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Kuwait bourse ends flat; volume recedes KIPCO slips 10 fils; Zain stagnates

KUWAIT CITY, April 30: Kuwait stocks  trod water on Wednesday as investors toed the sidelines in absence of positive catalysts. The index eased 1.68 pts to 7407.68 points  extending the losses to seventh straight session. The  heavyweights were mostly subdued whereas the mid and small caps swayed in both directions. The KSX 15 benchmark rose 4.76 pts to 1,201.71 points taking the month’s gain to 27 pts while the weighted index inched 1.34 pts highe. The volume turnover meanwhile  slipped for the fourth consecutive session to hit the month’s lowest level. 140.575 million shares changed hands — a 7.42 percent fall from Tuesday.  The  sectors closed mostly in the red. Banks outshone the rest with 0.55 pct gain whereas technology shed 0.58 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of over 40 percent while real estate and industrials followed with 26.56 pct and 15.30 percent respectively.

Among the sharp losers, Kuwait Building Materials Manufacturing Co slid 30 fils and Hilal Cement retreated 10 fils to settle at KD 0.226. Ahli United Bank too gave up 10 fils to wind up at KD 0.680 and KIPCO followed suit to close at KD 0.740 off early highs.  Al Nawadi Holding Co slipped 6 fils to KD 0.112 while Independent Petroleum Group and Yiaco Medical Co were down 5 fils each. NICBM and Equipment Holding Co gave up 4 fils each  and United Industries Co eased 2 fils to end at KD 0.134. Telecom major Zain  pared slight early gains to close flat at KD 0.650  and Wataniya Telecom too did not budge from its earlier close of KD 1.800 . Agility  climbed 10 fils on back of 9.7 million shares taking the month’s gain to 40 fils.

Weak
The market opened weak firm and ticked briefly higher in early trade. The index hit the day’s highest mark of 7417.83 pts but eased thereafter as sentiments turned weak. It continued to drift lower and troughed at 7387.03 pts in final minutes before clawing back most of the losses at close.  Top gainer of the day, MENA Real Estate Co rallied 6.25 pct to 51 fils while Gulf Franchising Holding Co climbed 6.1 pct to stand next. KBMMC sank 12.71 percent, steepest decliner of the day and Al Deera Holding topped the volume  with 17.9 million shares changing hands.  Mirroring the day’s mixed trend, the market spread was almost even. 47 stocks advanced whereas 46 ended lower . Of the 142 counters active on Wednesday, 46 closed flat. 3604 deals worth KD 21.90 million were transacted — a 51.92 pct surge in value from the day before.  On the upside, Jazeera Airways rose 5 fils to KD 0.440 while ACICO Industries closed 15 fils higher with thin trading. City Group jumped 25 fils and Kuwait Cable Vision was up 10 fils at 43 fils.

National Industries Group added 5 fils and Refrigeration Industries and Storage Co followed suit to end at KD 0.330. 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. Jazeera Airways rose 5 fils to KD 0.440 and Aviation Lease and Finance Co was up by same measure. 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.

Mabanee Co soared 40 fils to KD 1.180 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. National Investment Co  gained 4 fils and Al Tamdeen Investment too was up by same measure. Al Madina for Finance and Investment Company  inched 1 fils lower. The company has won the approval from Capital Markets Authority to buy back or sell up to a maximum of 10% of its shares over a period of 6 months.

Unchanged
National Bank of Kuwait was unchanged at KD 0.980  and Burgan Bank followed suit. Gulf Bank rose 5 fils to KD 0.380 and Al Ahli Bank followed suit.  Commercial Bank of Kuwait was not traded during the session.
Ahli United Bank slipped 10 fils to KD 0.680 and Kuwait Finance House too paused at KD 0.830.  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.  Boubyan Bank climbed 10 fils to KD 0.550 and Kuwait International  Bank was up 5 fils to close at KD 0.315 after trading 0.75 million shares. Al Mazaya Holding and National Real Estate Co held steady at KD 0.136 and KD 0.158 respectively.

KMEFIC dropped 10 fils to 51 fils whereas Al Tamdeen Investment Co gained 4 fils on back of 1.54 million shares. Noor Financial Investment and Sokouk Holding Co closed flat and International Resorts Co took in 2 fils. The bourse  has been trending lower so far during the week and has retreated 42  pts in last four  sessions.  The main measure has shed 164  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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