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KSE winds up 2013 with 7.94 pts uptick Americana gains 20 fils; NBK flat

KUWAIT CITY, Dec 31: Kuwait stocks edged higher Tuesday to end the year on positive note. The index rose 7.94 pts to 7549.52 points stemming the three-day slide. Some of the banks and industrials stocks shined while selling pressure weighed on select mid and small caps. KSE has closed lower in 3 of the last 4 sessions and the market will be closed on Wednesday and Thursday on account of New Year holidays. The KSX 15 inched 0.15 pts up taking the 2013 gains to almost 60 points whereas weighted index nudged 0.91 pts higher to 452.86 pts. The volume turnover meanwhile shrunk further for the fifth consecutive day. 161.95 million shares changed hands — a 17.20 pct drop from the day before.

The sectors closed mixed. Healthcare outperformed the rest with 2.15 percent rally whereas consumer goods shed 0.53 pct, the biggest loser of the day. Volume wise, financial services accounted for the highest market share of 39.64 pct while real estate came in next with 30.12 percent. Industrials was a distant third with over 10 percent contribution.  Combined Group Contracting Co climbed 20 fils to KD 1.280 and ALAFCO was up by same measure to wind up at KD 0.285 after clocking 1.24 million shares. ACICO gained 15 fils and Kuwait Portland Cement rose 20 fils to KD1.400. Jazeera Airways added 5 fils close at KD 0.495.

National Industries Group, the Kharafi Group’s flagship company, took in 2 fils and Metal and Recycling Co was up by same measure. Burgan Well Drilling Co climbed 6 fils and Kuwait Food Co (Americana) rallied 20 fils to KD 2.520 extending an identical rise in the day before.  Among the heavyweights, Zain held the ground unchanged at KD 0.690 off early lows and Wataniya Telecom too recovered from steep early losses to close flat at KD 1.760. Agility was down 10 fils at KD 0.690 taking the months losses to 30 fils.

The market opened weak and slipped into red in early trade. The index hit the day’s lowest level of 7510.33 pts and drifted sideways as sentiment turned brittle. However it bounced back in the second half and managed to close with marginal gains.  Top gainer of the day, KAMCO spiked 8.62 percent to KD 0.126 and TAIBA climbed 7.69 pct to stand next. Pearl of Kuwait Real Estate Co slid 7.94 percent, the steepest decliner of the day and Gulf Finance House topped the volume with over 31 million shares.
Mirroring the day’s gain the winners out led the losers by a wide margin. 62 stocks advanced whereas 37 closed lower. Of the 144 counters active on Tuesday, 45 closed flat. 4142 deals worth KD 17.36 million were transacted — a 4.75 percent fall in value from the day before.

Qurain Petrochemical Industries gained 6 fils and Advanced Technology jumped 30 fils to KD 0.910. The company 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.  Al Rai Media Group rose 4 fils with thin trading and RISCO was up 10 fils. 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.

On the flipside, Kuwait Foundry Co dropped 20 fils extending the gains from Monday and United Projects Co shed 10 fils. Gulf Glass Manufacturing Co tumbled 50 fils to KD 0.670 and Kout Food Co followed suit to end at KD 0.740. Gulf Cable was unchanged at KD 0.850 and Kuwait Cement Co too did not budge from its earlier close of KD 0.365. Equipment Holding paused at KD 0.144 whereas United Industries Co ticked 2 fils higher. Kuwait Gulf Links eased 4 fils to settle at KD 0.100.

National Bank of Kuwait was flat at KD 0.890 off early highs and Gulf Bank rose 5 fils to KD 0.375 on back of 1.38 million shares. Commercial Bank climbed 10 fils to KD 0.740 whereas Al Ahli Bank gave up 10 fils to end at KD 0.440.  Ahli United Bank climbed 10 fils to KD 0.720 whereas Kuwait International Bank held steady at KD 0.295. Burgan Bank slipped 10 fils to KD 0.550 and Boubyan Bank followed suit. Kuwait Finance House was up 10 fils at KD 0.800 after trading over 2 million shares and the stock has added a meager 10 fils during whole of 2013.

Kuwait Investment Co took in 2 fils and National Investment Co was up by same measure to end at KD 0.160. International Financial Advisors shed 5 fils. The company has posted a net profit of KD 3.005 million and earnings per share of 4.48 fils in the nine-month period ending September 30, 2013.
Securities Group Co and Bayan Investment Co fell 2 fils each and Osoul Investment Co retreated 4 fils. Al Salam Group gained 6 fils whereas Noor Financial Investment and Al Tamdeen Investment Co closed flat. Commercial Facilities Co climbed 5 fils to settle at KD 0.275.

National Real Estate Co vacillated in a narrow range before closing unchanged at KD 0.154 and Salhia Real Estate followed suit. Mabanee Company pulled 20 fils lower. 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.  The bourse trended lower during the holiday curtailed week. It closed lower in 2 of the 3 sessions and dived 76 pts week-on-week. The index has retreated 185 points from start of the month and has gained over 27 percent during 2013. 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. 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.
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.  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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