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Kuwait stocks drop as blue chips weigh Americana sheds 20 fils; Kout Food gains

KUWAIT CITY, May 22: Kuwait stocks pulled lower Thursday to end week on a sour note. The price index dropped 31.52 pts to 7346.83 points as selling pressure weighed on most of the blue chips. Some of the mid and small caps however ticked higher on speculative buying. The KSX 15 benchmark slid 10.9 points to 1183.92 points paring the year’s gains to 131 points while weighted index slipped 3.29 pts to settle at 487.92 points. The volume turnover meanwhile was almost flat after edging slightly lower in the previous session. 160.46 million shares changed hands - a marginal 0.39 percent rise from Wednesday.

The sectors closed narrowly mixed. Health care outshone the rest with 1.23 percent upswing whereas consumer services slid 1.55 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 39.91 percent while real estate stood next with 30.22 pct. Banks came in a distant third with 7.50 pct contribution.  Among sharp losers, Kuwait Portland Cement slumped 40 fils to KD 1.360 while Gulf Cable and Boubyan Petrochemical were down 10 fils each. Kuwait Food Co ( Americana) shed 20 fils to end at KD 2.800 after trading in green earlier in the session and Zima Holding erased 30 fils.

Sector bellwether National Bank of Kuwait eased 10 fils to KD 0.980 after clocking a volume of 1.24 million shares and Kuwait Finance House was down by same measure to end at KD 0.800. Mabanee Co slipped 20 fils to KD 1.080 and has retreated 100 fils from start of the month.  Telecom major Zain fell 10 fils to KD 0.650 with a volume 1.26 million shares whereas Wataniya Telecom continued to stagnate at KD 1.740. Agility gave up 10 fils to close at KD 0.830 and the stock is up 30 fils during the month.

Steady
The market opened steady and ticked slightly higher in early trade. The index touched the day’s highest level of 7383.96 points and retreated thereafter as sentiment turned negative. It moved sideways in the second half before hitting a  trough of 7337.4 pts in the final minutes and closed with moderate losses.
Top gainer of the day, Kuwait Business Town Real Estate Co rallied 6.78 percent to 31.5 fils and KBMMC climbed 6.67 percent to stand next. Zimah Holding dived 16.85 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 24.8 million shares.  Reflecting the day’s fall, the market spread was skewed towards the losers. 32 stocks advanced whereas 69 closed lower. Of the 146 counters active on Thursday, 45 closed flat. 3650 deals worth KD 21.31 million were transacted - a 17.30 percent drop in value from the day before. 

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. City Group dropped 10 fils to KD 0.435 and Equipment Holding Co ticked 2 fils lower. 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.
Al Nawadi Holding Co slipped 10 fils to KD 0.130 and Safwan Trading and Contracting Co followed suit to end at KD 0.425. Jazeera Airways eased 5 fils to KD 0.435 pushing the year’s losses to 70 fils . ALAFCO how ever was unchanged at KD 0.255.  Kuwait Gulf Links flunked 2 fils and KGL Logistics Company followed suit. The company has posted a net profit of KD 1.309 million and earnings per share of 3.13 fils in the quarter ending March 31, 2014, down from KD 3.203 million profit and earnings per share of 9.68 fils in the same period last year.

Spiked
On the upside, Kout Food Group spiked 50 fils KD 0.850 while United Projects Group added 10 fils partly recouping the losses on Wednesday. Yiaco Medical Co gained 15 fils and RISCO was up 5 fils at KD 0.330. IFA Hotels and Resorts was unchanged at KD 0.216 off early lows.  KIPCO rose 10 fls to KD 0.730 on back of 3.7 million shares and Kuwait Financial Centre took in 2 fils. Warba Insurance Co and Al Ahleia Insurance Co were down 4 fils and 5 fils respectively.  In the banking sector, Gulf Bank was unchanged at KD 0.360 and Commercial Bank of Kuwait too did not budge from its earlier close of 0.360. Al Ahlia Bank slipped 5 fils whereas Ahli United Bank paused at KD 0.680. Kuwait International Bank fell 5 fils to KD 0.305.

Boubyan Bank was flat at KD 0.530 and Burgan Bank followed suit. The bank has posted a net profit of KD 17.145 million and chalked earnings per share of 11.2 fils in the quarter ending March 31, 2014, rising from KD 15.63 million and earnings per share of 10.1 fils in the year before period.  Kuwait Investment Co dipped 4 fils to KD 0.160 whereas International Financial Advisors was unchanged at 59 fils. KAMCO held steady at KD 0.112 after trading in a tight range. Bayan Investment inched 1 fils lower to 88 fils.

The bourse saw a mixed trend during the week. It closed higher in 2 of the 5 session and shed 57 points week-on-week. It has skidded 61 pts from start of the month and is trading 2.68 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

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