RSS
 Add News     Print  
Article List
KSE retreats 8.77 pts amid lacklustre trade KFH slips 10 fils; Zain flat

KUWAIT CITY, June 30: Kuwait stocks sagged Monday to end the month on a tepid note. The price index eased 8.77 pts in lackluster trade to close at 6971.44 pts. Banks and financial shares paced the day’s marginal fall even as investors look for direction. The KSX 15 benchmark slipped 9.61 points to 1,140.05 pts pushing the month’s losses to 70 points while weighted index edged 2.39 pts lower. The volume turnover surged past the 100 million mark after hitting a multi-month low in the previous session. 120.14 million shares changed hands — a 59.27 pct jump from the previous session.


The sectors closed mixed. Telecommunications outshone the peers with 1.48 pct upswing whereas banks shed 1 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 59.70 pct while real estate and banks were far behind with 10.04 pct and 7.96 pct respectively. Among the notable losers, sector bellwether National Bank of Kuwait fell 10 fils to KD 0.960 erasing the gains on Sunday and Kuwait Finance House was down by same measure to end at KD 0.770. Burgan Bank too gave up 10 fils and the counter saw 1.17 million shares change hands.

Combined Group Contracting Co shed 20 fils while City Group and IFA Hotels and Resorts clipped 10 fils to close at KD 0.390 and KD 0.208 respectively. Contracting and Marine Services Co erased 8 fils and Equipment Holding fell 6 fils to close at KD 0.110.  Telecom major, Zain was unchanged at KD 0.620 off early lows and saw a volume of 2.65 million whereas Wataniya Telecom climbed 20 fils to KD 1.740. Agility was down 20 fils at KD 0.790 extending the losses in the previous session and is trading 100 fils lower year-to-date.


Edged

The market opened firm but edged lower in early trade. The price index continued to drift southward as selling pressure weighted on select counters. It moved sideways in the second half and bottomed at 6943.94 pts before clawing back most of the losses at close.
Top gainer of the day, Kuwait Hotels Co soared 33.33 pct to 160 fils and Ras Al Khaimah For White Cement climbed 8.93 percent to stand next. Kuwait Syrian Holding Co dived 8.33 percent, the steepest decliner of the day, and Al Madina For Finance and Investment Co topped the volume with over 18 million shares changing hands.
Mirroring the day’s fall, the market spread was skewed towards the losers. 37 stocks advanced whereas 57 closed lower. Of the 136 counters active on Monday, 42 closed flat. 2922 deals worth KD 14.5 million were transacted, a 49.07 percent surge in value from the day before.
Heavy Engineering Industries and Shipbuilding Co fell 4 fils to KD 0.144 while Metal and Recycling ticked 2 fils lower. The company 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.
On the upside, United Projects Group vaulted 50 fils to KD 0.740 and National Industries Group edged 2 fils higher to KD 0.222. 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.


Mashaer Holding Co rose 4 fils to KD 0.200 whereas Burgan Well Drilling was flat at KD 0.240. The company has recorded a net profit of KD 2.14 million and earnings per share of 10.21 fils in year ending March 31, 2014, up from KD 1.99 million and earnings per share of 9.52 fils in the year before.
Jazeera Airways dropped 10 fils to KD 0.400 whereas ALAFCO closed flat at KD 0.255. 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.

Muted
Kuwait Portland Cement Co was muted at KD 1.360 and Gulf Cable followed suit to close at KD 0.760. Kuwait Food Co (Americana) was unchanged at KD 2.780 while Kuwait Foundry Co rose 5 fils to KD 0.320.  Kuwait Gulf Links flunked 1 fils and KGL Logistics Co paused at KD 0.140 off early lows. ACICO Industries Co slipped 5 fils whereas Kuwait Resorts Co took in 2 fils to settle at 95 fils.
Gulf Bank was flat at KD 0.335 and Kuwait International Bank too did not budge from its earlier close of KD 0.295. Ahli United Bank shed 10 fils whereas Kuwait International Bank paused at KD 0.295. Boubyan Bank was down 10 fils at KD 0.500.  International Financial Advisors inched 1 fils lower whereas National Investment Co took in 2 fils. KIPCO pared back early losses to close flat at KD 0.700 and Securities House Co eased 2 fils. Arzan Financial Group gave up 4 fils and Sokouk Holding Co was down 1 fils at 78 fils.


Bayan Investment Co fell 2 fils and Osoul Investment followed suit to end at 71 fils. Noor Financial Investment stagnated at KD 0.114 and Ekittab Holding Co pulled 4 fils lower. Al-Tamdeen Investment Co was up 5 fils at KD 0.305.  The bourse has been downbeat so far during the week and has shed over 10 pts in last two sessions. The market has dived 317 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. 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.  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.

By John Mathews
Arab Times Staff


By: John Mathews

Read By: 2004
Comments: 0
Rated:

Comments
You must login to add comments ...
About Us   |   RSS   |   Contact Us   |   Feedback   |   Advertise With Us