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KSE inches 2.23 pts up in choppy trade Americana extends rally; Zain flat

KUWAIT CITY, April 10: Kuwait stocks inched higher Thursday extending the gains to second straight session. The bourse nudged 2.23 pts up in choppy trade to close at 7,573.84 pts. The sentiment remained tepid in absence of positive cues even as investors await the first quarter results. The KSX 15 benchmark was almost flat at 1,223.06 pts and is trading 171 pts higher year-to-date while weighted index was up 0.44 pts at 408.84 points. The volume turnover meanwhile rose slightly after rebounding in the previous session. 180.23 million shares changed hands — a 8.45 percent rise from Wednesday. The sectors closed narrowly mixed. Banks outperformed the rest with 0.48 percent rise whereas basic materials slumped 0.82 percent, the biggest loser of the day. In terms of volume, financial services dominated with 41.81 percent market share and real estate came next with 24.35 percent. Industrial was a distant third with 6.49 percent contribution.

Kuwait Food Co (Americana) kept up its winning streak with 40 fils gain while Combined Group Contracting Co climbed 20 fils to KD 1.180. Mashaer Holding Co rose 10 fils to KD 0.222 while City Group and ALAFCO closed 5 fils up. National Industries Group too added 5 fils after clocking a volume of 5.2 million.  Boubyan Petrochemical Co gained 10 fils and Equipment Holding Co rose 6 fils to KD 0.148 on back of over 2 million shares. Metal and Recycling Co took in 2 fils and KGL Logistics Co followed suit to end at KD 0.192.  Among the frontline stocks, Zain closed flat at KD 0.700 whereas Wataniya Telecom pulled 20 fils lower to KD 1.860. Agility gave up slight early session gains to close unchanged at KD 0.800 and the stock is up 40 fils from start of the month.

Slipped
The market opened weak and slipped into red in early trade. The index pulled up and hit the day’ s highest level of 7583.48 pts almost half way into the session but failed to hold on to the gains. It retreated again and troughed at 7555.56 pts in the final minutes before clawing back into green at close.
Top gainer of the day, Manafae jumped 8.33 percent to 65 fils while Mashaer Holding climbed 4.72 pct to stand next. International Resorts Co slid 7.81 percent, the steepest decliner of the day and Al Imitiaz topped the volume with over 15 million shares.

The market spread was even during the session. 45 stocks advanced whereas 46 closed lower. Of the 140 counters active on Thursday, 49 closed flat. 4937 deals worth KD 30.22 million were transacted — a 2.90 pct fall in value from the day before. On the downside, Qurain Petrochemical shed 10 fils and Kuwait National Cinema was down by same measure to close at KD 0.970. Humansoft gave up 10 fils while Safwan Trading and Contracting Co eased 5 fils. Hilal Cement fell 4 fils to KD 0.232 and Kuwait Portland Cement slid 20 fils with thin volume.  Jazeera Airways closed flat and ACICO Industries followed suit. The company has posted a net profit of KD 6.41 million and earnings per share of 25.88 fils in 2013 and the Board of Directors recommended a cash dividend of 10 % and 5 % bonus shares.

KAMCO and Kuwait Finance Centre clipped 2 fils each while Noor Financial Investment Co gained 6 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
KIPCO was unchanged at KD 0.790 and Sokouk Holding followed suit. The company has logged a net profit of KD 18.22 million earnings per share of 35 fils in 2013 and the Board of Directors has recommended a dividend of 5 % bonus shares.
 

Shed
Salhia Real Estate shed 10 fils and Al-Mazaya Holding ticked 2 fils lower to 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 and the Board of Directors has recommended a dividend of 6 % bonus shares.  Bayan Investment Co flunked 1 fils and National Real Estate pulled 8 fils lower after trading 6.4 million shares. The company has posted a net profit of KD 15.34 million and earnings per share of 18.86 fils in 2013 and the Board of Directors has recommended 5 % bonus shares. KIPCO was flat at KD 0.790 after trading 1.2 million shares and National Investment Co too did not budge from its earlier close of 156 fils. Securities House Co eased 2 fils to KD 0.126 whereas Securities Group took in 2 fils.


In the banking sector, National Bank of Kuwait was steady at KD 0.990 whereas Gulf Bank rose 10 fils to KD 0.400 on back of 1.3 million shares. Commercial Bank of Kuwait and Al Ahli Bank of Kuwait were not traded during the session.  Kuwait Finance House slipped 10 fils to KD 0.850 taking the month’s loss to 60 fils whereas Ahli United Bank was up 10 fils at KD 0.750. Kuwait International Bank and Burgan Bank paused at KD 0.580 and KD 0.850 respectively.

The bourse charted a mixed trend during the week. It closed higher in four of the five sessions but is almost flat week-on-week. The index is up over 1 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 Dec 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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