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KSE inches 1.15 pts up in lacklustre trade Gulf Cable soars 50 fils; Wataniya Telecom dips

KUWAIT CITY, May 18: Kuwait stocks trod water on Sunday after seesawing in the previous session. The main index inched 1.15 pts higher in lackluster trade to settle at 7,404.89 pts even as the stocks closed narrowly mixed. The banks remained mostly muted whereas the other heavyweights showed no clear trend. The KSX 15 measure climbed 5.29 pts to 1199.9 points taking the year’s gains to 148 pts while weighted index edged 0.62 points higher. The volume turnover meanwhile fell sharply as investors toed caution. 186.57 million shares changed hands - a 55.53 percent slump from the day before. The sectors closed mixed. Consumer services outshone the peers with 1.32 percent rise whereas healthcare dropped 0.81 pct, the biggest loser of the day. In terms of volume, financial services dominated with 43.15 percent market share and real estate followed with 37.65 pct. Banks came in a distant third with a meager 5.09 pct contribution.

Among sharp movers, Gulf Cable soared 50 fils to KD 0.800 while Kuwait Food Co (Americana) and Boubyan Petrochemicals Co gained 20 fils each to wind up at KD 2.820 and KD 0.770 respectively. Zima Holding rose 10 fils to KD 0.168 and Al Nawadi Holding Co followed suit. Telecom major Zain climbed 10 fils to KD 0.670 recouping the loss in the previous session whereas Wataniya Telecom slumped 40 fils. Agility held the ground steady at KD 0.840 off early lows. 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.

Flat
The market opened flat and moved sideways in early trade. It continued to vacillate in tight range and drifted lower past the mid-session. It hit the day’s lowest level of 7385.64 points in the final minutes before clawing back into green at close. Top gainer of the day, Al Nawadi Holding jumped 7.69 percent and Kuwait Cable Vision climbed 6.67 pct to stand next. Kuwait Business Town Real Estate Co slid 7.46 percent, the steepest decliner of the day, and Investors Holding Group topped the volume with over 37 million shares changing hands. Mirroring the day’s mood, the market spread was almost evenly poised. 48 stocks advanced whereas 46 closed lower. Of the 141 counters active on Sunday, 47 closed flat. 4080 deals worth over KD 17 million were transacted - a 33.61 percent dip in value from the day before.

Meanwhile, Capital Markets Authority (CMA) has eased capital rules for joint-stock companies to list on the stock exchange in a bid to help firms to raise funds and broaden their shareholder base. According to the new rules, joint-stock companies need annual profits of 5 percent of their capital, instead of the previous 7.5 percent.  Among other gainers, Hilal Cement climbed 8 fils to KD 0.226 and Mashaer Holding was up 8 fils at KD 0.196. Jazeera Airways rose 5 fils to KD 0.440 on back of 2.86 million shares and Egypt Kuwait Holding Co was up by same measure to end at KD 0.295. NICBM closed 4 fils higher at KD 0.216.  National Industries Group was flat at KD 0.216 off early highs and saw a volume of 1.38 million shares and Kuwait Portland Cement Co too did not budge from its previous close of KD 1.380. Kuwait Foundry Co paused at KD 0.330 and ALAFCO followed suit to wind up at KD 0.255.

Burgan Well Drilling Co was steady at KD 0.240 and ACICO Industries Co too was unchanged at 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. On the down side, Combined Group Contracting Co shed 20 fils and KGL Logistics Co dropped 10 fils after clocking a volume of 2.86 million shares. Kuwait Gulf Links eased 2 fils and IFA Hotels and Resorts was down by same measure.
 

Slipped
KIPCO slipped 10 fils to KD 0.730 whereas KIPCO Asset Management Company took in 2 fils. 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. In the banking sector, National Bank of Kuwait stagnated at KD 0.980 and Gulf Bank followed suit to end at KD 0.360. Commercial Bank dropped 20 fils and Al Ahli Bank gave up 5 fils to end at KD 0.430. Boubyan Bank paused at KD 0.530 and Ahli United Bank too held steady at KD 0.690. Burgan Bank was flat at KD 0.560 while Kuwait Finance House added 10 fils to settle at KD 0.560. Kuwait International Bank stagnated at KD 0.315.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 as compared to KD 4.24 million profit and earnings per share of 4.55 fils in the same period last year.

Kuwait Investment Co slipped 2 fils to KD 0.162 and Kuwait Financial Centre followed suit. National Investments Co was unchanged at KD 0.152 while Bayan Investment and Noor Financial Investment Co and were up 5 fils and 2 fils respectively.  The bourse was mixed during last week. It closed higher in 3 of the 5 sessions and slipped 3 pts week-on-week. The main index has eased 3 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 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.

By John Mathews
Arab Times Staff


By: John Mathews

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