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KSE retreats 47.27 pts as sentiment negative Kuwait Portland Cement sheds 20 fils; NBK gains

KUWAIT CITY, May 5: Kuwait stocks pulled sharply lower on Monday extending the losses to second straight session. The bourse, after a tame start, dived 47.27 pts to end at 7,378.61 pts as sentiment turned negative. The blue chips closed mixed while some of the mid and small caps incurred losses. KSE has closed lower in 9 of the last 10 sessions. The KSX 15 benchmark eased 0.73 pts to 1,197.27 points paring the year’s gain to 145 pts while weighted index nudged 0.8 points higher. The volume turnover fell slightly to hit a fresh multi-month low. 129.48 million shares changed hands —a 1.82 percent fall from the day before. The sectors closed mostly in the red. Consumer goods outshone the rest with 0.48 pct rise whereas oil and gas shed 1.32 pct, the biggest loser of the day. Volume wise, financial services garnered the highest market share of 40.15 pct while real estate and basic materials followed with 21.61 pct and 18.96 percent respectively.

Among sharp losers, Kuwait Portland Cement dropped 20 fils to KD 11.360 and Kuwait United Poultry Co was down by same measure. Combined Group Contracting Co too shed 20 fils while ACICO Industries Co gave up 15 fils to close at KD 0.315. Gulf Cable slipped 10 fils to KD 0.760 and City Group followed suit to close at KD 0.430. Independent Petroleum Group lost 25 fils 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.

Steady
Telecom major Zain has unchanged at KD 0.650 and Wataniya Telecom too was steady at KD 1.800 and has gained 40 fils from start of the year. Agility paused at KD 0.800 off early lows. The company has won the approval of Capital Markets Authority to buy back or sell up to 10% of own shares over a period of 6 months.  The market opened flat and moved sideways in early trade. The bourse pulled lower almost an hour into the trading as sentiment weakened in the second half. It hit the day’s lowest level of 7,359.14 pts and clawed back some of the losses at close. Top gainer of the day Future Kid spiked 9.8 pct to KD 0.112 while Kuwait Gypsum Manufacturing and Trading Co climbed 7.14 pct to stand next. Gulf Finance Co plunged 11.11 percent, the steepest decliner of the day, and Mayadeen topped the volume with 8.59 million shares changing hands.

Mirroring the day’s downswing, the market spread was skewed towards the losers. Of the 139 counters active on Monday, 44 closed flat. 3419 deals worth KD 20.72 million were transacted —a 5.97 pct fall in value from the day before.  Among other losers, United Industries Co dropped 6 fils and Mashaer Holding was down by same measure. IFA Hotels and Resorts slipped 6 fils to KD 0.230 and Gulf Franchising Holding Co shed 10 fils. KGL Logistics Co and Equipment Holding Co were down 2 fils each.


Jazeera Airways was unchanged at KD 0.435 and Aviation Lease and Finance too did not budge from its earlier close of KD 0.365 . 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. Kuwait Real Estate Co slipped 4 fils whereas Commercial Real Estate Co gained 4 fils. Al-Mazaya Holding 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 in 2013. National Industries Group vacillated in tight range to end flat at KD 0.250 and Kuwait Cement Co too did not budge from its earlier close of KD 0.420. Metal and Recycling Co was steady at KD 0.128 off early lows.

Trend
In the banking sector, National Bank of Kuwait bucked the trend to gain KD 0.990 whereas Gulf Bank and Commercial Bank of Kuwait were unchanged at KD 0.370. CBK has been granted permission by obtained the Capital Markets Authority to buy back or sell up to a maximum of 10% of its issued shares over a period of 6 months ending on Nov 21, 2014. Kuwait International Bank and Ahli United Bank closed flat at KD 0.310 an KD 0.680 respectively whereas Burgan Bank fell 10 fils to KD 0.560 and is trading 10 fils higher year-to-date.  Kuwait Finance House gave up 10 fils whereas Boubyan Bank ended unchanged at KD 0.540. KFH has won the approval from Central Bank of Kuwait to buy back or sell up to 10% of its shares over an additional period of 6 months ending Oct 30, 2014.

International Financial Advisers eased 1 fils after trading over 4 million shares whereas National Investment Co and KIPCO were steady at KD 0.154 and KD 0.740 respectively. Securities House Co and Ekttitab Holding fell 2 fils each whereas Gulf Insurance Group closed 10 fils higher.  The bourse has been trending lower so far during the week and has shed 52 pts in last two sessions. The price index had 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 to 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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