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Kuwait bourse treads water as volume dips Zain sheds 20 fils; KFH gains

KUWAIT CITY, April 22: Kuwait stocks trod water Tuesday after posting strong gains in the day before. The index inched 0.04pts lower to 7,483.94 points in lackluster trading even as investors looked for catalysts. The market has been trending mixed in past few sessions as the earnings failed to buoy the market sentiment. The KSX 15 benchmark eased 1.83 pts to 1,215.33 points trimming the month’s gains to 40 pts while the weighted index inched 0.49 pts down. The volume turnover meanwhile shrank sharply after hitting the month’s highest level in the previous session. 219.86 million shares changed hands — a 37.61 pct drop from the day before. The sectors closed mixed. Oil and gas outshone the rest with 0.79 percent gain whereas telecommunications slid 1.94 pct, the biggest loser of the day. In terms of volume, financial services dominated with 53.31 pct market share while real estate and industrials followed with 25.21 percent and 9.64 pct.

Among prime movers Kuwait Portland Cement soared 80 fils to KD 1.300 and Kuwait Food Co (Americana) rallied 40 fils to end at KD 2.820. NAPESCO rose 10 fils and Boubyan Petrochemicals Co followed suit. City Group climbed 20 fils to settle at KD 0.440. On the downside, IFA Hotels slipped 16 fils and ACICO Industries Co pulled 10 fils lower to KD 0.300. Shuaiba Industrial Co gave up 8 fils to end at KD 0.242 and Kuwait Foundry Co edged 5 fils lower. Commercial Bank shed 20 fils extending an identical drop in the day before. Agility was flat at KD 0.790 off early lows whereas Wataniya Telecom and Zain were down 20 fils each to close at KD 1.820 and KD 0.670 respectively. The company has posted a first quarter profit of KD 55.91 million and earnings per share of 14 fils in the quarter ending March 31, 2014.

Firm
The market opened firm and peaked at 7496.33 pts before pulling lower in early trade. The index recovered briefly before drifting lower again as sentiment turned negative. It hit the day’s lowest level of 7465.6 pts before clawing back most of the losses at close.  Top gainer of the day, Kuwait Portland Cement jumped 6.56 percent to KD 1.300 and Kuwait Cable Vision Co climbed 5.95 pct to stand next. Future Kid dived 8.93 percent, the biggest loser of the day, and Al Deera Holding topped the volume with over 30 million share changing hands. Mirroring the day’s tepid performance, the market spread as almost even. 43 stocks advanced whereas 44 closed lower. Of the 141 counters active on Tuesday, 43 closed flat. 5061 deals worth KD 23.16 million were transacted — a 20.56 pct drop in value from the day before.

Meanwhile KSE took a step towards floating its its shares after the financial regulator CMA established the bourse as a company with a capital of KD 60 million. The IPO will have 600 million shares priced at 100 fils each. Kuwait Gulf Links fell 2 fils to KD 0.102 and Aviation Lease and Finance closed 10 fils lower at KD 0.260. 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 was unchanged at KD 0.220 and Equipment Holding Co too did not budge from its earlier close of 0.150. National Industries Group gave up 5 fils to close unchanged at KD 0.250 while Contracting and Marine Services Co climbed 8 fils to KD 0.176.

National Real Estate Co took in 2 fils whereas Al-Mazaya Holding eased 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.

Steady
Ekttitab Holding Co and Kuwait Financial Centre fell 2 fils each whereas Noor Financial Investment. Held steady at KD 0.142. 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. KGL Logistics added 2 fils whereas Jazeera Airways pulled 15 fils lower to KD 0.430. The company has posted a net profit of KD 2.08 million and earnings per share of 4.96 fils in the quarter ending March 31, 2014 as compared to KD 3.57 million and earnings per share same period last year 8.52 fils.

In the banking sector, National Bank of Kuwait as unchanged at KD 1.000 off early lows and clocked a volume of 2.46 million whereas Gulf Bank rose 5 fils to KD 0.385. Al Ahli Bank was not traded during the session. Ahli United Bank was flat at KD 0.680 and Kuwait International Bank fell 5 fils to KD 0.310. Kuwait Finance House gained 10 fils on back of 1.69 million shares and Boubyan Bank stagnated at KD 0.550. Kuwait Investment Co gained 4 fils and National Investment Co followed suit. International Financial Advisers fell 2 fils after trading 6.8 million shares whereas KIPCO was unchanged at KD 0.750 off early lows.

Securities House Co flunked 1 fils and while KFIC and Bayan Investment Co added 3 fils each. Al Tamdeen Investment Co gained 4 fils and Alargan International Real Estate Co closed 10 fils higher. The bourse has been mixed so far during the week and has added 33 points in last three sessions. It has tumbled 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 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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