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KSE tanks 101.71 pts as Iraq conflict weighs Zain drops 10 fils; United Projects gains

KUWAIT CITY, June 15: Kuwait stocks slumped in a broad decline on Sunday extending the losses from the previous session. The key index tanked 101.71 pts to 7142.42 pts led by blue chips as Iraq conflict weighed on the sentiment. The KSX 15 benchmark dived 18.35 pts to 1173.15 points taking the month’s losses to 37 pts while the weighted index slipped 6.1 pts to 481.2 points. The volume turnover meanwhile surged 34.51 pct to 151.45 million as investors exited positions. All the sectors barring one closed in the red . Parallel market, the only gainer, rose 0.41 percent whereas telecommunications oil and gas slumped 2.44 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 38.70 pct and real estate followed with 32.49 percent. Banks came in a distant third with 6.65 percent contribution.

Among notable losers, Mabanee Co slid 40 fils to KD 1.040 while Gulf Glass Manufacturing Co dipped 30 fils with thin trading. Independent Petroleum Group and City Group Co dropped 25 fils each and Yiaco Medical Co was down by same measure. National Bank of Kuwait fell 10 fils to KD 0.970 after clocking a volume of 3.81 million and Gulf Bank pulled 15 fils lower extending the marginal fall in the previous session. Burgan Bank shed 20 fils to KD 0.540 and is down 20 fils from start of the month. Sector bellwether Zain gave up 10 fils to end at KD 0.660 and Wataniya Telecom shed 20 fils with thin trading. Agility retreated 30 fils to KD 0.830 after clocking a volume of 4.3 million and has rallied 140 fils year-to-date.

Weak
The market opened weak and pulled lower in early trade. The index continued to retreat amid selling across the board and hit the day’s lowest level of 7121 pts in the final hour. However it managed to pare back some of the losses at close. Top gainer of the day, Ajwan Gulf Real Estate Co spiked 9.8 percent to 56 fils while Gulf Franchising Co climbed 7.35 pct to stand next. Al Mudon International Real Estate Co plunged over 9 percent, the steepest decliner of the day and Gulf Finance House topped the volume with over 11 million shares changing hands.

Reflecting the day’s downswing, the market spread was heavily skewed towards the losers. 12 stocks advanced whereas 95 closed lower. Of the 133 counters active on Sunday, 26 closed flat. 3798 deals worth KD 24.04 million were transacted — a 38.27 pct jump in value from the day before. The Iraq concerns have spurred the foreign investors to book profit which in turn has dampened the appetite of the local investors. “For many institutional traders from abroad it’s a concern,” Reuters quoted Fouad Darwish, head of brokerage services at Global Investment House in Kuwait. Local retail investors are “having second thoughts about buying”, he added.

National Industries Group eased 6 fils to KD 0.240 after trading KD 0.240 and Kuwait Portland Cement pulled 20 fils lower. 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. Boubyan Petrochemical slipped 10 fils to KD 0.780 and Kuwait Cement Co followed suit to end at KD 0.410. Jazeera Airways fell 5 fils to KD 0.440 and ACICO Industries was down by same measure. Equipment Holding Co clipped 8 fils to end at KD 0.118.

Bayan Investment Co slipped 5 fils while KIPCO was down 10 fils at KD 0.720. 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 Q. International Financial Advisors flunked 2 fils after trading over 4 million shares and National Investment Co followed suit. The company has won the approval of Capital Markets Authority for the company’s request to buy back or sell up to 10% of own shares over a period of 6 months.

Bucked
On the upside, United Projects Group bucked the market trend to jump 50 fils and Mashaer Holding Co ticked 2 fils higher. Gulf Cable held the ground unchanged at KD 0.770 . In the banking sector, Kuwait Finance House was flat at KD 0.790 and Commercial Bank followed suit to end at KD 0.670. The bank has been granted permission by the Capital Markets Authority to buy back or sell up to a maximum of 10% of its issued shares over a period of 6 months ending on November 21, 2014. Boubyan Bank retreated 10 fils to KD 0.520 whereas Kuwait International Bank did not budge from its earlier close of KD 0.305. Ahli United Bank climbed 10 fils whereas Al Ahli Bank was not traded during the session.

KFIC eased 2 fils to 75 fils and Sokouk Holding Co was down by same measure. KAMCO took in 2 fils whereas Al Aman Investment Co gave up 4 fils to close at 64 fils. Noor Financial Investment paused at KD 0.1128.  The bourse was largely negative during last week. It closed lower in 2 of the five sessions and dropped 93 points week-on-week. It has tumbled 148 points from start of the month and is trading 5.39 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 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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