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KSE ends 19.58 pts up in volatile trade United Projects Group soars 50 fils; Zain flat

KUWAIT CITY, June 9: Kuwait stocks chalked a modest rebound Monday, stemming the four-day decline. The price index climbed 19.58 points in volatile trade to 7252.58 pts helped by bargain buying in some of blue chips and mid-caps. The KSX 15 benchmark rose 3.1 pts to 1194.81 points trimming the month’s losses to 16 points while weighted index edged 1.62 pts up to 489 points. The volume turnover meanwhile pulled back after rising in the last three sessions. 127.58 million shares changed hands- a 27.12 pct drop from Sunday. The sectors closed mostly in the green. Healthcare outshone the peers with 1.25 percent rally while technology shed 0.73 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 43.58 pct while real estate and industrials followed with 24.97 pct and 15.15 percent respectively.

Among notable gainers, National Bank of Kuwait rose 10 fils on back of 1.56 million shares to close at KD 0.990 and Ahli United Bank was up by same measure to end at KD 0.680.  United Projects Group soared 50 fils to KD 0.650 while City Group climbed 25 fils with thin trading. Kuwait Food Co (Americana) was up 20 fils at KD 2.840 and is unchanged from start of the month.  Telecom major Zain was flat at KD 0.670 off early highs while Wataniya Telecom jumped 20 fils paring back the losses on Sunday. Agility shined with 20 fils on back of over 16.9 million shares and is up 40 fils from start of the month.

Negative
The market opened firm and nudged higher in early trade. The index failed to keep up the momentum and fell sharply as sentiment turned negative. It hit the day’s lowest level of 7199.27 pts half way into the session and rebounded in the second half to close with modest gains.
Top gainer of the day, Jeeran Holding rallied 9.26 pct to 59 fils while United Projects Group climbed 8.33 percent to stand next. Themar Holding tumbled over 9 percent, the steepest decliner of the day and Agility topped the volume with 16.9 million shares.
Reflecting the day’s upswing, the winners outnumbered the losers. 56 stocks advanced whereas 40 closed lower. Of the 133 counters active on Monday, 37 closed flat. 3453 deals worth KD 28.9 million were transacted - a 26.10 percent rise in value from the day before.
The market had witnessed sharp fall in the previous session amid fears of political unrest following the call by some opposition leaders for a gathering near parliament on Tuesday.
Hilal Cement gained 10 fils while Boubyan Petrochemicals Co was up 20 fils at KD 0.790. Gulf Cable closed 10 fils higher. 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.


 NICBM took in 2 fils and Equipment Holding Co followed suit to end at KD 0.124. Jazeera Airways was unchanged at KD 0.440 and ALAFCO followed suit to end at KD 0.265 off early highs. Burgan Well Drilling Co paused at KD 0.240.
ACICO Industries Co was flat at KD 0.365 and Kuwait Foundry Company too did not budge from its earlier close of KD 0.320. 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.
On the downside, Gulf Glass Manufacturing Co slid 30 fils to KD 0.580 and Kuwait Portland Cement shed 40 fils. National Industries Group edged 2 fils lower. The company has clocked a net profit KD 5.044 million and earnings per share of 4 fils in the first quarter of 2014.


Slipped
KIPCO slipped 10 fils to KD 0.730 and Securities Group Co was down 4 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 have recommended a cash dividend of 10 % or 10 fils per share.
In the banking sector, Gulf Bank eased 5 fils to KD 0.355 and Commercial Bank of Kuwait was down 10 fils at KD 0.670. Kuwait Finance House held steady at KD 0.800 while Al Ahli Bank of Kuwait was not traded during the session. Boubyan Bank was up 10 fils at KD 0.540.
Kuwait International Bank added 5 fils and Burgan Bank gained 10 fils on back of over 4 million shares. 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.
National Investment Co eased 4 fils to KD 0.144 and Noor Financial Investment fell 2 fils. International Financial Advisers inched 1 fils lower and KMEFIC followed suit. Securities House rose 3 fils with a volume of 6.4 million shares and Bayan Investment Co closed flat.
United Real Estate dropped 6 fils to KD 0.100 and National Real Estate Co gave up 2 fils to end at KD 0.154. Mabanee Co pulled 20 fils lower to KD 1.040 whereas Al Mazaya Holding Co paused at KD 0.116.
The bourse has been mixed so far during the week and has shed 85 pts so far during the week. It has retreated 39 pts so from start of the month and is trading 3.93 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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