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KSE measure resumes decline; volume slips Portland sheds 20 fils; Wataniya Telecom gains

KUWAIT CITY, Feb 19 : Kuwait stocks resumed downtrend on Wednesday after eking modest gains in the previous session. The index pared deeper early losses to close 11.12 pts lower at 7797.26 pts as sentiment turned negative. Some of the financial services stocks paced the decline whereas banks closed mixed. The bourse had closed lower in 4 of the last 5 sessions. The KSX 15 gauge inched 0.89 pts higher to 1098.31 points and weighted index was up 0.97 pts at 466.47 pts. The volume turnover meanwhile fell to the month’s lowest level. 222.80 million shares changed hands — a 16.17 pct fall from the day before. The sectors closed narrowly mixed. Insurance outshone the rest with 0.67 pct upswing whereas consumer goods and technology slid 0.95 pct each — the biggest losers of the day. In terms of volume, financial services accounted for the highest market share of 44.39 percent while industrials and real estate followed with 20.51 percent and 20.19 percent respectively.

Among the losers, Kuwait Portland Cement shed 20 fils to close at KD 1.340 and PAPCO was down 8 fils with thin trading. Al Nawadi Holding Co slipped 6 fils while Humansoft Holding Co and Nafais Holding Co were down 5 fils each.  National Industries Group, the flagship company of Kharafi Group shed 4 fils erasing the gains in the day before and NICBM ticked 2 fils lower. Oula Fuel Marketing Co gave up 4 fils to settle at KD 0.206.  Bourse heavyweight Zain was flat at KD 0.690 with a volume of 1.9 million shares whereas Agility fell 10 fils to KD 0.660 trimming the month’s gains to 20 fils while year-to-date it is trading 30 fils lower.

Rebounded
National Mobile Telecommunications (Wataniya Telecom) rebounded 40 fils. The company has posted a net profit of KD 76.09 million and earnings per share of 152 fils in 2013, up from KD 75.50 million and earnings per share of 151 fils in the previous year. The Board of Directors has recommended a cash dividend of 125 percent.  The market opened weak and slipped into red in early trade. The index continued to erode amid selling in select counters and hit the day’s lowest level of 7761.34 pts almost half way into the session. It clawed back thereafter and managed to pare back some of the losses in the second half.  Top gainer of the day, Amwal spiked over 9 percent to 60 fils while Muntazahat climbed 5.66 percent to stand next. Nafais slid over 6 percent, the steepest decliner of the day and National International Holding Co topped the volume with 28.66 million shares changing hands.

Mirroring the day’s downswing, the market spread was skewed towards the losers. 41 stocks advanced whereas 52 closed lower. Of the 143 counters active on Wednesday, 50 closed flat. 4622 deals worth KD 25.29 million were transacted — a 33.20 percent drop in value from the day before.  On the upside, Gulf Cable soared 30 fils to KD 0.820 and Equipment Holding Co ticked 2 fils higher. The company has clocked a net profit of KD 2.96 million and earnings per share of 21.74 fils in 2013, rebounding from net loss of KD 1.56 million and loss per share of 11.50 fils last year.  Kuwait Resorts Co and Future Communications Co Global added 6 fils and 4 fils respectively whereas Gulf Glass Manufacturing closed flat. The company 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. The Board of Directors has recommended a cash dividend of 30 percent plus 5 percent bonus shares. Jazeera Airways closed flat at KD 0.490 and ALAFCO too did not budge from its earlier close of KD 0.255. Kuwait Insurance rose 10 fils.  The company has posted a net profit of KD 4.23 million and earnings per share of 22.75 fils in 2013, up from KD 3.91 million and earnings per share of 20.76 fils in 2012. The Board of Directors has recommended a cash dividend of 20 pct.

Range
In the banking sector, National Bank of Kuwait fluctuated in a narrow range before closing flat at KD 0.970 with a volume of 1.66 million and Gulf Bank too did not budge from its earlier close of KD 0.360. Commercial Bank slipped 10 fils to KD 0.750 extending an identical fall in the day before. Ahli United Bank climbed 10 fils to KD 0.750 whereas Al Ahli Bank held steady at KD 0.440 off early highs.  Kuwait International Bank was down 5 fils at KD 0.300 and Boubyan Bank climbed 10 fils to KD 0.570. Burgan Bank gave up 10 fils to close at KD 0.550 whereas Kuwait Finance House climbed 10 fils to KD 0.840 taking the month’s gains to 40 fils. Kuwait Investment Co rose 4 fils to KD 0.180 and International Financial Advisors eased 2 fils to 84 fils. National Investment Co ticked 2 fils higher and KIPCO gained 10 fils on back of 2.46 million shares and is trading 40 fils higher from start of the year. Securities House flunked 2 fils whereas Securities Group Co ticked 2 fils higher. The company has posted a 9-month net profit of KD 4.18 million and earning per share of 16.42 fils in the 9 months periods ending 31 Dec 2013.
Bayan Investment Co and Al Aman Investment Co fell 2 fils each whereas Noor Financial closed 4 fils higher at KD 0.128. Ekttitab Holding Co edged 2 fils lower to 69 fils.

The bourse has been largely negative so far during the week and has shed 47 pts in last four sessions.
The price index is up 41 points from start of the month and is trading over 3.28 pct higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Kuwait Pipes Industries and Oil Services has incurred a net loss of KD 10.16 million and loss per share of 45.10 fils in the nine-month period ending 30 Sept 2013, widening from KD 3.21 million loss and loss per share of 14.25 fils in the same period last year.  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 percent.

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 December 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.  Real Estate Asset Management has posted a net profit of KD 591,696 and e earnings per share of 5.69 fils in 2013 as compared to KD 673,099 profit and 6.47 fils EPS in the year before. The Board of Directors has recommended a cash dividend payout of 5 pct.

By John Mathews
Arab Times Staff
  



 


By: John Mathews

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