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Kuwait stocks extend losses; volume drops Americana dives 80 fils; Zain flat

KUWAIT CITY, June 24: Kuwait stocks slid Tuesday, extending the decline to second straight session. The index, after a tame start , closed 36.41 pts lower at 6936.48 pts as investors exited positions ahead of the Ramadan. Fears over ongoing Iraq violence too continued to weigh on the trading floor sentiment. The KSX 15 gauge slipped 4.95 pts to 1,143.13 points taking the month’s losses to 67 points while weighted index fell 2.6 pts. The volume turnover meanwhile edged lower for the second day in row. 137.56 million shares changed hands — a 7.60 pct drop from the day before. The sectors closed mostly in the red territory. Technology outshone the peers with 1.87 percent gain whereas oil and gas fell 1.82 percent, the biggest loser of the day. In terms of volume, financial services dominated with over 70 percent market share while real estate and oil and gas were far behind with 12.51 pct and 4.92 percent contributions respectively.

Among sharp losers, Kuwait Food Co (Americana) dived 80 fils to KD 2.800 and Independent Petroleum Group was down 25 fils at KD 0.425. Hilal Cement Co fell 10 fils to KD 0.138 and City Group Co followed suit. IFA Hotels and Resorts too pulled 10 fils lower to settle at 222 fils. Kuwait Cement Co gave up 10 fils to end at KD 0.405 and Kuwait Portland Cement shed 20 fils. 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, up from KD 3.15 million net profit and earnings per share of 34.69 fils in the same period in 2013.

Turnover
Telecom major Zain was unchanged at KD 0.620 off early highs and saw volume turnover of 1.64 million whereas Wataniya Telecom clipped 20 fils erasing the gains in the previous session. Agility eased 10 fils to KD 0.820 and is trading 130 fils higher year-to-date. The market opened flat and moved sideways in early trade. The index veered lower almost half way into the session amid selling pressure. It hit the day’s lowest level of 6917.54 pts in the final minutes but managed to claw back some of the losses at close. Top gainer of the day, Tamdeen Real Estate Co spiked 10 percent to 275 fils whereas Al Madina For Finance and Investment climbed 6.58 pct to stand next. Qurain Holding Co slumped 8.33 percent, the steepest decliner of the day and Gulf Finance House continued to top the volume with over 35 million shares changing hands.

Mirroring the day’s decline, the losers vastly outnumbered the gainers. 29 stocks advanced whereas 60 closed lower. Of the 132 counters active on Tuesday, 43 closed flat. 3276 deals worth KD 11.39 million were transacted — a 38.14 pct drop in value from the day before.  Shuaiba Industrial Co fell 5 fils to KD 0.275 while Kuwait Foundry Company closed 10 fils lower. 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.

ALAFCO and Jazeera Airways were unchanged at KD 0.250 and KD 0.420 respectively. ALAFCO 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, United Projects climbed 40 fils to KD 0.740 and Automated Systems Co was up 10 fils at KD 0.430. Gulf Cable rose 10 fils to KD 0.770 whereas National Industries Group did not budge from its earlier close of KD 0.232.  Gulf Insurance Group gained 20 fils and Mabanee Co was up 20 fils at KD 1.040 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.

Steady
In the banking sector, National Bank of Kuwait was flat at KD 0.970 and Gulf Bank followed suit to end at KD 0.340. Commercial Bank of Kuwait held steady at KD 0.670 whereas Kuwait International Bank eased 5 fils to KD 0.290.  Ahli United Bank stagnated at KD 0.640 whereas Al Ahli Bank of Kuwait gave up 5 fils to end at KD 0.420. ABK has posted a net profit of KD 8.12 million and earnings per share of 5 fils in the three month period ending March 31, 2014.  Burgan Bank flat lined to close at KD 0.510 and Kuwait Finance House pulled 10 fils lower to KD 0.760. Boubyan Bank paused at KD 0.500 after trading in green earlier in the session.

National Investment Co fell 2 fils to KD 0.142 and KIPCO dropped 10 fils a to wind up at KD 0.690. Kuwait Financial Center erased 4 fils and KAMCO was down by same measure. Sokouk Holding and Noor Financial Centre were unchanged at 79 fils and 124 fils respectively. KMEFIC and KFIC gave up 4 fils each while Osoul Investment inched 1 fils lower. Bayan Investment was flat at 71 fils and Tamdeen Investment Co paused at KD 0.300 off early lows.  The bourse has been mixed so far during the week and has eased 4 points in last three sessions. The market has tumbled 303 points from start of the month and is trading 8.12 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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