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Kuwait bourse treads water; volume tumbles Agility falls 10 fils; NBK gains

KUWAIT CITY, June 29: Kuwait stocks trod water Sunday after posting modest gains in the previous week. The bourse, after a tame start, closed 1.64 pts lower at 6980.21 pts even as Ramadan lull weighed heavily on the trading level. Some of the banks and mid caps shone whereas the telecoms remained muted. The KSX 15 benchmark climbed 6.59 pts to 1149.66 points trimming the month’s losses to 61 points while weighted index nudged 1.09 pts higher to 472.14 points. The volume turnover meanwhile slipped below the 100 million mark to hit a new multi-month low. 75.42 million shares changed hands - a 42.44 percent dip from last session.

The sectors closed mixed. Telecommunication outpaced the rest with 1.36 percent gain whereas real estate dropped 0.39 percent, the biggest loser of the day. In terms of volume, financial services continued to garner the highest market share of over 60 percent while banks and real estate were far behind with 16.97 percent and 11.05 pct respectively.  Among sharp fallers, Kuwait Cement Co shed 25 fils erasing the gains in the previous session and KGL Logistics Co was down 18 fils at KD 0.140. Jazeera Airways gave up 5 fils to end at KD 0.410 and is trading 40 fils lower from start of the month.

National Industries Group fell 2 fils to KD 0.220 while Hilal Cement pulled 4 fils lower to 100 fils. National Real Estate Co gave up 6 fils to KD 0.140 while Arkan Al Kuwait Real Estate Co shed 8 fils.  Arzan Financial Group clipped 5 fils and Securities House retreated 4 fils after trading 4.7 million shares. Bourse heavyweight Zain was flat at KD 0.620 off early highs whereas Wataniya Telecom was not traded during the session. Agility flunked 10 fils to settle at KD 0.810 and the stock is trading 120 fils higher year-to-date.

The market opened flat and moved sideways in early trade. The index edged slightly higher to peak at 6991.69 points before retreating amid weak sentiment. It hit the day’s lowest level of 6966.52 points in the final minutes and managed to pare back some of the losses at close.  Top gainer of the day, Gulf Finance Co spiked 12.31 percent to 73 fils whereas Ekttitab Holding Co rallied 8.16 percent to stand next. Gulf Investment House slid over 9 percent, the steepest decliner of the day, and Gulf Finance House continued to top the volume with 9.9 million shares. Despite the dull sentiment, the winners slightly outnumbered the losers, 39 stocks advanced whereas 35 closed lower. Of the 112 counters active on Sunday, 38 closed flat. 2091 deals worth KD 9.72 million were transacted - a 35.65 pct drop in value from the day before.

On the upside, Shuaiba Industrial Co climbed 20 fils on the back of 1.23 million shares and Mabanee Co was up by same measure to close at KD 1.040. Tamdeen Real Estate Co rose 15 fils and Gulf Franchising Holding Co closed 8 fils higher at 73 fils. ALAFCO climbed 7 fils after ending slightly lower on Thursday.  ACICO Industries added 5 fils and Kuwait Foundry Co followed suit to end at KD 0.315. 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. Equipment Holding Co was up 4 fils at KD 0.116.  Mashaer Holding Co rose 6 fils to KD 0.196 and Future Communications Co Global added 4 fils. Gulf Cable paused 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.  Alsalam Group Holding Co rose 4 fils whereas Osoul Investment Co was unchanged at 73 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.

In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.970 and Commercial Bank followed suit to close at KD 0.680. Gulf Bank was steady at KD 0.335 and Ahli United Bank too did not budge from its earlier close of KD 0.640. Burgan Bank and Kuwait International Bank stagnated at KD 0.520 and KD 0. 295 respectively while Kuwait Finance House climbed 10 fils to KD 0.780 recouping the drop in the previous session.  Boubyan Bank gained 10 fils whereas Al-Ahli Bank of Kuwait fell 5 fils. The bank 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, up from KD 7.07 million profit and earnings per share of 4 fils in the same period last year.

National Investment Co eased 2 fils to KD 0.142 whereas KIPCO and International Financial Advisors were unchanged at KD 0.700 and 52 fils respectively. Bayan Investment Co and Sokouk Holding closed flat whereas Noor Financial Investment Co pulled 10 fils lower.  The bourse was mixed during last week. It closed higher in 3 of the 5 sessions and gained 41 pts week-on-week. The market has tumbled 309 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, United Foodstuff Industries Group has logged a first quarter net profit of KD 435,073 and earnings per share of 13.15 fils, down from KD 140,533 and earnings per share of 4.25 fils in January-March period of 2013.

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.  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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