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Kuwait bourse extends upswing to fourth day Agility rallies 30 fils; Americana dips

KUWAIT CITY, June 2: Kuwait stocks swung higher Monday, extending the gains to fourth straight session. The price index climbed 49.46 points to 7,370.59 pts helped by speculative buying in select counters. Banks and other heavyweights closed mixed. The KSX 15 benchmark rose 3.62 pts to 1,205.23 points taking the year’s gains to 153 pts while weighted index nudged 1.05 pts higher. The volume turnover meanwhile rebounded after hitting a multi-week low in the previous session. 192.17 million shares changed hands, a 38.78 percent jump from previous session. The sectors closed mostly in green. Technology outshone the rest with 3.46 percent jump whereas telecommunications slipped 1.39 pct, the biggest loser of the day. Volume wise, financial services accounted for the highest market share of 34.69 percent while real estate and oil and gas followed with 28.28 pct and 12.83 percent respectively. Among sharp movers, Jazeera Airways rose 15 fils to KD 0.450 recouping the loss in the previous session while Kuwait Building Materials added 10 fils. NICBM climbed 8 fils to KD 0.220 and National Industries Group was up 5 fils at KD 0.255.

Slumped
Telecom major Zain fell 10 fils to KD 0.660 extending the losses on Sunday and Wataniya Telecom slumped 40 fils. Agility rallied 30 fils on back of 3.61 million shares and is trading 160 fils higher from start of the year.  Independent Petroleum Group and ALAFCO rose 5 fils each while. United Industries Group closed 6 fils higher.  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. The market opened firm and edged higher in early trading. The bourse continued to rise amid buying in select counters and flattened almost after 90 minutes into the session. It moved sideways for most part of the second half and peaked at 7,371.65 pts in the final minutes before closing with hefty gains.

Top gainer of the day, Safat Real Estate Co climbed over 7 percent to 38 fils while KBMMC jumped 6.25 pct to stand next. Gulf Finance Company slid 5.33 percent, the steepest decliner of the day and Safat Energy Holding Company topped the volume with 17.49 million shares.  Mirroring the day’s upswing, the winners vastly outnumbered the losers. 62 stocks advanced whereas 26 closed lower. Of the 125 counters active on Monday, 37 closed flat. 4,514 deals worth KD 33.66 million were transacted, a 14.50 percent rise in value from the day before.  The Energy Hose gained 5 fils and Safwan Trading and Contracting Co was up by same measure. Kuwait Foundry Company fell 5 fils to KD 0.325. The company has won the approval of Capital Markets Authority’s to buy back or sell up to a maximum of 10% of its shares for 6 months. Kuwait Gulf Links was unchanged at 92 fils whereas ACICO Industries was down 10 fils at KD 0.330. 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.

Warba Insurance Co rose 8 fils to KD 0.140 and KIPCO rallied 20 fils on back of 1.3 million shares. 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 On the downside, Kuwait Food Co (Americana) shed 20 fils to close at KD 2.840 while Al Nawadi Holding Co was down 6 fils at KD 0.132. Automated Systems Co slid 25 fils to KD 0.425 and United Projects Group dropped 20 fils.  Combined Group Contracting Co was flat at KD 1.140 and Kuwait Portland Cement Co followed suit . 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. Gulf Cables paused at KD 0.800.
In the banking sector, Gulf Bank fell 5 fils to KD whereas National Bank of Kuwait held steady at KD 0.900 off early highs. 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.

Unchanged
Al Ahli Bank rose 5 fils to KD 0.430 while Ahli United Bank and Kuwait International Bank were unchanged at KD 0.680 and KD 0.310 respectively. Burgan Bank paused at KD 0.560 after trading over 13 million shares and Boubyan Bank too did not budge from its earlier close of KD 0.540. Kuwait Investment Co took in 2 fils while Commercial Facilities Co added 5 fils. National Investment Company was unchanged at KD 0.150. Kuwait Financial Centre rose 4 fils to KD 0.146. Bayan Investment nudged 2 fils higher.  Bayan Investment edged 2 fils higher while Osoul Investment was muted at 78 fils, Al Deera Holding Co and Sokouk Holding inched 1 fils up. Noor Financial Investment Co and Al Tamdeen Investment Co were up 5 fils each and Mabnaee Co shed 20 fils. National Real Estate Co was flat at KD 0.158.

The bourse has been upbeat so far during the week and has gained almost 80 pts in last two session. It had dropped 116 pts during whole of May and is trading over 2.47 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

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