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KSE nudges 8.45 pts higher; volume soars Combined Group jumps 40 fils; Zain slips

KUWAIT CITY, May 15: Kuwait stocks nudged higher on Thursday to end week on a positive note. The index clawed back early losses to close 8.45 pts higher at 7,403.74 points. The day’s gain was paced by some of the mid and small caps even as most of the frontline stocks closed lower. The KSX 15 benchmark slid 14.91 pts to 1,194.61 pts trimming the year’s gains to 142 points while the weighted index eased 3.49 pts to settle at 492.04 pts. The volume turnover meanwhile soared past the 400 million mark to hit a multi-month high. 419.51 million shares changed hands - a 102.78 pct jump from the previous session. The sectors closed mixed. Healthcare outshone the rest with 2.79 pct rise whereas technology shed 1.18 pct, the biggest loser of the day. In terms of volume, industrials accounted for the highest market share of 60.36 pct while real estate and financial services followed with 16.89 pct respectively.

Among the gainers, Combined Group Trading Co spiked 40 fils to KD 1.180 Yiaco Medicals was up 15 fils at KD 0.350. Contracting and Marine Services Co rose 8 fils and Yiaco Co was up by same measure to end at KD 0.350. Al Nawadi Holding was up 8 fils. Al Tamdeen Investment Co gained 20 fils while Kuwait Investment Co added 4 fils. The company has posted a net profit of KD 4.22 million and earnings per share of 7.695 fils in the three-months of 2014, soaring from KD 2,28 million profit and earnings per share of 4.166 fils in the year before period Bourse major Zain slipped 10 fils to KD 0.660 after trading over 1 million shares whereas Wataniya Telecom held the ground steady at KD 1.800. Agility gave up 10 fils to wind up at KD 0.840 paring the month’s gains to 40 fils.

Sagged
The bourse opened flat and moved sideways in early trade. The index sagged almost half way into the session hit the day’s lowest level of 7,360 pts as sentiment weakened. It clawed back thereafter and managed to close with modest gains.  Top gainer of the day, Investors Holding Co rallied 14.71 percent to 19.5 fils while Warba Insurance Co climbed 8.77 pct to stand next. National Consumer Holding Co tumbled 13.7 pct, the steepest decliner of the day, and National Ranges Co ( Mayadeen) topped the volume with 240.73 million shares changing hands. Despite the day’s uptick, the losers outnumbered the winners. 42 stocks advanced whereas 59 closed lower. Of the 150 counters active on Thursday 49 closed flat. 5,324 deals worth KD 25.67 million were transacted - a 34.16 percent jump in value from the day before.

Zima Holding Co rose 8 fils and Kuwait Cement was up 5 fils at KD 0.425. Shuaiba Industrial Co took in 2 fils and Metal and Recycling Co was up by same measure to end at KD 0.130.  Kuwait Foundry Co was flat at KD 0.330 and Equipment Holding Co followed suit to end at KD 0.130. The company has logged a net profit of KD 164,899 and earnings per share of 1.21 fils in the quarter ending March 31, 2014, falling sharply from KD 2.52 million profit and earnings per share of 18.50 fils in the year before period.

National Industries Group gave up early gains to close flat at KD 0.250 and Gulf Cable followed suit. Kuwait Foundry Co and ACICO Industries Co were unchanged at KD 0.330 each.  United Industries Co eased 2 fils and IFA Hotels and Resorts too was down by same measure. NICBM slipped 4 fils to KD 0.212 while Automated Systems Co shed 15 fils. United Projects Group dived 30 fils with thin trading and Kuwait Food Co (Americana) shed 20 fils erasing the gains on Wednesday.

Eased
Jazeera Airways eased 5 fils to KD 0.435 while Mashaer Holding was down 6 fils. Kuwait Gulf Links inched 1 fils lower and KGL Logistics flunked 2 fils. ALAFCO held steady at KD 0.255 whereas Kuwait Cable Vision ticked 1 fils up. In the banking sector, National Bank of Kuwait dropped 10 fils to KD 0.980 after clocking a volume of 3.92 million and Gulf Bank followed suit to close at KD 0.360. Commercial Bank of Kuwait was not traded during the session.  Al Ahli Bank of Kuwait fell 10 fils whereas Ahli United Bank and Kuwait International bank closed flat. 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. Burgan Bank fell 10 fils to KD 0.560 and Kuwait Finance House was down by same measure to close at KD 0.810. Boubyan Bank gave up 10 fils to end at KD 0.530.

International Financial Advisers and National Investment Co were unchanged at 62 fils and 152 fils respectively and KIPCO too did not budge from its earlier close of KD 0.740.  Kuwait Financial Centre took in 2 fils and Noor Financial Centre followed suit on back of 1 million shares. KAMCO eased 2 fils whereas KFIC added 4 fils to end at 84 fils.  National Real Estate Co was flat at KD 0.160 whereas Salhia Real Estate and Mabanee Co were down 10 fils and 20 flls respectively. Al Mazaya Holding slipped 4 fils to KD 0.128.  The bourse showed mixed trend during the week. It closed higher in 3 of the 5 sessions and eased 3 pts week-on-week. The main 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, Strategia Investment has clocked a net profit of KD 347,622 and earnings per share of 1.16 fils in the January-March period, rising from KD 284,288 profit and earnings per share of 1.90 fils in the first quarter of 2013.  Advanced Technology Company has recorded a net profit of KD 1.10 million and earnings per share of 7.35 fils in the first quarter of 2014, as against net profit of KD 1.006 million and earnings per share of 6.71 fils in 2013 Q1. 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.

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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