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Kuwait index extends losses, drops 23.81 pts Mabanee dives 40 fils; Americana up

KUWAIT CITY, June 4: Kuwait stocks pulled lower Wednesday after easing slightly in the previous session. The price index dropped 23.81 points to 7,344.59 pts weighed by selling in select counters. Some of the mid and small caps saw marginal to moderate losses whereas the banks closed mostly flat. The KSX 15 benchmark, which recently saw reshuffle in the constituent companies, inched 0.49 pts lower to 1,207.63 points whereas the weighted index fell 0.27 points to settle at 493.66 pts. The volume turnover meanwhile rebounded from the multi-month low in the previous session.  The sectors closed mostly in the red. Basic materials outshone the rest with 0.73 percent gain whereas consumer goods slid 0.91 pct, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 46.60 percent while real estate and banks followed with 27.87 pct and 10.49 percent respectively.

Among sharp fallers, Mabanee Co dived 40 fils to KD 1.060 while City Group and Kuwait Company For Process Plant Construction were down 25 fils each to end at KD 0.420 and KD 0.265 respectively. IFA Hotels and Resorts fell 10 fils and Yiaco Medical Co followed suit.  Telecom major Zain climbed 10 fils on back of over 3 million shares whereas Wataniya Telecom shed 20 fils to end at KD 1.680. Agility pared back slightly early losses to end flat at KD 0.870 and is trading 180 fils higher year-to-date. The market opened weak and edged lower in early trade. It continued to head south as sentiment turned negative and hit the day’s lowest level of 7320.18 points in the final minutes. However clawed back some of the losses at close.

Top gainer of the day, Qurain Holding Co climbed 6.56 percent to 32.5 fils and Al Eid rose 5.56 pct to stand next. KCPC slid 8.62 percent, the steepest decliner of the day and Gulf Finance House topped the volume with over 12 million shares changing hands.  Mirroring the day’s decline, the market spread was skewed towards the losers. 31 stocks advanced whereas 53 closed lower. Of the 132 stocks active on Wednesday, 48 closed flat. 3,329 deals worth KD 19.72 million were transacted - a marginal 0.93 pct rise in value from the day before.  On the upside, Kuwait Portland Cement gained 20 fils and Kuwait Food Co (Americana) too was up by same measure. Boubyan Petrochemical Co added 10 fils and ACICO Industries was up 5 fils at KD 0.360. Future Communications Co Global rose 4 fils to KD 0.162.

Kuwait Cement Co was flat at KD 0.430 and National Industries Group followed suit to end at KD 0.250. 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 NICBM was unchanged at KD 0.216 and United Industries Group too held steady 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. Kuwait Gulf Links paused at 92 fils and Equipment Holding Co too stagnated at KD 0.128. 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, falling sharply from KD 2.52 million profit and earnings per share of 18.50 fils in the year before period.  National Real Estate Co took in 2 fils whereas United Real Estate Co gave up 2 fils to end at KD 0.108. Salhia Real Estate Company closed flat. The company has logged a net profit of KD 2.555 million and earnings per share of 5.2 fils in the three-month period ending March 31, 2014.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.900 after trading 3.92 million shares and Gulf Bank too did not budge from its earlier close of KD 0.360. Commercial Bank paused at KD 0.680
Ahli United Bank was steady at KD 0.680 and Al-Ahli Bank of Kuwait followed suit. 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 was unchanged at KD 0.310 and Burgan Bank added 10 fils. Kuwait Finance House slipped 10 fils with a volume of 2.97 million shares. Boubyan Bank pared back slight early losses to close flat at KD 0.540.

Kuwait Investment Co dropped 4 fils to KD 0.156 and Commercial Facilities Co shed 10 fils. International Financial Advisers ticked 1 fil lower and National Investment Co edged 2 fils down. KIPCO was flat at KD 0.740 and Kuwait Financial Centre (Markaz) was up 4 fils at KD 0.150. Bayan Investment Co and Osoul Investment fell 3 fils and 2 fils respectively while Sokouk Holding closed 1 fil lower. Noor Financial Investment shed 4 fils extending the losses from day before. The bourse has been mixed so far during the week and has shed 55 pts in last four sessions. It had retreated 116 pts during whole of May and is trading 2.71 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Al-Enmaa Real Estate Co has clocked a profit of KD 1.933 million and earnings per share of 4.29 fils in the six-months period ending April 30, 2014, soaring from KD 939,377 profit and _ earnings per share of 2.09 fils in the same period last year.  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.

By John Mathews
Arab Times Staff

By: John Mathews

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