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KSE slips 12.03 pts amid volatile trade Kuwait National Cinema skids 40 fils; NBK up

KUWAIT CITY, Jan 30: Kuwait stocks sagged on Thursday to end week on a sour note. The index dropped 12.03 points in volatile trade to end at 7,755.8 pts as speculative selling weighed on select counters. The blue chips closed mixed even as investors digest the financial results.
The KSX 15 benchmark rose 1.61 pts to 1,077.51 points taking the month’s gain to 25 points whereas weighted index edged 0.42 pts higher . The volume turnover meanwhile receded for the second straight session. 340.73 million shares changed hands — a 17.46 percent drop from the day before.
The sectors closed mixed. Insurance outshone the rest with 0.74 percent gain whereas technology slipped 0.78 pct, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 49.8 pct and financial services came in next with 25.8 percent contribution.
Among the notable losers, Kuwait National Cinema Co shed 40 fils to close at KD 0.950 while ACICO Industries Co was down 15 fils at KD 0.275. Boubyan Petrochemicals Co slipped 10 fils and Soor Fuel Marketing pulled 8 fils lower.


City Group skidded 25 fils to KD 0.460 and Jazeera Airways retreated 5 fils has posted a net profit KD 16.67 million and earnings per share of 39.70 fils in the year 2013, up from KD 13.94 million and earnings per share of 38.37 fils in 2012. The Board of Directors has recommended a cash dividend of 15 percent.
The bourse heavyweight Zain ,which had posted near flat Q4 profit earlier in the week, bucked the trend to add 10 fils on back of 3.5 million shares whereas Wataniya Telecom held the ground unchanged at KD 1.880 off early lows. Agility fell 10 fils to KD 0.640 extending an identical loss in the day before.
Slipped
The market opened weak and slipped into a trough in early trade. The index clawed back but retreated again as sentiment turned negative. It hit the day’s lowest level of 7,711.07 pts before clawing back some of the losses in the final minutes.
Top gainer of the day, Humansoft spiked 9.26 pct to KD 0.295 and Al Themar International Holding Co jumped 8 fils to stand next. KAMCO dropped 7.25 percent, the steepest decliner of the day and Investors Holding Co topped the volume with 110.8 million shares.
Mirroring the day’s decline, the losers outnumbered the winners. 44 stocks advanced whereas 65 closed lower. Of the 159 counters active on Thursday, 50 closed flat. 5943 deals worth KD 34.60 million were transacted — a 26.29 pct fall in value from the day before.
Livestock Transport and Trading Co fell 5 fils and National Industries Group edged 2 fils lower to KD 0.228. The company has posted a net profit of KD 10.49 million and earnings per share of 8.3 fils in the nine-month period ending September 30,2013 .
Al Tamdeen Real Estate Co eased 2 fils while Gulf Cables shed 20 fils. 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
On the upside, Combined Group Contracting Co soared 40 fils to KD 1.260 while United Projects Group climbed 30 fils. Zima Holding Co rose 10 fils and Kuwait Building Materials Manufacturing Co gained 15 fils. United Industries Co was down 4 fils at KD 0.162.
Kuwait Food Co ( Americana) was unchanged at KD 2.500 off early lows and KGL Logistics Company followed suit. 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.
Kuwait Portland Cement Co was flat at KD 1.360 whereas Refrigeration Ind. and Storage Co held steady at KD 0.325. The company has announced a net profit of KD 2.72 million and earnings per share of 30.80 fils in 2013 as against KD 2.41 million profit and earnings per share of 27.30 fils the year before. The Board of Directors has recommended a cash dividend of 10%.


Budge
ALAFCO was unchanged at KD 0.260 and IFA H & R too did not budge from its earlier close of 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
In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.940 whereas Gulf Bank eased 5 fils to KD 0.365 erasing the gains in the day before. Commercial Bank extended the gains in the day before with a 10 fils jump and Ahli United Bank followed suit.
Al Ahli Bank slipped 10 fils to KD 0.420 whereas Kuwait International Bank held the ground unchanged at KD 0.300. Burgan Bank pulled 10 fils lower to KD 0.550 after trading over 1 million shares and is unchanged from the start of the month level.
Kuwait Finance House closed flat and Boubyan Bank The bank has registered a net profit of KD 13.408 million and earnings per share of 7.29 fils in the year ending Dec 31, 2013 and the Board of Directors has recommended 7 pct bonus shares as dividend.
Kuwait Investment Co climbed 10 fils to KD 0.170 on back of 5.5 million shares while International Financial Advisors ticked 1 fils higher. National Investment Co and KIPCO ended flat whereas KAMCO slipped 10 fils to KD 0.128.
The bourse has been swayed both ways during the week. It closed lower in 3 of the 5 sessions and shed 33 pts week-on-week. The price index has rallied 205 points so far during the month after dropping 185 points during whole of December. KSE, with 213 listed companies, is the second largest bourse in the region.


In the bourse related news, Aqar Real Estate Investments Co has won the approval of Capital Markets Authority for the , the company’s request to buy back or sell up to 6.35% of own shares over a period of 6 months.
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

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