RSS
 Add News     Print  
Article List
Kuwait charts modest rebound; volume slips Kout Food spikes 50 fils; Wataniya Telecom dips

KUWAIT CITY, May 27: Kuwait stocks nudged higher Tuesday, stemming the five-day decline. The price index climbed 15.71 pts in wavy trade to close at 7258.47 points. Most of the blue chips shined while speculative buying was seen in some of the mid and small caps. The sentiment was cautious even as investors eye catalysts to lift the trading. The KSX 15 benchmark rose 13.7 pts to 1195.61 pts taking the year’s gains to 143 points while weighted index was up 3.16 points. The volume turnover meanwhile receded after rebounding sharply in the previous session. 147.07 million shares changed hands- a 16.70 pct drop from Monday. The sectors closed mostly in the green. Parallel market out paced the peers with 1.25 percent gain whereas technology dropped 0.49 pct- the worst performer of the day. In terms of volume, real estate garnered the highest market share of 43.93 pct and financial services came next with 43.93 percent. Banks was a distant third with 7.34 percent contribution. Among prime movers, Kout Food Group spiked 50 fils to KD 0.890 and Kuwait National Cinema Co was up by same measure. Mabanee Co climbed 20 fils recouping the losses in the previous session and Boubyan Petrochemical Co followed suit to end at KD 0.780.

Rose
Kuwait Finance House rose 10 fils on the back of 1.36 million shares and sector bellwether National Bank of Kuwait was up by same measure to end at KD 0.990. The lender 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.  Telecom major Zain climbed 20 fils to KD 0.670 whereas Wataniya Telecom slid 40 fils and is trading 80 fils lower from start of the month. Agility recouped the losses on Monday with 30 fils rebound and the counter saw 1,45 million shares change hands.  The market opened firm and edged higher in early trade. The key index held above the opening mark helped by buying in select counters but pulled lower past the mid-session. It troughed at 7233.4 points before bouncing back to close with modest gains.

Top gainer of the day, Ajwan Gulf Real Estate Co soared 10 percent to 55 fils whereas Pearl of Kuwait Real Estate Co climbed 7.32 percent to stand next. Investors Holding Group tumbled 8.57 percent, the steepest decliner of the day, and stock also topped the volume with over 33 million shares changing hands.  Mirroring the day’s upswing, the losers outnumbered the winners. 43 stocks advanced whereas 29 closed lower. Of the 119 counters active on Tuesday, 47 closed flat. 3483 deals worth KD 19.65 million were transacted - a 13.49 pct drop in value from the day before.  Mashaer Holding Co rose 6 fils to KD 0.196 and ACICO Industries Co was up 5 fils at KD 0.325. 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.Kuwait Resorts Co and Jeeran Holding Co both added 2 fils while Al Nawadi Holding Co closed 4 fils higher.

Kuwait Foundry Co was unchanged at KD 0.305 and National Industries Group too did not budge from its earlier close of KD 0.248. The company has posted a first quarter net profit of KD 5.044 million and earnings per share of 4 fils.  ALAFCO was flat at KD 0.255 and Gulf Cable and Electrical Ind. Co followed suit. The company has chalked a net profit of KD 6.801 million and earnings per share of 32 fils in the January-March period, soaring from net profit of KD 2.351 million earnings per share of 11 fils in the Q1 of 2013.
In the banking sector, Commercial Bank of Kuwait rose 10 fils to KD 0.680 whereas Gulf Bank gave up 5 fils to end at KD 0.365. Ahli United Bank held steady at KD 0.680 off early highs whereas Al Ahli Bank was not traded during the session.

Stagnated
Kuwait International Bank stagnated at KD 0.310 and Burgan Bank too did not move in either direction. Boubyan Bank was unchanged at KD 0.540. Kuwait Investment Co was flat at KD 0.156 and KIPCO followed suit with a volume of over 1 million shares. First Investment Co took in 2 fils and Bayan Investment Co inched 1 fils up to close at 81 fils. KFIC gained 4 fils whereas KAMCO pulled 6 fils lower to settle at KD 0.106. Osoul Investment Co paused at 76 fils . The company has chalked a net profit of KD 91,915 and earnings per share of 0.49 fils in the first three months of 2014, down from KD 149,222 profit and earnings per share of 0.79 fils in the year before period.


Noor Financial Investment rose 4 fils with thin volume while Sokouk Holding closed flat. Bayan Investment Co ticked 1 fils higher. 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.  United Real Estate fell 2 fils to KD 0.108 and National Real Estate Co was steady at KD 0.152. Al Mazaya Holding gave up 4 fils to close at KD 0.122. The bourse has been largely negative so far during the week and has retreated 81 points in last three sessions. It has tumbled 150 pts from start of the month and is trading over 3.86 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

Read By: 2253
Comments: 0
Rated:

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