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KSE extends its losses; volume drops sharply Zain sheds 40 fils; NBK gains

KUWAIT CITY, Feb 23: Kuwait stocks edged lower Sunday extending the downtrend in the previous week. The bourse slipped 9.42 pts in lack luster trading to end at 7,728.07 points. The heavyweights closed mixed even as the investors toed the sidelines in absence of tangible cues. The KSX 15 benchmark rose 2.43 pts to 1,099.68 points taking the month’s gain to 22 pts and weighted index inched 1.03 pts higher. The volume turnover meanwhile fell sharply to the lowest level of the year. 104.57 million shares changed hands — a 48.34 percent slump from the last session.

The sectors swayed marginally in both directions. Telecommunications outshone the rest with 1.96 pct rally whereas technology shed 1.11 percent, the worst performer of the day. In terms of volume, financial services notched the highest market share of 42.79 pct and real estate came in next with 27.25 percent.
Among the losers, Gulf Cable dropped 10 fils to KD 0.800 and Kuwait Hotels Company was down by same measure to end at KD 0.128. Mushrif Trading Co and Mashaer Holding Co fell 4 fils each whereas Al Rai Media Group Co shed 8 fils.
 

Market bellwether Zain dropped 40 fils to KD 0.640 after trading 2.4 million shares whereas Wataniya Telecom spiked 80 fils to KD 1.920 taking the month’s gain to 40 fils. Agility held the ground unchanged at KD 0.680 off early lows.  The market opened flat and drifted lower in early trade. The index continued to erode as investors remained wary of the market direction and hit the day’s lowest level of 7,711.23 points in the final minutes. It however managed to trim some of the losses at close.

Slid
Top gainer of the day, ACICO climbed 5.26 percent to 300 fils and United Real Estate Co rose 5.17 pct to stand close behind. Kuwait Hotels slid 7.25 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 8.4 million shares.
Mirroring the day’s downtick, the losers slightly outnumbered the gainers. 47 stocks advanced whereas 49 closed lower. Of the 138 counters active on Sunday, 42 closed flat. 3,018 deals worth KD 13.39 million were transacted — a 42.87 pct drop in value from the day before.
The market has been trending lower amid fears that the bourse authorities may debar the companies who fail to announce their financial results in the stipulated time. Companies have been given until the end of February to disclose fourth-quarter earnings. “People are worried that companies will not fulfil CMA’s (the regulator) rules on results,” Reuters quoted said Fouad Darwish, head of brokerage services at Global Investment House earlier last week. Only 75 percent of firms had so far posted results, he added.
 

National Industries Group was flat at K 0.238 off early highs whereas Independent Petroleum Group pulled 5 fils lower to KD 0.420. The company has posted a net profit of KD 6.075 million and earnings per share of 42 fils in the year ending 2013. The Board of Directors has recommended a cash dividend of cash 30%.
ALAFCO climbed 5 fils to KD 0.260 whereas Jazeera Airways closed flat at KD 0.490. The company has posted a net profit of 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.
Kuwait Portland Cement Co climbed 20 fils to KD 1.360 whereas United Industries Co flunked 2 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. The Board of Directors has recommended a cash dividend of 25 %.
Kuwait Gulf Links and KGL Logistics added 4 fils each and Burgan Well Drilling Co was up by same measure. Equipment Holding Co was unchanged at KD 0.158. 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.  In the banking sector, National Bank of Kuwait gained 10 fils and Gulf Bank was up 5 fils at KD 0.360. The stock has retreated 6 fils from start of the month and is trading 15 fils lower year-to-date. Commercial Bank shed 20 fils erasing the gains in the day before.
 

Steady
Al Ahli Bank gave up 15 fils to close at KD 0.430 and the counter saw 2.52 million shares change hands. Kuwait International Bank held steady at KD 0.300 while Burgan Bank and Kuwait Finance House shed 10 fils each. Boubyan Bank paused at KD 0.560.  International Financial Advisors eased 1 fil after trading 5.29 million shares and National Investment Co took in 2 fils. KIPCO stagnated at KD 0.660 while Securities House and Securities Group added 2 fils each. First Investment Co rose 4 fils.
Bayan Investment and Sokouk Holding flunked 2 fils each whereas Al-Tamdeen Investment erased 4 fils. The company has posted a net profit of KD 4.04 million and earnings per share of 13.59 fils in 2013, up from KD 3.91 million profit and earnings per share of 13.16 fils in the year before United Real Estate gained 6 fils on back of 1.9 million shares whereas National Real Estate Co was flat at KD 0.148. Salhia Real Estate Co slipped 5 fils and Mabanee Co climbed 20 fils.  The bourse was downbeat during last week. It closed lower in 4 of the 5 sessions and shed 105 pts week-on-week. The price index has retreated 27 points from start of the month and is trading 2.4 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 Sept 30, 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 %.
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.
Real Estate Asset Management has posted a net profit of KD 591,696 and 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

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