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KSE extends decline; ends 24.7 pts lower Combined Group dives 60 fils; NBK gains

KUWAIT CITY, March 17: Kuwait stocks drifted lower Monday extending the losses to fourth straight session. The index shed 24.7 pts in volatile trade to end at 7409.38 pts as investors continued to exit select small and mid caps. However some of the banks bucked the trend to close higher. The bourse has closed lower in five of the last six sessions tracking the weakness in regional markets over Ukraine worries. The KSX 15 gauge rose 1.93 points to 1,100 points taking it to close to the level at the start of the month whereas weighted index inched 0.04 pts lower. The volume turnover meanwhile rebounded after receding in the previous session. 192.39 million shares changed hands — a 30 percent jump from Sunday.

The sectors closed mostly in the red. Basic materials outshone the rest with 0.69 percent advance whereas financial services slid 0.79 percent, the worst performer of the day. Volume wise, financial services accounted for 42.22 percent market share while real estate and industrials followed with 24.37 percent and 12.84 pct contributions respectively.  Among prime movers, Combined Group Contracting Co dived 60 fils to KD 0.140 and Gulf Cable pulled 10 fils lower. United Projects Group shed 20 fils and ALAFCO gave up 7 fils to close at KD 0.710. Kuwait Cement Co was down 5 fils at KD 0.380. Noor Financial retreated 6 fils after reports the Pakistan central bank has blocked the stake sale of Meezan Bank. Egypt Kuwait Holding Co pulled 10 fils lower. 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.

Steady
Among the heavyweights, Zain fell 10 fils to KD 0.650 whereas Wataniya Telecom held the ground unchanged at KD 1.820. Agility too was steady at KD 0.660 and the stock has retreated 30 fils from start of the year.  The market opened flat and moved sideways in early trade. The index rose briefly to hit the day’s highest mark of 7,448.52 pts before retreating amid selling pressure in select counters. It continued to drift lower and troughed at 7,383.4 points in the final minutes before paring back some of the losses at close.  Top gainer of the day, National Slaughter House spiked 7.94 pct to 136 fils whereas Arkan Real Estate climbed 5 percent to stand next. Ithmar Bank slid 7.41 percent, the steepest decliner of the day and Gulf Finance House topped the volume with over 20 million shares changing hands.

Reflecting the day’s fall, the losers outled the winners. 45 stocks advanced whereas 70 closed lower. Of the 162 counters active on Sunday, 47 closed flat. 4,346 deals worth KD 19.63 million were transacted — a 31.58 pct surge in value from the day before.  Among other losers. Kuwait Cement Co fell 5 fils and Egypt Kuwait Holding was down 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.

Contracting and Marine Services Co fell 4 fils while Kuwait National Cinema tumbled 40f ils. The company has logged a net profit of KD 7.94 million earnings per share of 80 fils in the year ending 2013 and the Board of Directors recommended a cash dividend of 49 fils. Kuwait Food Co (Americana) was flat at KD 0.290 whereas Jazeera Airways dropped 25 fils. The company has posted a net profit 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 Cement Co paused at KD 0.390.

Upside
On the upside, National Industries Group rose 4 fils to KD 0.226 on back of 1.82 million shares and RISCO was up 5 fils. Kuwait Foundry Co and Boubyan Petrochemical Co gained 10 fils each while United Industries Co ticked 2 fils higher. Burgan Well Drilling Co and Safwan Trading Co rose 10 fils each and Automated Systems Co too closed 10 fils higher. KGL Logistics edged 2 fils higher whereas NICBM was flat at KD 0.202. In the banking sector, National Bank of Kuwait gained 10 fils on back of 2.7 million shares and Gulf Bank was up 5 fils at KD 0.355. Commercial Bank of Kuwait and Al Ahli Bank were unchanged at KD 0.750 and KD 0.420 respectively. Ahli United Bank stagnated at KD 0.720 and Kuwait International Bank followed suit. 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.


Burgan Bank was steady at KD 0.520 whereas Kuwait Finance House climbed 10 fils with a volume of over 4 million shares. Boubyan Bank too rose 10 fils to end at KD 0.540. Kuwait Investment Co slipped 2 fils to KD 0.152 whereas National Investment Co and International Financial Advisors closed flat. KIPCO was down 10 fils at KD 0.680 while Securities Group and KFIC gave up 4 fils each. Noor Financial Investment shed 6 fils whereas KAMCO paused at KD 0.126.  The bourse has been bearish so far during the week and has shed 45 points in last two sessions. The main index has dived 283 pts from start of the month and is down 1.86 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Automated Systems Co has posted a net profit of KD 1.48 million and earnings per share of 37.17 fils in the year ending 2013 as against net profit of KD 4.04 million and earnings per share of 101.08 fils in the year before period. The Board of Directors has recommended a cash dividend of 50%.


 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.  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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