RSS
 Add News     Print  
Article List
Kuwait bourse drops 23.47 pts; volume dips NBK slips 10 fils; Agility gains

KUWAIT CITY, July 6: Kuwait stocks sagged Sunday, extending the losses to second consecutive session. The index dropped 23.47 pts in lackluster trading to settle at 6,980.84 points following call by some of the opposition leaders for protest on Sunday. Some of the bank stocks retreated while the mid and low caps closed mixed.

The KSX 15 benchmark eased 4.69 pts to 1158.5 pts trimming the year's gains to 106 pts while weighted index edged 1.33 pts lower. Meanwhile volume turnover slipped below the 100 million mark to hit a fresh multi-month low. 72.23 million shares changed hands - a 41.40 pct drop from the day before.

The sectors closed mostly in the red. Consumer goods outperformed the rest with 0.38 pct upswing whereas parallel market slid 2.76 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 72.17 pct while industrials and banks trailed far behind with 7.89 pct and 6.03 percent respectively.

Among the losers, Combined Group Contracting Co shed 20 fils and Future Kid Entertainment and Real Estate was down by same measure to end at KD 0.108. Boubyan Petrochemical s Co gave up 10 fils to KD 0.750 and Shuaiba Industrial Co followed suit. Kuwait Gulf Links and KGL Logistics Co flunked 2 fils each to close at 79 fils and 140 fils respectively.

National Bank of Kuwait slipped 10 fils to KD 0.970 and Kuwait Finance House too was down by same measure to settle at KD 0.770 after stagnating in the previous session. Telecom major, Zain was flat at KD 0.640 off early lows whereas Wataniya Telecom was not traded during the session.

Agility rose 10 fils to KD 0.800 taking the year's gains to 110 fils. Meanwhile the Board of Directors of Metal and Recycling Co.'s has accepted the offer of Agility for fully acquiring its stakes at 125 Fils/ share after studying the offer.

Weak

The market opened weak and edged lower in early trade. The index moved sideways almost half way into the session and eased further amid weak sentiment. It hit the day's lowest level of 6973.02 pts before slightly paring back some of the losses.

Top gainer of the day, Hilal Cement Co spiked 10 fils to KD 0.110 and KAMCO dropped 5.77 percent to stand next. Al Shamel International Holding Co tumbled 43.48 pct, the steepest decliner of the day, while Gulf Finance House topped the volume with over 14 million shares.

Mirroring the day's downswing, the losers outnumbered the winners. 26 stocks advanced whereas 44 closed flat. Of the 111 counters active on Sunday, 41 closed flat. 1713 deals worth KD 5.2 million were transacted -a 54.58 pct plunge in value from previous session.

Alargan Real International Real Estate Co fell 10 fils to KD 0.174 and Ajial Real Estate and Entertainment gave up 6 fils to end at KD 0.206. Aayan Real Estate eased 3 fils to 88 fils whereas Tamdeen Real Estate added 5 fils to close at KD 0.305.

Jazeera Airways was unchanged at KD 0.410 and ALAFCO too did not budge from its earlier close of 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. Jeeran Holding Co ticked 2 fils lower.

Metal and Recycling Co was flat at KD 0.122 and Gulf Cable followed suit. 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.

Equipment Holding Co was unchanged at KD 0.110 and National Industries Group followed suit. 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.

Paused

In the banking sector, Gulf Bank stagnated at KD 0.335 and Ahli United Bank climbed 10 fils. Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session. While Burgan Bank paused at KD 0.520. The banks got a boost last week after Moody's said in its outlook that the sector remains stable and that it expected local banks' profitability to recover.

Boubyan Bank pared back early losses to end flat at KD 0.510 whereas Kuwait International Bank fell 5 fils to KD 0.290. The bank has chalked a net profit of KD 5.037 million and earnings per share of 5.39 fils in the first quarter of 2014 as compared to KD 4.24 million profit and earnings per share of 4.55 fils in the same period last year.

National Investment Co stagnated at KD 0.154 whereas Securities House Co and First Investment shed 3 fils each. International Financial Advisors was unchanged at 52 fils whereas Bayan Investment inched 1 fils up to 71 fils.

Al Deera Holding Co and Sokouk Holding Co fell 1 fils each whereas KAMCO climbed 8 fils to KD 0.110. Noor Financial Investment Co eased 2 fils to settle at KD 0.112 and Al Tamdeen Investment Co closed flat. Al Mazaya Holding Co held steady at KD 0.110.

The bourse was mixed during last week. It closed lower in four of the five sessions and rose 23 pts week-on-week. The market has shed added 9 points from start of the month and is trading 7.53 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: 2333
Comments: 0
Rated:

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