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KSE price index sags amid lackluster trade Mabanee Co sheds 20 fils; Zain flat

KUWAIT CITY, March 16: Kuwait stocks swung lower Sunday, extending the losses to third consecutive day. The price index dropped 20.42 points in lackluster trade to close at 7434.08 pts as investors continued to exit positions in wake of the overall negative backdrop. Most of the banks and other heavyweights were muted while speculative interest moved some of the mid and small caps. The KSX 15 benchmark rose 1.46 points to 1099 pts trimming the month’s losses to 2 points while weighted index inched 0.48 pts higher. The volume turnover meanwhile sagged after charting a strong rebound in the last session. Over 148 million shares changed hands — a 15.19 pct fall from Thursday.

The sectors closed mostly in the red. Banks outshone the rest with 0.31 pct uptick whereas consumer good slid 2.19 percent, the worst performers of the day. In terms of volume, financial services dominated with 32.73 percent market share while real estate came close behind with 31.38 pct. Industrials was a distant third with 21.17 percent contribution. Among notable losers, Mabanee Co shed 20 fils to close at KD 1.120 while Boubyan Petrochemical Co pulled 10 fils lower. Kuwait Educational Services Co gave up 20 fils to end at KD 0.142 and National Slaughter House followed suit. Zima Holding was down 8 fils at 98 fils. National Industries Co fell 2 fils after trading over 1.2 million shares and United Industries Co too was down by same measure. 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 percent.

Budge
Bourse major Zain was unchanged at KD 0.660 off early lows and Wataniya Telecom too did not budge from its earlier close of KD 1.820 . Agility paused at KD 0.660 and the stock is down 20 fils from start of the month. The market opened weak and slipped into red in early trade. The index seesawed. In a narrow range as sentiment turned mixed and hit the day’s lowest level of 7408.65 pts in the second half. It revved up in the final minutes and managed to trim some of the losses at close. Top gainer of the day, United Real Estate Co jumped 7.81 percent to KD 0.138 and Warba Insurance Co climbed 5.88 percent to stand next. National Slaughter House tumbled 13.7 percent, the steepest decliner of the day and Mayadeen topped the volume with over 27 million shares.

Mirroring the day’s downswing, the losers outnumbered the winners. 38 stocks advanced whereas 50 closed lower. Of the 135 counters active on Sunday, 50 closed flat. 3334 deals worth KD 14.92 pct were transacted — a 15.26 percent drop in value from the previous session. Among other losers, Boubyan International Industries Holding Co fell 3 fils and The Energy House followed suit. NICBM gave up 2 fils while Credit Rating and Collection Co pulled 10 fils lower to end at KD 0.100.

On the upside, Kuwait Portland Cement Co soared 60 fils with thin trading while Safwan Trading Co gained 25 fils to end at KD 0.475. Gulf Cable closed 10 fils higher. The company has posted a net profit of KD 9.96 million and earnings per share of 47 fils in 2013 and the Board of Directors has recommended a cash dividend of 30 fils. Salhia Real Estate Co rose 5 fils KD 0.375 while Union Real Estate was up 10 fils at KD 0.138. The company has registered a net profit of KD 5.541 million and earnings per share of 29.82 fils in the year ending Dec 31, 2013 up from KD 2,74 million profit and earnings per share of 14.78 fils in the year before period. The Board of Directors has recommended a cash dividend of 7 percent. Independent Petroleum Group climbed 10 fils while City Group jumped 25 fils to KD 0.465. United Projects Group rose 10 fils and ALAFCO was up 5 fils at KD 0.265.

Unchanged
In the banking sector, National Bank of Kuwait was unchanged at KD 0.940 and Gulf Bank followed suit to end at KD 0.350. The is down 10 fis from start of the year and is trading 25 fils lower year-to-date. Commercial Bank and Al Ahli Bank were not traded during the session. Ahli Unied Bank stagnated at KD 0.720 whereas Burgan Bank slipped 10 fils. The bank has logged a net profit of KD 20. 10 million and earnings per share of 13 fils in 2013, down from KD 55.60 million and earnings per share of 36 fils in the year before. The Board of Directors has recommended a cash dividend of 7 percent and 7 percent bonus shares.

Kuwait International Bank was unchanged at KD 0.290 and Kuwait Finance House climbed 20 fils to KD 0.860 taking the year’s gain to 60 fils. Boubyan Bank fell 10 fils to KD 0.530 Commercial Facilities Co rose 5 fils to KD 0.290 while International Financial Advisers and National Investment Co were flat at 69 fils and KD 0.140 respectively. KIPCO gave up 10 fils to close at KD 0.690. KFIC and Alsalam Group Holding Co eased 4 fils each whereas Noor Financial Investment and Sokouk Holding Co took in 2 fils each. Osoul Investment was up 3 fils at 78 fils.

The bourse was largely negative during last week. It closed lower in 3 of the 5 session and shed 53 points week-on-week. The main index has plunged 258  pts from start of the month and is down 1.27 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Kuwait Cable Vision has incurred a net loss of KD 361,886 and loss per share of 12.06 fils in 2013, as against net loss of KD 347,474 and loss per share of 11.58 fils in the previous year.

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 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 percent.

By John Mathews
Arab Times Staff


By: John Mathews

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