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Kuwait stocks retreat 8.31 pts in wavy trade Combined Group sheds 20 fils; Zain gains

KUWAIT CITY, May 14; Kuwait stocks edged lower on Wednesday, reversing most of the gains in the previous session. The stocks retreated 8.31 pts in wavy trading to close at 7,395.29 points. Some of the heavyweights shone whereas the mid and small caps showed a mixed trend. The KSX 15 benchmark rallied 9.71 pts taking the months gains to over 8 pts whereas weighted index rose 2.41 points to wind up at 495.53 points. The volume turnover meanwhile slipped slightly after surging in the last two sessions. 206.88 million shares changed hands an 8.93 pct drop from Tuesday. The sectors closed mixed. Insurance outpaced the rest with 1.92 percent gain whereas real estate shed 0.96 percent, the biggest loser of the day. In terms of volume, real estate garnered the highest market share of 38.30 percent while financial services and industrials followed with 28.39 pct and 13.45 percent respectively.

Among the losers, Combined Group Contracting Co shed 20 fils while Gulf Cable was down 10 fils at KD 0.750. Kuwait Investment Co eased 4 fils after trading 1.27 million shares KFIC was down by same measure to close at 80 fils.   Hilal Cement Co was down 12 fils at KD 0.218.  Kuwait Gulf Links gave up 4 fils each to close at 98 fils and and KGL Logistics followed suit. The company has won the approval of Capital Markets Authority for the company’s request to buy back or sell up to 10% of own shares over a period of 6 months
Bourse heavyweight Zain rose 10 fils to KD 0.670 extending the gains in the previous session while Wataniya Telecom climbed 20 fils taking the year’s gains to 40 fils. Agility rallied 20 fils on back of 3.32 million shares to close at KD 0.850.

Weak
The market opened weak and edged lower in early trade. The main index continued to erode as sentiment weakened and hit the day’s lowest level of 7,364.37 pts in the final minutes. It managed to claw back some of the losses and closed with moderate losses.  Top gainer of the day, Warba Insurance Co soared 9.62 percent to KD 0.114 while Tamdeen Investment climbed 9.43 pct to stand close behind. National Ranges Co (Mayadeen) slumped 13.16 pct, the steepest decliner of the day and Investors Holding Group topped the volume with over 48 million shares. Reflecting the day’s fall, the losers outnumbered the winners. 40 stocks advanced whereas 48 closed lower. Of the 138 counters active on Wednesday, 50 closed flat. 4470 deals worth KD 19.14 million were transacted a 27.63 pct drop in value from the day before.

On the upside, Kuwait Food Co ( Americana) rose 20 fils to KD 2.820 taking the month’s gain to 40 fils and ACICO Industries Co was up 10 fils and KD 0.330 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. Automated Systems Co gained 15 fils and Zima Holding Co was up 10 fils a KD 0.150. Jazeera Airways rose 5 fils to KD 0.440 and is unchanged from start of the month while Metal and Recycling Co took in 2 fils.

National Industries Group was flat at KD 0.250 off early highs and Kuwait Cement Co too did not budge from its earlier close of KD 0.420. RISCO was steady at KD 0.330 and Burgan Well Drilling Co followed suit.In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.990 recouping the losses on Tuesday while Gulf Bank closed 5 fils lower after clocking a volume of over 1 million. Commercial Bank of Kuwait was not traded during the session.

Paused
Al Ahli Bank and Ahli United Bank paused at KD 0.435 and KD 0.690 respectively and Kuwait International Bank followed suit. The 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. Kuwait Finance House was unchanged at KD 0.820 off early lows and saw 1.27 million shares change hands and Burgan Bank too was flat at KD 0.570. Boubyan Bank held the ground steady at KD 0.540. National Investment Co was flat at KD 0.152 and KIPCO followed suit. Sokouk Holding edged 2 fils higher and Noor Financial Investment Co was up by same measure. Al Tamdeen Investment Co and Kuwiat Insurance Co jumped 25 fils each whereas Kuwait Financial Centre paused at KD 0.148.

KMEFIC inched 1 fils lower whereas Osoul Investment Co was up 1 fils at 78 fils. 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. Mabanee Co climbed 20 fils to KD 1.140 and Salhia Real Estate was up 15 fils. United Real Estate Co gave up 4 fils to end at KD 0.114 . 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. National Real Estate Co was flat at KD 0.160.

The bourse has been mixed so far during the week and has shed 24 points in last four sessions. The price index retreated 12 pts from start of the month and is trading over 2 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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