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KSE bourse rebounds 30.71 pts; volume falls Kuwait Portland Cement jumps 40 fils; Wataniya Telecom drops

KUWAIT CITY, March 6: Kuwait stocks penciled a modest rebound Thursday to end week on a positive note. The index climbed 30.71 pts in wavy trading to close at 7507.43 pts. Some of the mid and low caps shined whereas most of the heavyweights sagged. The market, earlier in the week was roiled by CMA’s suspension of some of the listed stocks over non-compliance of rules and the row between Qatar and GCC majors.  The KSX benchmark slipped 3.43 pts to 1082.53 points trimming the year’s gains to 30 points while weighted index eased 3.43 pts. The volume turnover meanwhile receded sharply after the 3-day rise which lifted it above the 300 million mark on Wednesday. 212.85 million shares changed hands — a 36.46 percent drop from the day before. 
 
The sectors closed mixed. Technology outshone the rest with 2.32 percent upswing whereas oil and gas shed 0.83 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 39.08 percent and real estate followed with 32.43 pct contribution.  Among the prime movers, Kuwait Portland Cement Co soared 40 fils to KD 1.400 and City Group climbed 15 fils. Boubyan Petrochemical Co and Automated Systems Co added 10 fils and Jazeera Airways was up 5 fils at KD 0.480. Contracting and Marine Services Co gained 10 fils with thin trading volume. Mushrif Trading and Contracting Co rose 4 fils and Future Communications Co Global too was up by same measure. United Industries Co and Mazaya Holding ticked 2 fils higher each whereas National Industries Group held the ground unchanged at KD 0.230 off early highs. 
 
Climbed
Telecom major, Zain climbed 10 fils on back of 1.5 million shares recouping the loss in the previous session whereas Wataniya Telecom extended its losses with a 20 fils drop. Agility gave up 10 fils to settle at KD 0.650 and the stock is retreated 30 fils from start of the month.  The market opened firm and rose sharply in early trade. The index seesawed thereafter as market fluctuated between small gains and losses and peaked at 7536.15 pts almost half way into the session. It however sagged slightly in the final minutes before closing with modest gains. Top gainer of the day, Contracting and Marine Services Co spiked 6.25 pct to 170 fils and Al Mudon climbed 5.88 percent to stand next. NAPESCO slid 8.2 percent, the biggest loser of the day and Al Imitiaz topped the volume with 26.7 million shares. 
Mirroring the day’s gains, the winners outnumbered the losers. 68 stocks advanced whereas 34 closed lower. Of the 150 counters active on Thursday, 48 closed flat. 4813 deals worth KD 24.77 million were transacted — a 18.99 percent drop in value from the day before. 
 
On the flip side, Gulf Glass Manufacturing shed 20 fils and Kuwait National Cinema Co was down 10 fils at KD 0.970. Egypt Kuwait Holding eased 4 fils. The company has registered a net profit of KD 20.167 million and earnings per share of 24.02 fils in the year ending Dec 31, 2013, up from KD 18.9 million profit and earnings per share of 22.54 fils in the year before.
The Energy House fell 4 fils and Gulf Cable was down and Electrical Ind. has posted a net profit of KD 9.96 million and earnings per share of 47 fils in 2013, down from KD 11.41 million profit and earnings per share of 54 fils in the year before. The Board of Directors has recommended a cash dividend of 30 fils. 
 
Metal and Recycling Co was flat at KD 0.132 and Equipment Holding followed suit to wind up at KD 0.164. 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 Gulf Links and KGL Logistics Co rose 1 fils and 4 fils respectively while Gulf Petroleum Investment Co was up 3 fils at 89 fils. Kuwait Food Co (Americana) paused at KD 2.500 and has clipped 20 fils year-to-date. 
 
Slipped
In the banking sector, National Bank of Kuwait slipped 20 fils to KD 0.960 whereas Gulf Bank was unchanged at KD 0.350. The bank has recorded a net profit KD 32.16 million and earnings per share of 12 fils in 2013 and the Board of Directors has recommended a dividend of 5 % bonus shares 
Commercial Bank of Kuwait fell 20 fils to KD 0.730 whereas Kuwait International Bank held steady at KD 0.290. The bank has won the Central Bank of Kuwait’s approval to buy back or sell up to a maximum of 10% of its issued shares over a period of 6 months. 
 
Al Ahli Bank gave up 5 fils to end at KD 0.420 and Ahli United Bank slipped 10 fils. Burgan Bank and Kuwait Finance House were flat at KD 0.520 and KD 0.840 respectively and Boubyan Bank too did not budge from the earlier close of KD 0.540. 
Commercial Facilities Co erased 5 fils and International Financial Advisors ticked 2 fils lower. Kuwait Projects Holding gained 10 fils to close at KD 0.690.. The company has logged a net profit of KD 40.05 million and earning per share of 29.31 fils in 2013 and Board of Directors has recommended a cash dividend of 20 % in addition to 5 % bonus shares. 
 
National Investment Co was unchanged at KD 0.146 and Kuwait Financial Centre too did not budge from its earlier close of KD0.152. Securities Group Co retreated 4 fils whereas Bayan Investment took in 2 fils. 
The bourse has been mixed during the week. The index closed lower in 3 of the 5 sessions and skidded 185 points week-on-week. The main index had shed 63 points during whole of February and is down 0.56 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Strategia Investment has posted a net profit KD 3.36 million and earnings per share of 13.75 fils in 2013, rebounding sharply from KD 10,514 profit and earnings per share of 0.07 fils in the year before
 
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 %. 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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