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KSE climbs 21.15 pts amid volatile trading Gulf Glass soars 50 fils; NBK flat

KUWAIT CITY, May 6: Kuwait stocks clawed back on Tuesday, after falling in the last two session. The price index climbed 21.15 pts in volatile trade to close at 7,399.76 points. The day’s upswing was driven by select mid and small caps. Some of the banks retreated while the blue chips were mostly subdued. KSE has closed lower in 9 of the last 11 sessions. The KSX 15 measure slipped 5.88 pts to 1,191.39 points taking the month’s losses to 10 pts while the weighted index inched 0.31 pts lower to 490.26 points. The volume turnover meanwhile rose slightly after receding in the last two sessions. 135.18 million shares changed hands — a 4.40 pct rise from Monday. The sectors closed mostly in the green. Oil and gas outshone the rest with 0.87 pct gain whereas insurance shed 0.38 pct, the worst performer of the day. In terms of volume, industrials accounted for the highest market share of 35.94 pct and real estate came in next with 30.33 percent. Industrials was a distant third with 12.56 pct contribution.

Among notable gainers, Combined Group Contracting Co rose 20 fils to KD 1.220 and ACICO Industries followed suit to end at KD 1.400. Zima Holding and Independent Group climbed 10 fils each while Egypt Kuwait Holding closed 5 fils higher.  Kuwait Cement Co climbed 10 fils and Gulf Glass Manufacturing soared 50 fils. The company 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 Zain gave 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 was unchanged at KD 0.800 and clocked a volume of 1.67 million shares.

Weak
The market opened weak and moved sideways in early trade. The main index hit the day’s lowest level of 7373.69 pts and rebounded amid buying in select counters. It peaked at 7406.12 pts and retreated back to opening mark as sentiment turned negative. It clawed back again and managed in close with modest gains.
Top gainer of the day, Zimah Holding spiked 9.62 percent to KD 0.114 while GGMC climbed 8.63 pct to stand next. Gulf Franchising Holding Co slid 8.33 pct, the steepest decliner of the day, while AUB topped the volume with 9.49 million shares.  Mirroring the day’s upswing, the market spread was skewed towards the winners. 57 stocks advanced whereas 36 closed lower. Of the 145 counters active on Tuesday, 52 closed flat. 3589 deals worth KD 18.62 million were transacted — a 10.11 pct drop in value from the day before.

On the downside, Al Ahleia Insurance Co slid 35 fils while Mabanee Co tanked 60 fils to end at KD 0.136. The company has chalked a net profit KD of 12.29 million and earnings per share 16.74 fils in the quarter ending March 30, 2014, down from KD 14.84 million profit and earnings per share of 20.21 fils in the same period last year. Gulf Cable slipped 10 fils and Kuwait Foundry Company was down 20 fils at KD 0.315. The company has posted a first quarter net profit of KD 593,578  and earnings per share of 3.86 fils, up from KD 573,795 profit in the year before.

NICBM gave up 10 fils to end at KD 0.204 while Kuwait Portland Cement dropped 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.  ALAFCO eased 5 fils whereas Jazeera Airways held the ground steady at KD 0.435 off early lows. Kuwait Gulf Links and KGL Logistics were unchanged at KD 0.102 and KD 0.188 respectively and Burgan Well Drilling Co followed suit. National Industries Group stagnated at KD 0.250 and RISCO too was flat at KD 0.330.

Muted
In the banking sector, National Bank of Kuwait was muted at KD 0.990 while Gulf Bank edged 5 fils lower to KD 0.365. Commercial Bank shed 10 fils. The bank has been granted permission by 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. Al Ahli Bank fell 10 fils to KD 0.435 whereas Ahli United Bank and Kuwait International Bank were unchanged at KD 0.680 and KD 0.310 respectively. Kuwait Finance House and Boubyan Bank closed flat while Burgan Bank paused at KD 0.560.  International Financial Advisors inched 1 fils lower to 62 fils with a volume of 2.9 million whereas National Investment Co paused at KD 0.154. KIPCO held steady at KD 0.740 and is trading 120 fils higher year-to-date. Securities House and Securities Group took in 2 fils each whereas KMEFIC inched 1 fils up.  KFIC slipped 5 fils to 80 fils and KAMCO nudged 2 fils lower to KD 0.112. Sokouk Holding and Noor Financial Investment took in 2 fils each whereas Al Tamdeen Investment Co flunked 2 fils to settle at KD 0.242.

The bourse has been mixed so far during the week and has retreated 31 pts in last three sessions. The price index had slumped 144 points during whole of April and is trading 1.98 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Gulf Insurance Group has registered a net profit of KD 3.04 million and earnings per share of 16.71 fils in the three-month period ending March 31, 2014 as compared to net profit of KD 2,288,162 and earnings per share of 12.48 fils in the same period last year.

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.

Mashaer Holding Company has logged net profit of KD 514,536 and earnings per share 3 fils in the three-month period ending March 30, 2014. This compares with net profit of KD 1.12 million and earnings per share of 6 fils in 2013, Q1.  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.

By John Mathews
Arab Times Staff


By: John Mathews

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