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KSE retreats 51.37 pts as sentiment negative United Projects Group dives 50 fils; Wataniya Telecom gains

KUWAIT CITY, June 23: Kuwait stocks pulled lower Monday as it resumed the decline after the sharp rebound in the previous session. The benchmark index slid 51.37 pts to 6,972.89 points as sentiment turned negative. Banks led the day’s decline and selling pressure was also seen in some of the mid and low caps in absence of positive cues. The KSX 15 gauge dropped 7.83 points to 1148.08 pts shrinking the year’s gains to 96 points while weighted index edged 2.87 pts lower to 471.51 points. The volume turnover meanwhile receded slightly after rising in the day before. 148.88 million shares changed hands — a 9.26 pct fall from Sunday.

The sectors closed mostly in the red. Technology outshone the rest with 1.14 pct upswing m whereas consumer goods slid 2.19 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 50.91 percent while real estate and banks trailed far behind with 28.43 pct and 7 percent respectively.  Among sharp decliners, United Projects Group dived 50 fils to KD 0.700 and Yiaco Medical Co dropped 20 fils to KD 0.260. Kuwait Portland Cement shed 20 fils and Mabanee Co was down by same measure to end at KD 1.020. Jazeera Airways gave up 10 fils to close at KD 0.420 and the stock is down 75 fils year-to-date.

National Bank of Kuwait fell 10 fils to KD 0.970 after trading over 1 million shares and Ahli United Bank was down by same measure to settle at KD 0.640. Boubyan Petrochemicals Co fell 10 fils and National Industries Group, the flagship company of Kharafi Group, edged 2 fils lower to KD 0.232.  Bourse heavyweight Zain slipped 10 fils to KD 0.620 extending an identical fall in the previous session whereas Wataniya Telecom bucked the trend to gain 20 fils. Agility held the ground steady at KD 0.830 and the counter saw over 1 million shares changed hands.

Slipped
The market opened weak and slipped into red in early trade. The index continued to drift lower amid weak sentiment and hit the day’s lowest level of 6958.04 pts in final minutes. It pared back some of the losses and closed with steep losses. Top gainer of the day, Hilal Cement Co climbed 7.25 percent to 148 fils and Al-Safat Tech Holding Co was up 7.07 pct to stand close behind. Al Deera Holding slid 8.47 percent, the steepest decliner of the day and Gulf Finance House topped the volume with over 27 million shares changing hands.  Reflecting the day’s decline, the market spread was skewed towards the losers. 27 stocks advanced whereas 66 closed lower. Of the 133 counters active on Monday, 40 closed flat. 3658 deals worth 18.41 million were transacted — over 4 percent drop in value from the day before.

PAPCO fell 10 fils to KD 0.110 and Equipment Holding Co eased 2 fils. 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 Gulf Links was steady at 82 fils and ALAFCO too did not budge from its earlier close of 250 fils. Gulf Cable was flat at 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.

On the upside, Metal and Recycling Co rose 8 fils and IFA Hotels and Resorts Co was up by same measure to close at KD 0.232. Shuaiba Industrial Co and Kuwait Foundry Co were up 5 fils each and NICBM added 4 fils to close at KD 0.212. Kout Food Group jumped 40 fils to KD 0.880. Kuwait Investment Co slipped 4 fils and KIPCO was unchanged at KD 0.700 off early lows. 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.

Unchanged
In the banking sector, Gulf Bank rose 5 fils to KD 0.340 while Commercial Bank of Kuwait was unchanged at KD 0.670. Al Ahli Bank of Kuwait was not traded during the session.  Burgan Bank was flat at KD 0.510 with a volume of over 3 million and Kuwait Finance House followed suit to end at KD 0.770. Kuwait International Bank stagnated at KD 0.295 . The bank has chalked a net profit of KD 5.037 million and earnings per share of 5.39 fils in the first quarter of 2014. International Financial Advisers was unchanged at 53 fils and Securities House Co inched 1 fils lower. First Investment Co slipped 5 fils while Bayan Investment Co and Sokouk Holding Co gave up 2 fils each. Noor Financial Investment paused at KD 0.124 off early lows. National Real Estate Co slipped 4 fils whereas Salhia Real Estate climbed 10 fils to KD 0.375. International Resorts Co eased 3 fils and Al Mazaya Holding ticked 2 fils lower.

The bourse was been mixed so far during the week and has gained 32 points in last two sessions. The market has slid 277 points from start of the month and is trading almost 7.64 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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