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KSE extends losses; ends 13.95 fils lower Zain sheds 20 fils; NBK flat

KUWAIT CITY, July 7: Kuwait stocks pulled lower Monday, extending the losses to third consecutive session. The price index slipped 13.95 pts to 6966.89 points as investors exited select positions. The trading floor sentiment was negative even as supporters of some of the opposition leaders held a protest march in front of the parliament. The KSX 15 benchmark dropped 8.67 pts to 1149.83 points trimming the month’s gain to over 9 pts while weighted index edged 2.42 points up. Meanwhile the volume turnover nudged higher after hitting a multimonth low in the previous session. 78.64 million shares changed hands — a 8.88 percent rise from Sunday. All sectors closed lower barring two.

Technology sector, the only gainer, rose 0.42 percent while oil and gas shed 1.68 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 64.14 pct while real estate and industrials lagged far behind with 10 percent and 7.18 percent contributions respectively. Among the losers, Mabanee Co shed 20 fils and Securities Group Co was down by same measure to close at KD 0.100. Kuwait Co For Process Plant Construction and Contracting slid 25 fils and Arkan Al Kuwait Real Estate Co closed 4 fils lower. Boubyan Bank slipped 10 fils to KD 0.500 and Ahli United Bank followed suit. Al Ahli Bank fell 5 fils to KD 0.420.

The bank earlier last month got the nod from Central Bank of Kuwait to extend its approval to buy back or sell up to a maximum of 10% of its shares for another 6 months. Bourse heavyweight Zain dropped 20 fils to KD 0.620 after trading 1.42 million shares whereas Wataniya Telecom held the ground steady at KD 1.640 with thin volume. Agility pulled 10 fils lower to KD 0.790 taking the month’s losses to 100 fils. Weak The market opened weak and edged lower in early trade. It continued to erode amid negative sentiment and hit the day’s lowest level of 6948.11 points almost an hour into the trading. It pulled slightly higher past the mid-session and moved sideways before closing with moderate losses.

Top gainer of the day, Salbookh Trading Co climbed 8.33 pct to 65 fils while KFIC rose 6.67 percent to stand. Securities Group Co dived over 9 percent, the steepest decliner of the day while Al Madina For Finance and Investment topped the volume with 19.6 million shares. Reflecting the day’s decline, the market spread was skewed towards the losers. 26 stocks advanced whereas 40 closed lower. Of the 114 counters active on Monday, 48 closed flat. 1980 deals worth KD 8.54 million were transacted — a 63.97 pct surge in value from the day before. National Industries Group eased 2 fils to KD 0.220 and Equipment Holding Co followed suit. The company has logged a net profit of KD 164,899 and earnings per share of 1.21 fils in the quarter ending March 31, 2014, falling sharply from KD 2.52 million profit and earnings per share of 18.50 fils in the year before period. Ikarus Petroleum Industries Co shed 8 fils with thin trading Soor Fuel Marketing Co slipped 4 fils to KD 0.144.

Metal and Recycling Co was unchanged at KD 0.122. The company’s Board of Directors has accepted the offer of Agility for fully acquiring its stakes at 125 Fils/share after studying the offer. Photo by Anwar Daifallah Photo shows investors at KSE trading floor. The bourse extended losses on Monday. Jazeera Airways was flat at KD 0.410 and ALAFCO too 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. Gulf Cable was unchanged at KD 0.770 and Kuwait Cement Co followed suit to end at KD 0.430. Kuwait and Gulf Link Transport Co took in 1 fils whereas KGL Logistics held steady at KD 0.140. In the banking sector, National Bank of Kuwait was unchanged at KD 0.970 and Gulf Bank followed suit to close at KD 0.335. Kuwait International Bank was muted at KD 0.290 and Kuwait Finance House too ended flat at KD 0.770. Commercial Bank of Kuwait was not traded during the session.

Boubyan Bank dropped 10 fils to KD 0.500 whereas Burgan Bank was flat at 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. Unchanged Kuwait Investment Co and International Financial Advisers stagnated at KD 0.144 and 52 fils respectively while National Investment Co flunked 2 fils. KIPCO was unchanged at KD 0.700 off early lows and First Investment Co added 3 fils on back of over 1 million shares. Osoul Investment Co slipped 4 fils to 71 fils whereas Bayan Investment Co inched 1 fils up with a volume of 3.72 million shares. KFIC climbed 5 fils whereas KAMCO and Sokouk Holding Co closed flat. Noor Financial Investment b took in 2 fils. National Real Estate Co clipped 2 fils whereas Al Mazaya Holding Co was steady at KD 0.110. MENA Real Estate Co eased 2 fils AND Kuwait Remal Real Estate Co followed suit. The bourse has been weak so far during the week and has shed 38 pts in last two sessions. The market has eased 5 points from start of the month and is trading 7.72 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

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