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KSE little changed as it kicks off ’14 Agility gains 10 fils; KFH falls

KUWAIT CITY, Jan 5: Kuwait stocks kicked off 2014 on a cautious note as it ended little changed from the previous session. The price index edged 1.61 pts higher to 7551.13 points paring steeper losses earlier in the day. The sentiment was mixed even as most of the heavyweights closed lower. The bourse had gained over 27 percent during whole of 2013. The KSX 15 benchmark dived 7.99 points to 1060.43 pts after shedding almost 30 pts during whole of December while weighted index eased 2.29 pts. The volume turnover meanwhile soared past the 200 million mark helped mostly by speculative interest in select counters. 256.91 million shares changed hands — a 58.63 percent surge from the earlier session.

The sectors closed mixed. Healthcare outpaced the peers with 1.98 percent upswing whereas banks slipped 0.72 percent, the worst performer of the day. In terms of volume, financial services notched the highest market share of 31.64 pct and real estate came in next with 19.25 percent. Industrials was a close third with 19.07 pct contribution.  Among the gainers, Hilal Cement rose 10 fils and NICBM followed suit to end at KD 0.202. RISCO added 5 fils while Metal and Salhia Real Estate Co was up by same measure. Recycling Co took in 2 fils and Credit Rating and Collection Co climbed 4 fils United Industries Co edged 2 fils higher and Kuwait Foundry Co rallied 15 fils 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.

Slid
Telecom major Zain shed 10 fils and Wataniya Telecom slid 40 fils to KD 1.720 Agility managed to eke 10 fils gains recouping the loss in the previous session and the stock has dived 190 fils during whole of 2013.  The market opened flat and moved sideways in early trade. The index edged lower amid selling in select counters and hit the day’s lowest level of 7516.33 pts almost half way into the session. It clawed back thereafter and managed to end in the green zone.  Top gainer of the day, Gulf Cement Co spiked 9.43 percent to KD 0.116 and Ras Al Khaima White Cement Co climbed 6.56 pts to stand next. Pearl of Kuwait plunged 8.62 pct, the steepest decline of the day and Gulf Petroleum Investment Co topped the volume with 55.83 million shares.

The market spread was biased towards the winners. 47 stocks advanced whereas 40 closed lower. Of the 134 counters active on Sunday 47 closed flat. 5496 deals worth KD 25.84 million were transacted — a 48.83 percent jump in value from the day before.  Mushrif Trading and Contracting Co nudged 2 fils higher and Kuwait & Gulf Link Transport followed suit. 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. On the flip side, ALAFCO shed 10 fils and IFA Hotels and Resorts Co gave up 2 fils to settle at KD 0.280. The company has won the approval of Capital Markets Authority to buy back or sell up to 10% over a period of 6 months. Equipment Holding Co was down 8 fils at KD 0.136.

Gulf Cable dropped 10 fils whereas ACICO Industries Co held the ground steady at KD 0.295. 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.  National Industries Group was unchanged at KD 0.234 after vacillating in tight range and Jazeera Airways too did not budge from its earlier close of KD 0.495. The stock closed the last month unchanged but had rallied 175 fils during whole of 2013.

Flat
In the banking sector, National Bank of Kuwait was flat at KD 0.890 whereas Gulf Bank retreated 10 fils to KD 0.365. Commercial Bank shed 20 fils and Al Ahi Bank added 5 fils to KD wind up at KD 0.445. Ahli United Bank was unchanged at KD 0.720 off early lows. Burgan Bank gave up early gains to end flat at KD 0.550 and Kuwait Finance House shed 20 fils after clocking a volume of 4.21 million. Boubyan Bank paused at KD 0.560.  International Financial Advisors erased 4 fils after clocking over 24 million shares whereas National Investment Co 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.

KIPCO stagnated at KD 0.620 whereas KMEFIC shed 5 fils. Securities Co eased 2 fils and Noor Financial Investment followed suit. The company has won the approval of Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months.  Bayan Investment Co was unchanged at 97 fils and Osoul Investment slipped 5 fils whereas Housing Finance Co gained 5 fils. National Real Estate Co took in 2 fils whereas Mabanee Co held the ground steady at KD 1.120. Ayan Leasing took in 2 fils.  The bourse trended lower during last holiday-curtailed week. It closed lower in 2 of the 3 sessions and dived 76 pts week-on-week. The index had plunged 185 points during whole of December 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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