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KSE kicks off month with 30.04 pts gain Kuwait Foundry climbs 25 fils; Zain slips

KUWAIT CITY, June 1: Kuwait stocks pulled higher as it kicked off the month on a positive note. The bourse rose 30.04 pts to 7321.12 pts extending the gains to third consecutive session. Some of the mid and small caps shined whereas the heavyweights closed mixed. The market sentiment was largely cautious even as investors look for direction.  The KSX 15 benchmark slipped over 7 pts to 1201.61 pts trimming the year’s gains to 149 pts while weighted index inched 0.9 pts lower. The volume turnover meanwhile dropped to hit a three-week low. 138.38 million shares changed hands — a 5.46 percent fall from the last session.

The sectors meanwhile closed mostly in the positive territory. Oil and gas outshone the rest with 1.76 pct gain whereas consumer services slipped 0.59 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 35.11 pct while real estate and bank trailed with 24.54 percent and 16.10 pct respectively. Among notable gainers, Kuwait Foundry Co climbed 25 fils to KD 0.330 and Kuwait Food Co ( Americana) was up 20 fils extending an identical rise in the previous session. Gulf Glass Manufacturing Co too gained 20 fils while Kuwait Building Materials Manufacturing company added 10 fils. Contracting and Marine Services Co rose 10 fils and ACICO Industries Co followed suit to wind up at KD 0.340. 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.

Bourse heavyweight, Zain retreated 10 fils erasing the gains in the previous session whereas Wataniya Telecom was down 10 fils at KD 1.740. Agility gained 10 fils on back of 1.27 million shares and is trading 60 fils higher year-to-date.

Firms
The market opened firm and swung higher in early trade. The index continued to rise and peaked at 7331.13 points almost half way into the session and sagged thereafter as sentiment weakened. It moved sideways for most part of the second half before closing with modest gains. Top gainer of the day, Kuwait Foundry Co soared 8.2 percent to KD 0.330 and Pearl of Kuwait climbed 7.6 percent to stand next. National Cleaning Co slid 7.81 pct, the steepest decliner of the day, and National Bank of Kuwait topped the volume with 13.53 million shares.  Mirroring the day’s gains, the market spread was skewed towards the losers. 59 stocks advanced whereas 33 closed lower. Of the 129 counters active on Sunday, 37 closed flat. 3564 deals worth KD 29.40 million were transacted — a 12 percent drop in value from the previous session.

The Boubyan International Industries Holding Co rose 7 fils on back of 6.18 million shares and Al Rai Media was up 4 fils. Gulf Petroleum Investment Co and Gulf Franchising Holding Co took in 2 fils each. Kuwait Cement Co was flat at KD 0.430 and IFA Hotels and Resorts too did not budge from its earlier close of KD 0.216. National Industries Group held steady at KD 0.250 after vacillating in a tight range. 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. On the downside, Gulf Cables slipped 10 fils and Kuwait Portland Cement shed 40 fils. 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.

Jazeera Airways shed 15 fils whereas ALAFCO gave up 5 fils to close at KD 0.255. United Industries Company stagnated at KD 0.130. The company has won the Capital Markets Authority approval to the company’s request to buy back or sell up to 10% of own shares over a period of 6 months.
Combined Group Contracting Co slid 20 fils to KD 1.140 and Mashaer Holding Co was down 4 fils at KD 0.190. Jeeran Holding Co eased 3 fils to 60 fils.
 

Slipped
In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.990 erasing the gains in last session whereas Gulf Bank was up 5 fils at KD 0.365.  Commercial Bank rose 10 fils to KD 0.680 with thin trading. Ahli United Bank was flat at KD 0.680 whereas Al-Ahli Bank of Kuwait was up 5 fils at KD 0.425. The bank has got the nod from Central Bank of Kuwait to extend its approval to buy back or sell up to a maximum of 10% of its shares for another 6 months.  Kuwait International Bank clipped 5 fils whereas Burgan Bank pared back early losses to close flat at KD 0.560. Kuwait Finance House slipped 10 fils after clocking a volume of 2.48 million whereas Boubyan Bank was unchanged at KD 0.540.  Kuwait Investment Co fell 4 fils to KD 0.158 whereas Commercial Facilities Co rose 5 fils to KD 0.275. International Financial Advisors eased 2 fils on back of 4.17 million shares whereas National Investment Co and KIPCO were unchanged at KD 0.150 and KD 0.730 respectively.

Securities Group climbed 4 fils while Osoul Investment and Bayan Investment were up 2 fils and 1 fils respectively. KAMCO stagnated at KD 0.110 whereas Noor Financial Investment Co ticked 2 fils lower.
The bourse was mixed during last week. It closed lower in 2 of the 4 session and shed 55 points week-on-week. It has retreated 116 pts during whole of May 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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