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Kuwait drops 5.17 pts amid lacklustre trade Gulf Bank falls 5 fils; Combined Group gains

KUWAIT CITY, April 24: Kuwait stocks sagged Thursday to end the week on a dull note. The bourse slipped 5.17 pts in lackluster trade to close at 7,448.44 pts. The mid and small caps were mixed even as the heavyweights remained largely muted in absence of drivers. The KSX 15 measure eased 1.12 pts to 1,211.68 points trimming the month’s gain to 37 pts whereas the weighted index inched 0.21 pts higher. The volume turnover meanwhile fell sharply to hit the lowest level of the month. 147.93 million shares changed hands — a 31 percent drop from the day before. The sectors closed mostly in the red territory. Consumer goods outshone the rest with 0.65 percent gain whereas technology slid 2.51 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 60 percent while real estate industrials stood behind with 15.47 pct and 9.88 percent contributions respectively.

Among the losers, Gulf Bank eased 5 fils to KD 0.380 and Burgan Bank was down by same measure to close at KD 0.560 off early lows. Automated Systems Co shed 20 fils and Kuwait Foundry Co pulled 10 fils lower to KD 0.325. Metal and Recycling Co eased 8 fils erasing the gains in the previous session. Equipment Holding Co slipped 4 fils and Aviation Lease and Finance closed 5 fils lower. 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.

Losses
Among the frontline stocks, Zain clawed back slight early losses to end unchanged at KD 0.670 with a volume turnover of over one million shares and Agility followed suit to end at KD 0.790.  Wataniya Telecom too did not budge from its earlier close of KD 1.820. The company has recorded a net profit of KD 19.818 million and earnings per share of 39.54 fils in the first three months of 2014, up from KD 19.477 million and 38.86 fils EPS in 2013 Q1. The market opened weak and drifted lower in early trading. The main index continued to retreat as sentiment turned negative and hit the day’s lowest level of 7,426.83 pts. It clawed back and moved sideways in the second half before closing paring back most of the losses at close.

Top gainer of the day, Arkan Real Estate spiked 9.26 pct to 118 fils while ACICO Industries climbed 8.33 pct to stand next. Pearl of Kuwait Real Estate Co slid 6.82 pct, the steepest decliner of the day, and Al Deera Holding topped the volume with 29.49 million shares.  Mirroring the day’s downtick, the losers outnumbered the gainers. 36 stocks advanced whereas 59 closed lower. Of the 141 counters active on Thursday, 46 closed flat. 4045 deals worth KD 17.68 million were transacted — a 44 pct dip in value from the day before.
On the upside, Kuwait Portland Cement rose 20 fils to KD 1.280 while Combined Group Contracting Co jumped 40 fils. Jazeera Airways climbed 15 fils to KD 0.450 extending the gains from the previous session and has retreated 20 fils from start of the month.

Humansoft Holding Co added 5 fils and National Consumer Holding Co was up by same measure. KGL Logistics Co took in 2 fils and Kuwait Gulf Links vacillated in a tight range before closing unchanged at KD 0.104. Kuwait Food Co (Americana) paused at KD 2.820 off early lows.  National Industries Group was flat at KD 0.250 and Refrigeration Industries and Storage Co followed suit. The company has posted a first quarter net profit KD 886,666 and earnings per share of 10 fils as compared to net profit of KD 556,018 and earnings per share of 6.3 fils in the same period of 2013.

Eased
National Real Estate Co eased 2 fils and Al-Mazaya Holding followed suit 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.  International Resorts Co and Al Mazaya Holding Co fell 3 fils and 2 fils respectively whereas Tamdeen Real Estate Co closed 5 fils at KD 0.270. Al Tamdeen Investment Co gained 10 fils.  National Investment Co and Bayan Investment Co fell 2 fils each whereas Sokouk Holding Co closed flat. Noor Financial Investment eased 2 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.

KIPCO was unchanged at KD 0.750 and KAMCO ticked 2 fils lower to KD 0.112. Kuwait Financial Centre ( Markaz) slipped 6 fils to KD 0.144 and Securities Group added 2 fils.  Sector bellwether National Bank of Kuwait was flat at KD 1.000 and Commercial Bank of Kuwait too did not budge from its earlier close of KD 0.720. Al Ahli Bank was not traded during the session.  Al Ahli United Bank climbed 20 fils whereas Kuwait International Bank fell 5 fils to KD 0.310. Kuwait Finance House paused at KD 0.840 after posting a volume of 2.43 million and Boubyan Bank rose 10 fils to settle at KD 0.550 The bourse was mixed during the week. It closed lower in four of the five sessions and fell 2 fils week-on-week. The main index has slid 124 points from start of the month and is trading 1.34 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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