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Kuwait sheds 21.31 pts as profit taking kicks in United Projects Group dives 50 fils; NBK gains

KUWAIT CITY, Feb 10: Kuwait stocks pulled lower Monday, snapping the 2-day gain. The index shed 21.31 pts in choppy trade to settle at 7841.69 pts as investors booked profit in select counters. Most of the banks shined whereas other blue chips were mostly subdued.  The KSX 15  gauge climbed 6.39 pts to end at 1094.76 points taking the year’s gains to 41 pts while weighted index edged 0.98 points higher. The volume meanwhile eased for the fourth straight session to hit a fresh month’s low. 223.56 million shares changed hands — a 22.69 pct drop from the day before.  The sectors closed mixed. Insurance outpaced the rest with 1.35 percent advance whereas financial services shed 0.69 percent, the worst performer of the day. In terms of volume, real estate garnered thee highest market share of 36.82 pct and financial services came in next with 28.33 percent. Industrials was a distant third with 11.78 pct contribution.

Among notable movers, United Projects Group dived 50 fils while Combined Group Contracting Co shed 20 fils. Burgan Well Drilling Co slipped 10 fils and Kuwait Gypsum Manufacturing and Trading Co was down 10 fils at KD 0.170. Salhia Real Estate Co gave up 20 fils to close at KD 0.375.  IFA Hotels and Resorts fell 5 fils and ALAFCO was down by same measure. Al Rai Media Group Co gave 6 fils to wind up at KD 0.156 and KGL Logistic clipped 2 fils.  Contracting and Marine Services  was down 4 fils at KD 0.178. Qurain Petrochemical ticked 2 fils lower to KD 0.228.  Among the heavyweights, Zain held the ground unchanged at KD 0.680 while Wataniya Telecom extended the loss in the day before with a 40 fils drop. Zain has earned KD 216.44 million and chalked an earnings per share of 56 fils in 2013 and the Board of Directors has recommended a cash dividend of 50 %.

Modest
Agility however was flat at KD 0.650 after eking modest gains in the day before and Kuwait Gulf Links pulled up from early lows to close steady at 0.650.  The market opened weak and slipped into a shallow trough in early trade. The index seesawed almost half way into the session and drifted lower as sentiment turned weak. It hit the day’s lowest mark of 7,828.03 pts before clawing back some of the losses at close.  Top gainer of the day, Wethaq Takaful Insurance Co  rallied 7.69 pct to 70 fils while Gulf Glass Manufacturing Co climbed over 6 pct to stand next. United Projects Group  slid 6.41 percent, the steepest decliner of the day and  Investors Holding Group  topped the volume with 19.84 million shares. Mirroring the day’s decline the market spread was skewed towards the losers. 41 stocks advanced whereas 61 closed lower. Of the 147 counters active on  Monday, 45 closed flat. 5112 deals worth KD 27.27 million were transacted — a 14.46 pct fall in value from the day before.
 

On the upside, Kuwait Food Co (Americana) rose 20 fils to KD 2.520 and City Group was up 10 fils with thin trading . United Industries Co gained 10 fils. The company has posted a net profit of KD 28.08 million and earnings per share of 62.70 fils in the year ending Jan 31, 2013 and the Board of Directors has recommended a cash dividend of 25%.  Mabanee Co climbed 20 fils to KD 1.180 while Al-Mazaya Holding took in 2 fils. has logged a net profit of over KD 6 million and earnings per share of 10.27 fils in the year 2013 and the Board of Directors has recommended a dividend of 6 % bonus shares. KGL Logistics eased 2 fils and Jazeera Airways was flat at KD 0.495.  The company has posted a net profit KD 16.67 million and earnings per share of  39.70 fils in the year 2013 and the Board of Directors has recommended a cash dividend of 15 percent.  National Industries Group, the flagship company of the Kharafi Group, was unchanged at KD 0.236 and Gulf Cable too paused at KD 0.790 after fluctuating in narrow range. Gulf Franchising Holding Co gained 3 fils and Future Communication was up 2 fils at KD 0.146.

Rose
In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.950 on back of 6.49 million shares and Commercial Bank followed suit to end at KD 0.760 and the stock is unchanged from start of the month. Al Ahli Bank added 5 fils. Ahli United Bank climbed 10 fils whereas Gulf Bank erased 5 fils. The bank has recorded a net profit KD 32.16 million and earnings per share of 12 fils in 2013 as compared to net profit of KD 30.88 million and earnings per share of 11 fils last year. The Board of Directors has recommended a dividend of 5 % bonus shares.  Kuwait International Bank and Burgan bank were unchanged at KD 0.305 and KD 0.570 respectively whereas Kuwait Finance House added 10 fils  with a volume of 1.3 million shares. Boubyan Bank stagnated at KD 0.560 off early highs.

Kuwait Investment Co took in 2 fils whereas International Financial Advisors edged 2 fils lower. National Investment Co and KIPCO stagnated at KD 0.154 and KD 0.670 respectively whereas Kuwait Fianncial Centre flunked 4 fils. Al Aman Investment and Bayan Investment slipped 2 fils each and KAMCO was down 6 fils.  The bourse  has been mixed so far during the week and has added 9 pts in last two sessions.  The price index  is up 87 points from start of the month and is trading 3.87 pct higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Mashaer Holding has posted a net profit of KD 3.64 million and earnings per share of  20 fils during 2013 as against KD 4.31 million profit and earnings per share of  25 fils in the year before. The Board of Directors has recommended  a cash dividend of 15%. Kuwait Building Materials Mfg. has recorded a net profit of KD 581,231 and earnings per share of 19.17 fils in the year ending Dec 31, 2013,  up from KD 411,453 profit and earnings per share of  13.57 fils in 2012. The Board of Directors has recommended 10 percent cash dividend.

Gulf Glass Manufacturing has posted a net profit of KD 2.005 million and earnings per share of 47.40 fils in the year ending Dec 31, 2013 as compared to KD 2.606 million profit and earnings per share of 61.61 fils in 2012. The Board of Directors has recommended a cash dividend of 30 % plus 5% bonus shares.
Refrigeration Ind. and Storage Co: 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 %.

By John Mathews
Arab Times Staff

 

 

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