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KSE benchmark dips 30.33 pts; volume flat Kuwait Portland Cement sheds 40 fils; Zain flat

KUWAIT CITY, April 23: Kuwait stocks pulled lower Wednesday after closing flat in the day before. The main price  index  gave up  slight early gains  to end   30.33  pts   down  at  7453.61 pts  weighed by some of the mid and  small caps. The  banks and other   heavyweights remained subdued even as the quarterly earning so far has  failed to enthuse the investors. The  KSX 15 gauge  slipped 2.53 pts to  1212.8 pts  paring the year-to-date gains to 160 pts while weighted index edged 0.9 pts lower. The volume turnover  was almost stagnant  after falling sharply in the day before.  214.48 million shares changed hands - a   marginal 2.44 percent  fall from the day before.

The  sectors closed mostly in the red zone.  Basic materials  outperformed the rest with  1.13 percent  upswing  whereas  telecommunications shed 0.94  pct, the biggest loser of the day. In terms of volume,  financial services  chalked the highest market share of   52.49 percent while  real estate and   industrials followed with 20.16 pct and 12.50 percent respectively. Among notable losers, Kuwait Portland Cement  dived 40 fils to KD 1.260  and Kuwait Building  Material Manufacturing  slumped 25fils. City Group dropped 20 fils  to KD 0.420  and  Combined Group Contracting Co  was down  by same  measure. Eyas For Higher  and Technical  Education was  dipped  25 fils to  KD 0.339 and  Combined Group  retreated  20 fils.  IFA Hotels and Resorts  fell 4 fils  and PAPCO   was down by same measure to settle at KD 0.124.  Salhia Real Estate  pulled 15 fils lower .

Steady
Bourse heavyweight  Zain was unchanged at KD 0.670 and  off early lows  and Wataniya Telecom  followed suit to wind up at KD 1.820. Zain 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.  Agility  was steady at KD 0.790 paring   early gains and the counter saw 2.4 million shares change hands.  The market opened  wobbly and slipped into red  I early  trading. The index  recovered  amid   buying interest in some  the counters and peaked at  7494.35 points  almost half way into the  session. It sagged thereafter and  bottomed at  7436.59 pts  in the final minutes  before paring back some of the losses at close.

Top gainer of the day,  National  Consumer Holding Co   soared 7.46 pct to  72 fils and Al Deera Holding  climbed 6.33 percent  to stand next.  Kuwait Gypsum Manufacturing  and  Trading  Co  plunged 26.14 pct , the steepest decliner of the day and  Al Deera Holding  topped the volume with  37.7 million shares. Reflecting the day’s  decline, the   market spread was  skewed towards the losers. 38 stocks advanced whereas  54 closed lower. Of the 148 counters active on Wednesday, 56 closed flat.  5120 deals worth KD 31.58 million were transacted - a  36.35 pct

Meanwhile KSE earlier in the week  took a step towards  floating 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. On the upside,  Kuwait Gulf Links took in 2 fils with a  volume of  3.8  million  while  Jazeera Airways closed 5 fils higher  . 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 . Kuwait Foundry Co  rose 5 fils to KD 0.335 whereas  Kuwait Cement  Co closed  flat.  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 %.

Metal and Recycling  Co climbed 8 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 . United Industries Co ticked 2 fils lower to end at KD 0.132.  Gulf Cable was unchanged at KD 0.750  and National Industries Group too did not budge from its earlier close of  KD  0.250.  ACICO Industries Co  paused at KD 0.300 and Kuwait Food Co ( Americana)  clawed back from early losses to end at KD 0.300.

Flat
 In the banking sector, National Bank of Kuwait was flat at KD 1.000  off early lows and  Gulf Bank too did not move in either directions. NBK 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.  Commercial  Bank of Kuwait  was steady at KD 0.720  and Ahli United Bank followed suit to close at KD 0.680. Al Ahli Bank  was not traded during  the session. Kuwait International Bank  was up 5 fils at  KD 0.315  and  Burgan Bank  stagnated at KD 0.560.  Kuwait Finance House and  Boubyan Bank  added 10 fils each  to close  at KD 0.840 and  KD 0.540   respectively.

Commercial Facilities Co  dipped 20 fils to KD 0.280  whereas International Financial Advisers inched 1 fils up on back of over 8  million shares. National Investment Co  eased 2 fils  to KD 0.158  whereas KIPCO  continued to stagnate  at KD 0.750. Securities Group Co  climbed 6 fils  whereas Kuwait Financial Centre and   First Investment Co  gave up  2 fils  and 4 fils respectively. Bayan Investment Co was unchanged at  89  fils and Osoul Investment followed suit. KAMCO  shed 8 fils and Ekittab Holding   was down 5 fils at  71 fils.  The  bourse   has been mixed so far during the week and has  added  a meager 3  points  in last  four sessions. It has tumbled   122  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, Injazzat Real Estate Development  has logged  a first quarter net profit of  KD 106,459  and  earnings per share  of   0.3  fils in the quarter ending March 31, 2014, down from  KD 852,140  profit and earnings per share of   2.5 fils in the same  period last year. 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.  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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