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KSE little changed in ‘lackluster’ trade Mabanee Co sheds 20 fils; NBK gains

KUWAIT CITY, May 21: Kuwait stocks were little changed Wednesday even as the bourse continues to drift listlessly. The main index pared steeper losses to close 1.44 pts lower at 7378.35 points. The sentiment was lackluster even was market look for direction. The KSX benchmark rose 3.76 points to 1194.82 pts trimming the month’s losses to 7 points whereas weighted index inched 1.02 points higher. The volume turnover meanwhile fell for fourth straight session as investors remained wary of taking up fresh positions. 159.84 million shares changed hands — down 2.76 pct from Tuesday. The sectors closed narrowly mixed. Oil and gas outperformed the rest with 0.71 pct rise whereas industrials slipped 0.50 percent, the biggest loser of the day. In terms of volume, financial services dominated with 53.20 pct market share while real estate and banks trailed way behind with 19.37 percent and 12.20 pct contributions respectively.

Among notable losers, United Projects Group dropped 20 fils to KD 0.640 while Hilal Cement and ACICO Industries Co were down 10 fils each. RISCO gave up 5 fils and Gulf Cables retreated 10 fils to settle at KD 0.810.  Mabanee Co shed 20 fils while KGL Logistics Company edged 2 fils lower to KD 0.162. The company has posted a first quarter profit of KD 1.309 million and earnings per share of 3.13 fils, down from KD 3.203 profit and earnings per share of 9.68 fils in the same period last year. Bourse heavyweight Zain rose 10 fils on back of 1.65 million shares and is trading 30 fils lower year-to-date while Wataniya Telecom was unchanged at KD 1.740. Agility too held steady at KD 0.840 off early lows and the counter saw over 1 million shares change hands.

Sagged
The market opened weak and sagged in early trade. The price index continued to drift lower as sentiment turned negative and hit the day’s lowest level of 7,341.81 points almost half way into the session. It recovered most of losses in the second half and closed slightly below the red.  Top gainer of the day, Arkan Real Estate Co climbed 6.25 pct to KD 0.136 and Al Mudon came in next with 4.08 pct jump. International Financial Advisors shed 4.84 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with over 39 million shares.  Mirroring the day’s mixed trend, the market spread was evenly poised. 40 stocks advanced and an equal number closed lower. Of the 126 counters active on Wednesday, 46 closed flat. 3508 deals worth KD 25.8 million were transacted — a 25.5 pct surge in value from the day before.

Mashaer Holding eased 2 fils and Equipment Holding Co followed suit. 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.  Gulf Franchising Holding Co clipped 3 fils to close at 68 fils and Qurain Petrochemical Industries Co fell 5 fils. Kuwait Cement Co stagnated at KD 0.430 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.

ALAFCO was flat at KD 0.255 and Jazeera Airways too did not budge from its earlier close of KD 0.440. Kuwait Food Co ( Americana) was unchanged at KD 2.820 off early lows and United Industries Co followed suit.  On the upside, Kuwait Portland Cement rallied 40 fils to KD 1.400 and Kuwait Foundry Co was up 5 fils at KD 0.330. Contracting and Marine Services added 4 fils and National Industries Group took in 2 fils to close at KD 0.250. Kuwait Gulf Links and Gulf Petroleum Investment Co (PetroGulf ) were up 1 fils each.  In the banking sector, National Bank of Kuwait climbed 10 fils on back of 8.32 million shares erasing the gains in the day before whereas Gulf Bank fell 5 fils to end at KD 0.360.

Flat
Ahli United Bank gave up slight early gains to close flat at KD 0.680 and Al Ahli Bank too paused at KD 0.680. 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 erased gains on Tuesday to close 10 fils lower KD 0.530 whereas Kuwait International Bank held steady at KD 0.310. Commercial Bank of Kuwait was not traded during the session.  Commercial Facilities Co rose 5 fils to KD 0.273 while International Financial Advisors and National Investment Co fell 3 fils and 2 fils respectively. KIPCO gained 10 fils on back of 4.6 million shares whereas KAMCO paused at KD 0.112.  Noor Financial Investment Co dropped 4 fils and Al Tamdeen Investment Co pulled 10 fils higher. Bayan Investment Co closed flat.. 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.  National Real Estate Co was unchanged at KD 0.158 whereas Mabanee Co dropped 20 fils to KD 1.100. Al Mazaya Holding Co ticked 2 fils higher to KD 0.130.

The bourse has been mixed so far during the week and has dropped 25 points in last four sessions. It has retreated 30 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 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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