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Kuwait bourse extends losses; volume rebounds Agility sheds 30 fils; NBK flat

KUWAIT CITY, May 26: Kuwait stocks slumped on Monday as selling intensified across the board. The price index slid 67.52 pts to 7,242.76 points extending the losses to fifth session. The trading floor sentiment was markedly negative even as market appears directionless following the tepid quarterly results.
The KSX 15 eased 4.23 points to 1,181.81 points taking the month’s losses to 20 points whereas weighted index edged 2.21 points lower. The volume turnover meanwhile rebounded after hitting the month’s lowest level in the previous session. 176.56 million shares changed hands - a 95.76 percent jump from the day before. The sectors closed mostly in the red. Insurance outshone the rest with 0.17 pct uptick whereas healthcare skidded 1.63 percent, the worst performer of the day. Volume wise, real estate accounted for the highest market share of 43.52 percent and financial services came in next with 36.57 pct. Banks was distant third with 12.35 percent contribution.

Among sharp losers, United Projects Group dropped 30 fils to KD 0.620 with thin trading and City Group pulled 15 fils lower. Kout Food Group and IFA Hotels and Resorts slipped 10 fils each while Yiaco Medical Co and Safwan Trading and Contracting Co were both down 20 fils.  Mabanee Co shed 20 fils extending an identical fall in the previous session while Kuwait Building Materials Manufacturing Co fell 10 fils. ACICO Industries Co and Kuwait Foundry Co clipped 5 fils each and Kuwait Educational Services Co followed suit. Bourse heavyweight Zain was unchanged at KD 0.650 with a volume of over 1 million shares and Wataniya Telecom too did not budge from its earlier close of KD 1.760. Agility shed 30 fils to wind up at KD 0.760 and the counter saw 1.11 million shares change hands.

The market opened on tame note and moved sideways in early trade. The main index edged lower thereafter as sentiment turned weak. It turned flattish half way into the session before bottoming at 7,232.76 points in the final minutes. It pared back some of the losses before closing with hefty losses.  Top gainer of the day, Pearl of Kuwait Real Estate Co jumped 7.89 pct to 20.5 fils while Salbookh Trading Company climbed 6.58 pct to stand next. Investors Holding Group dived 7.89 percent, the steepest decliner of the day and the stock also topped the volume with 42.49 million shares.  Reflecting the day’s downswing, the market spread was skewed towards the losers. 21 stocks advanced whereas 74 closed lower. Of the 129 counters active on Monday, 34 closed flat. 3402 deals worth KD 22.72 million were transacted - a 159.62 percent jump in value from Sunday. 

Meanwhile, Capital Markets Authority (CMA) earlier last 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. National Industries Group ticked 2 fils lower after clocking a volume of 2.13 million shares and RISCO gave up 5 fils to end at KD 0.325. The Energy House slipped 4 fils and Al Nawadi Holding Co followed suit. Jazeera Airways fell 5 fils whereas ALAFCO bucked the trend to close 5 fils higher.
On the upside, Gulf Cable rose 10 fils to KD 0.800 and Equipment Holding Co ticked 2 fils higher. 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.

Kuwait Food Co rallied 40 fils taking the month’s gains to 60 fils and NICBM added 4 fils with thin trading. Warba Insurance Co took in 2 fils. In the banking sector, National Bank of Kuwait was flat at KD 0.980 off early highs and saw a volume of 2.69 million whereas Gulf Bank rose 10 fils to KD 0.370. Commercial Bank paused at KD 0.670 whereas Al Ahli Bank was not traded during the session.

Ahli United Bank unchanged at KD 0.680 and Kuwait International Bank followed suit. Kuwait International 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 as compared to KD 4.24 million profit and earnings per share of 4.55 fils in the same period last year.
Kuwait Finance House gave up 10 fils to close at KD 0.800 with a volume of 3.52 million whereas Burgan Bank and Boubyan Bank were flat at KD 0.560 and KD 0.540 respectively. Kuwait Investment Co flunked 2 fils and International Financial Advisors fell 3 fils after trading 8.6 million shares. has chalked a net loss of KD 1.89 million and loss per share of 2.82 fils in the first quarter of 2014.

National Investment Co took in 2 fils and KIPCO held the ground steady at KD 0.730. Securities House Co eased 2 fils whereas Securities Group Co stagnated at KD 0.116. Bayan Investment added 5 fils on back of 3.2 million shares.  Noor Financial Investment Co eased 2 fils and Al Tamdeen Investment Co was down 5 fils at KD0.300 while Osoul Investment Co and Al Deera Holding clipped 1 fils each. National Real Estate Co and United Real Estate Co fell 2 fils each.  The bourse has been downbeat so far during the week and has shed 96 points in last two sessions. It has tumbled 165 pts from start of the month and is trading over 4 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Al Dar National Real Estate has incurred a net loss of KD 924,421 and loss per share of 2.25 fils in the quarter ending March 31, 2014 as against net profit of KD 12,566 and earnings per share of 0.03 fils in the same period last year. Metal and Recycling has recorded a net profit of KD 156,452 and earnings per share of 2.09 fils in the three-month period ending March 31, 2014, rebounding from a net loss of KD 54,285 and loss per share 0.72 fils in the Q1 of 2013. 

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.

By John Mathews
Arab Times Staff

By: John Mathews

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