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Kuwait bourse climbs 26.81 pts; volume slips Americana rallies 40 fils; NBK flat

KUWAIT CITY, April 9: Kuwait stocks commenced the uptrend on Wednesday after falling sharply in the previous session. The index climbed 26.81 pts amid lackluster trade to close at 7571.61 pts. The advance was led by some of the mid and low caps while blue chips closed mixed. The bourse has closed higher in five of the last six sessions. The KSX 15 gauge rose 5.74 pts to 1,223.72 points taking the month’s gain to 48 points while weighted index edged 1.98 points higher to 498.4 points. The volume turnover meanwhile slipped below the 200 million mark after rebounding in the previous session. 166.185 million shares changed hands - a 32.40 percent drop from Tuesday. The sectors closed mostly in the green territory. Basic materials outshone the rest with 1.15 percent rise whereas healthcare slid 3.72 pct, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 34.56 pct while real estate and industrials followed with 21.88 pct and 13.34 percent respectively.

Kuwait Food Co (Americana) rallied 40 fils to KD 2.780 extending the robust gains in the previous session and Kuwait National Cinema Co rose 20 fils with razor thin trading. Commercial Bank of Kuwait jumped 50 fils recouping the loss on Tuesday.  Qurain Petrochemical Industries Co and Humansoft Holding Co were up 10 fils each while Safwan Trading and Contracting Co closed 15 fils higher. National Industries Group, the flagship company of Kharafi Group added 5 fils and Boubyan Petrochemical Co climbed 10 fils.

Gained
Among the heavyweights, Zain gained 10 fils whereas Wataniya Telecom dived 40 fils to close at KD 1.880. Agility held the ground unchanged at KD 0.800 off early highs and the counter saw 1.73 million shares change hands.  The market opened flat and edged slightly higher in early trade. The index sagged marginally as sentiment turned weak and hit the day’s lowest level of 7,543.13 points well past the mid-session. It clawed back thereafter and managed to close with modest gains. Top gainer of the day, Aqar Real Estate Co climbed 7.14 percent to 75 fils and Danah Al Safat Foodstuff Company rose 6.49 percent to stand next. Al Mowasat Healthcare Centre tumbled 10 percent, the steepest decliner of the day and Al Imitiaz topped the volume with over 20 million shares changing hands.

Mirroring the day’s gains, the market spread was skewed towards the winners. 59 stocks advanced whereas 29 closed lower. Of the 141 counters active on Wednesday, 53 closed flat. 4,593 deals worth KD 31.12 million were transacted - a 31.12 percent rise in value from the day before.  Oula Fuel Marketing Co climbed 6 fils to KD 0.212 and Al Jazeera Airways was up 5 fils at KD 0.470. 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

United Industries Co took in 2 fils and NICBM closed 6 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.  IFA Hotels and Resorts nudged 2 fils higher and RISCO added 5 fils with thin volume. 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 %. On the downside, ACICO Industries slipped 10 fils and Gulf Cable too was down by same measure to end at KD 0.790. Combined Group Contracting Co shed 20 fils and Al Mowasat Healthcare followed suit.

Rallied
KIPCO rallied 10 fils on back of over 1 million shares while Noor Financial Investment took in 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. In the banking sector, National Bank of Kuwait was unchanged at KD 0.990 after trading 1.15 million shares while Gulf Bank rose 5 fils to KD 0.390. Ahli United Bank shed 20 fils whereas Al Ahli Bank was not traded during the session. Kuwait International Bank climbed 10 fils on back of 5.7 million shares whereas Burgan Bank was steady at KD 0.580 and is trading 20 fils higher during the month. Kuwait Finance House paused at KD 0.860 with a volume of 5.5 million shares and Boubyan Bank followed suit.  Kuwait Investment Co eased 2 fils to KD 0.164 whereas National Investment Co was flat at KD 0.156 off early lows. Securities Group Co and KMEFIC gained 2 fils and 3 fils respectively and KAMCO was up 4 fils at KD 0.120 Sokouk. Holding and Osoul Investment closed flat at KD 0.116 and 79 fils.

National Real Estate Co c Al Tamdeen Investment Co limbed 4 fils to KD 0.168 whereas Al Mazaya Holding Co clipped 4 fils. Warba Insurance closed 4 fils higher at KD 0.110. The bourse has been trending mixed so far during the week and has eased 2 pts in last three sessions. The price index has retreated slipped 2 pts from start of the month and is trading 0.29 pct higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, International Financial Advisors has posted a net profit of KD 2.92 million and earnings per share of 4.36 fils in 2013, rebounding from KD 24.89 million loss and loss per share of 37.16 fils in the year before.

Kuwait and Middle East Finance Investment 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.  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%.

By John Mathews
Arab Times Staff


By: John Mathews

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