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Kuwait bourse sheds 7.22 pts in wavy trade Burgan Bank slips 10 fils; Zain flat

KUWAIT CITY, June 5: Kuwait stocks edged lower Thursday to end week on a dull note. The main index slipped 7.22 pts in wavy trading to 7337.37 points extending the losses to third consecutive day. The modest fall was paced by some of the banks and select stocks even as sentiment remained negative.
The KSX 15 benchmark slipped 3.77 pts to 1203.86 points and has retreated 7 pts from start of the month while weighted index inched 1.45 pts lower. The volume turnover meanwhile continued to rise for the second straight session. 151.46 million shares changed hands — 18.26 percent jump from Wednesday.
The sectors closed mixed. Consumer goods dominated with 0.85 pct upswing whereas banks dived 0.98 percent, the biggest loser of the day. In terms of volume, financial services accounted for the biggest market share of 56.43 pct while real estate and banks trailed far behind with 27.60 pct and 4.51 percent contributions respectively.
Among the losers, Combined Group Contracting Co shed 20 fils to KD 1.140 and Jazeera Airways was down 10 fils at KD 0.445. Kuwait Hotels Co gave up 10 fils and Ajial Real Estate followed suit to close at KD 0.200. Hilal Cement slipped 8 fils to KD 0.180.
Ahli United Bank fell 10 fils to KD 0.670 and Burgan Bank was down by same measure. 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.
Bourse heavyweight Zain pared back slight early losses to close unchanged at KD 0.680 with a volume of 2.43 million while Wataniya Telecom climbed 20 fils to KD 1.700 and is trading 60 fils lower year-to-date. Agility was down 20 fils at KD 0.850.


Weak
The market opened weak and edged lower in early trade. The index continued to retreat amid selling in select counters and hit the day’s lowest level of 7316.4 pts almost half way into the session. It moved sideways thereafter and managed to claw back most of the losses in the final minutes.
Top gainer of the day, Kuwait Building Materials Manufacturing Co spiked 11.11 pct to 200 fils and Al Themar International Holding Co climbed 10 percent to stand next. Kuwait Hotels slid 7.14 pct, the steepest decliner of the day and Kuwait Business Town Real Estate Co topped the volume with 22.87 million shares.
Mirroring the day’s drop, the losers outnumbered the winners. 43 stocks advanced whereas 60 closed lower. Of the 144 counters active on Thursday, 41 closed flat. 3758 deals worth KD 17.52 million were transacted — an 11.14 pct fall from the day before.
Among other decliners, Al Nawadi Holding Co shed 8 fils and Gulf Cable was down 10 fils at KD 0.790. 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.
United Industries Group slipped 6 fils to KD 0.124 and National Industries Group eased 2 fils. 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.
Contracting and Marine Services Co dropped 8 fils to KD 0.138 Kuwait Gulf Links inched 1 fils lower to 91 fils. NICBM fell 2 fils to 214 fils whereas Kuwait Cement Co closed flat.
On the upside, Kuwait Portland Cement rose 20 fils to KD 1.420 and Kuwait Foundry Company was up 5 fils at KD 0.330. 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.


Gained
ACICO Industries gained 10 fils and Kuwait Co For Process Plant Construction and Contracting Co jumped 25 fils. IFA Hotels and Resorts rose 10 fils with thin trading and RISCO closed 5 fils higher. ACICO Industries was up 10 fils at KD 0.370.
In the banking sector, National Bank of Kuwait was flat at KD 0.990 after trading 2.45 million shares and Gulf Bank fell 5 fils to KD 0.355. Commercial Bank of Kuwait was unchanged at KD 0.680 and Al Ahli Bank followed suit.
Kuwait International Bank slipped 5 fils to KD 0.305 and Kuwait Finance House pared back early losses to close flat at KD 0.810. Boubyan Bank was down 10 fils at KD 0.530.
Kuwait Investment Co climbed 4 fils to KD 0.160 and National Investment Co ticked 2 fils higher. KIPCO was flat at KD 0.740 off early lows and KAMCO followed suit. Bayan Investment and Kuwait Financial Centre too paused at 82 fils and 150 fils respectively.
Osoul Investment and Al Qurain Holding were steady at 77 fils and 35 fils respectively. Securities Group Co gained 8 fils. 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.


The bourse has been mixed during the week. It closed lower in three of the five sessions and has gained 46 pts week-on-week. 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

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