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KSE tanks 112.88 pts amid volume rebound Kout Food dives 50 fils; NBK flat

KUWAIT CITY, June 18: Kuwait stocks tanked on Wednesday extending the slump to fifth straight session. The key benchmark, after a tame start, plunged 112.88 pts to 6,965.93 points led by some of the blue chips. Selling was also seen in most of the mid and small caps as fears over Iraq intensified. The KSX 15 gauge slipped 9.34 pts to 1,154.88 points taking the month’s losses to 56 points while weighted index dropped 4.71 pts. The volume turnover meanwhile rebounded after hitting a multi-month low on Wednesday. 159.52 million shares changed hands - an 82.43 percent surge from the day before.

All the sectors barring two closed in the red. Healthcare outshone the rest with 2.29 percent upswing whereas technology sank 3.94 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 37.24 pct and real estate came in next with 33.31 pct. Banking sector was distant third with 11.85 percent contribution. Among sharp losers, Kout Food Group slid 50 fils to KD 0.810 and Kuwait Food Co (Americana) was down 20 fils at KD 2.860 erasing the gain in the previous session. Boubyan Petrochemical Co shed 20 fils and Kuwait Foundry Co pulled 15 fils lower to settle at KD 0.310.


ACICO Industries dropped 15 fils and Gulf Cable retreated 20 fils to KD 0.760. 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.  Bourse heavyweight, Zain fell 10 fils to KD 0.640 and the counter over 7 million shares changing hands while Wataniya Telecom held the ground unchanged at KD 1.660. Agility gave up 10 fils to end at KD 0.810 extending an identical drop in the day before.


Flat
The market opened flat and moved sideways in early trade. The index edged lower almost an hour into the session as buying kicked in across the sectors. It hit the day’s lowest level of 6,946.15 points in the final minutes and pared back some of the losses at close.
Top gainer of the day, Yiaco Medical spiked 9.26 percent to 50 fils while Contracting and Marine Services Co climbed 6.56 pct to stand next. International Resorts Co dived 8.33 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 18.36 million.
Mirroring the day’s downswing, the losers widely outled the winners. 15 stocks advanced whereas 95 closed lower. Of the 130 counters active on Wednesday, 29 closed lower. Of the 130 counters active on Wednesday, 3,833 deals worth KD 27.12 million were transacted - a 55.20 percent surge in value from the day before.
PAPCO fell 10 fils to KD 0.110 and Automated Systems Co followed suit to end at KD 0.420. Metal and Recycling Co slipped 10 fils and Mashaer Holding Co was down by same measure. RISCO eased 5 fils to KD 0.325 and National Industries Group gave up 5 fils to close at KD 2.48 million.
Hilal Cement eased 6 fils to KD 0.156 and United Industries Company was down 4 fils at KD 0.118. The company has won the Capital Markets Authority approval to the company’s request to buy back or sell up to 10% of own shares over a period of 6 months.
On the upside, Salhia Real Estate Co added 5 fils and Mabanee Co gained 20 fils to close at KD 1.060. 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.
Burgan Well Drilling Co was unchanged at KD 0.240 and Kuwait Portland Cement too did not budge from its earlier close of KD 1.340. Kuwait Cement Co paused at KD 0.410.


Flat
In the banking sector, National Bank of Kuwait was flat at KD 0.970 off early highs and clocked a volume of over 4 million shares while Gulf Bank pulled 10 fils lower to KD 0.335. Commercial Bank was unchanged at KD 0.670.
Ahli United Bank slid 30 fils to KD 0.630 whereas Al Ahli Bank held steady at KD 0.420. The bank has got the nod from Central Bank of Kuwait to extend its approval to buy back or sell up to a maximum of 10% of its shares for another 6 months.
Kuwait International Bank and Burgan Bank were flat at KD 0.300 and KD 0.530 respectively whereas Kuwait Finance House rose 10 fils to KD 0.760 on back of 4.43 million shares. Boubyan Bank paused at KD 0.510
International Financial Advisors and National Investment Co flunked 2 fils each while KIPCO was down 10 fils at KD 0.710. Sokouk Holding eased 3 fils whereas Al Tamdeen Investment Co closed flat.
Securities House Co fell 2 fils and Al Aman Investment Co was down by same measure. Bayan Investment climbed 4 fils on back of 1.62 million shares and KFIC rose 5 fils. KAMCO took in 2 fils whereas Noor Financial Investment Co gave up 4 fils to end at KD 0.124.
The bourse has been bearish t so far during the week and has swooned 277 points in last four sessions.


It has dived 325  points from start of the month and is trading 7.73 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 6.93 million 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

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