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Kuwait stock market pulls 48.1 pts higher Combined Group gains 20 fils; Americana dives

KUWAIT CITY, April 21: Kuwait stocks rebounded Monday, stemming the 2-day decline. The index jumped 48.1 pts to 7,483.98 points helped by renewed buying in select counters. Some of the mid and small caps shined whereas banks sagged on profit taking. The market mood was cautiously positive even as more first quarter results trickle in. The KSX 15 benchmark inched 0.22 pts lower to 1,217.16 points and is up 165 points so far during the year whereas weighted index eased 0.66 pts. The volume turnover meanwhile was almost flat after posting strong surge in the previous session. 349 million shares changed hands — a 1 percent increase from the day before. The sectors closed mixed. Insurance outshone the peers with 1.39 percent upswing whereas technology shed 0.82 percent, a worst performer of the day. Volume wise, financial services garnered the highest market share of 45.23 percent while real estate and industrials followed with 32.43 pct and 9.16 percent.

Among the gainers, Combined Group Contracting Co climbed 20 fils to KD 1.200 and RISCO was up by same measure to close at KD 0.340. IFA Hotels and Resorts Co climbed 10 fils and Equipment Holding was up 4 fils at KD 0.150.  Safwan Trading and Contracting Co rose 5 fils while Mashaer Holding closed 8 fils higher at KD 0.206. The company has posted a net profit of KD 3.64 million and earnings per share of 20 fils during 2013 and the Board of Directors has recommended a cash dividend of 15 %.

Increase
Bourse heavyweight Zain, was unchanged at KD 0.690 after repotting a 8 percent increase in 2014 Q1 and clocked a volume of 3.55 million shares and Wataniya Telecom too did not budge from its earlier close of KD 1.840. Agility gained 10 fils on back of over 1 million shares recouping the loss in the previous session.  The market opened flat and nudged higher in early trade. It continued to rise as investors chased select counters on bargain buying but the market failed to keep up the momentum. It sagged thereafter as profit taking kicked in but clawed back in the final minutes to close with solid gains.  Top gainer of the day, Pearl Of Kuwait Real Estate Co spiked 12.82 percent to 22 fils and International Resorts Co soared 8.77 pct to stand next. Zimah Holding slid over 9 percent, the steepest decliner of the day while Abyaar topped the volume with 32.52 million shares.
 

Reflecting the day’s gains, the market spread was skewed towards the winners. 74 stocks advanced whereas 35 closed lower. Of the 144 counters active on Monday, 35 closed flat. 6,962 deals worth KD 33.65 million were transacted — a 13.35 pct drop in value from the day before. United Real Estate Co climbed 6 fils, National Real Estate Co was up 2 fils at KD 0.154. 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. Tamdeen Real Estate Co rose 5 fils whereas Al-Mazaya Holding flunked 2 fils. The company has posted a net profit of KD 1.47 million and earnings per share of 2.37 fils in the quarter ending March 31, 2104, up sharply from KD 213,745 profit and earnings per share of 0.34 fils in the first quarter in 2013.

On the downside, Kuwait Food Co (Americana) tumbled 60 fils to KD 2.780 and Gulf Cable dived 50 fils extending the gains in the previous session. Kuwait Portland Cement dropped 20 fils while Zima Holding was down 10 fils at KD 0.100. Contracting and Marine Services retreated 10 fils to KD 0.168.  Jazeera Airways gave up 10 fils to close at KD 0.445 whereas Aviation Lease and Finance closed flat. 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.

Added
Kuwait Investment Co took in 2 fils and International Financial Advisors added 4 fils on back of over 20 million shares. The company 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. National Investment Co and KIPCO closed flat whereas Kuwait and Middle East Finance Investment Company shed 5 fils. The company has logged a net profit of KD 1.160 million and earnings per share of 4.4 fils in 2013. Warba Insurance Co gained 6 fils while Osoul Investment Co inched 1 fil lower. Noor Financial Investment Co nudged 2 fils up whereas Sukouk Holding slipped 2 fils to KD 0.108. Kuwait Financial Centre retreated 6 fils and Bayan Investment Co took in 2 fils and KFIC gave up 5 fils to end at 86 fils.  In the banking sector, National Bank of Kuwait was flat at KD 1.000 off early lows and Gulf Bank eased 5 fils to KD 0.380 extending an identical fall in the previous session. Al Ahli Bank rose 5 fils whereas Ahli United Bank climbed 10 fils to KD 0.680.

Commercial Bank of Kuwait extended its decline with 20 fils drop whereas Burgan Bank and Kuwait Finance House closed flat at KD 0.560 and KD 0.840 respectively. Kuwait International Bank held steady at KD 0.315 off early lows whereas Boubyan Bank pulled 10 fils lower. The bourse has been mixed so far during the week and has climbed 33 points in last two sessions. It has retreated 89 points from start of the month and is trading 0.87 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Gulf Glass Manufacturing has posted a net profit of KD 281,177 and earnings per share of 6.33 fils in the first three months of 2014, as compared to KD 278,063 profit and earnings per share of 6.26 fils in the year before period.

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.  Egypt Kuwait Holding 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


By: John Mathews

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