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Kuwait kicks off week on low note, drops 22.21 pct Americana drops 20 fils; NIG gains

KUWAIT CITY, April 27: Kuwait stocks sagged on Sunday after charting a mixed trend in the previous session. The price index dropped 22.21 pts to 7426.23 points as selling weighed on banks and some of the heavyweights. The sentiment was downbeat in absence of catalysts and the first quarter earnings so far has failed to buoy the trading floor sentiment.  The KSX 15 benchmark retreated 8.33 pts to 1203.35 points trimming the month’s gain to 28 points while weighted index fell 2.81 points. The volume turnover meanwhile bounced off the month’s lowest level in the previous session. 174.54 million shares changed hands —  a 17.99 pct increase from the day before.

The sectors closed mostly in the negative territory. Oil and gas out led the peers with 0.54 percent whereas gain whereas telecommunications dived 2.24 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 53.12 percent while real estate and consumer goods were far behind with 11.04 pct and 7 percent respectively.  Among prominent losers, National Bank of Kuwait fell 10 fils to KD 0.990 after clocking a volume of 1.42 million and Boubyan Bank followed suit to end at KD 0.540. Ahli United Bank too slipped 10 fils and Gulf Bank edged 5 fils lower extending an identical loss in the last session.

Dropped
Kuwait Food Co ( Americana) dropped 20 fils to KD 2.800 and is trading 260 fils higher from start of the month while Equipment Holding Co eased 4 fils. Credit Rating and Collection and Gulf Franchising Holding Co fell 3 fils each . Bourse heavyweight Zain dropped 20 fils to KD 0.650      after 3.5 million shares changing hands and Agility pulled 10 fils lower to KD 0.780. Wataniya Telecom bucked the trend to gain 20 fils. 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 flat and moved sideways in early trade. The bourse continued to drift listlessly almost half way into the session and sagged thereafter as selling kicked in at select counters. It hit the day’s lowest level of 7416.1 points in the final minutes before clawing back some of the losses at close.

Top gainer of the day, Flex Resorts and Real Estate Co climbed 9.26 percent to 59 fils and Danah Al Safat Foodstuff Co rallied 6.67 percent to stand next. Kuwait Building Materials Manufacturing Co tumbled 10.94 pct, the steepest decliner of the day and Al Deera Holding Co topped the volume with 27.89 million shares.

Mirroring the day’s decline, the market spread was skewed towards the losers. 37 stocks advanced whereas 53 closed lower. Of the 133 counters active on Sunday, 43 closed flat. 4415 deals worth KD 20.23 million were transacted- a 14.42 pct increase in value from the day before. Future Kid Entertainment and Real Estate Co slips 7 fils to 97 fils and Aviation Lease and Finance was down 5 fils. 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. On the upside, National Industries Group, the flagship company of Kharafi group, rose 5 fils on back of over 3 million shares and Heavy Engineering Industries and Shipbuilding Co was up 4 fils at KD 0.156. Kuwait Foundry Co climbed10 fils to KD 0.335 and ACICO Industries Co adds 5 fils.  Kuwait Gulf Links took in 2 fils whereas KGL Logistics Company closed flat. The company has won the approval of Capital Markets Authority for the company’s request to buy back or sell up to 10% of own shares over a period of 6 months. Jazeera Airways was up2 fils at KD 0.445.

Higher
National Real Estate Co nudged 2 fils higher whereas Al-Mazaya Holding closed flat. 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
Boubyan Petrochemical rose 10 fils to KD 0.750 recouping the loss in the previous session whereas Kuwait Portland Cement and United Industries Co both held the ground unchanged at KD 1.280 and KD 0.132 respectively.  In the banking sector, Commercial Bank held steady at KD 0.720 and Kuwait Finance House too did not budge from its earlier close of KD 0.840. The bank has logged a net profit of KD 26.05 million and earnings per share of 6.12 fils in the three-month period ending March 31, 2014.

Kuwait International Bank fell 5 fils to KD 0.305 whereas Burgan Bank was unchanged at KD 0.560 off early lows and is trading 10 fils higher year-to-date. Al Ahli Bank was not traded during the session.  Commercial Facilities Co clipped 10 fils while Al Aman Investment and International Finance Advisers edged 3 fils lower each. Ayan Leasing and Investment Co eked a modest 3 fils gain on back of 7.67 million shares. National Investment Co took in 2 fils whereas KIPCO was flat at KD 0.750. Al Tamdeen Investment Co gained 10 fils whereas Alimitiaz Investment Group Co eased 4 fils after trading 15.3 million shares


The bourse was mixed during last week. It closed lower in four of the five sessions and eased 2 fils week-on-week. The main index has slid 146 points from start of the month and is trading 1.63  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

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