RSS
 Add News     Print  
Article List
KSE retreats 36.55 pts; volume hits month’s low Agility dives 40 fils; Portland Cement soars

KUWAIT CITY, May 25: Kuwait stocks pulled lower on Sunday, extending losses to third straight session. The key index, after a tame start, shed 36.55 points to close at 7,310.28 pts. Most of the mid and small caps sagged whereas some of the banks eked modest gains. The bourse has been downbeat so far during the month owing to absence of strong drivers. The KSX 15 benchmark rose 2.22 points to 1,186.14 pts taking the year’s gains to 134 points while weighted index edged 0.36 pts higher. The volume turnover meanwhile fell sharply to hit the lowest level on the month. 90.19 million shares changed hands — a 43.79 pct drop from the last session. The sectors closed mostly in the red zone. Telecommunications outperformed the rest with 0.39 pct upswing whereas parallel market slid 1.45 percent, the biggest loser of the day. In terms of volume, financial services dominated with 42.03 percent market share and real estate came next with 33.43 percent contribution.

Among the sharp losers, Mabanee Co shed 20 fils extending an identical loss from the previous session while Kuwait Foundry Co and Egypt Kuwait Holding were down 15 fils each. Gulf Glass Manufacturing Co closed 10 fils lower at KD 0.640 and Gulf Cable followed suit. Arkan Al Kuwait Real Estate Co slipped 8 fils to 128 fils and Equipment Holding Co gave up 4 fils. 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. Telecom major Zain was unchanged at KD 0.650 off early highs whereas Wataniya Telecom climbed 20 fils after stagnating during most sessions last week. Agility dived 40 fils to wind up at KD 0.790 and is trading 100 fils higher year-to-date.

Flat
The market opened flat and moved sideways in early trade. It continued to chart a steady course before edging lower almost half way into the session as sentiment turned negative. It hit the day’s lowest level of 7,297.86 pts in the final minutes and managed to pare back some of the losses at close. Top gainer of the day, Al Nawadi rose 7.69 percent to 140 flls and Gulf Franchising Holding Co climbed 7.35 pct to stand close behind.  Ajwan Gulf Real Estate Co slumped over 9 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 7.78 million shares. Mirroring the day’s downswing, the losers out led the winners by over 2 to 1. 31 stocks advanced whereas 65 closed lower. Of the 129 counters active on Sunday, 33 closed flat. 2,592 deals worth KD 8.75 million were transacted — a 58.94 percent tumble in value from the day before.

ALAFCO eased 5 fils to KD 0.250 whereas Jazeera Airways held steady at KD 0.435. KGL Logistics Company ticked 2 fils lower . 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. ACICO Industries was down 5 fils at KD 0.325.
On the upside, Safwan Trading Co jumped 25 fils and Kuwait Portland Cement gained 40 fils to close at KD 1.400. National Industries Group took in 2 fils. The company has posted a first quarter net profit of KD 5.044 million and earnings per share of 4 fils as against KD 4.732 million and earnings per share of 3.7 fils in the same period last year. Burgan Well Drilling Co was unchanged at KD 0.240 and IFA Hotels and Resorts Co followed suit. Kuwait Food Co (Americana) was unchanged at KD 2.800 whereas NICBM clipped 2 fils. Boubyan Petrochemical Co was up 10 fils at KD 0.760.

Approval
In the banking sector Gulf Bank was unchanged at KD 0.360 and National Bank of Kuwait followed suit. The company has won the approval from Central Bank of Kuwait for its request to extend the permission to buy back or sell up to 10% of own issued shares over the period of 6 months. Ahli Bank fell 5 flls and Kuwait International Bank was up by same measure to close at KD 0.310. Ahli United Bank paused at KD 0.680 off early highs whereas Commercial Bank was not traded during the session. Kuwait Finance House and Boubyan Bank were up 10 fils each at KD 0.810 and KD 540 respectively whereas Burgan Bank closed flat. 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.

Kuwait Investment Co eased 2 fils and Commercial Facilities Co erased 5 fils. KIPCO clawed back early losses to end flat at KD 0.730 Securities Group Co slipped 4 fils and Noor Financial Investment Co edged 2 fils lower. Bayan Investment Co clipped 3 fils after clocking a volume of over 1 million shares. National Real Estate Co fell 2 fils to KD 0.154 taking the month’s losses to 4 fil and Al Enma Real Estate Co followed suit. Mazaya Holding Co held steady at KD 0.128 and Al Enma gave up 2 fils to close at KD 0.154. Union Real Estate Co gained 4 fils.

The bourse saw a mixed trend during last week. It closed higher in 2 of the 5 session and dropped 57 points week-on-week. It has shed 97 pts from start of the month and is trading 3.17 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: 2411
Comments: 0
Rated:

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