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Kuwait index retreats 56.13 pts; volume flat United Projects Group dips 50 fils; NBK gains

KUWAIT CITY, May 19: Kuwait stocks slumped on Monday after flat lining in the previous session. The price index slid 56.13 pts to 7,348.76 points as sentiment turned sour . The heavyweights closed mixed whereas most of mid and small caps headed south. The bourse has been seesawing in tight range since past few weeks even as the first quarter results barely made an impact on the trading floor. The KSX 15 benchmark edged 1.91 pts higher to 1201.81 pts and is almost unchanged from start of the month while weighted index eased 0.47 pts. The volume turnover fell slightly after sliding in the previous session. 179.19 million shares changed hands — a 3.95 percent drop from the day before.

Al the sectors closed in red except parallel market which rose 0.45 percent whereas oil and gas shed 1.19 percent, the worst performer of the day. Volume wise, financial services garnered the highest market share of 43.88 percent while real estate came in next with 24.32 pct. Industrials was distant third with 9.61 percent contribution. Among notable decliners, Safwan Trading and Contracting Co dived 60 fils to KD 0.435 while United Projects Group slumped 50 fils. Boubyan Petrochemical Co shed 10 fils to settle at KD 0.760 and Yiaco Medicals followed suit to wind up at KD 0.330. Kuwait Finance House and Ahli United Bank too were down 10 fils each to close at KD 0.810 and KD 0.680 respectively.

Shed
Kuwait Foundry Co fell 5 fils to KD 0.325 whereas Kuwait Cement Co shed 15 fils. The company has logged a net profit of KD 5.24 million and earnings per share of 7.35 fils in the first quarter of 2014, up from KD 5.047 million profit and earnings per share of 7.91 fils in 2013, Q1.   Telecom major Zain was flat at KD 0.670 off early low whereas Wataniya Telecom gave up 20 fils to close at KD 1.740 extending the losses on Sunday. Agility held the ground steady at KD 0.840 and has climbed 40 fils from start of the month. The market opened weak and pulled lower in early trade. The index continued to head south and hit the day’s lowest level of 7323.75 pts almost half way into the session. It moved sideways thereafter and closed with hefty losses.

Top gainer of the day, Zimah Holding rose 5.39 pct to KD 0.178 while Manazel Trading Co came close behind with 5.43 percent rise. United Projects Group dropped 6.67 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 24.48 million shares. Reflecting the day’s decline, the market spread was heavily skewed towards the losers. 26 stocks advanced whereas 82 closed lower. Of the 143 counters active on Monday, 35 closed flat. 4411 deals worth KD 25.07 million were transacted - a 47 percent drop 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 losers Contracting and Marine Services Co slipped 8 fils to KD 0.134 and City Group was down 5 fils at KD 0.445. National Industries Group , the flagship company of Kharafi Group fell 2 fils and Equipment Holding Co was down by same measure.

Kuwait Gulf Links and KGL Logistics Co dropped 4 fils each to close at 91 fils and 164 fils respectively whereas Kuwait Food Co ( Americana) closed flat at KD 2.820 . Jazeera Airways was unchanged at KD 0.440 after trading over 1 million shares and ALAFCO followed suit. Kuwait Financial Centre ( Markaz) slipped 8 fils to KD 0.140 while Bayan Investment Co. ticked 2 fils lower. The company has recorded a net profit of KD 2,83 million and earnings per share of 7.84 fils in the three-month period ending March 31, 2014, soaring from net profit of KD 789,253 and earnings per share of 2.20 fils in the same period last year.

Climbed
Ajial Real Estate flunked 4 fils whereas Mabanee Co climbed 20 fils to KD 1.140. National Real Estate Co was unchanged at KD 0.158 and Al Mazaya Holding edged 2 fils lower to KD 0.128.  The banks closed mixed. National Bank of Kuwait climbed 10 fils to KD 0.990 and Gulf Bank was up 5 fils at KD 0.365. Commercial Bank of Kuwait rose 20 fils and Burgan bank rallied 10 fils on back of 12.2 million shares.
Kuwait International Bank eased 5 fils while Al Ahli Bank pulled 10 fils lower The bank has posted a net profit of KD 8.12 million and earnings per share of 5 fils in the three month period ending March 31, 2014. Boubyan Bank was unchanged at KD 0.530. early highs.

Kuwait Investment Co fell 2 fils to KD 0.160 whereas National Investment Co and KIPCO were flat at KD 0.152 and KD 0.730 respectively. KFIC gave up 4 fils to close at 80 fils while Sokouk Holding and Noor Financial Investment were down 2 fils each. Al Tamdeen Investment Co dropped 10 fils to KD 0.285. The bourse has been negative so far during the week and has slid 55 points in last three sessions. The main index has shed 59 pts from start of the month and is trading 2.66 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Union Real Estate Company has posted a net profit of KD 305,694 and earnings per share of 1.64 fils in the quarter ending March 31, 2014, slightly down from KD 325,634 profit and earnings per share of 1.75 fils in the same period last year. 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. 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


By: John Mathews

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