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KSE slips 27.51 points amid volatile trading Kuwait National Cinema dives 50 fils; Zain gains

KUWAIT CITY, Jan 12: Kuwait stocks sagged Sunday reversing the gains in the day before. The index shed 27.51 pts in volatile trading weighed by profit taking in select counters. The banks closed mostly flat whereas other blue chips ended lower. The sentiment was cautiously negative even as investors seek fresh cues to bolster the confidence. The KSX 15 gauge slipped 3.18 pts shrinking the month’s gains to 16 points while weighted index eased 2.1 points. The volume turnover meanwhile receded sharply below the 400 million mark after hitting a multi month high in the previous session. 309.47 million shares changed hands — down 30.99 pct from the day before.

The sectors closed mostly in the red. Insurance outshone the rest with 0.87 percent gain whereas industrials slid 1.02 pct, the biggest loser of the day. In terms of volume, the financial services accounted for the highest market share of 38.38 percent and real estate came in close behind with 37.70 percent. Industrials was a distant third with 10.70 pct contribution. Among notable losers, Kuwait National Cinema plunged 50 fils to KD 0.940 and United Projects Co too was down by same measure. Kuwait Portland Cement Co shed 20 fils and Mabanee Co followed suit to wind up at KD 1.120.

Burgan Well Drilling Co and IFA Hotels and Resorts Co fell 10 fils each and IFA H & R has won the approval of Capital Markets Authority to buy back or sell up to 10% over a period of 6 months. National Industries Group edged 2 fils lower to KD 0.234 erasing the gains in the last session. Among the heavyweights, Zain rose 10 fils to KD 0.690 on back of 1.62 million shares while Wataniya Telecom dived 40 fils to KD 1.760 and the stock is trading 10 fils higher from start of the month. Agility gave up 20 fils to close at KD 0.720.

Drifted
The market opened weak and drifted lower in early trade. The index continued to erode as sentiment weakened and hit the day’s lowest level of 7,624.28 pts almost halfway into the session. It clawed back some of the losses but still closed with moderate losses.  Top gainer of the day, Gulf Glass Manufacturing Co spiked 7.46 percent, while Iskan climbed 7.22 percent to stand next. Pearl of Kuwait slid 7.81 percent, the biggest loser of the day and Investors Holding topped the volume with 61.77 million shares. Reflecting the day’s downswing, the losers outnumbered the winners. 41 stocks advanced while 60 closed lower. Of the 154 counters active on Sunday, 41 closed flat. 6,102 deals worth 24.60 million were transacted — a 19.99 percent slide in value from the previous session.

Ikarus Petroleum Industries eased 6 fils to KD 0.174 and Equipment Holding was down 8 fils at KD 0.126. Kuwait Foundry Co closed flat.  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. United Industries Co was flat at KD 0.156 and Gulf Cables followed suit. 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

Kuwait Gulf Links held steady at KD 0.106 off early lows whereas KGL Logistics Co shaved off 5 fils. 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. Shuaiba Industrial Co retreated 10 fils and RISCO shed 20 fils to close at KD 0.325. 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.

Slipped
ALAFCO held the ground unchanged at KD 0.270 after trading in red earlier in the day whereas ACICO Industries slipped 10 fils. 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.  Kuwait Cables Vision clawed back from early losses to close flat at 62 fils and Al Nawadi shed 8 fils. Jazeera Airways fell 5 fils whereas Safwan Trading and Contracting Co bucked the trend to gain 20 fils and Al Jazeera eased 5 fils. In the banking sector, National Bank of Kuwait fell 10 fils to KD 0.890 after clocking 2.18 million shares. Gulf Bank of Kuwait closed flat at KD 0.370 whereas Commercial Bank of Kuwait was not traded during the session.  Al Ahli Bank and Ahli United Bank were unchanged at KD 0.440 and KD 710 respectively and Kuwait International Bank climbed 8 fils to settle at KD 0.295. Burgan Bank paused at KD 0.650 and Kuwait Finance House was flat at KD 0.790. Boubyan Bank slipped 10 fils to KD 0.550.
 

Kuwait Investment Co climbed 2 fils to KD 0.140 and Commercial Facilities Co was up 5 fils at KD 0.290. International Financial Advisors took in 1 fil on back of 30.9 million shares while National Investment Co and KIPCO stagnated at KD 0.158 and KD 0.630 respectively.  Kuwait Financial Centre shed 4 fils and Al Tamdeen Investment Co followed suit. Mabanee Co was down 20 fils at KD 1.120 and National Real Estate Co was flat at KD 0.158.  The bourse had been upbeat during last week. It closed higher in 4 of the 5 sessions and climbed 120 pts week-on-week. The index had tanked 185 points in December but 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 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 in 2012. National Petroleum Services has posted a net profit of KD 2.64 million and earnings per share of 47.50 fils in the nine months period ending Sept 30, 2013.  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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