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KSE slips 13.62 pts amid volatile trade KFH falls 10 fils; Americana gains

KUWAIT CITY, April 13: Kuwait stocks retreated on Sunday, snapping the two-day advance. The index slipped 13.62 pts in volatile trade to close at 7,560.22 points as profit taking weighed on select counters.
Some of the banks sagged and most of the heavyweights too ended in red. The market mood was cautious as investors digest the initial first quarter results. The KSX 15 benchmark shed 5.96 pts to close at 1217.7 points trimming the month’s gain to 42 points while weighted index inched 0.8 pts lower. The volume turnover meanwhile was almost stagnant. 180.23 million shares changed hands — a 1.72 percent fall from the last session. The sectors closed mixed. Consumer goods outshone the rest with 3.22 percent gain whereas telecommunication dropped 1.37 percent, the biggest loser of the day. In terms of volume, financial services dominated with 48.92 percent market share while real estate and banks followed with 19.21 pct and 14.95 percent respectively.

Among notable decliners, Commercial Bank of Kuwait shed 10 fils with thin volume and Kuwait Finance House too was down by same measure to wind up at KD 0.840. Kuwait International Bank eased 5 fils after trading 1.73 million shares and Warba Bank was down 15 fils after clocking a volume of 4.3 million.
Kuwait Building Materials Manufacturing Co dived 50 fils while PAPCO and Mashaer Holding Co gave up 10 fils each. National Industries Group fell 5 fils paring the month’s gain to 16 fils and the counter saw 2.33 million shares change hands. Kuwait Insurance Co skidded 15 fils to settle at KD 0.280.

Slipped
Bourse heavyweight Zain slipped 10 fils to KD 0.690 with volume of 2.17 million shares while Wataniya Telecom shed 20 fils. Agility pulled 20 fils lower to KD 0.780 and is trading 90 fils higher year-to-date. The market opened weak headed south in early trading. The index continued to decline as sentiment turned weak but bounced back amid bargain buying to hit the day’s highest level of 7592.94 points ahead of the halfway mark. It sagged again to trough at 7544.44 pts in the final minutes and managed to claw back some of the losses at close. Top gainer of the day, Eyas For Higher and Technical Education surged a whopping 71.8 percent to 330 fils and NAPESCO climbed 9.09 percent to stand next. KBMCC plunged 14.71 percent, the biggest loser of the day and Gulf Finance House topped the volume with 22.47 million shares.

Mirroring the day’s decline, the market spread was heavily skewed towards the losers. 30 stocks advanced whereas 66 closed lower. Of the 148 counters active on Sunday, 52 closed flat. 4485 deals worth KD 26.53 million were transacted — a 12.19 percent drop in value from the day before. Among other losers, United Industries Co fell 2 fils while NICBM pulled 6 fils lower. The company has logged a net profit of KD 512,572 and earnings per share of 1.48 fils in the year ending Dec 31, 2013, sharply down from KD 5.02 million profit and earnings per share of 14.55 fils in the year before. Metal and Recycling Co eased 2 fils while Kuwait Cement Co was down 5 fils at KD 0.415. 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 and the Board of Directors has recommended a cash dividend of 18%.

On the upside, City Group rose 10 fils and Kuwait Foundry Co climbed 15 fils to KD 0.335. The company has notched a net profit of KD 2.22 million and earnings per share of 14.45 fils in 2013. Kuwait Food Co (Americana) extended its rally with 20 fils upswing and wound up at KD 2.840 and Kuwait Portland Cement was up by same measure. ALAFCO gained 5 fils on back of 1.88 million and Kuwait Packing Materials Co was up 20 fils at KD 0.495.

Steady
United Real Estate took in 2 fils whereas National Real Estate closed. 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. Al Mazaya Holding held steady at KD 0.134 while Al Mudon International Real Estate Co closed 4 fils lower.  International Financial Advisers and National Investment Co flunked 2 fils each while Sokouk Holding shed 4 fils. 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. KIPCO rallied 10 fils to KD 0.800 on back of 1.57 million shares and KMEFIC clipped 4 fils. Noor Financial Investment Co and Al Tamdeen Investment Co fell 2 fils each and Bayan Investment Co ticked 1 fils up. Securities House slipped 2 fls whereas Securities Group took in2 fils to end at 83 fils.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.990 off early lows and Ahli United Bank followed suit to close at KD 0.750. Burgan Bank was flat at KD 0.580 whereas Gulf Bank fell 5 fils after trading 3.8 million shares. Boubyan Bank however gained with brisk trading.  The bourse was mixed during last week. It closed higher in four of the five sessions and was almost flat week-on-week. The index has climbed almost 15 pts from start of the month and is trading 0.14 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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