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KSE price index closes higher; volume recedes United Projects Co climbs 20 fils; Zain slips

KUWAIT CITY, Jan 19: Kuwait stocks gained headed north Sunday extending the gains from the previous session. The main benchmark closed 33.92 points higher at 7699.06 pts, rebounding from a shallow trough earlier in the day. The market mood was cautiously mixed even as the investors await the quarterly earnings. The KSX 15 measure eased 2.38 pts to 1060.59 points trimming the month’s gains tp 8 points while weighted index edged 0.21 pts highe. The volume turnover meanwhile retreated from the multi-month high reached in the previous session. 523.99 million shares changed hands — a 25.64 pct drop from the last trading day. The sectors closed mixed. Industrials outshone the rest with 1.22 pct upswing whereas technology slumped 4.33 pct, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 45.68 pct while financial services and basic materials came in way behind with 28.17 percent and 17.81 pct respectively.

Among the movers, United Projects Co rose 20 fils to KD 0.780 and Safwan Trading and Contracting Co followed suit to wind up at KD 0.480. Equipment Holding Co gained 8 fils on back of over 2 million shares. Zima Holding Co was up 10 fils at KD 0.136 with trading. NICBM gained 4 fils and United Industries Co was up by same measure. 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. Market heavyweight Zain shed 20 fils after clocking a volume of 1.73 million whereas Wataniya Telecom gained 20 fils recouping the loss from the last session. Agility was down 20 fils at KD 0.700 taking the month’s losses to 10 fils.

Cues
The market opened flat and moved sideways in early trade. The index continued to moved listlessly in absence of positive cues before slipping briefly into red. It hit the day’s lowest level of 7632.9 points and rebounded back to close with modest gains. Top gainer of the day, Zimah spiked 7.94 pct to KD 0.136 while First Takaful Company climbed 7.81 pct to stand close behind. Automated Systems Co dived 9.78 points, the steepest decliner of the day while Investors Holding Group topped the volume with 121.91 million shares. Reflecting the day’s gains, the market spread was skewed towards the winners. 62 stocks advanced whereas 46 closed lower. Of the 156 counters active on Sunday, 48 closed flat. 8010 deal worth KD 38.46 million were transacted — a 23 percent fall in value from the day before. Credit Rating and Collection Co ticked 2 fils up whereas IFA H & R climbed 20 fils to KD 0.280 on back of 1.88 million shares. The company has won the approval of Capital Markets Authority to buy back or sell up to 10% over a period of 6 months.

On the downside, Kuwait Food Co (Americana) tumbled 60 fils to KD 2.460 and Automated Systems Co skidded 45 fils to settle at KD 0.415. Kuwait Foundry Co pulled 5 fils lower to KD 0.415. 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 Sep 30, 2013.  Burgan Well Drilling Co eased 2 fils and National Industries Group followed suit to end at KD 0.230. ACICO was flat at KD 0.275 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.
 

KGL Logistics Co stagnated at KD 0.255 whereas 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.  Kuwait Portland Cement Co was flat at KD 1.360 and Metal and Recycling Co too did not budge from its earlier close of KD 0.134. Gulf Cables stagnated at KD 0.830. The company has earned KD 9.06 million and clocked an earnings per share of 43 fils in the first nine-months of 2013.  ALAFCO and Jazeera Airways were unchanged at KD 0.495 and KD 0.270 respectively. Kuwait Cable Vision Co held steady at 56 fils. The company has incurred a net loss of KD 284,136 and loss per share of 9.47 fils in the January-September period of 2013.

Highs
In the banking sector, National Bank of Kuwait was flat at KD 0.880 off early highs and logged volume of 1.57 million whereas Gulf Bank eased 5 fils. Boubyan Bank was muted at KD 0.550 and Commercial Bank of Kuwait was not traded during the day.  Al Ahli Bank of Kuwait stagnated at KD 0.435 and Kuwait International Bank followed suit. Ahli United Bank climbed 10 fils to KD 0.720 whereas Burgan Bank paused at KD 0.560 after posting a volume of 2.73 million. Kuwait gained 10 fils on back of 2.63 million shares. Kuwait Investment Co fell 2 fils to KD 0.136 whereas International Financial Advisors edged 2 fils higher with a volume of over 16 million and National Investment Co closed flat. KIPCO rose 10 fils extending an identical gain in the day before.

Noor Financial Investment and KAMCO slipped 2 fils each whereas Sokouk Holding added 4 fils. Al Deera Holding gained 3 fils whereas KFIC retreated 5 fils.  The bourse had been mixed during the week. It closed higher in 3 of the 4 sessions in the holiday curtailed week and fell 3 points week-on-week. The index had declined 185 points in December but has gained over 27 percent during whole of 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.

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.  Automated Systems Co has earned KD 1.45 million in the nine-month period ending Sep 30, 2013 while earnings per share stood at 36.27 fils. This compares with KD 4.01 million net profit and 100.26 fils EPS in the same period last year.

By John Mathews
Arab Times Staff


By: John Mathews

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