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Kuwait bourse climbs 13.6 pts; volume soars Americana rallies 40 fils; NBK slips

KUWAIT CITY, May 13: Kuwait stocks pulled higher Tuesday after posting moderate losses in the previous session. The price index clawed back from early losses to close 13.6 pts higher at 7,403.6 points. The trading floor was cautiously positive even as the first quarter results has so far failed to buoy the sentiment. The KSX 15 benchmark rose 4.19 pts to 1,199.81 points paring the month’s losses to 2 points while weighted index was up 2.42 pts at 493.12 points. The volume turnover meanwhile surged further after rebounding from a multi-month low on Monday. 227.17 million shares changed hands — a 50.82 pct jump from the day before. The sectors closed mixed. Basic materials outshone the rest with 2.35 percent upswing whereas technology slumped 0.49 pct, the worst performer of the day. In terms of volume, real estate accounted for the highest market share of 31.03 pct while financial services and industrials followed with 25.44 pct and 18.74 percent respectively.

Among prime movers, Kuwait Food Co (Americana) rallied 40 fils while NAPESCO and Boubyan Petrochemicals rose 20 fils each to close at KD 0.620 and KD 0.760 respectively. City Group was up 10 fils at KD 0.450 and Zima Holding Co closed 8 fils higher.  Commercial Bank climbed 20 fils to KD 0.690 recouping the loss in the previous session while Burgan Bank rose 10 fils with brisk trading. The bank has posted a net profit of KD 17.145 million and chalked earnings per share of 11.2 fils in the quarter ending March 31, 2014. Kuwait Finance House too closed 10 fils higher at KD 0.820.

Added
Bourse major Zain added 10 fils on back of over 1 million shares whereas Wataniya Telecom shed 20 fils. Agility gained 10 fils extending an identical rise in the previous session. 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. The market opened flat and moved slightly lower in early trading. The index drifted lower to hit the day’s lowest level of 7,371.44 pts ahead of the mid-session but recovered thereafter as buying picked up in select counters. It continued to rise and closed with modest gains.  Top gainer of the day, NAPESCO soared 8.77 pct to KD 0.620 while Tamdeen Investment Co climbed 7.72 percent to stand next. National Ranges Co (Mayadeen) slid 1,163 percent, the steepest decliner of the day, and Investors Holding Group topped the volume with 42.52 million shares.

Mirroring the day’s gain, the winners outnumbered the losers. 59 stocks advanced whereas 37 closed lower. Of the 146 counters active on Tuesday, 40 closed flat. 4,360 deals worth 26.45 million were transacted - an 11.48 pct rise in value from the day before.  Among other advancers, Kuwait Portland Cement Co gained 20 fils and Kuwait Foundry Co was up by same measure to close at KD 0.330. Jazeera Airways rose 5 fils to KD 0.435 and is down 60 fils from start of the year whereas ALAFCO gave up 5 fils.  NICBM took in 2 fils and Independent Petroleum Group closed 10 fils higher. 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.  National Industries Group pared slight early gains to close flat at KD 0.250 and Humansoft Holding followed suit. The company has penciled a net profit of KD 1.422 million and earnings per share of 12 fils in the three-month period ending March 31, 2014, up from a net profit of KD 963,461 and 8 fils EPS in the 2013 first quarter

Higher
Kuwait Gulf Links edged 2 fils higher on back of 1.45 million shares whereas KGL Logistics closed flat. Combined Group Contracting Co paused at KD 1.160 and Burgan Well Drilling Co too did not budge from its earlier close of KD 0.240.  Gulf Cables was unchanged at KD 0.760 and Kuwait Cement Co followed suit to end at KD 0.420. Kuwait National Cinema Co dropped 10 fils and United Industries Co edged 2 fils lower. National Bank of Kuwait slipped 10 fils to KD 0.980 off early highs and Gulf Bank gave up 5 fils to end at KD 0.365. Al Ahli Bank rose 5 fils and Kuwait International Bank was up by same measure. Ahli United Bank gained 10 fils whereas Boubyan Bank was unchanged at KD 0.540.  Kuwait Investment Co slipped 6 fils to KD 0.164 whereas National Investment Co and KIPCO remained flat at KD 0.152 and KD 0.740 respectively. Securities Group shed 8 fils whereas Kuwait Financial Centre and KMEFIC held steady at their previous closes.

Sokouk Holding dropped 6 fils to KD 0.100 after clocking a volume of 4.3 million and KFIC inched 1 fil lower. KAMCO was unchanged at KD 0.112 and Noor Financial Investment followed suit. Tamdeen Investment Co gained 19 fils on back of 1.2 million shares.  United Real Estate Co took in 2 fils and National Real Estate Co was up 4 fils at KD 0.160 after clocking volume of 1.8 million shares. Mabanee Co closed flat at KD 1.120.  The bourse has been mixed from start of the week and has eased 3 points in last three sessions. The price index has slipped 4 pts from start of the month and is trading 1.93 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Salhia Real Estate Company has logged a net profit of KD 2.555 million and earnings per share of 5.2 fils in the three-month period ending March 31, 2014, and KD 2.515 million and earnings per share of 5.1 fils in the Q1 of 2013.  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. Kuwait International Bank has chalked a net profit of KD 5.037 million and earnings per share of 5.39 fils in the first quarter of 2014 as compared to KD 4.24 million profit and earnings per share of 4.55 fils in the same period last year.

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 and 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

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