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Kuwait treads water as investors cautious KFH gains 10 fils; NBK flat

KUWAIT CITY, April 16: Kuwait stocks trod water on Wednesday, after eking modest gains in the previous session. The bourse inched 1.7 pts in volatile trade to close at 7,515.54 pts. Some of the mid and small caps paced whereas the heavyweights were mostly subdued. The market sentiment was cautious even as the investors eye more first quarter results. The KSX 15 benchmark rose 5.55 points to 1,228.89 points taking the month’s gain to 76 points while weighted index ticked 1.49 points higher to 501.1 pts . The volume turnover meanwhile ticked higher after holding almost flat in the day before. Over 202 million shares changed hands — a 7.11 percent rise from the day before.

The sectors closed mixed. Telecommunication outperformed the rest with 0.57 percent gain whereas healthcare slumped 1.53 percent, the biggest loser of the day. In terms of volume, financial services dominated with 40.72 percent market share while banks and real estate followed with 22.23 pct and 20.70 percent contributions respectively.  Among notable gainers, Gulf Cables rose 10 fils to KD 0.790 and Boubyan Petrochemical followed suit to close at KD 0.740. National Industries Group added 5 fils on back of 2.34 million shares and RISCO was up by same measure. Kuwait Gulf Links and KGL Logistics Co took in 2 fils each. Jeeran Holding Co and Automated Systems Co gained 5 fils each while Mushrif Trading and Contracting Co was up 4 fils at 58 fils. Zima Holding climbed 10 fils with thin volume while Credit Rating and Collection Co was up 5 fils at 85 fils.

Steady
Telecom major Zain rose 10 fils to KD 0.700 extending an identical gain from the day before whereas Wataniya Telecom held the ground steady at KD 1.840. Agility pulled 10 fils lower to settle at KD 0.780.
The market opened firm and edged higher in early trade. The index hit the day’s highest level of 7521.3 points but failed to hold on to the gains. It retreated thereafter as sentiment turned weak and troughed at 7492.35 points in the final minutes before clawing back into green at close. Top gainer of the day, Zimah Holding spiked 10 pct to KD 0.100 while Jeeran Holding climbed 9.43 percent to stand next. Al Nawadi slid over 8 percent, the steepest decliner of the day and Al Deera Holding topped the volume with over 21 million shares.

Mirroring the day’s slight uptick, the winners were marginally ahead of the losers. 48 stocks advanced whereas 42 closed lower. Of the 141 counters active on Wednesday, 51 closed flat. 4816 deals worth KD 46.85 million were transacted — a 91.74 percent surge in value from the day before. On the downside, Future Communication Co Global fell 6 fils to KD 0.160 and Aviation Lease and Finance eased 5 fils. The company has clocked a net profit of KD 8.57 million and earnings per share of 11 fils in the six months period ending March 31, 2014. This compares with KD 13.18 million and earnings per share of 16.91 fils in the same period last year.

ACICO Industries Co slipped 15 fils while Kuwait Foundry Co gave up 5 fils to close at KD 0.335. Human soft Holding Co fell 5 fils while Mashaer Holding Co and Oula Fuel Marketing Co inched 2 fils lower. United Projects Group dived 20 fils to KD 0.800.  Kuwait Food Co (Americana) paused at KD 2.880 after charting a strong rally earlier in the week and Jazeera Airways followed suit to end at KD 0.460. 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.

Rally
Kuwait Projects Co snapped the rally with 10 fils drop and the counter saw 1.4 million shares change hands while Noor Financial Investment fell 4 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 . Union Real Estate Co slipped 4 fils whereas Ajial Real Estate and Entertainment  Company closed 4 fils higher at KD 0.222. The company has logged a net profit of KD 1.73 million and earnings per share of 9.86 fils in the year ending Dec 31, 201 and the Board of Directors has recommended a cash dividend of 9 %. In the banking sector, National Bank of Kuwait was unchanged at KD 1.000 whereas Gulf Bank of Kuwait gained 5 fils. The bank has logged a net profit of KD 8.72 million and earnings per share 3 fils in the first quarter of 2014, up from KD 7.93 million profit and earnings per share of 3 fils in the 2013 Q1.  Al Ahli Bank closed flat at KD 0.455 and Ahli United Bank too did not budge from its earlier close of KD 0.760 after vacillating in a tight range. Kuwait International Bank was unchanged at KD 0.315 and Burgan Bank followed suit.

Kuwait Finance House climbed 10 fils to KD 0.860 with a volume of 9.2 million and Boubyan Bank too was up by same measure. Commercial Bank of Kuwait however was not traded during the session.  The bourse was has been lackluster so far during the week and has retreated over 58 points in last four sessions . The index has erased 57 pts from start of the month and is trading 0.46 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 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.

By John Mathews
Arab Times Staff

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