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KSE extends losses amid volatile trade Mabanee sheds 20 fils; NBK flat

Kuwait City, June 19: Kuwait stocks sagged on Thursday to end the week on a dull note. The main index dropped 25.69 points in volatile trade to 6940.24 pts weighed by continuing weakness in market in wake of the Iraq violence. Some of the mid and small caps pulled lower whereas the blue chips were mostly muted.  The KSX 15 gauge fell 2.05 pts to 1152.83 points trimming the year’s gains to 100 pts while the weighted index inched 1 pts lower. The volume turnover meanwhile fell slightly after rebounding strongly in the previous session. 146.85 million shares changed hands — a 7.94 pct fall from the day before.

The sectors closed mostly lower. Consumer goods outshone the rest with 0.98 percent rise whereas oil and has shed 1.28 pct, the worst performer of the day. In terms of volume, real estate garnered the highest market share of 37.64 percent and financial services was close behind with 37.35 pct. Banking sector was distant third with 8.31 million shares.  Among the losers, Mabanee Co shed 20 fils reversing the gains in the previous session while Hilal Cement and Metal and Recycling Co were down 10 fils each. Contracting and Marine Services Co fell 10 fils and City Group followed suit to close at KD 0.410.


Measure
Al Tamdeen Investment Co gave up 10 fis and KIPCO too fell by same measure to end at KD 0.700. 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 Q1.
Telecom major Zain recouped early losses to close flat at KD 0.640 with a volume of 6.17 million and Wataniya Telecom too did not budge from its earlier close of KD 1.660. Agility gyrated in a tight range before closing unchanged at KD 0.830 and the counter saw 1.7 million shares change hands.
The market opened weak and pulled sharply lower in early trade. The index continued to drop and hit the day’s lowest level of 6895.57 points almost an hour into the session. It rebounded thereafter amid bargain buying in select counters and came close to the opening mark in the second half. It sagged again the final minutes and closed with moderate losses.
Top gainer of the day, PAPCO soared over 9 percent to 120 fils and First Dubai For Real Estate Co climbed 6.25 pct to stand next. Metal and Recycling Co slid 8.62 percent, the steepest decliner of the day and Gulf Finance House continued to top the volume with 20.9 million shares.
Reflecting the day’s drop, the losers out led the winners. 32 stocks advanced whereas 56 closed loser. Of the 127 counters active on Thursday 39 closed flat. 4139 deals worth KD 22.7 million were transacted — a 16.25 pct drop in value from the day before.


Mashaer Holding slipped 6 fils whereas Kuwait Portland Cement closed flat at KD 1.340. 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. Contracting and Marine Services Co was down 10 fils at KD 0.120.
Jazeera Airways fell 5 fils to KD 0.430 and ALAFCO ticked 2 fils lower to KD 0.248. Kuwait Food Co (Americana) was unchanged at KD 2.860 whereas Boubyan Petrochemical Co climbed 10 fils to KD 0.790. Hilal Cement gained 10 fils to end at KD 0.146 with thin volume.
Gulf Cable rose 10 fils to KD 0.770 and National Industries Group took in 2 fils to end at KD 0.234. 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.
In the banking sector, National Bank of Kuwait held steady at KD 0.970 after clocking a volume of 2.81 million shares whereas Gulf Bank was up 5 fils at KD 0.340. Commercial Bank of Kuwait stagnated at KD 0.670 .


Flat
Al Ahli Bank and Ahli United Bank were flat at KD 0.420 and KD 0.630 whereas Kuwait International Bank gave up 5 fils to end at KD 0.295. Burgan Bank dropped 10 fils to KD 0.520. The stock has retreated 40 fils from start of the month while year-to-date, it is down 30 fils.
Boubyan Bank paused at KD 0.510 and Kuwait Finance House followed suit. The bank has logged a net profit of KD 26.05 million and earnings per share of 6.12 fils in the three-month period ending March 31, 2014, as against over KD 23 million profit and earnings per share of 6.04 fils in the same period last year.
Kuwait Investment Co fell 4 fils to KD 0.138 whereas National Investment Co was unchanged at KD 0.142 off early lows. KIPCO slipped 10 fils to KD 0.700 and Securities Group followed suit to end at KD 0.120. Kuwait Financial Centre stagnated at KD 0.142 off early lows.


Bayan Investment nudged 2 fils up on back of 2.44 million shares and KAMCO was up by same measure. Tamdeen Investment Co dropped 10 fils and Noor Financial Investment eased 2 fils.
The bourse has been markedly negative during the week. It closed lower in all the five sessions and tumbled 304 points week-on-week . It has tanked 351 points from start of the month and is trading over 8 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


By: John Mathews

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