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KSE ticks 10.75 pts up amid lackluster trade Wataniya Telecom rallies 60 fils, NBK drops

KUWAIT CITY, April 6: Kuwait stocks pulled higher Sunday after retreating in the previous week. The index rose 10.75 pts in lackluster trading to 7583.22 pts led by some of the mid and small caps. The banks closed mostly lower while telecom service providers shined. The KSX 15 rose 4.65 pts to 1218.89 points taking the year’s gains to 166 pts while weighted index edged 0.89 pts higher to settle at 495.58 points. The volume turnover meanwhile, edged lower for the third consecutive day. 194.98 million shares changed hands — a 2.2 pct fall from the previous session. The bourse was upbeat during second half of March as investors reacted positively to the easing stance of CMA over implementing the new corporate rules.

The sectors closed mixed. Telecommunications outshone the rest with 2.10 percent upswing whereas parallel market shed 1.08 percent, the biggest loser of the day. In terms of volume, financial sector, dominated garnered the highest market share of 48.8 percent while banks and real estate followed with 17.49 pct and 16.01 pct respectively.  Among the prime movers, Wataniya Telecom rallied 60 fils to KD 1.900 and Zain rose 10 fils recouping the loss in the previous session. Agility however was flat at KD 0.790 after vacillating in tight range and the stock is up 100 fils year-to-date. National Industries Group climbed 5 fils to KD 0.260 on back of 6.8 million shares and Kuwait Foundry Co too was up by same measure to close at KD 0.320. Gulf Cable added 10 fils with thin trading volume and ALAFCO was up 5 fils. Kuwait Resorts Co and Al Rai Media Group Company added 4 fils each.

Gained
Salhia Real Estate gained 5 fils and Kuwait Foundry was up by same measure. The company has notched a net profit of KD 2.22 million and earnings per share of 14.45 fils in 2013 as against KD 1.09 million profit and earnings per share of 7.12 fils in the previous year . The market opened flat but edged lower in early trading. The index sagged amid  selling in select counters and moved sideways thereafter as sentiment turned brittle. It hit the day’s lowest level of 7572.47 pts almost half way into the session and managed to claw back into the positive zone at close.  Top gainer of the day, Pearl of Kuwait Real Estate Co spiked over 9 percent to 24 fils while Gulf Finance House climbed 7.84 percent to stand next. Ajwan Real Estate slid 8.06 percent, the biggest loser of the day, and Gulf Finance House topped the volume with over 27 million shares changing hands.

The market spread was almost even during the session. 49 stocks advanced whereas 47 closed lower. Of the 137 counters active on Sunday, 41 closed flat. 4678 deals worth KD 19.6 million were transacted — a 18.80 percent rise in value from the last session.  On the flip side, Hilal Cement shed10 fils to end at KD 0.236 and Kuwait Educational Services Co was down by same measure. Kuwait Co For Process Plant Construction and Contracting dived 20 fils and Shuiba Indsutrial Co pulled 10 fils lower. Kuwait Food Co ( Americana) and Jazeera Airways were unchanged at KD 2.660 and KD 0.460 respectively and Kuwait Gulf Links too didn’t budge from its earlier close of KD 0.102. Mashaer Holding gave up 4 fils and Humansoft clipped 10 fils to settle at KD 0.375.

NICBM ticked 2 fils higher. The company has logged a net profit of KD 512,572 and earnings per share of 1.48 fils in the year ending December 31, 2013, sharply down from KD 5.02 million profit and earnings per share of 14.55 fils in the year before. The Board of Directors recommended no dividend payout for the Fiscal Year. Noor Financial Investment Co rallied 10 fils on back of over 3 million shares. 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 percent bonus shares.

Down
In the banking sector, National Bank of Kuwait shed 10 fils after trading 1.8 million shares and Gulf Bank too was down by same measure. Ahli United Bank was flat at KD 0.750 whereas Kuwait International Bank was up 5 fils at KD 0.305. Kuwait Finance House dived 70 fils and Commercial Bank of Kuwait plunged 50 fils to KD 0.790. The bank has recorded a net profit of KD 23.53 million and earnings per share of 18.5 fils in 2013 and the Board of Directors has recommended a cash dividend of 7 percent plus 11 percent bonus shares. Burgan Bank pulled 10 fils lower whereas Boubyan Bank added 10 fils to close at KD 0.510. National Investment Co was unchanged at KD 0.154 whereas KIPCO slipped 10 fils to KD 0.780. Securities Group Co and Aayan Leasing and Investment Co fell 2 fils each while Mabanee Co shed 20 fils.

The bourse was mixed during last week. It closed higher in 2 of the five sessions and shed and has retreated 12 pts week-on-week. The price index had slid 120 pts during whole of March and is trading 0.45 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 of 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.

Egypt Kuwait Holding The company has registered a net profit of KD 20.167 million and earnings per share of 24.02 fils in the year ending December 31, 2013, up from KD 18,9 million profit and earnings per share of 22.54 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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