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Kuwait bourse ends flat; volume recedes Agility gains 30 fils; NBK flat a

KUWAIT CITY, June 10: Kuwait stocks trod water Tuesday, after nudging higher in the previous session. The main index inched 0.49 pts higher to 7,253.07 points helped by a last minute uptick. The market sentiment was cautious even as some of the mid and small caps swung in both directions. The KSX 15 gauge rose 4.53 pts to 1,199.34 points taking the year’s gains to 148 points while weighted index ticked 0.49 points higher. The volume turnover meanwhile slipped for the second consecutive session. 123.63 million shares changed hands - a 3 pct fall from Monday. The sectors closed narrowly mixed. Healthcare outshone the rest with 1.26 percent rise whereas technology shed 1.13 pct, the biggest loser of the day. Volume wise, financial services dominated with 44.85 pct market share while real estate and oil and gas followed with 21.78 percent and 9.11 pct market shares respectively.

Among the prime movers, Kuwait National Cinema soared 60 fils while Gulf Glass Manufacturing Co climbed 40 fils to KD 0.620. Yiaco Medical gained 15 fils with thin trading while National Industries Group ticked 2 fils higher to KD 0.248. United Industries Co took in 2 fils while Kuwait Portland Cement was up 20 fils at KD 1.400. 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, up from KD 3.15 million net profit and earnings per share of 34.69 fils in the same period in 2013.  Telecom major Zain rose 10 fils to KD 0.680 on back of 3.84 million shares whereas Wataniya Telecom shed 20 fils erasing the gains in the previous session. Agility climbed 30 fils to KD 0.880 and the counter saw 2.79 million shares change hands.

Flat
The market opened flat and eased slightly in early trade. It continued to drift lower as sentiment weakened and hit the day’s lowest level of 7,224.02 points almost halfway into the session. It recovered thereafter and managed to barely claw back into the green at close. Top gainer of the day, Al Mudon International Real Estate Co spiked 10 pct to KD 0.110 while Amar Finance and Leasing Co jumped 8.77 pct to stand next. Kuwait Hotels Co slid 7.69 pct, the steepest decliner of the day and Gulf Finance House topped the volume with 18.9 million shares. Mirroring the day’s tepid mood, the market spread was almost even. 41 stocks advanced whereas 43 closed lower. Of the 133 counters active on Tuesday, 49 closed flat. 3,109 deals worth KD 21.76 million were transacted - a 24.79 pct drop from the day before.

Burgan Well Drilling Co was flat at KD 0.240 off early lows and Equipment Holding Co followed suit. 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.  IFA Hotels and Resorts Co held steady at KD 0.214 after trading in red earlier in the session and Jazeera Airways paused at KD 0.440. Kuwait Food Co (Americana) stagnated at KD 2.860 and is trading 20 fils higher from start of the month. Gulf Cables was unchanged at KD 0.780.

On the downside, Combined Group Contracting Co dived 40 fils to KD 1.100 and Kuwait Cement Co was down 20 fils. Oula Fuel Marketing Co and Future Communications Co Global fell 10 fils each while ALAFCO slipped 5 fils to settle at KD 0.260. National Investment Co took in 2 fils whereas KIPCO paused at KD 0.730. 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.

Lows
In the banking sector, National Bank of Kuwait was unchanged at KD 0.990 off early lows and saw a volume turnover of 1.33 million while Gulf Bank closed 5 fils higher at KD 0.360. Commercial Bank of Kuwait was flat at KD 0.670 and is down 70 fils from start of the year.  Al Ahli United Bank and Kuwait International Bank fell 10 fils and 5 fils respectively whereas Burgan Bank held the ground steady at KD 0.560. Al Ahli Bank was not traded during the day.  Boubyan Bank was unchanged at KD 0.540 and Kuwait Finance House pulled 10 fils lower. The bank has logged a net profit of KD 26.05 million and earnings per share of 6.12 fils in the three-month period ending March 31, 2014, as against over KD 23 million profit and earnings per share of 6.04 fils in the same period last year.

Bayan Investment Co and Sokouk Holding Co rose 1 fil each whereas Noor Financial Investment Co was flat at KD 0.128. Ekttitab Holding Co gave up 3 fils to end at 51 fils and Al Aman Investment Co flunked 2 fils.
National Real Estate Co rose 4 fils to KD 0.158 on back of over 4 million shares and Mabanee Co gained 20 fils to end at KD 1.060 recouping the drop in the previous session. Al Mazaya Holding closed flat. The bourse has been mixed so far during the week and has shed 85 pts in last three sessions. It has retreated 39 pts 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, Salhia Real Estate Company has won the approval of Capital Markets Authority to buy back or sell up to 10 percent of own shares over a period of 6 months  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.

By John Mathews
Arab Times Staff

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