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KSE nudges slightly lower; volume shrinks Hilal Cement dives 30 fils; Zain gains

KUWAIT CITY, June 3: Kuwait stocks nudged lower Tuesday, snapping the four-day advance. The main index pared steeper earlier losses to close 2.19 points lower at 7,368.4 pts. The market sentiment was markedly cautious even as shares closed mixed. The banks however remained muted. The KSX 15 benchmark rose 2.38 pts to 1,208.12 points taking the year’s gains to 156 points while weighted index inched 0.7 points up. The volume turnover meanwhile sank to a multi-month low after the surge in the day before. 105.18 million shares changed hands — a 45.26 pct drop from Monday.  The sectors closed mixed. Insurance outperformed the rest with 0.84 percent rise whereas consumer goods dipped 0.55 pct, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 40.68 percent while real estate and oil and gas followed with 23.01 percent and 8.21 pct respectively.  Among notable movers, Hilal Cement dived 30 fils to KD 0.194 while Kuwait Hotels Co shed 14 fils. Kuwait Company For Process Plant Construction and Contracting fell 15 fils and United Industries Co was down 6 fils at KD 0.130 erasing the gains in the previous session.  Bourse heavyweight Zain rose 10 fils to KD 0.670 on back of 1.9 million shares whereas Wataniya Telecom held the ground steady at KD 1.700. Agility climbed 20 fils to KD 0.870 extending the gains on Monday.

Upside
On the upside, ACICO Industries Co climbed 20 fils to KD 0.355 and Combined Group Contracting Co followed suit to wind up at KD 1.160. Jazeera Airways rose 5 fils to KD 0.455 and ALAFCO followed suit to end at KD 0.265. City Group and Safwan Trading and Contracting Co gained 25 fils each. The market opened weak and edged down in early trade. The price index continued to drift lower amid negative sentiment and bottomed at 7,335.88 pts almost half-way into the session. It clawed back most of the losses in the second half and closed almost unchanged.  Top gainer of the day, Al Eid Food Co spiked 12.5 percent to 90 fils and Securities Group Co climbed 8.2 pct to stand next. The company has posted a net profit of KD 3.39 million and earnings per share of 13.31 fils in the January-March period of 2014 and the Board of Directors has recommended a cash dividend of 10 % or 10 fils per share. 

Hilal Cement plunged 13.39 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 8.2 pct rise.  Despite the day’s marginal fall, the winners slightly outnumbered the losers. 39 stocks advanced whereas 35 closed lower. Of the 129 counters active on Tuesday, 55 closed flat. 3,039 deals worth KD 19.53 million were transacted - a 41.97 pct drop in value from the previous session. NICBM slipped 4 fils to KD 0.216 while National Industries Group was down 5 fils at KD 0.250. The company has clocked a net profit KD 5.044 million and earnings per share of 4 fils in the first quarter of 2014, up from KD 4.732 million and earnings per share of 3.7 fils in the same period last year.  Kuwait Portland Cement was flat at KD 1.380 and Gulf Cable too did not budge from its earlier close of KD 0.800. 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.  Equipment Holding Co was unchanged at KD 0.128 and Kuwait Gulf Links too held steady at 92 fils and has retreated 8 fils from start of the year. Kuwait Food Co (Americana) paused at KD 2.840 after pulling lower in the previous session.

Slipped
KIPCO slipped 10 fils to KD 0.740 whereas Bayan Investment and Osoul Investment Co flunked 1 fil each. Osoul 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. In the banking sector, National Bank Of Kuwait was flat at KD 0.990 and Gulf Bank followed suit to end at KD 0.360. Commercial Bank and Al Ahli Bank were not traded during the session. Ahli United Bank was steady at KD 0.680 off early lows. Kuwait International Bank vacillated in a tight range before closing flat at KD 0.310 and Burgan Bank too did not budge from its earlier close. 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 Finance House stagnated at KD 0.820 off early lows and Boubyan Bank too did not budge from its earlier close of KD 0.540.

International Financial Advisers gave up slight early gains to close flat at 59 fils and National Investment Co too was unchanged at KD 0.150. KMEFIC took in 2 fils and KAMCO was up by same measure to close at KD 0.112. Al Deera Holding inched 1 fil up to close at 34 fils. The bourse has been largely positive so far during the week and has climbed 78 pts in last three sessions. It had dropped 116 pts during whole of May and is trading 2.4 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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