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Kuwait stocks bounce 18.84 pts; volume flat Americana soars 40 fils; Watanya Telecom falls

KUWAIT CITY, April 15: Kuwait stocks saw a modest rebound Tuesday, partly recouping the losses in the previous session. The benchmark index climbed 18.84 pts in slightly volatile trade to close at 7,513.84 points. Most of the heavyweights led by banks closed higher even as investors eye more quarterly results. The KSX 15 measure rose 14.44 pts to 1,223.34 points taking the year’s gain to 171 points whereas the weighted index was up 4.39 pts. The volume turnover was almost flat after ticking higher in the previous session. 188.60 million shares changed hands - a meager 0.27 percent rise from Monday.
The sectors closed mostly in the positive territory. Healthcare outshone the rest with 1.55 percent rise whereas technology slipped 0.23 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 55.66 percent while real estate and banks followed with 23.35 pct and 9.92 percent respectively.

Among the prime movers, Kuwait Food Co (Americana) soared 40 fils to KD 2.880 and ACICO Industries Co was up 15 fils at KD 0.325. Gulf Insurance Group gained 20 fils and Warba Bank added 5 fils on back of 2.17 million shares. Kuwait Finance House rose 20 fils with a volume of 4.3 million shares and Boubyan Bank followed suit. National Bank of Kuwait climbed 10 fils to KD 1.000. The bank has posted a first quarter net profit KD 83.93 million and earnings per share of 18 fils, up from KD 81.32 million net profit and earnings per share of 17 fils in the same period last year.  Telecom major, Zain gained 10 fils recouping the losses in the previous session whereas Wataniya Telecom erased Monday’s gain with 20 fils drop. The Agility added 10 fils after trading in red earlier in the session and the stock is up 30 fils from start of the month.

Positive
The market opened positive and edged up in early trade. The index continued to drift higher but sagged thereafter as selling hit select counters. It moved sideways along the opening mark and hit the day’s lowest mark of 7492.35 pts before heading north in the final minutes to close with modest gains.  Top gainer of the day, Jeeran Holding rallied 8.16 pct to 53 fils and National Cleaning Co climbed 6.15 pct to stand next. National Consumer Holding Co tumbled 25.96 percent, the steepest decliner of the day and Al Deera Holding topped the volume with 36.7 million shares.

Reflecting the day’s gains the winners out led the losers 2 to 1. 64 stocks advanced whereas 32 closed lower. Of the 146 counters active on Tuesday, 50 closed flat. 4551 deals worth KD 24.43 million were transacted - a 5.54 percent fall in value from the day before.  KIPCO rallied 10 fils on back of 1.61 million shares to close at KD 0.800 and Kuwait and Middle East Finance Investment Company closed 3 fils higher. 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.


Kuwait Foundry Co rose 10 fils and Aviation Lease and Finance closed 5 fils higher. The company has recorded a net profit of KD 8.57 million and earnings per share of 11 fils in the first quarter of 2014 as against net profit of KD 13.18 million and earnings per share of 16.91 fils in the same period last year.
NICBM climbed 4 fils to KD 0.224 and Kuwait Cement Co shed 10 fils. 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%. Kuwait Gulf Links added 5 fils on back of 1.17 million shares whereas Automated Systems Co closed flat. The company has posted a net profit of KD 1.48 million and earnings per share of 37.17 fils in the year ending 2013 as against net profit of KD 4.04 million and earnings per share of 101.08 fils in the year before period.


KGL Logistics Co took in 2 fils whereas Jazeera Airways held the ground unchanged at KD 0.460 off early highs. Kuwait Portland Cement Co and Gulf Cable were flat at KD 1.240 and KD 0.780. National Industries Group gave up early gains to close at KD 0.255 and United Industries Co followed suit.
In the banking sector, Ahli United Bank rose 10 fils to KD 0.760 and Kuwait International Bank was up by same measure with a volume of 1.6 million shares. Burgan Bank gained 10 fils and Boubyan Bank climbed 20 fils to KD 0.550.
Kuwait Investment Co slipped 4 fils and International Financial Advisors took in 1 fils with a volume of 9.33 million. National Investment Co eased 2 fils and KAMCO followed suit to close at KD 0.114. Noor Financial Investment Co flunked 2 fils.
Securities Group Co and Kuwait Financial Centre (Markaz) added 2 fils each and Bayan Investment inched 1 fils lower. Ekittatab Holding Co rose 3 fils whereas Sokouk Holding was unchanged at KD 0.112. Al Tamdeen Investment Co nudged 2 fils up.


The bourse was has been largely negative so far during the week and has retreated over 60 points in last three sessions . The index has shed 59 pts from start of the month and is trading 0.47 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Kuwait Business Town Real Estate has recorded a net profit of KD 499,054 and earnings per share of 0.64 fils in the first three months of 2014 rebounding from net loss of KD 778,405 and loss per share of 0.99 fils in the same period last year.
Al Madina for Finance and Investment Company has won the approval from Capital Markets Authority to buy back or sell up to a maximum of 10% of its shares over a period of 6 months.
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.

By John Mathews
Arab Times Staff


By: John Mathews

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