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Kuwait bourse extends losses in volatile trade Zain falls 10 fils; NBK gains

KUWAIT CITY, June 16: Kuwait stocks pulled lower Monday extending the steep losses in the previous session. The price index dropped 33.47 pts in volatile trade to settle at 7108.95 pts as investors exited positions amid continuing Iraq concerns. Some of the banks however bucked the trend to eke modest gains. The KSX 15 benchmark edged 1.62 pts higher to 1174.77 points taking the year’s gains to 122 pts whereas weighted index eased 0.8 pts. The volume turnover meanwhile slumped to month’s lowest level as investors toed caution. 103.99 million shares changed hands — a 31.33 pct drop from the day before.
The sectors closed mostly in the red. Basic materials outshone the rest with 0.72 pct upswing whereas healthcare slid 2.21 percent, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 28.62 percent while industrials and banks trailed far behind with 7.21 percent and 5.58 pct respectively.

Among sharp losers, Humansoft Holding Co tumbled 35 fils to KD 0.355 while Yiaco Medical Co was down 25 fils at KD 0.275. Kuwait Food Co ( Americana) shed 20 fils to end at KD 2.860 and the stock is trading 240 fils higher year-to-date.  Hilal Cement retreated 18 fils while PAPCO gave up 8 fils to close at KD 0.120. NICBM and Equipment Holding clipped 2 fils each to wind up at KD 0.212 and KD 0.116 respectively. IFA Hotels and Resorts fell 4 fils and KGL Logistics edged 2 fils lower.  Telecom major Zain dropped 10 fils to KD 0.650 extending an identical fall in the previous session whereas Wataniya Telecom held the ground unchanged at KD 1.660. Agility climbed 20 fils on back of 2.85 million shares and is trading 40 fils higher from start of the month.

Weak
The market opened weak and moved sideways in early trade. The index picked up momentum almost an hour into the session amid bargain buying in select counters and peaked at 7156.18 points past the mid-session. It retreated thereafter and bottomed at 7099.92 pts before paring back some of the losses at close.  Top gainer of the day, National Slaughter House jumped 7.58 percent to KD 0.142 while Contracting and Marine Services Co climbed 6.67 pct to stand next. Hilal Cement Co slumped 9.47 percent, the steepest decliner of the day and Gulf Finance House topped the volume with over 11 million shares changing hands.

Mirroring the day’s decline, the losers vastly outnumbered the winners. 27 stocks advanced whereas 70 closed lower. Of the 133 counters active on Monday, 36 closed flat. 3160 deals worth KD 14.54 million were transacted — a 39.52 pct drop 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 on Sunday. Local retail investors are “having second thoughts about buying”, he added.

On the upside, Shuaiba Industrial Co rose 10 fils to KD 0.270 and Kuwait Foundry Company was up by same measure. The company has posted a first quarter net profit of KD 593,578 and earnings per share of 3.86 fils, up from KD 573,795 profit in the year before.  Automated Systems Co climbed 25 fils to KD 0.425 and Mabanee Co gained 20 fils. The company has chalked a net profit KD of 12.29 million and earnings per share 16.74 fils in the quarter ending March 30, 2014, down from KD 14.84 million profit and earnings per share of 20.21 fils in the same period last year. Kuwait Cement Co was flat at KD 0.410 and National Industries Group followed suit.  The company has posted a first quarter net profit of KD 5.044 million and earnings per share of 4 fils as against KD 4.732 million and earnings per share of 3.7 fils in the same period last year.

Steady
Boubyan Petrochemical rose 20 fils to KD 0.800 while Contracting and Marine Services Co was up 8 fils at KD 0.128. ALAFCO held steady at KD 0.255 and Gulf Cable too did not budge from its earlier close of KD 0.770.  In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.980 on back of 1.26 million shares and Gulf Bank followed suit to close at KD 0.345. Kuwait Finance House and Ahli United Bank slipped 10 fils each to end at KD 0.780 and KD 0.660 respectively while Kuwait International Bank fell 5 fils.  Al Ahli Bank fell 10 fils whereas Commercial Bank of Kuwait was not traded during the session. ABK has posted a net profit of KD 8.12 million and earnings per share of 5 fils in the three month period ending March 31, 2014. Boubyan Bank was unchanged at KD 0.520 off slight early highs.

Kuwait Investment Co eased 2 fils to KD 0.146 and International Financial Advisers inched 1 fils lower after trading 5.86 million shares. National Investment Co dropped 4 fils to KD 0.142 whereas KIPCO held steady at KD 0.720.  Sokouk Holding and Noor Financial Investment Co slipped 2 fils each while KAMCO was down 4 fils at 106 fils. Kuwait Financial Centre took in 2 fils and KFIC followed suit.  The bourse has been bearish so far during the week and has dived 134 points in last two sessions. It has plunged 183 points from start of the month and is trading 5.84 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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