RSS
 Add News     Print  
Article List
KSE benchmark climbs 31.03 pts; volume slips Kuwait Cement Co gains 20 fils; Zain drops

KUWAIT CITY, May 20: Kuwait stocks charted modest rebound Tuesday after pulling sharply lower in the previous session. The main benchmark climbed 31.03 pts to 7379.79 points helped by buying in select counters. The heavyweights closed mixed even as investors look for strong catalysts to lift the sentiment. The KSX 15 gauge dropped 10.75 pts to 191.06 points and is trading 139 points higher year-to-date while weighted index edged 2 fils lower. The volume turnover meanwhile slipped for the third consecutive day. 164.37 million shares changed hands — an 8.27 pct fall from the day before. The sectors closed mixed. Oil and gas outshone the rest with 2.59 percent gain whereas banks shed 0.56 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 41.60 percent while real estate came in next with 32.27 pct contribution.

Among the risers, Kuwait Cement Co climbed 20 fils to KD 0.430 while Gulf Cable and Independent Petroleum Group added 10 fils each. Contracting and Marine Services Co too was up 10 fils at KD 0.146 and NICBM gained 8 fils. Al Rai Media Group climbed 10 fils while Gulf Petroleum Investment Co rose 5 fils on back of 2.75 million shares. Al Tamdeen Investment gained 15 fils while IFA Hotels and Resorts and Equipment Holding Co closed 2 fils higher each to end at KD 0.216 and KD 0.130 respectively. Bourse major Zain shed 20 fils to wind up at KD 0.350 whereas Wataniya Telecom was unchanged at KD 1.740 off early highs. Agility held the ground steady at KD 0.840 after vacillating in a tight range. 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.

Higher
The market opened firm and edged higher in early trade. It continued to climb amid bargain buying in some of the counters and peaked at 7388.83 pts almost half way into the session. It drifted slightly lower thereafter and closed with modest gains. Top gainer of the day, Flex Resorts and Real Estate Co spiked 10 percent to 10 fils while Al Rai Media jumped 8.62 percent. UPAC shed 5.71 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with over 26 million shares. Reflecting the day’s upswing, the winners outnumbered the losers. 57 stocks advanced whereas 30 closed lower. Of the 141 counters active on Tuesday, 30 closed flat. 3798 deals worth KD 20.55 million were transacted — an 8.27 percent drop in value from the previous session.

Meanwhile, Capital Markets Authority (CMA) earlier in the week 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. Kuwait and Gulf Links Transport Co took in 2 fils and Burgan Well Drilling Co was up by same measure. ACICO Industries Co gained 5 fils. 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 downside, Kuwait Portland Cement shed 20 fils while United Projects Group slumped 40 fils extending the heavy losses in the previous session. Future Communication Co Gobal eased 4 fils while Metal and Recycling Co ticked 2 fils lower.

National Industries Group was flat at KD 0.248 and Kuwait Food Co (Americana) too did not budge from its earlier close of KD 2.820. Jazeera Airways paused at KD 0.440 and ALAFCO followed suit to close at KD 0.255. IFA Hotels and Resorts was unchanged at KD 0.216. In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.980 after trading over 3.3 million shares and Gulf Bank pared back slight early losses to end unchanged at KD 0.365. Commercial Bank shed 20 fils and Burgan Bank was down 10 fils at KD 0.560.

Flat
Al Ahli Bank rose 5 fils on back of over 3 million shares whereas 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. Kuwait International Bank held steady at KD 0.310 whereas Burgan Bank slipped 10 fils to KD 0.560 after clocking a volume of over 5 million shares. Kuwait Finance House was flat at KD 0.810 off early lows and Boubyan Bank closed 10 fils higher. Kuwait Investment Co climbed 4 fils whereas National Investment Co and KIPCO were unchanged at KD 0.152 and KD 0.730 respectively. Securities House Co inched 1 fils higher and Al Aman Investment Co was up by same measure.

Sokouk Holding Co took in 2 fils whereas Noor Financial Investment Co closed flat at KD 0.146. KFIC and Al Deera Holding were unchanged at 80 fils and 31 fils respectively. Mabanee Co was down 20 fils at KD 1.120 and National Real Estate Co was mute at KD 0.158 Bayan Investment flunked 1 fils whereas Osoul Investment and KAMCO stagnated at 78 fils and 89 fils respectively. KAMCO has recorded a net profit of KD 852,691 and earnings per share of 3.57 fils in the first quarter of 2014. The bourse has been mixed e so far during the week and has shed 24 points in last three sessions. The main index has retreated 29 pts from start of the month and is trading 2.25 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 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

Read By: 3287
Comments: 0
Rated:

Comments
You must login to add comments ...
About Us   |   RSS   |   Contact Us   |   Feedback   |   Advertise With Us