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KSE kicks off month with 22.97 pts drop ACICO Industries sheds 15 fils; Zain up

KUWAIT CITY, July 1: Kuwait stocks pulled lower Tuesday, to kick off the month on low note. The bourse dropped 22.97 points to 6,948.47 points extending the losses to third consecutive session. The sentiment was negative owing to lack of fresh catalysts and the Ramadan lull. The KSX 15 gauge climbed 5.44 pts to 1,145.49 pts taking the year’s gains to 93 points while weighted index inched 0.17 pts higher. The volume turnover meanwhile slumped below the 100 million mark again. 79.32 million shares changed hands — a 33.98 pct drop from the day before.


The sectors closed mostly in the red territory. Consumer goods out led the rest with 1.18 pct rise whereas technology shed 1.09 percent, the worst performer of the day. Volume wise, financial services continued to dominate with 51.93 percent market share while real estate and banks trailed far behind with 15.63 percent and 8.34 pct respectively.
Among the losers, ACICO Industries Co slipped 15 fils extending an identical fall in the previous session and Tamdeen Real Estate Co was down by same measure to end at KD 0.305. Mashaer Holding Co was down 10 fils at KD 0.190 and Ikarus Petroleum Industries Co followed suit.
National Industries Group eased 2 fils to KD 0.220 and United Industries Group fell by same measure. The company has won the Capital Markets Authority approval to the company’s request to buy back or sell up to 10% of own shares over a period of 6 months.
Telecom major Zain bucked the trend to gain 10 fils on back of over 1 million shares whereas Wataniya Telecom was not traded during the session. Agility gave up 10 fils to close at KD 0.780 and is trading 90 fils higher from start of the year.


Flat

The market opened flat and edged lower in early trade. The index continued to erode as investors exited positions before moving sideways in the second half. It slipped to the day’s lowest level of 6,939.72 points in the final minutes but managed to pare back slightly at close.
Top gainer of the day, Kuwait Company For Process Plant Construction and Contracting climbed 8.77 pct to 310 fils and Kuwait Real Estate Holding Co (Alaqaria) rose 5.26 pct to stand next. Pearl of Kuwait Real Estate Company tumbled 13.16 pct, the steepest decliner of the day, and Gulf Finance House topped the volume with 16.6 million shares changing hands.
Reflecting the day’s downswing, the market spread was skewed towards the losers. 28 stocks advanced whereas 45 closed lower. Of the 113 counters active on Tuesday, 40 closed flat. 1,900 deals worth KD 8.3 million were transacted — a 42.65 pct drop in value from the day before.
Salhia Real Estate Co dropped 10 fils to KD 0.360 while Al-Mazaya Holding flunked 2 fils. The company has posted a net profit of KD 1.47 million and earnings per share of 2.37 fils in the quarter ending March 31, 2104, up sharply from KD 213,745 profit and earnings per share of 0.34 fils in the first quarter in 2013.


Gulf Cable was flat at KD 0.760 and Metal and Recycling followed suit. 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, rebounding from a net loss of KD 54,285 and loss per share 0.72 fils in the Q1 of 2013.
Jeeran Holding was unchanged at 64 and Kuwait Portland Cement Co too did not budge from its earlier close of 255 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. Gulf Cables paused at KD 0.800.
Jazeera Airways rose 5 fils to KD 0.405 whereas Aviation Lease and Finance paused 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.

Soared
On the upside, Kuwait Food Co (Americana) soared 100 fils to KD 2.880 and Shuaiba Industrial gained 15 fils. Mabanee Co jumped 20 fils to KD 1.060 trimming the year’s losses to 60 fils. In the banking sector, National Bank of Kuwait and Gulf Bank were flat at KD 0.960 and KD 0.335 respectively, whereas Al Ahli Bank of Kuwait fell 5 fils to KD 0.420. Commercial Bank of Kuwait was not traded during the session.
Ahli United Bank was flat at KD 0.630 while Kuwait International Bank eased 5 fils. Burgan Bank rose 10 fils to KD 0.520 recouping the loss in the previous session while Kuwait Finance House and Boubyan Bank were muted at KD 0.770 and KD 0.500 respectively.
National Investment Co and KIPCO stagnated at KD 0.144 and KD 0.700 whereas Kuwait Financial Centre and First Investment Co gave up 4 fils each. Bayan Investment was unchanged at 68 fils and KAMCO followed suit to end at KD 0.110. Osoul Investment Co was up 3 fils at 74 fils.
Noor Financial Investment dropped 6 fils to KD 0.108 and KFIC inched 1 fil up. United Real Estate and National Real Estate Co closed flat and Sokouk Holding Co followed suit to end at 78 fils.


The bourse has been trending lower so far during the week and has dropped over 32 pts in last three sessions. The market had plunged 320 points during whole of June 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

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