during the week and has shed 85 pts in last two sessions. The index has tumbled 244 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, 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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