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Kuwait extends losses; closes 11.19 pts lower NBK falls 10 fils; Jazeera Airways gains

KUWAIT CITY, March 31: Kuwait stocks pulled lower Monday extending the losses to third straight session. The price index, trimmed steeper early losses to close 11.19 pts down at 7,572.81 points. Most of the banks sagged amid profit taking and selling pressure was also seen some of the mid and small caps.  The KSX 15 benchmark dipped 17.61 pts trimming its month’s gain to 74 points whereas weighted index gave up 3.11 pts to settle at 483.13 pts. The volume turnover meanwhile fell slightly after ticking up on Sunday. 203.73 million shares changed hands — a 3.46 pct fall from the day before. The sectors closed mixed. Telecommunications outshone the rest with 1.23 percent upswing whereas consumer goods shed 0.81 pct, the biggest loser of the day. In terms of volume, financial services chalked the highest market share of 40 percent while real estate came in next with 34.89 pct. Industrials was a distant third with 9.38 pct contribution.

Among the notable decliners, National Bank of Kuwait fell 10 fils to KD 0.900 with a volume of 10 fils while Kuwait Finance House shed 30 fils after trading over 6 million shares. Burgan Bank gave up 10 fils and Al Ahli Bank too was down by same measure to close at KD 0.450.  United Projects dived 40 fils to KD 0.770 Kuwait Portland Cement Co was down 20 fils erasing the gains in the previous session and Mabanee Co followed suit to wind up at KD 1.120. National Industries Group retreated 11 fils to KD 0.244 after trading 3.37 million shares. Telecom major Zain was unchanged at KD 0.680 off early lows and Wataniya Telecom too did not budge from its earlier close of KD 1.740. Agility vacillated in tight range before closing flat at KD 0.750 and the counter saw 2.22 million shares change hands.

Weak
The market opened weak and edged lower in early trade. The index continued to drift in negative territory as sentiment turned weak and hit the day’s lowest level of 7535.17 pts half way into the session. It moved sideways before clawing back some of the losses at close.  Top gainer of the day, Combined Group Contracting Co climbed 8.62 pct to KD 1.260 and Al Dar National Real Estate Co climbed over 7 pct to stand next. Egypt Kuwait Holding Co shed 6.45 pct, the steepest decliner of the day and Manazel Holding topped the volume with over 20 million shares.  Mirroring the day’s decline, the market spread was skewed towards the losers. 40 stocks advanced whereas 60 closed lower. Of the 143 counters active on Monday, 43 closed flat. 5183 deals worth KD 31.08 million shares were transacted — a 27.36 pct drop in value from the day before.

Metal and Recycling Co fell 2 fils to KD 0.134 and NICBM followed suit. United Industries Company too was down by 2 fils. The company will distribute 25% cash dividends for the shareholders registered as on March 30, 2014 at Kuwait Clearing Company on April 3, 2014. On the upside, Jazeera Airways climbed 15 fils to KD 0.460 while Humansoft Holding gained 25 fils. PAPCO rose 8 fils to KD 0.136 and Independent Petroleum Group added 5 fils. ALAFCO was unchanged at KD 0.255. Kuwait Cement Co rose 5 fils and Refrigeration Ind. and Storage Co followed suit. The company has announced a net profit of KD 2.72 million and earnings per share of 30.80 fils in 2013 as against KD 2.41 million profit and earnings per share of 27.30 fils the year before. The Board of Directors has recommended a cash dividend of 10%. Kuwait Food Co ( Americana) was unchanged at KD 2.500 and IFA Hotels and Resorts followed suit. Noor Financial Investment eased 2 fils. The company has logged a net profit of KD 9.05 million and earnings per share of 24.71 fils in the year ending Dec 31, 2014. The Board of Directors has recommended 10% bonus shares.

Gained
Equipment Holding Co was unchanged at KD 0.158 whereas Gulf Cable gained 10 fils. 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.  Combined Group Contracting Co and Burgan Well Drilling Co closed flat and National Real Estate too was steady at KD 0.156. The company has posted a net profit of KD 15.34 million and earnings per share of 18.86 fils in 2013. The Board of Directors has recommended 5% bonus shares.
In the banking sector, Commercial Bank of Kuwait rose 10 fils to KD 0.750 whereas Gulf Bank held the ground steady at KD 0.370 off early highs. Ahli United Bank stagnated at KD 0.750 after trading in red earlier in the day whereas Boubyan Bank pulled 10 fils lower. Kuwait International Bank retreated 5 fils to KD 0.300.


Kuwait Investment Co and International Financial Advisors were flat at KD 0.162 and 73 fils respectively whereas National Investment Co ticked 2 fils lower. KIPCO was unchanged at KD 0.710 whereas Securities Group climbed 6 fils to KD 0.124.  Bayan Investment and Osoul Investment fell 2 fils each while Al Deera Holding inched 1 fils lower to 56 fils. Salhia Real Estate Co slipped 5 fils and Al Mazaya Holding ticked 2 fils lower. The bourse has been trending lower during the week and has shed 12 pts in last two sessions. The price index has shed 120 pts during whole of March and is up 0.31 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 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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