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KSE benchmark drops 23.82 pts; volume flat NBK slides 40 fils; Kout Food soars

KUWAIT CITY, March 10: Kuwait stocks pulled lower Monday, snapping the two-day upswing. The price index was down 23.82 pts at 7491.86 pts paring steeper losses earlier in the session. The banking sector major NBK led the decline and some of the mid and low caps too sagged on selling pressure. The market has been downbeat so far during the month in absence of positive cues. The KSX 15 benchmark eased 5.46 pts to 1080.65 points trimming the year’s gains to 28 pts while weighted index edged 2.05 points lower. The volume turnover meanwhile was almost unchanged during the session. 164.07 million shares changed hands - a 0.84 percent uptick from the day before.
 
The sectors closed mostly in the red zone. Consumer goods outpaced the rest with 1.43 percent rally whereas telecommunications shed 1.48 percent, the biggest loser of the day. Volume wise, financial services notched the highest market share of 52.82 pct while real estate came in next with 23.50 percent contribution.  Among notable losers, National Bank of Kuwait slid 40 fils to KD 0.930. Kuwait Portland Cement dropped 20 fils to KD 1.380 and IFA Hotels and Resorts shed 22 fils. United Projects Group slipped 10 fils and Zima Holding Co followed suit to close at KD 0.114. Independent Petroleum Group too was down 10 fils at KD 0.420. Gulf Cement Co gave up 6 fils to end at KD 0.124 and Egypt Kuwait Holding pulled 10 fils lower to KD 0.280. The company has registered a net profit of KD 20.167 million and earnings per share of 24.02 fils in the year ending December 31, 2013, up from KD 18,9 million profit and earnings per share of 22.54 fils in the year before.

Unchanged
Telecom major Zain fell 10 fils to KD 0.620 after trading 1.79 million shares whereas Wataniya Telecom held the ground unchanged at KD 1.780 off early highs. Agility gave up 10 fils to close unchanged at KD 0.650 and the stock has retreated 30 fils from start of the month. 
The market opened flat and edged lower in early trading. The index continued to sag as sentiment turned weak and hit the day’s lowest level of 7462.06 pts past the half-way mark. It clawed back some of the losses thereafter and closed with moderate losses. 
Top gainer of the day, Jeeran Holding rallied 7.22 pts to 52 points while Humansoft Holding Co climbed 6.67 percent to stand next. IFA HR dived 8.15 percent, the steepest decliner of the day International Financial Advisers topped the volume with over 18 million shares changing hands.  Mirroring the day’s downswing, the market spread was skewed towards the losers. 40 stocks advanced whereas 63 closed lower. Of the 150 counters active on Monday, 47 closed flat. 4122 deals worth KD 17.35 million were transacted — a 2.84 percent rise in value from Sunday. 
On the flip side, Kout Food Group soared 50 fils to KD 0.830 with thin trading and Gulf Cable climbed 30 fils. Humansoft Holding Co gained 20 fils while Kuwait Building Materials Manufacturing Co and Kuwait Building Materials were down 10 fils each while PAPCO was up 8 fils at KD. National Industries Group eased 2 fils to KD 0.226 and Shuaiba Industrial Co flunked 2 fils. KGL Logistics fell 2 fils and Gulf Cement Co pulled 6 fils lower. National Industries Co (NICBM) shed 4 fils.
Kuwait Hotels Co and Salbookh Trading Co slipped 2 fils each whereas Burgan Well Drilling rose 10 fils. The firm has recorded a net profit of KD 1.89 million in the 9-month period ending Dec 31, 2013 as compared to KD 1,89 million profit and earnings per share of 9.04 fils in 9M of 2012. This compares with net profit of KD 1,28 million and 6.15 EPS in the same period last year. 
Kuwait Foundry Co was flat at KD 0.350 and United Industries Co followed suit. 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 %. KGL Logistics Co took in 2 fils to close at KD 0.170.
 
Gained
In the banking sector, Gulf Bank rose 5 fils on back of 1.63 million shares whereas Commercial Bank shed 20 fils. Al Ahli Bank fell 5 fils to KD 0.415 whereas Ahli United bank gained 10 fils. Boubyan Bank paused at KD 0.530.
Burgan Bank held steady at KD 0.530 whereas Kuwait Finance House closed 10 fils lower. The lender has recorded a net profit of KD 115.89 million and earnings per share of 32.69 fils in the year 2013, marking a sharp increase from KD 87.67 million profit and EPS of 26.47 fils in the year before. The Board of Directors recommended a cash dividend of 13 % in addition to 13 % bonus shares.
Kuwait Investment Co dropped 8 fils to KD 0.152 and National Investment Co pulled 4 fils lower. Kuwait Projects Co retreated 20 fils and Securities House Co closed 4 fils lower. Securities Group took in 2 fils whereas Noor Financial Investment flunked 2 fils. 
The bourse has mixed so far during the week and has shed 16 pts in last two sessions. The main index has retreated 200 pts so far during the month and is down 0.76 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
 
In the bourse related news, Kuwait National Cinema has logged a net profit of KD 7.94 million earnings per share of 80 fils in the year ending 2013 as compared to KD 5.54 million profit and earnings per share 55.55 fils in the year before. The Board of Directors recommended a cash dividend of 49 fils.  Kuwait Food Co (Americana) The company has logged a net profit of KD 50.59 million and earnings per share of 129 fils in 2013, up from KD 45,90 million profit and 117 fils EPS in the year before. The Board of Directors has recommended a cash dividend of 85 %.
 
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 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 %.
 

 By John Mathews

Arab Times Staff

By: John Mathews

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