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Kuwait measure declines 30.14 pts; volume dips Combined Group sheds 20 fils; Zain flat

KUWAIT CITY, June 17: Kuwait stocks headed south on Tuesday, extending the slump to fourth consecutive session. The main index shed 30.14 pts to end at 7,078.81 points led by banks and some of the mid and small caps. The sentiment remained markedly negative owing to the ongoing Iraq conflict and the lack of positive cues. The KSX 15 benchmark eased 10.55 pts to 1164.22 points taking the month’s losses to 46 points while weighted index slipped 3.11 pts to 477.29 points. The volume turnover meanwhile hit a multi-month low below the 100 million mark. 87.44 million shares changed hands — over 15 percent drop from the day before.

The sectors closed mostly in the red zone. Technology outpaced the peers with 0.99 percent gain whereas healthcare dropped 1.69 percent, the biggest loser of the day. In terms of volume, financial services dominated with 45.34 percent market share while real estate and banks followed with 26.94 pct and 15.92 percent respectively.  Among the losers, Combined Group Contracting Co dropped 20 fils to KD 1.100 and Kuwait Portland Cement was down by same measure to end at KD 1.340. Gulf Glass Manufacturing Co slipped 10 fils and Hilal Cement Co followed suit. Mabanee Co pulled 20 fils lower erasing the gains on Monday.

Mashaer Holding Co gave up 14 fils and Al Mowasat Health Care Co dropped 16 fils to 172 fils. Kuwait Foundry Co and ACICO Industries fell 5 fils each and National Industries Group ticked 2 fils lower to 238 fils. NICBM eased 4 fils to settle at 208 fils.  Telecom major Zain was unchanged at KD 0.650 after trading 1.8 million shares and is down 30 fils from start of the month and Wataniya Telecom too did not budge from its earlier close of 1.660. Agility retreated 10 fils to close at KD 0.840 and is up 30 fils from start of the month.

Sagged
The market opened flat and moved sideways in early trade. The index sagged thereafter as sentiment turned sour and hit the day’s lowest level of 7064.77 pts past the mid-session. It clawed back some of the losses in the final minutes and closed with moderate losses.  Top gainer of the day, Al Nawadi Holding Co climbed 8.62 percent to 126 fils while Al Aman Investment Co rose 7.69 pct to stand next. Mashaer Holding Co slumped 7.29 percent, the steepest decliner of the day and Gulf Finance House continued to top the volume with 10.44 million shares.

Reflecting the day’s decline, the market spread was skewed towards the losers. 29 stocks advanced whereas 56 closed lower. Of the 131 counters active on Tuesday, 46 closed flat. 3160 deals worth KD 17.47 million were transacted — a 20.16 pct jump in value from the day before.  Jazeera Airways fell 5 fils to KD 0.435 whereas Equipment Holding Co closed flat. 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.

Kuwait Cement Co was unchanged at KD 0.410 and Aviation Lease and Finance followed suit. The company has recorded a net profit of KD 8.57 million and earnings per share of 11 fils in the first quarter of 2014 as against net profit of KD 13.18 million and earnings per share of 16.91 fils in the same period last year

On the upside, Kuwait Food Co ( Americana) rose 20 fils to KD 2.880 and Gulf Cable was up 10 fils at KD 0.780. The company has chalked a net profit of KD 6.801 million and earnings per share of 32 fils in the January-March period, soaring from net profit of KD 2.351 million earnings per share of 11 fils in the Q1 of 2013.  In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.970 with a volume of 1.26 million and Gulf Bank was steady at KD 0.345 after vacillating in tight range. Boubyan Bank slipped 10 fils whereas Commercial Bank of Kuwait was not traded during the session.

Flat
Al Ahli Bank of Kuwait and Ahli United Bank were flat at KD 0.420 and KD 660 respectively and Kuwait International Bank too did not move in any direction. Burgan shed 20 fils and Kuwait Finance House pulled 10 fils lower extending an identical loss in the previous session. Kuwait Investment Co fell 2 fils to KD 0.144 whereas International Financial Advisers was flat at 53 fils. National Investment Co eased 2 fils and KIPCO paused at KD 0.720 off early lows. Securities House Co was up 3 fils at 73 fils. Kuwait Financial Centre fell 2 fils whereas Bayan Investment and KMEFIC was unchanged at 72 fils and 50 fils respectively. Tamdeen Investment Co was flat at 80 fils. The company has acquired 6.31 percent stake of Tamdeen Real Estate at a rate of 265 fils / share. Total value of deal came in at KD 6,248,280.770.

Sokouk Holding Co slipped 2 fils whereas Noor Financial Investment took in 2 fils. Kuwait Real Estate Co retreated 4 fils and National Real Estate Co followed suit. AL Mazaya Holding too fell 4 fils after clocking a volume of 1.46 million. The bourse has been downbeat so far during the week and has skidded 165 points in last three sessions. It has tumbled 213 points from start of the month and is trading 6.23 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Kuwait Pipes Industries and Oil Services has chalked a net loss of KD 18.05 million and loss per share of 80.14 fils in the year ended Dec 31, 2013 as widening from KD 6,933,774 loss and loss per share of 30.77 fils in the same period last year.

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 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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