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Kuwait bourse stems decline, up 12.09 pts Commercial Bank gains 40 fils; Zain flat

KUWAIT CITY, April 2: Kuwait stocks staged a modest rebound Wednesday, stemming the four-day retreat. The price index, after wobbly start, climbed 12.09 pts to 7570.52 points led by banking shares while other heavyweights closed mixed.  The KSX 15 benchmark continued its gaining streak with a 14.57 pts jump to hit a fresh high of 1215.03 points while the weighted index rose 4.17 pts to settle at 493.69 points. The volume turnover meanwhile receded after posting an increase in the day before. 210.77 million shares changed hands — a 15.88 pct fall from Tuesday.

The sectors closed mostly in the red. Basic materials outshone the rest with 1.97 percent gain whereas telecommunications slumped 2.37 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 23.82 pct while real estate and banks followed with 26.43 percent and 11.39 percent respectively.  Among prime movers, Kuwait Food Co (Americana) climbed 60 fils to KD 2.600 while Kuwait Portland Cement and Kuwait Foundry Co rose 20 fils each to end at KD 1.380 and KD 0.350 respectively. National Industries Group, the flagship company of Kharafi Group, was up 5 fils on back of 2.74 million shares.

Commercial Bank spiked 40 fils to KD 0.800 extending the modest gains in the previous session while Kuwait Finance House added 20 fils on back of over 6 million shares. Gulf Bank gained 10 fils and Burgan Bank was up by same measure to close at KD 0.580.  Telecom major, Zain was unchanged at KD 0.700 off early lows whereas Wataniya Telecom plunged 60 fils to KD 1.880. Agility rose 10 fils to KD 0.780 and the counter saw 3.5 million shares change hands.

Slipped
The market opened weak and slipped into red in early trading. The index hit the day’s lowest level of 7523.16 pts and rebounded close to the opening mark past the mid-session. It sagged again as sentiments turned weak and moved sideways briefly before clawing back into green at close. Top gainer of the day, Al Nawadi spiked 8.77 percent to KD 0.124 while l Imitiaz rallied 7.58 pct to stand next. Gulf Finance Company dived 9.3 percent, the steepest decliner of the day and Al Deera Holding topped the volume with 17.9 million shares.


Reflecting the day’s gain, the market spread was skewed towards the winners. 54 stocks advanced whereas 48 closed lower. Of the 146 counters active on Wednesday, 44 closed flat. 5504 deals worth KD 37.03 million were transacted — a 12.59 pct rise in value from the day before. Unlike the regional peers, KSE has been trending listlessly as the surge in large caps has been offset by slump in small caps. Small-cap stocks are retreating after “some huge gains that were made last year,” Reuters quoted Fouad Alhadlaq, acting general manager at Al Dar Asset Management in Kuwait. “The large-caps seem to be closing the gap.”


Jazeera Airways rose 5 fils to KD 0.465 and Automated Systems Co was up by same measure to wind up at KD 0.475. Al Nawadi Holding Co and Kuwait Educational Services Co gained 10 fils each. Mabanee Co climbed 20 fils to KD 1.140 while Ajial Real Estate and Enter. Company took in 2 fils. The company has logged a net profit of KD 1.73 million and earnings per share of 9.86 fils in the year ending Dec 31, 201 and the Board of Directors has recommended a cash dividend of 9 %. KIPCO extended the gains with a 30 fils rise and chalked a volume of 1.49 million shares and Noor Financial Investment edged 2 fils higher. 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. SlidOn the flip side, Combined Group Contracting Co slid 40 fils extending an identical decline in the previous session while Humansoft Holding was down 20 fils at KD 0.385. Independent Petroleum Group gave up 5 fils to end at KD 0.415.


 Gulf Cables shed 10 fils to KD 0.790 while Kuwait Cement Co gave up 5 fils to  close at KD 0.410. The company has registered a net profit of KD 17.16 million and earnings per share of 26.14 fils in the year ending Dec 31, 2013.The Board of Directors has recommended a cash dividend of 18. ACICO Industries held steady at KD 0.315 and Refrigeration Ind. and Storage Co too did not budge from its earlier close of KD 0.330. The company has chalked a net profit of KD 2.72 million and earnings per share of 30.80 fils in 2013 and the Board of Directors has recommended a cash dividend of 10 %. In the banking sector, National Bank of Kuwait was flat at KD 1.000 off early lows and the counter saw over 4 million shares changed hands and Ahli United Bank followed suit. AL Ahli Bank and Kuwait International Bank added 5 fils each whereas Boubyan Bank paused at KD 0.500. Kuwait Investment Co gained 4 fils whereas International Financial Advisers retreated 4 fils after trading 12.9 million shares . National Investment Co and Securities House Co added 2 fils each whereas Bayan Investment Co and KAMCO closed flat.


The bourse has been mixed during the week and has shed 25 pts in last four sessions. The price index had slid 120 pts during whole of March and is trading 0.28 pct higher 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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