RSS
 Add News     Print  
Article List
Kuwait bourse extends gains; ends 10.63 pts up NBK rallies 20 fils, Agility flat

KUWAIT CITY, March 26: Kuwait stocks nudged higher Wednesday, extending the gains  to third  consecutive session. The bourse, after trading in red for most part of the session, closed   10.63 points higher at  7592.04 pts. Banks paced  the  dayís advance whereas  other heavyweights remained mostly muted.  The KSX 15  gauge   soared 17.73 pts  to a fresh all time high of 1167.73 pts and is up 115 points  during the year while weighted index  climbed 4.53 pts. The volume turnover meanwhile  receded  below the 200 million mark. The day saw  199.26 million shares change hands ñ a  20.80 percent drop from  Tuesday. The bourse was upbeat during last week as investors reacted positively to the   easing stance of CMA over  implementation of  the  new corporate rules.

The sectors closed mostly in the green.  Parallel market outshone the peers with 0.98 percent upswing whereas  oil and gas shed 1.16 percent, the  worst performer  of the day. In  terms of volume,   real estate  accounted for the highest market share of  33.58 percent while  financial services came in next with 30.84 pct. Banks was a distant third with  13.67 percent contribution. National Bank of Kuwait rallied 20 fils on back of 2.93 million  shares  to KD 1.020  and Ahli United Bank followed suit to close at KD 0.780.  Gulf Bank  gained 15 fils with a volume of  4.7 million  and  Kuwait Finance House climbed  20 fils.

Gained
National Industries Group rose 4 fils   after trading 5.4  million shares  and  Shuaiba Industrials  was up by same measure.  Egypt  Kuwait  Holding Co gained 10 fils and IFA Hotels and Resorts  Co  climbed 17 fils to end at KD 0.265.  Kuwait Educational  Services  Co was up 10 fils at KD 0.158.  Among   frontline stocks  Zain  rose 10 fils to KD 0.680 and clocked a volume turnover of 3.42 million whereas Wataniya Telecom was not traded during the session.  Agility held the ground steady at KD 0.750  . The company   has  recorded a net profit of KD 46.20 million and  earnings per share of 44.28  fils, up from KD 33.69 million profit and  earnings per share of  32.21  fils in  the year before.  The Board of Directors has  recommended a cash  dividend  of: 40 % plus 5 % bonus shares.

The  market opened weak and slipped into red in early trade. The index hit the dayís lowest level of  7543.63 point and  moved sideways thereafter as sentiment turned brittle. It revved up in the final hour and  managed to close with modest gain. Top gainer of the day, National Consumer Holding Co  spiked 8.7 percent to KD   and IFA HR  climbed 6.85 pct to stand  next. PAPCO  dived 7.25 percent, the steepest decliner of the day, and  Investors Holding Group topped the volume with  over 25 million shares. Among other gainers, Jazeera Airways  rose 5 fils to KD 445  and  ALAFCO too was up by same measure to wind up at KD 0.255. Jazeera  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. 

Mabanee Co gained 20 fils while  Al-Mazaya Holding  took in 2 fils to end at KD 0.134. The company has logged  a net profit of  over  KD 6 million and earnings per share  of 10.27 fils in the  year 2013   surging from  KD 290,553 million profit and  earnings per share  of 0.50 fils during last year.  The Board of Directors  has recommended a dividend of  6 % bonus shares. On the downside,  Gulf Cables shed 20 fils  and Kuwait Foundry Co gave up 5 fils to settle at KD 0.345.  Burgan Well Drilling edged 2 fils lower. The  firm has recorded a net profit of  KD 1.89 million in the  9-month period   ending Dec 31, 2013.  City Group pulled 25 fils  lower to KD 0.420.  Kuwait  Foundry Co was unchanged at KD 0.345 and Kuwait Food Co  (Americana) too was steady at KD 2.500 off early highs. RISCO  was flat at KD 0.320  and Kuwait Portland Cement followed suit.

Retreated
In the banking sector, Al Ahli Bank  retreated 15 fils   erasing the gains in the previous session while  Kuwait International Bank  added 5 fils . The bank   has chalked a  net profit  of   KD 13.20 million  and  earnings per share of 14.15 fils in the year ending  Dec 31, 2013, up from net  profit  of KD 13.16 million and earnings per share  14.10 fils during same  period last year.  Burgan Bank rose 10 fils on back of 2.73 million shares to close at KD 0.560 whereas Boubyan Bank paused  at KD 0.510  after trading higher earlier in the session. Commercial Bank was not traded during the session.  International Financial Advisors and  National Investment Co were flat at  73 fils and  KD 0.152 respectively and KIPCO  too pulled up from early lows to close flat at KD 0.700  after clocking a volume  of  1.4 million shares.  Securities Group Company and  Kuwait Financial Centre gained 4 fils each  whereas KFIC slipped 5 fils.

Bayan Investment Co took in 2 fils and Noor Financial Investment Co followed suit.  Sokouk Holding Co and  Al Tamdeen Investment Co gave up 2fils each whereas National Real Estate Co gained 6 fils on back of  10.4 million shares.   The  bourse  has been  largely   positive  so far during the week and  has climbed  35  points  during last four   sessions. The  price   index has shed 101  pts  from start of   the month  and is  up 0.56  pct  year-to-date.  KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Kuwait and Middle East Finance  Investment Company edged 2 fils lower. The company  has  logged  a  net profit  of  KD 1.160 million and  earnings per share  of  4.4  fils in  2013, as compared  to  KD 1.164 million loss and  loss per share of  4.5  fils  in the previous year. 

Al Madar Finance and Investment  has  recorded a net profit of  KD 3.58 million and  earnings per share of  17.34 fils in 2013,  rebounding from  KD 7,60 million loss and  loss per share of   36.73  fils in  the previous year.  Strategia Investment  has posted  a  net  rofit  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

Read By: 3205
Comments: 0
Rated:

Comments
You must login to add comments ...
About Us   |   RSS   |   Contact Us   |   Feedback   |   Advertise With Us