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KSE retreats 18.73 pts lower; volume rebounds Combined Group dips 40 fils; Agility gains

KUWAIT CITY,  May 12: Kuwait  stocks retreated  Monday,  after ticking marginally higher in the previous session. The  index shed 18.73 pts  in lackluster trading to  end at  7390 points.  The  market trend was  mixed even as the  speculative  trading  moved some of the  mid  and small caps in both directions. The KSX 15  benchmark  slipped 4.14 points to 1195.62 pts trimming the  year’s gains to  143 points while weighted index  edged 2.12 pts lower. The   volume  turnover meanwhile  rebounded  after hitting a  multi-month low in the  previous  session.  150.62 million shares changed hands — a  56.50 percent surge from Sunday. The sectors closed  mostly in the  red  zone.  Insurance  outpaced the peers with 0.60 pct   rise whereas  telecommunications  shed 1.35 percent, the biggest loser of the day. In terms of volume,   financial services  garnered the highest market share of  over 50 percent while real estate and  industrials  were  way  behind with  18.4 percent and  16.46 pct respectively.


Among the losers,  Kuwait  Food Co ( Americana)  dropped 20 fils to KD 2.760  while Combined Group Contracting Co  slid 40 fils. Mashaer Holding Co and  Automated Systems Co shed 10 fils each to end at KD 0.188 and KD 0.450 respectively. Commercial Bank  dipped 20 fils to KD 0.670  erasing the gains in the previous session  and  is trading  unchanged  year-to-date   while Al Ahli Bank  gave up 15 fils  to close at KD 0.430. Telecom major Zain  fell 10 fils  to KD 0.650   pushing   the  year’s  losses to 40 fils whereas Wataniya Telecom  held the ground unchanged at KD 1.800. Agility  rose 10 fils on  back of 1.74 million shares. The company has logged a net profit of   KD 11.23 million  and earnings per share of  10.77 fils in the three month period ending  March 31, 2014.


Weak

The market opened   weak and  ticked  briefly higher in early trade. The index  touched the day’s highest level of  7409.58 pts  and  edged lower  as sentiment turned negative. It continued to drift lower  and  troughed at  7364.43 pts in final minutes before  paring back some of the losses at close. Top gainer of the day,  Kuwait Reinsurance Co  jumped 7.14 pct to KD 0.150 and  National  Consumer   Holding Company    rose 6.85 percent  to stand next.  Ajwan  Gulf Real Estate Co  dived over 7 percent, the steepest  decliner of the day while Gulf Finance House topped the volume with 36 million shares. Reflecting the day’s  decline, the  market spread was  skewed towards the losers. 30 stocks advanced whereas 61 closed lower. Of the 143 counters active on   Monday  52 closed flat.   3690  deals worth KD 23.72 million were transacted — a  55.61 percent  surge in value from the day before.

ACICO Industries  slipped 10 fils and Contracting and Marine Services  Co  followed suit to end at KD  0.164.   Kuwait Cement Co gave up 5 fils to close at KD  0.420   and Gulf Franchising  Holding Co   eased 5 fils.  Hilal Cement Co and  Credit Rating  and Collections Co ticked 2 fils lower.  National  Industries Group  was flat at KD  0.250 off early highs and   Independent  Petroleum Group  too did not budge from its earlier close of  KD 0.440.  Jazeera Airways was unchanged at KD 0.430  and  IFA   Hotels and Resorts  followed suit. Kuwait Gulf Links and KGL Logistics  both paused at KD 0.100 and KD 0.184  respectively. Kuwait Investment Co  rose 8 fils to KD 0.170  whereas KIPCO  fell 10 fils  after trading  3.52 million shares. KIPCO Asset Management Company  was steady at KD 0.112. The company   has recorded a net profit of  KD 852,691  and earnings per share of  3.57 fils in the first quarter of 2014,  up from net profit of  KD 703,398  and earnings per share of   2.95 fils in the first quarter of 2013.


Eased

National Investment Co  eased 2 fils  whereas Kuwait Financial Centre  took in 2 fils. Osoul Investment Co inched 1 fils higher. The company   has chalked  a net profit of   KD 91,915 and earnings per share of  0.49  fils in the  first three months of 2014,  down from  KD 149,222  profit and  earnings per share of 0.79 fils in the   year before period.
Securities Group  rose 6 fils to KD 0.128  and Osoul Investment  inched  1 fils up.  Sokouk Holding and  Noor  Financial  Real Estate   were unchanged at KD 0.106 and  KD 0.142  respectively.  Al Tamdeen  Investment Co   gained 6 fils while Kuwait Insurance Co closed 10 fils higher.
National Real Estate Co was steady at KD 0.156 and  Mabanee Co  followed suit to end at KD 1.120. United Real Estate Co  edged 2  fils lower. The company   has  penciled a net profit of  KD 610,667  and  earnings per share of   0.57  fils in the  first three months of  2014,  marking a drop from over    KD 2 million profit  and  earnings per share of  1.8 fils in the  same period last year.
Sector bellwether  National Bank of Kuwait  stagnated at KD 0.990  after clocking a volume of  5.6 million   whereas Gulf Bank added 5 fils  to wind up at KD 0.370. Ahli United Bank  was flat at KD 0.680  off early highs. 


Kuwait International Bank was unchanged at KD 0.310  and Burgan Bank  too  vacillated in tight range   before pausing at KD 0.560. Kuwait Finance House  held the  ground steady at KD 0.810   whereas Boubyan Bank pulled 10 fils lower.
The  bourse   has been  trending  lower from start of the week and  has shed  16 points  in last two sessions. The  price   index  has retreated 17 pts  from start of the month   and is  trading  2.11   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


By: John Mathews

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