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Kuwait index rebounds 28.82 pts; volume slips KFH gains 20 fils; Americana falls

KUWAIT CITY, June 25: Kuwait stocks staged a modest rebound on Wednesday stemming the two-day decline. The price index climbed 28.82 points to 1,154.17 pts helped by renewed buying in banks and some of the mid and small caps. The sentiment was cautious as investors weigh continuing Iraq turmoil and the anticipated Ramadan lull.
The KSX 15 gauge spiked over 11 pts to 1154.17 pts paring the month’s losses to 56 pts while weighted index rose 3.99 pts to 472.9 points. The volume turnover tapered for the third consecutive day. 116.64 million shares changed hands — a 15.21 pct drop from the day before.
The sectors closed mostly in the green. Oil and gas outperformed the rest with 1.72 percent jump whereas basic materials dropped 0.30 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 61.72 pct while real estate banks trailed far behind with 18.06 pct and 8.76 percent contributions.


Among the prime movers, Kuwait Portland Cement soared 40 fils to KD 1.340 while Mabanee Co was up 20 fils extending an identical rise in the previous session. Independent Petroleum Group gained 15 fils with thin trading and Humansoft Holding followed suit to end at KD 0.440.
Kuwait Finance House climbed 20 fils to KD 0.780 with a volume of 1.47 million while Burgan Bank added 10 fils to settle at KD 0.520 and is trading 40 fils lower from start of the month. Al Ahli Bank nudged 5 fils higher to KD 0.425 recouping the loss in the day before.
Bourse heavyweight Zain rallied 20 fils on back of 1.85 million shares whereas Wataniya Telecom pared back early losses to end steady at KD 1.660. Agility too did not budge from its earlier close of KD 0.820 and is up 130 fils so far during the year.

Firm
The market opened firm and pulled higher in early trade. The index moved sideways as sentiment turned brittle before drifting lower in the second half. It slipped to the day’s lowest level of 6,934.01 pts and clawed back to close with modest gains.
Top gainer of the day, Tamdeem Real Estate Co rallied over 9 percent while National Cleaning Co climbed 8.77 pct to stand next. Gulf Investment House tumbled 8.33 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 23.57 million shares.


Mirroring the day’s upswing, the market spread was skewed towards the gainers. 63 stocks advanced whereas 24 closed lower. Of the 129 counters active on Wednesday, 24 closed flat. 3039 deals worth KD 16.04 million were transacted — a 40.83 pct surge in value from the day before.
Boubyan International Industries Co rose 4 fils and Equipment Holding Co followed suit. 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.
National Industries Group took in 2 fils on back of 1.84 million shares whereas Gulf Cable closed flat. 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 down side, Kuwait Food Co (Americana) dropped 20 fils to KD 2.780 recouping the losses in the day before and United Projects Group dived 50 fils to KD 0.690. IFA Hotels and Resorts Co gave up 8 fils to end at KD 0.214.
Jazeera Airways eased 5 fils to KD 0.415 whereas ALAFCO was unchanged at KD 0.250. United Industries Company was flat at KD 0.122 and Kuwait Foundry Co too did not budge from its earlier close of KD 0.315.
Hilal Cement and Boubyan International Industries Holding Co slipped 10 fils each and ACICO Industries Co too was down 10 fils at KD 0.350. The company has posted a net profit of KD 3.206 million and earnings per share of 12.94 fils in the quarter ending March 31, 2014.
In the banking sector, National Bank of Kuwait was flat at KD 0.970 off early highs and saw a volume turnover of 1.22 million shares whereas Gulf Bank fell 5 fils to KD 0.335. Commercial Bank of Kuwait paused at KD 0.670 with thin trading volume and Boubyan Bank followed suit.


Unchanged

Ahli United Bank was unchanged at KD 0.640 and Kuwait International Bank was up 5 fils 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 as compared to KD 4.24 million profit and earnings per share of 4.55 fils in the same period last year.
Commercial Facilities Co fell 5 fils to KD 0.270 whereas International Financial Advisers nudged 1 fils higher. KIPCO rose 10 fils to KD 0.700 and Scurities House Co added 5 fils on back of 4.2 million shares. KMEFIC took in 2 fils to end at 51 fils.
Al Deera Holding Co and Sokouk Holding Co was flat at 28 fils and 79 fils respectively and Noor Financial Investment Co too paused at KD 0.142.
The bourse has been mixed so far during the week and has added 24 points in last four sessions. The market has slid 275 points from start of the month and is trading 7.74 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, 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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