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Kuwait bourse rises 25.82 pts, KFH leads Mabanee Co up 20 fils; Zain slips

KUWAIT CITY, June 11: Kuwait stocks pulled higher Wednesday, after flat lining in the previous session. The price index, after a tame start, climbed 25.82 pts to 7278.89 points helped by buying in select counters. Kuwait Finance House shined whereas other heavyweights closed mostly lower. The market mood was cautiously positive even as the gathering called by some of the opposition leaders on Tuesday went off peacefully.  The KSX 15 gauge eased 2.42 pts to 1196.92 points taking the month’s losses to 14 points while weighted index inched 0.53 pts up. The volume turnover meanwhile rebounded after receding in the last two days. 164.77 million shares changed hands - a 33.27 pct jump from Tuesday.  The sectors closed mostly in green. Real estate outpaced the rest with 1.36 pct rise whereas telecommunications shed 1.14 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 47.24 percent while real estate and oil and gas trailed far behind with 20.53 percent and 8.78 pct respectively.  Among prominent gainers, Kuwait Finance House rallied 20 fils on back of 3.82 million shares and Mabanee Co was up by same measure to wind up at KD 1.080. Kuwait Cement Co added 5 fils and ACICO Industries Co followed suit. Boubyan Petrochemical Co rose 10 fils to KD 0.800.

Steady
Sector bellwether, Zain fell 10 fils to KD 0.670 whereas Wataniya Telecom held the ground steady at KD 1.680 with thin trading. Agility shed 30 fils erasing the gains on Tuesday and the counter saw 2.51 million shares change hands. The market opened firm but eased slightly in early trade. The market continued to drift as sentiment turned weak and hit the day’s lowest level of 7247.71 pts almost an hour into the session. It clawed back thereafter and peaked at 7286.49 pts in the final minutes before trimming gains slightly at close. Top gainer of the day, Flex Resorts and Real Estate Co climbed 7.84 percent to 55 fils while Safat Real Estate Co rose over 7 percent to stand next. Kuwait Cable Vision Co slumped 10.64 pct, the steepest decliner of the day and Gulf Finance House topped the volume with over 26 million shares changing hands.
Reflecting the day’s upswing, the market spread was skewed towards the gainers. 58 stocks advanced whereas 32 closed lower. Of the 133 counters active on Wednesday, 43 closed flat. 4229 deals worth KD 21.33 million were transacted — a marginal 1.99 pct fall in value from the day before.

Shuaiba Industrial Co climbed 10 fils to KD 0.285 while Equipment Holding Co and the Energy House Co took in 2 fils each. Jeeran Holding was up 3 fils at 63 fils whereas NICBM was unchanged at KD 0.216.
On the downside, Gulf Glass Manufacturing Co tumbled 50 fils wiping off the strong gains in the previous session while Combined Group Contracting Co shed 20 fils. National Industries Group ticked 2 fils lower to KD 0.246 after clocking a volume of over 1 million shares.  Mashaer Holding and Oula Fuel Marketing Co slipped 6 fils each while ALAFCO gave up 5 fils to settle at KD 0.255. Contracting and Marine Services Co edged 2 fils lower to KD 0.130.

Jazeera Airways was unchanged at KD 0.440 and Gulf Cable followed suit. The company has chalked a net profit of KD 6.801 million and earnings per share of 32 fils in the January-March period. Kuwait Food Co ( Americana) was flat at KD 2.860 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. National Real Estate eased 2 fils to KD 0.156 whereas Salhia Real Estate Company paused at KD 0.370. Mabanee Co rose 20 fils extending an identical gain in the previous session.

Paused
Kuwait Financial Centre shed 8 fils to end at KD 0.142 whereas Osoul paused at 75 fils. The company 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 slipped 10 fils to KD 0.980 and Gulf Bank fell 5 fils to KD 0.355. Commercial Bank of Kuwait was unchanged at KD 0.670 whereas Al Ahli Bank was not traded during the session.  Ahli United Bank eased 10 fils to KD 0.660 whereas Kuwait International Bank paused at KD 0.305.The bank has chalked a net profit of KD 5.037 million and earnings per share of 5.39 fils in the first quarter of 2014 as compared to KD 4.24 million profit and earnings per share of 4.55 fils in the same period last year.

Burgan Bank was unchanged at KD 0.560 off early lows whereas Kuwait Finance House gained 20 fils on back of 3.82 million shares. Boubyan Bank was flat at KD 0.540 after trading in red earlier in the session.
Kuwait Investment Co and National Investment Co rose 2 fils each and International Financial Advisers too was up 2 fils on back of over 7 million shares. KMEFIC inched 1 fils higher to 50 fils.  The bourse has been mixed so far during the week and has retreated 59 pts in last four sessions. It has slipped 13 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% 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 þ 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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