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KSE retreats 5.07 pts amid lacklustre trade KFH slips 10 fils; EK Holding gains

KUWAIT CITY, May 4:  Kuwait stocks  eased Sunday after posting modest rebound in the previous session. The   bourse   slipped 5.07 pts in lackluster trading to close at  7425.88 pts  even as investors toed the sideline in  absence of   catalysts. KSE had  been  downbeat during last month  even as the  earnings failed to buoy the sentiment. The KSE 15  benchmark  eased 4.83 pts to  1198 pts  trimming  the  year’s gain to  146 points while weighted index   inched 1.43 pts lower. The  volume  turnover meanwhile  shrank  to hit a  seven-week low. 131.88 million shares changed hands — a  36.24 pct  drop   from the  previous session. The  sectors closed  mixed. Oil and gas outshone the rest with 0.86 pct rise whereas telecommunications slid  1.10 pct, the  biggest decliner of the day. In terms of volume,   financial services  dominated with 32.73 pct  upswing  while  real estate stood  close  behind with  32.06 pct.  Industrials was a distant third with  18.64 pct contribution.

Among notable  losers, Kuwait Finance House   eased 10 fils to KD 0.820   after trading 1.92 million shares and  Boubyan Bank was down by same measure to wind up at KD 0.540.   National Industries Group, the Kharafi  Group’s  flagship company,  fell 5 fils to KD 0.250. Equipment Holding Co   eased 4 fils  to KD  0.132  while United Industries  Co  inched 2 fils lower. 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. Bourse heavyweight,  Zain   gave up 10 fils to close at KD 0.650  erasing the  gains in the previous session whereas  Wataniya Telecom  held the ground unchanged at KD 1.800. Agility  was up 10 fils at KD 0.800 and the counter  saw 1.2 million shares change hands.

The bourse  opened  on tepid note and moved sideways in early trade. The index continued to drift listlessly as investors  remained cautious   and hit the day’s lowest level of  7410.93 pts in the second  half.  However it managed to pare back most of  the losses at close. Top gainer of the day, EK Holding  climbed 5.77 pct to  KD 0.275 and  while  Independent Petroleum Group  rose 5.68 pct to stand close behind. Manazel   Holding Co  shed 5.21 pct, the   steepest decliner of the day and  Mayadeen  topped the volume with  15.6 million shares. Reflecting the day’s  mood,  the losers outnumbered the  winners.  30 stocks advanced whereas  41 closed lower. Of the  125 counters active on Sunday,  54 closed flat.  3218 deals worth  KD 13.57 million  were transacted — a  37 pct drop from the  last session.

On the upside, Kuwait  Foundry Co   pared back  slight early losses to close  5   fils higher  at KD 0.335   and   Humansoft  Holding Co followed suit to close at KD 0.395.  Hilal Cement  climbed 10 fils to KD 0.238  while NICBM   nudged 10 fils higher. Egypt Kuwait Holding gained 15 fils  to end at KD 0.275  while Zima Holding and ALAFCO  were up 5 fils each. KGL Logistics  Co was steady at 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 percent of own shares over a period of 6 months.

Combined Group was  unchanged at KD 1.220  whereas Kuwait  Portland Cement was not traded during the session. The company has posted  a  first quarter  net profit of   KD 4.77 million and  earnings per share  of  52.49  fils. ACICO Industries paused at KD 0.330  off early lows. Metal and Recycling Co was  flat at KD 0.128  and Kuwait Gulf Links   too did not budge from its earlier close of  KD 0.104  off early lows.  Gulf Cable stagnated at KD 0.770  and Kuwait Cement Co  followed suit to wind up at KD 0.420.

Mabanee Co  was  flat at KD   1.180  and Al-Mazaya Holding too was unchanged at   KD 0.134. 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. National Real Estate Co  paused at KD 0.160 off early lows and  Qurain Petrochemical  Industrial Co  pulled 5 fils lower. Injazzat Real Estate Development  closed flat. The company   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.
In the banking sector, National Bank of  Kuwait  was flat at KD 0.980  off early highs  and Gulf Bank  too held steady at KD 0.370  after trading in green  earlier in the session. Commercial  Bank and  Al Ahli Bank were  not traded during the day.

Ahli United Bank   fell 10 fils to KD 0.680  whereas Kuwait International Bank  was unchanged at KD 0.310. Burgan Bank paused at KD 0.570  and is trading 20 fils higher  year-to-date. International Financial Advisors  was unchanged at  62 fils  whereas National Investment  Company  inched 2 fils lower. KIPCO  was muted at KD 0.740  and KMEFIC  followed suit. Securities Group  Co pulled 4 fils lower to KD 0.120.
Osoul Investment Co  and Sokouk Holding   were  steady at 76 fils and  KD 0.104 respectively  and Noor Financial Investment too stagnated at KD 0.146. Al Tamdeen Investment Co  gained 6 fils  to end at KD 0.246. The  bourse    was   mostly in red during  last  week. It closed lower in  4 of the  5  sessions and dropped  19 points week-on-week.  The  price index  has  tumbled  165   points  during    whole of April   and is  trading   0.32  pct lower  year-to-date.  KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news,  Sharjah Cement and Industrial Dev has recorded a net profit  of  KD 695,324  and earnings per share  of  1.29  fils in the  first three months of   2014 , rising from  net profit of KD 331,633  and  earnings per share of  0.60 fils in  Q1 of 2013. Future Communications Global  has  posted a net profit  of  KD 213,214 and  earnings per share of  2.63  fils in the  quarter  ending March 31, 2014,  up from  KD 193,676  profit and  earnings per share of  2.39 fils in the same period last year. 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. 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.

By John Mathews
Arab Times Staff

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