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KSE jumps 84.02 pts; stems six-day decline Americana gains 20 fils; Zain slips

KUWAIT CITY, June 22: Kuwait stocks rebounded Sunday, stemming the 6-day decline. The main index soared 84.02 pts to 7024.26 points helped by bargain buying across the sectors. The mid and small caps shined whereas heavyweights closed mixed. The sentiment was cautiously positive even as investors keep a wary on the events in Iraq. The KSX 15 benchmark rose over 3 pts to 1155.91 points trimming the month’s losses to 55 points while weighted index edged 2.3 points higher. The volume turnover meanwhile modestly after trading thin in the previous week. 164.08 million shares changed hands — a 11.74 pct rise from last session. The sectors closed mostly in the positive territory. Financial services topped with 2.24 percent gain whereas telecommunications slipped 0.67 pct, the worst performer of the day. Volume wise, financial services dominated with 41.92 percent market share while real estate came next with 34.83 pct. Banking sector was a distant third with 8.09 pct contribution.

End
Among notable gainers, Kuwait Food Co (Americana) climbed 20 fils to KD 2.880 and ACICO Industries Co was up by same measure to end at KD 0.360. Equipment Holding Co rose 8 fils to KD 0.118 and Mashaer Holding Co followed suit. IFA Hotels and Resorts added 6 fils with thin volume.  Shuaiba Industrial Co gained 5 fils and Kuwait Foundry Company was up 10 fils at KD 0.320. The company has won the approval of Capital Markets Authority’s to buy back or sell up to a maximum of 10% of its shares for 6 months. United Industries Co climbed 6 fils to KD 0.122. Bourse heavyweight Zain slipped 10 fils to KD 0.630 after trading 3.32 million shares whereas Wataniya Telecom was unchanged at KD 1.660 off early highs. Agility too did not budge from the earlier close of KD 0.830 and is trading 20 fils higher year-to-date.

The market opened firm and revved up in early trade. The price index sagged briefly but resumed the climb as investors chased the position at low level after last week’s decline. It moved sideways in the second half and managed to end with hefty gains.  Top gainer of the day, Al Madina For Finance and Investment Co rallied 7.58 pct to 35.5 fils while Metal and Recycling Co climbed 7.55 percent to stand next. Flex Resorts and Real Estate Co tumbled 10.71 percent, the steepest decliner of the day and Gulf Finance House continued to top the volume with 18.42 million shares.

Mirroring the day’s gain, the market spread was skewed towards the losers. 86 stocks advanced whereas 17 closed lower. Of the 130 counters active on Sunday, 27 closed flat. 4250 deals worth KD 17.7 million were transacted — a 22 percent drop in value from the day before.  Kuwait Company For Process Plant Construction and Contracting rose 10 fils to KD 0.290 while Privatization Holding Co added 3 fils. United Industries Co was up 6 fils at KD 0.122 and Kuwait Gulf Links took in 2 fils.  Jazeera Airways was flat at KD 0.430 and is down 20 fils from start of the month while Aviation Lease and Finance Co added 2 fils. 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.

National Industries Group held the ground unchanged at KD 0.234 off early highs whereas Gulf Cable slipped 10 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.  Noor Financial Investment Co nudged 2 fils up to settle at KD 0.124 whereas Osoul paused at 74 fils. The company has chalked a net profit of KD 91,915 and earnings per share of 0.49 fils in the first three months of 2014, down from KD 149,222 profit and earnings per share of 0.79 fils in the year before period.

Gained
Kuwait Investment Co gained 10 fils while International Financial Advisors and National Investment Co were up 2 fils each to end at 53 fils and 144 fils respectively. Bayan Investment Co was up 3 fils at 73 fils.  Sokouk Holding took in 2 fils and Kuwait Finance and Investment Co closed 5 fils higher. The company has obtained the approval to buy back or sell up to a maximum of 10% of its shares for 6 months from date of the approval In the banking sector, National Bank of Kuwait gained 10 fils on back of 1.39 million shares while Gulf Bank pulled 5 fils lower to KD 0.335. Al Ahli Bank rose 5 fils whereas Ahli United Bank shed 20 fils to end at KD 0.650. Kuwait International Bank was flat at KD 0.295 whereas Burgan Bank gave up 10 fils to close at KD 0.510. Kuwait Finance House climbed 10 fils on back of 2.97 million shares whereas Boubyan Bank was unchanged at KD 0.510.

KIPCO was flat at KD 0.700 off early lows whereas National Real Estate Co inched 2 fils lower. Salhia Real Estate Co rose 5 fils to KD 0.365 whereas Mabanee Co stagnated at KD 1.040.  The bourse was markedly negative during last week. It closed lower in all the five sessions and tanked 304 points week-on-week . It skidded 277 points from start of the month and is trading almost 7 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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