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Photo shows investors at KSE trading floor. The bourse pulled lower on Thursday.
KSE dips 21.98 pts amid profit taking Combined Group dips 60 fils; Americana gains

KUWAIT CITY, July 3: Kuwait stocks retreated Thursday to end week on a dull note. The benchmark slipped 21.98 pts to 7,004.31 pts amid profit taking in select counters after the strong gains in the previous session. The market had been downbeat during the second quarter owing to lack of strong catalysts and weak financial results.
Most of the heavyweights sagged whereas Kuwait Food Co (Americana) continued to soar following reports that a group of investors are eying majority stake in the company.
The KSX 15 measure dropped 8 pts to 1,163.19 points paring the year’s gains to 111 points while weighted index was down 2.18 pts at 475.3 points. The volume turnover meanwhile shrank after swelling in the previous session. 123.27 million shares changed hands — a 11.04 pct drop from the previous session.
The sectors closed mostly in the negative zone. Oil and gas outpaced the rest with over 1 pct gain whereas telecommunications slid 2.11 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 75.92 percent while real estate and banks followed far behind with 7.18 pct and 5.02 percent respectively.
Among sharp losers, Combined Group Contracting Co dived 60 fils to KD 1.060 while Hilal Cement was down 24 fils at 100 fils. Shuaiba Industrial Co slipped 15 fils to 325 fils and Kuwait Company For Process Plant Company was down by same measure to end at KD 0.295.

Ahli United Bank shed 20 fils to settle at KD 0.620 and Burgan Bank pulled 10 fils lower to KD 0.520. The bank has posted a net profit of KD 17.145 million and chalked earnings per share of 11.2 fils in the quarter ending March 31, 2014, rising from KD 15.63 million and earnings per share of 10.1 fils in the year before period.
Telecom major Zain dropped 20 fils to KD 0.640 and Wataniya Telecom shed 40 fils to end up at KD 1.640. Agility was down 20 fils at KD 0.790 erasing most of the gains on Wednesday while Americana surged 100 fils, extending the gains to third straight session.
The market opened firm and edged higher in early trade to hit the day’s highest level of 7,030.99 points. The index retreated thereafter as sentiment turned negative and hit the day’s lowest level of 6,998.78 points in the final minutes. However it managed to pare back slightly at close.
Top gainer of the day, Flex Resorts and Real Estate Co spiked 9.43 pct to 58 fils whereas Contracting and Marine Services Co climbed 7.14 percent to stand next. Hilal Cement Co tumbled 19.35 percent, the steepest decliner of the day, while Gulf Finance House continued to top the volume with over 32 million shares changing hands.

Mirroring the day’s decline, the losers outnumbered the winners. 35 stocks advanced whereas 54 closed lower. Of the 126 counters active on Thursday, 37 closed flat. 2,621 deals worth KD 11.46 million were transacted — a 33.97 pct drop in value from the day before.
Mashaer Holding eased 6 fils to KD 0.180 while Soor Fuel Marketing Co pulled 8 fils lower to KD 0.142. Equipment Holding Co gave up 2 fils to end at KD 0.110 and Metal Recycling Co followed suit to close at KD 0.122. NICBM fell 4 fils to KD 0.212 whereas National Industries Group was flat at KD 0.222.
Kuwait Cement Co and RISCO added 5 fils each whereas Gulf Cable stagnated at KD 0.770. 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.

Union Real Estate Co and National Real Estate Co fell 4 fils each whereas Al-Mazaya Holding closed flat. 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.
In the banking sector, National Bank of Kuwait was unchanged at KD 0.980 with a volume of over 1 million shares and Kuwait Finance House too did not budge from its earlier close off early highs. The banks got a boost on Tuesday after Moody’s said in its outlook that the sector remains stable and that it expected local banks’ profitability to recover.

Al Ahli Bank of Kuwait rose 5 fils to KD 0.425 whereas Kuwait International Bank was flat at KD 0.295. Commercial Bank of Kuwait rose 10 fils to KD 0.700 and Boubyan Bank paused at KD 0.510.
National Investment Co climbed 4 fils to KD 0.154 on back of 1.51 million shares whereas KIPCO and Securities House Co were flat at KD 0.700 and 69 fils respectively. Kuwait Financial Centre (Markaz) and Bayan Investment Co were down 2 fils and 1 fil respectively.
Sokouk Holding and Al Madina For Finance and Investment Co clipped 1 fil each while KAMCO slipped 6 fils to close at KD 0.104. Noor Financial Investment Co dropped 4 fils and Al Tamdeen Investment closed 5 fils lower at KD 0.300.

The bourse has been mixed during the week. It closed lower in four of the five sessions and added 23 pts week-on-week. The market had tumbled 320 points during whole of June and is trading 7.22 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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