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KSE sheds 12.89 pts in lackluster trade Mabanee Co drops 20 fils; NBK gains

KUWAIT CITY, May 8: Kuwait stocks retreated on Thursday to end week on low note. The price index gave up slight early gains to close 12.89 pts lower at 7406.4 points as profit taking kicked in after the two-day upswing. The banks closed mixed while investment majors edged lower. The trading continues to be lackluster in absence of catalysts. The KSX 15 measure inched 0.56 pts higher to 1200.47 pts and is almost unchanged from start of the month while weighted index eased 1.09 pts. The volume turnover receded marginally after the strong rebound seen in the previous session. 173.46 million shares changed hands - a 6.16 pct fall from Wednesday. The sectors closed mixed. Technology outshone the rest with 2.37 percent gain whereas basic materials dropped 1.84 percent, the biggest loser of the day. Volume wise, financial services dominated with 49.11 percent market share while real estate and industrials followed with 29.65 pct and 9.67 percent contributions respectively.

Among the decliners, Kuwait Foundry Co dropped 15 fils to KD 0.315 and City Group was down by same measure. ALAFCO gave up 5 fils to settle at KD 0.260 and Jazeera Airways was down 10 fils at KD 0.430. Mabanee Co shed 20 fils partly wiping the gains in the day before. Kuwait Investment Co slipped 6 fils to KD 0.164 while National Investments Company ticked 2 fils lower. The company has clocked a net profit of KD 1.635 million and earnings per share of 1.9 fils in the three-month period ending March 31, 2014, soaring from KD 146,519 and earnings per share of 0.170 fils in the first quarter of 2013.

Budge
Bourse heavyweight Zain was unchanged at KD 0.660 of early lows and Wataniya Telecom too did not budge from its earlier close of KD 1.800. Agility climbed 10 fils on back of over 2 million shares and is trading 20 fils higher from start of the month.  The market opened flat and rose briefly in early trade. The index reached the day’s highest level of 7436.31 pts before retreated as sentiment turned negative. It drifted lower to trough at 7384.9 pts in the second half before clawing back most of the losses in the final minutes.
Top gainer of the day, Kuwait Syrian Holding Co rallied over 8 percent to 33.5 fils while Kuwait United Poultry Co climbed 6.94 pct to stand next. Al-Qurain Holding Co dropped 4.84 pct, the steepest decliner of the day and Gulf Finance House topped the volume with 14.89 million shares.

Mirroring the day’s fall, the losers outnumbered the winners. 37 stocks advanced whereas 65 closed lower. Of the 153 counters active on Thursday, 51 closed flat. 4051 deals worth KD 21.50 million were transacted - over 44 percent fall in value from the day before.  In other losers, Equipment Holding Co gave up 6 fils to close at KD 0.126 after clocking a volume of 1.12 million while Humansoft eased 5 fils. Shuaiba Industrial Co flunked 2 fils and Metal and Recycling Co followed suit to wind up at KD 0.126. IFA Hotels and Resorts edged 2 fils lower.

Noor Financial Investment Co shed 4 fils to end at KD 0.138 whereas Kuwait Projects Company closed flat. The company has recorded a net profit of KD 10.297 million and earnings per share of 7.14 fils in the three-month period ending March 31, 2014, climbing from KD 8,566 million profit and earnings per share of 6.04 fils in the 2013 Q1.  On the upside, Independent Petroleum Group rose 10 fils and Kout Food Group followed suit to close at KD 0.790. Automated Systems jumped 25 fils to KD 0.460 and Zima Holding added 6 fils with thin trading.  United Industries Co took in 2 fils while ACICO Industries Co climbed 20 fils to KD 0.340. The company has posted a net profit of KD 3.206 million and earnings per share of 12.94 fils in the quarter ending March 31, 2014, up from KD 2.291 million net profit and earnings per share of 9.25 fils in the same period last year.

Steady
National Industries Group held steady at KD 0.250 off early highs and Gulf Cable followed suit to close at KD 0.770. RISCO paused at KD 0.330. Kuwait Food Co ( Americana) was unchanged at KD 2.800 and Burgan Well Drilling Co too did not budge from its earlier close of KD 0.240. Kuwait Gulf Links stagnated at KD 0.102 and KGL Logistics Co followed suit to end at KD 0.186.  In the banking sector, National Bank of Kuwait climbed 10 fils to KD 0.990 while Gulf Bank gave up slight early gains to close flat at KD 0.365. Commercial Bank of Kuwait paused at KD 0.670 and is down 70 fils from start of the month. Boubyan Bank was unchanged at KD 0.540.  Al-Ahli Bank slipped 15 fils to end at KD 0.430 and Ahli United Bank pulled 10 fils lower to KD 0.680. Kuwait International Bank fell 5 fils to KD 0.305 while Burgan Bank and Kuwait Finance House closed flat at KD 0.570 and KD 0.820 respectively.

Securities Group Co slipped 4 fils whereas Kuwait Financial Centre and Al-Aman Investment added 2 fils each. Mabanee Co shed 20 fils partly erasing the gains in the previous session.  The bourse was mixed during the week. It closed lower in 3 of the 5 sessions and shed 24 pts week-on-week. . The main index is almost unchanged from start of the month and is trading 1.92 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Real Estate Asset Management Co has registered a net profit of KD 227,285 and earnings per share of 2.19 fils in the quarter ending March 31, 2014, slipping from KD 383,969 profit and earnings per share of 3.69 fils in 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. 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 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.

By John Mathews
Arab Times Staff

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