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Photo shows investors at KSE trading floor. The bourse extended gains on Wednesday.
KSE extends gains as volume rebounds Mabanee Co soars 60 fils; Gulf Bank slips

KUWAIT CITY, May 28: Kuwait stocks revved up Wednesday after posting a modest rebound in the previous session. The benchmark index climbed 32.62 points helped by a last minute spurt in buying and wound up at 7291.09 points. Some of the mid and small caps shined whereas the banks closed mixed. The KSX 15 gauge jumped 13.07 pts to 1208.68 points taking the month’s gain to 7 pts while weighted index was up 3.85 pts. The volume turnover meanwhile swung higher after receding in the day before. 183.19 million shares changed hands — a 24.55 pct increase from Tuesday.  The sectors closed mostly in the positive territory. Consumer goods outshone the peers with 1.44 pct gain whereas parallel market shed 1.37 percent, the biggest loser of the day. In terms of volume, real estate dominated with over 50 percent market share while financial services came next with 25.34 percent contribution.

Among notable gainers, Mabanee Co surged 60 fils to KD 1.120 extending the gains in the day before while Kuwait Food Co (Americana) and Jazeera Airways rose 20 fils each. IFA Hotels and Resorts climbed 10 fils to KD 0.216 with thin trading and Gulf Cable followed suit. Shuaiba Industrial Co gained 25 fils while Kuwait Portland Cement was up 20 fils at KD 1.420. The company has posted a net profit of KD 4.77 million and earnings per share of 52.49 fils in the quarter ending March 31, 2014, up from KD 3.15 million net profit and earnings per share of 34.69 fils in the same period in 2013.  Telecom sector bellwether Zain rose 10 fils to KD 0.680 on back of 5.6 million shares whereas Wataniya Telecom held the ground unchanged at KD 1.720 off early highs. Agility climbed 20 fils to KD 0.810 extending the gains in the previous session and has soared 120 fils year-to-date.

Flat
The market opened flat and moved sideways in early trade. The index edged higher amid buying in select counters almost half way into the session but sagged thereafter as sentiment turned weak. It drifted listlessly before swinging higher at close.  Top gainer of the day, Shuaiba Industrial Co spiked 10 percent to KD 0.275 while Al Rai rose 8.62 percent to stand next. Pearl of Kuwait Real Estate Co tumbled 11.36 pct, the steepest decliner of the day, and Investors Holding Group topped the volume with 57.57 million shares. Reflecting the day’s gain, the market spread was slightly skewed towards the winners. 51 stocks advanced whereas 41 closed lower. Of the 127 counters active on Wednesday, 35 closed flat. 3770 deals worth KD 33.43 million were transacted - over 70 percent surge in value from the day before.

National Industries Group took in 2 fils with volume of 3.47 million while Equipment Holding Co added 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.  ACICO Industries rose 5 fils to KD 0.330 and ALAFCO followed suit to wind up at KD 0.260. Al Nawadi Holding closed 6 fils higher with thin trading volume and Kuwait Gulf Links inched 1 fils up. Gulf Franchising Holding Co gained 4 fils and United Industries Co ticked 2 fils up. KAMCO rose 4 fils to KD 0.110 whereas KIPCO closed flat. The company has recorded a net profit of KD 10.297 million and earnings per share of 7.14 fils in the three-month period ending March 31, 2014, climbing from KD 8.566 million profit and earnings per share of 6.04 fils in the 2013 Q1. In the banking sector, National Bank of Kuwait climbed10 fils on back of 7.29 million share and wound up at KD 1.000 whereas Gulf Bank gave up 5 fils to settle at KD 0.360. Commercial Bank of Kuwait was down 10 fils erasing the gains on Tuesday.

Paused
Al Ahli Bank fell 5 fils whereas Burgan Bank paused at KD 0.560. 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 International Bank gained 5 fils after clocking a volume of over 1 million whereas Ahli United Bank held the ground steady at KD 0.680 off early highs. Kuwait Finance House rose 10 fils whereas Boubyan Bank was unchanged at KD 0.540. Kuwait Investment Co rose 6 fils whereas National Investment Co was flat at KD 0.150. Al Madina for Finance and Investment stagnated at 36 fils. The company has incurred first net loss of KD 7.09 million and loss per share of 18.21 fils in the January-March period, widening from KD 1.52 million loss and loss per share of 3.97 fils in the corresponding period in 2013.  Securities Group Co took in 2 fils and Bayan Investment followed suit. Noor Financial Investment Co and Ektittab Holding Co slipped 2 fils each whereas Kuwait Financial Centre was unchanged at KD 0.142. National Real Estate Co added 4 fils on back of over 2 million shares whereas Ajial Real Estate and Entertainment Co clipped 4 fils. Commercial Real Estate Co nudged 2 fils up and Al Mazaya Holding Co closed 4 fils higher.

The bourse has been mixed so far during the week and has shed 55 points in last four sessions. It has dived 116 pts from start of the month and is trading over 3.42 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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