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KSE kicks off month with modest rebound Burgan Bank climbs 20 fils; Agility slips

KUWIAT CITY, May 1: Kuwait stocks kicked off the month on a firm note, stemming the seven-day decline. The main index climbed 23.37 pct in volatile trading to close at 7430.95 pts. The blue chips closed mixed whereas some of the mid and small caps advanced on speculative buying. The KSX 15 measure inched 1.12 pts higher to 1202.83 points taking the year’s gain to 150 pts whereas the weighted index ticked 1.05 points up. The volume turnover meanwhile surged past the 200 million mark after hitting April’s lowest level in the previous session. 206.84 million shares changed hands — a 47.14 pct increase from Wednesday. The sectors closed mostly in the green. Insurance outpaced the rest with 0.92 percent gain whereas technology slipped 0.33 pct, the biggest loser of the day. Volume wise, financial services accounted for the highest market share of 31.90 percent while real estate and industrials followed with 28.78 pct and 23.92 percent respectively.

Among prominent gainers, Burgan Bank rallied 20 fils on back of 1.21 million while Ahli United Bank climbed 10 fils to settle at KD 0.570. Noor Financial Investment Co climbed 10 fils after clocking a volume of over 2 million and Gulf Insurance Group followed suit. Warba Insurance rose 8 fils to KD 0.114.  IFA Hotels and Resorts was up 6 fils with thin trading and Independent Petroleum Group rose by same measure. The company has posted a net profit of KD 1.58 million and earnings per share of 10.92 fils in the first three months of 2014, up from KD 1.569 million profit and earnings per share of 10.85 fils in the year before period.

Gains
Bourse heavyweight Zain gained 10 fils on back of 1.34 million shares whereas Wataniya Telecom held the ground unchanged at KD 1.800. Agility retreated 10 fils to KD 0.790 erasing the gains in the previous session.  The market opened firm and rose gradually in early trade. The price index continued to rise amid buying in select counters and peaked at 7443.32 pts in the first half of the session. It retreated thereafter as sentiment weakened but managed to close with modest gains.  Top gainer of the day, Ras Al Khayama For White Cement jumped over 8 percent to KD 0.134 and Warba Insurance Co rose 7.55 percent to stand close behind. Flex Resorts and Real Estate Co slid 5.56 percent, the steepest decliner of the day, and Mayadeen Real Estate Co topped the volume with over 31 million shares changing hands.

Mirroring the day’s upswing, the market spread was skewed towards the winners. 52 stocks advanced whereas 42 closed lower. Of the 145 counters active on Thursday, 42 closed flat. 4461 deals worth KD 21.57 million were transacted — a 1.52 pct fall in value from the day before.  Kuwait Foundry Co rose 5 fils to KD 0.330 and Kuwait Portland Cement climbed 20 fils. 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.  Future Kid Entertainment and Real Estate gained 7 fils and United Industries Co closed 6 fils higher. The company has logged net profit of KD 5.156 million and earnings per share 11.56 fils in the quarter ending March 31, 2014, up from KD 3.618 million and earnings per share of 8 fils in the Q1 of last year.  Egypt Kuwait Holding and Warba Bank gave up 10 fils whereas Zima Holding Co slipped 5 fils to 94 fils. Automated Systems Co paused at KD 0.430 after vacillating in a broad range whereas NICBM pulled 4 fils lower.  On the downside, Jazeera Airways eased 5 fils and ALAFCO followed suit to enD at KD 0.260. City Group too was down 5 fils at KD 0.440.The company has recorded a net profit KD 1.34 million and earnings per share of 11.88 fils in the three-month period ending March 31, 2014.

Budge
Kuwait Gulf Links was unchanged at KD 0.104 off early lows and KGL Logistics Co too did not budge from its previous close of KD 0.190 . 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 In the banking sector, National Bank of Kuwait continued to stagnate at KD 0.980 off early highs and saw over 1.3 million shares change hands whereas Gulf bank gave up 10 fils to settle at KD 0.370. Commercial Bank tumbled 50 fils and Al Ahli Bank was not traded during the session.  Kuwait International Bank fell 5 fils to KD 0.690 while Kuwait Finance House and Boubyan Bank held steady at KD 0.830 and KD 0.550 respectively. KMEFIC flunked 1 fils while Al Deera Holding was flat at 38 fils  International Financial Advisors inched 1 fils up with a volume e of 2.8 million while National Investment Co edged 2 fils lower. KIPCO gave up slight early gains to close unchanged at KD 0.740 whereas Securities House Co and Osoul Investment Co were up 1 fils each. Al Tamdeen Investment Co closed 8 fils lower at KD 2.400.


The bourse had been largely downbeat during the week. It closed lower in 4 of the 5 sessions and shed 19 points week-on-week. The price index has dived 165 points during whole of April and is trading 0.31 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, National Petroleum Services has recorded a net profit of KD 1.026 million nd earnings per share of 18.35 fils in the first quarter of 2014, as against KD 902,238 profit and earnings per share of 16.27 fils in the same period in 2013.  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.

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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