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KSE sheds 34.76 pts in lacklustre trade Advanced Technology dives 50 fils; NBK flat

KUWAIT CITY, June 12: Kuwait stocks pulled lower Thursday to end the week on a dull note. The main index shed 34.76 pts in lackluster trade to close at 7244.13 pts weighed by banks and some of the mid priced shares. The telecom majors however were muted. The KSX 15 benchmark slipped 5.42 points to 1191.5 pts trimming the year’s gains to 140 pts while the weighted index eased 1.66 pts to 487.3 points. The volume turnover meanwhile dipped to hit the week’s lowest as investors toed the sidelines in absence of positive cues. 112.50 million shares changed hands — a 31.67 pct drop from the day before.


The sectors closed mostly in the red. Parallel market outshone the rest with 0.29 pct gain whereas healthcare slid over 4 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 40.86 pct and real estate came next with 31.23 percent. Banking sector was a distant third with 10.97 percent contribution.

Among sharp losers, Advanced Technology dived 50 fils to KD 0.880 with thin trade while Yiaco Medical was down 25 fils. Automated Systems Co shed 20 fils and Safwan Trading and Contracting Co gave up 15 fils to end at KD 0.445. Shuaiba Industrial Co dropped 25 fils to KD 0.260 and Kuwait Portland Cement Co gave up 20 fils to close at KD 1.380 . 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. Gulf Cables paused at KD 0.800. Bourse heavyweight Zain was flat at KD 0.670 after trading over 1 million shares and Wataniya Telecom too did not budge from its earlier close of KD 1.680 . Agility bucked the trend to add 10 fils and has climbed 50 fils from start of the month.


Flat
The market opened flat and edged lower in early trade. The index steadied its course and moved sideways almost half way into the session before drifting into red as sentiment turned negative. It hit the day’s lowest level of 7238.17 points in the final minutes and slightly pared the losses at close.  Top gainer of the day, United Real Estate Co soared 9.43 percent to KD 0.116 and United Projects Group climbed 7.69 pct to stand next. Shuaiba Industrial Co dived 8.77 pct, the steepest decliner of the day and Gulf Finance House topped the volume with 14.74 million shares.

Mirroring the day’s downswing, the market spread was skewed towards the losers. 22 stocks advanced whereas 62 closed lower. Of the 131 counters active on Thursday, 47 closed flat. 3165 deals worth KD 17.39 million were transacted — a 18.48 pct drop in value from the day before.  Gulf Cable eased 10 fils to KD 0.770 and Boubyan International Co was down by same measure. Kuwait National Cinema Co too gave up 10 fils to wind up at KD 0.900 with thin trading.

National Industries Group was unchanged at KD 0.246 off early highs and ACICO Industries Co too did not budge from its earlier close of KD 0.365. The company has posted a net profit of KD 3.206 million and earnings per share of 12.94 fils in the quarter ending March 31, 201. Kuwait Foundry Co stagnated at KD 0.320 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.

National Real Estate Co was flat at KD 0.156 after clocking a volume of 1.81 million shares and Mabanee Company too paused at KD 1.080. The company has won the approval of Capital Markets Authority to buy back or sell up to a maximum of 10% of its shares for 6 months.

Jumped
On the upside, Combined Group Contracting Co jumped 40 fils to KD 1.120 and Gulf Glass Manufacturing Co gained 30 fils. Kuwait Food Co ( Americana) rose 20 fils to KD 2.880 and has added 40 fils so far during the month. Jazeera Airways was up 5 fils at KD 0.445.  In the banking sector, National Bank of Kuwait gave up slight early gains to end unchanged at KD 0.980 while Gulf Bank eased 5 fils after trading 2.52 million shares. Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session.

Kuwait Finance House shed 20 fils with a volume of 2.14 million shares while Kuwait International Bank surrendered slight gains before closing flat at KD 0.305. Boubyan Bank was down 10 fils at KD 0.530.
Ahli United Bank was steady at KD 0.660 and Burgan Bank followed suit. 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 and KIPCO was unchanged at KD 0.148 and KD 0.730 respectively whereas KAMCO pulled 4 fils lower. Bayan Investment Co inched 1 fils lower and Sokouk Holding followed suit. Kuwait Investment Co gave up 10 fils to close at KD 0.148.

The bourse has been largely downbeat during the week. It closed lower in 2 of the five sessions and dropped 93 points week-on-week. It has shed 47 points from start of the month and is trading over 4 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Amwal International Investment has posted a net profit of KD 189,561 and earnings per share of 2.66 fils in the first quarter of 2014, up from KD 42,848 profit and earnings per share of 0.237 fils in the same period last year.

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


By: John Mathews

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