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KSE extends losses; closes 4.63 pts lower Commercial Bank soars 40 fils; ACICO falls

KUWAIT CITY, April 28: Kuwait stocks edged lower Monday, extending the losses to fifth straight session. The price index slipped 4.63 pts in lackluster trading to close at 7,4216.6 pts. Select mid and low caps sagged under selling pressure whereas some of the heavyweights shined. The banks were mostly muted. The KSX15 benchmark stemmed the prolonged decline with a 6.79 pt upswing and the weighted index climbed 2.34 pts to 494.49 points. The volume turnover meanwhile retreated slightly even as the investors remain wary of the market direction. 170.81 million shares changed hands — a 2.10 percent fall from the previous session. The sectors closed mixed. Banks outshone the peers with 0.79 percent upswing whereas parallel market shed 0.51 percent, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 36.96 percent while real estate and consumer goods were way behind with 18.89 percent and 13.41 percent. Among the losers, ACICO Industries shed 15 fils to close at KD 0.315 while IFA Hotels and Resorts and Al Rai Media Group where down 10 fils each. Boubyan Petrochemical Co pulled 10 fils lower and Jazeera Airways clipped 5 fils to settle at KD 0.440.

Close
The Energy House gave up 4 fils and Kuwait Gulf Link International followed suit to close at KD 0.102. National Industries Group fell 5 fils to KD 0.259 and is trading 15 fils higher during the month.  Telecom major Zain rose 10 fils on back of 2.41 million shares and is trading 20 fils higher from start of the month whereas Wataniya Telecom dropped 20 fils to end at KD 1.820. Agility climbed 20 fils to KD 0.800 recouping the losses in the previous session and has rallied 110 fils year-to-date. The market opened flat and moved sideways in early trade. The index continued to chart a steady course as sentiment turned brittle and ticked slightly higher past the mid-session. It retreated thereafter and hit the day’s lowest level of 7,405.69 pts but managed to claw back some of the losses at close.  Top gainer of the day, Kout Food Co climbed 7.14 pct to KD 0.750 and Kuwait Portland Cement rallied 6.25 percent to stand next. The company has posted a first quarter net profit of KD 4.77 million and earnings per share of 52.49 fils as compared to KD 3.15 million profit and earnings per share of 34.69 fils in the same period last year.

Al Rai Media Group slid 7.25 percent, the steepest decliner of the day and Danah Al Safat Foodstuff Company topped the volume with 22.89 million shares changing hands.  Reflecting the day’s downtick, the losers outnumbered the winners. 39 stocks advanced whereas 49 closed lower. Of the 135 counters active on Monday, 47 closed flat. 4,566 deals worth KD 23.52 million were transacted — a 16.26 percent rise in value from the day before. Kuwait Gulf Links eased 4 fils and The Energy House followed suit. City Group was down 10 fils at KD 0.420. The company has recorded a net profit of KD 1.34 million and earnings per share of 11.88 fils in the three-month period ending March 31, 2014, up from KD 1.07 million profit and earnings per share of 9.53 fils in 2013 Q1.  Metal and Recycling Co and KGL Logistics ticked 2 fils lower each. The company has won the approval of Capital Markets Authority for the company’s request to buy back or sell up to 10 percent of own shares over a period of 6 months.

RISCO gave up 5 fils to settle at KD 0.340 while Mashaer Holding flunked 2 fils. 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 percent. On the upside, Kout Food Group jumped 50 fils to KD 0.750 and Kuwait Food Co (Americana) rose 20 fils recouping the losses in the previous session. Kuwait Cement Co was up 5 fils at KD 0.410 and Mabanee Co soared 40 fils.

Flat
In the banking sector National Bank of Kuwait was flat at KD 0.990 and Gulf Bank too did not budge from its earlier close of KD 0.375. Commercial Bank soared 40 fils to KD 0.760 whereas Al Ahli Bank was not traded during the session. Ahli United Bank held steady at KD 0.690 off early highs and Kuwait International Bank nudged 5 fils higher. Burgan Bank was unchanged at KD 0.560 and Kuwait Finance House too did not budge from its earlier close of KD 0.840. Boubyan Bank paused at KD 0.540.

Commercial Facilities Co rose 5 fils to KD 0.280 whereas International Financial Advisors fell 3 fils after trading over 9 million shares. KIPCO gained 10 fils to settle at KD 0.760 and is trading 50 fils higher from start of the month and Securities Group closed flat at KD 0.130. Sokouk Holding and Al Deera Holding eased 2 fils each whereas Tamdeen Investment Co climbed 10 fils to KD 0.238. Kuwait Financial Centre  gained 4 fils to end at KD 0.148. Osoul Investment was unchanged at 75 fils and Noor Financial Investment clipped 2 fils. The bourse has been downbeat so far during the week and has shed 27 pts in last two sessions. The main index has dived 151 points from start of the month and is trading 1.69 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

Meanwhile KSE earlier in the month 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. In the bourse related news, Kuwait Building Materials Mfg has earned KD 150,757 and clocked an earnings per share of 5 fils in the quarter ending March 31, 2014, as against net profit of KD 130,766 and earnings per share of 4.3 fils in the same period last year.

 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 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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