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Kuwait stocks plunge 12.24 pts; volume falls Commercial Bank sheds 20 fils; Gulf Cable gains

KUWAIT CITY, April 29: Kuwait stocks pulled lower Tuesday, extending the losses to sixth straight session. The index slipped 12.24 points amid lackluster trading to wind up at 7409.36 pts. Most of the blue chips headed south while the mid and small caps closed mixed.  The KSX 15 benchmark slid 13.19 pts to 1196.95 points trimming the month’s gains to 21 points while the weighted index slipped 4.08 pts. The volume turnover meanwhile receded further as investors toed caution . 151.84 million shares changed hands — a 11.14 percent fall from the previous session. The sectors closed mostly in the red. Consumer goods out led the rest with 0.59 percent gain whereas technology shed 1.04 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 56.32 pct while real estate and oil and gas followed with 16.88 pct and 7.31 percent respectively.

Among notable decliners, Gulf Glass Manufacturing plunged 80 fils to KD 0.600 while Kuwait Food Co (Americana) dived 40 fills. Automated Systems Co and Humansoft shed 15 fils each whereas and Kuwait Foundry Co gave up 5 fils to end at KD 0.325. National Bank of Kuwait fell 10 fils to KD 0.980 shrinking the year’s gain to 90 fils while Commercial Bank shed 20 fils with thin trading volume. Kuwait Finance House gave up 10 fils to end at KD 0.830 and Burgan Bank followed suit.

Slipped
Telecom major Zain slipped 10 fils to KD 0.650 and Wataniya Telecom shed 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. Agility was down 10 fils at KD 0.790 paring the gains in the previous session.  The market opened flat and moved sideways in early trade. The index drifted lower thereafter amid selling in select counters and hit the day’s lowest level of 7385.14 pts . It crept up in the second half and managed to trim some of the losses at close. Top gainer of the day, Pearl of Kuwait Real Estate Co spiked 12.2 percent to 23 fils while International Resorts Co climbed 8.62 pct to stand next. Gulf Glass Manufacturing Co plunged 7.69 percent, the steepest decliner of the day and Al Deera Holding Co topped the volume of 22.57 million shares.

Mirroring the day’s moderate drop, the market spread was skewed towards the losers. 37 stocks advanced whereas 51 closed lower. Of the 143 counters active on Tuesday, 55 closed flat. 3902 deals worth KD 14.41 million were transacted — down 38.72 pct in value from the day before.  IFA Hotels and Resorts fell 8 fils while KGL Logistics Co ticked 2 fils lower. 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 gave up 5 fils to end at KD 0.435 and RISCO shed 15 fils. The company has posted a first quarter net profit of 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.

National Industries Group ended flat at KD 0.250 and Kuwait Portland Cement followed suit. 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.  On the upside, ALAFCO rose 5 fils to KD 0.260 and PAPCO climbed 10 fils to KD 0.134. Hilal Cement added 4 fils while United Industries Co and Kuwait Gulf Links took in 2 fils each. Kuwait Cement Co was steady at KD 0.410.
Gulf Cable climbed 20 fils to KD 0.770 whereas Shuaiba Industrial closed flat. The company announced has logged a net profit of KD 239,511 and earnings per share of 3.801 fils in the quarter ending March 31, 2014, down from KD 320,556 profit and earnings per share of 5.081 fils in 2013 Q1.

Dipped
Tamdeen Real Estate was flat at KD 0.265 while Mabanee dipped 20 fils. Al Safat Real Estate closed 5 fils higher. The company has incurred a net loss of KD 1.113 million and loss per share of 5 fils in the year ending January 31, 2014. Al Mazaya Holding fell 2 fils whereas National Real Estate Co nudged 2 fils higher.
In the banking sector, Al Ahli Bank fell 5 fils to KD 0.445 whereas Gulf Bank and Ahli United Bank closed flat at KD 0.375 and KD 0.690 respectively. Kuwait International Bank held steady at KD 0.310 and Boubyan Bank followed suit.  Commercial Facilities Co slipped 5 fils to KD 0.275 and International Financial Advisers edged 2 fils higher, KIPCO gave up 10 fils to KD 0.750 erasing the gains on Monday while Securities House Co added 3 fils. Securities Group Co retreated 6 fils to end at KD 0.124.  KMEFIC fell 2 fils to 55 fils whereas Al Aman Investment rose 3 fils. Sokouk Holding Co and Noor Financial Investment were unchanged at KD 0.106 and KD 0.244 respectively while Gulf Insurance Group pulled 20 fils lower to KD 0.530.

The bourse has been trending lower so far during the week and has shed 40 pts in last three sessions. The price index has slid 163 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. In the bourse related news, Aqar Real Estate Investments has posted a net profit of KD 151,436 and earnings per share of 0.66 fils in the first quarter of 2014, as compared ro net profit of KD 152,553 and earnings per share of 0.67 fils in the same period last year.  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.  Al-Mazaya Holding 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.

By John Mathews
Arab Times Staff

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