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KSE winds up week with 16.55 pts gain Wataniya Telecom soars 60 fils; NBK slips

KUWAIT CITY, June 26: Kuwait stocks pulled higher Thursday to end week on a firm note. The bourse clawed back from a mid-session dip to end 16.55 points higher at 6,981.85 pts. The advance was paced by bargain buying in select positions even as banks remained mostly muted. The KSX 15 benchmark dropped 11.1 pts to 1,143.07 points pushing the month’s losses to 67 points while weighted index edged 1.85 pts lower. The volume turnover rose modestly after falling in the previous session. 131.05 million shares changed hands — a 12.35 pct increase from Wednesday. The trading has been anemic for most part of the month owing to lack of fresh catalysts and the ongoing Iraq crisis. 
 
The sectors closed mixed. Technology outshone the peers with 0.86 percent gain whereas healthcare slid 1.38 percent, the worst performer of the day. In terms of volume, financial services continued to dominate with over 60 percent market share while real estate and banks trailed far behind with 21.93 pct and 6.63 percent contributions respectively.  Among the sharp advancers Combined Group Contracting Co climbed 40 fils to KD 1.140 while Kuwait Cement Co rose 25 fils to settle at KD 0.430. Humansoft Holding Co gained 20 fils and Kuwait Portland Cement Co was up by same measure to end at KD 1.360. 
 
Bourse heavyweight Zain shed 20 fils erasing the gains in the day before and saw a volume of 1.18 million shareS whereas Wataniya Telecom soared 60 fils to KD 1.720. Agility vacillated in a tight range before closing flat at KD 0.820.  The market opened flat and moved sideways in early trade. The index drifted lower almost an hour into the session and hit the day’s lowest level of 6,945.49 pts. It pulled higher thereafter and moved range bound in the second half before closing with modest gains.
 
Rallied
Top gainer of the day, Housing Finance Corporation (Iskan) rallied 6.25 pct to 34 fils while Kuwait Cement was close behind with 6.17 percent jump. National Cleaning Co shed 6.45 percent, the steepest decliner of the day, and Gulf Investment House topped the volume with over 11 million shares changing hands. Reflecting the day’s gain, the winners outnumbered the losers. 49 stocks advanced whereas 36 closed lower. Of the 132 counters active on Thursday, 47 closed flat. 3,451 deals worth KD 15.11 million were transacted — a 5.77 pct drop in value from the day before.
 
RISCO rose 5 fils to KD 0.330 and Shuaiba Industrial Co followed suit. IFA Hotels and Resorts Co and Boubyan International Industries Holding Company added 4 fils each and Qurain Petrochemical Industries was up 5 fils at KD 0.260.  Kuwait Food Co (Americana) was unchanged at KD 2.780 and Jazeera Airways too did not budge from its earlier close of KD 415. ALAFCO eased 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 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 downside, Gulf Cables gave up 10 fils to end at KD 0.760 and National Industries Group clipped 12 fils. 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.
National Real Estate Co took in 2 fils whereas Mabanee Co shed 40 fils. The company has chalked a net profit of KD 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.
Salhia Real Estate rose 10 fils to KD 0.375 and Tamdeen Real Estate Co was up 5 fils at KD 0.305. Tamdeen Investment Co has acquired 6.31 percent stake of Tamdeen Real Estate at a rate of 265 fils/share. Total value of deal came in at KD 6,248,280.770. 
 
Slipped
In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.960 after trading 1.35 million shares and Gulf Bank was unchanged at KD 0.335. Commercial Bank too was steady at KD 0.670 whereas Al Ahli Bank was not traded during the session. 
Ahli United Bank and Kuwait International Bank stagnated at KD 0.640 and KD 0.295 respectively while Burgan Bank held steady at KD 0.520. Kuwait Finance House retreated 10 fils partly erasing the gains in the day before and Boubyan Bank paused at KD 0.500. 
Kuwait Investment Co and KIPCO was unchanged at KD 0.144 and KD 0.700 respectively whereas Kuwait Financial Centre was up 2 fils at KD 0.140 and National Investment Co followed suit. Al Madina For Finance and Investment Co added 2 fils on back of 5.3 million shares,
Bayan Investment flunked 1 fil whereas KAMCO and Sokouk Holding Co were flat at KD 0.110 and 79 fils respectively. Noor Financial Investment Co gyrated in close range before settling flat at KD 0.124 and Tamdeen Investment Co too did not budge from its earlier close of KD 0.300. 
 
The bourse was mixed during the week. It closed higher in 3 of the 5 sessions and added 41 pts week-on-week. The market has tumbled 310 points from start of the month and is trading 7.52 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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