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KSE up 22.89 pts; ends week on upbeat note NBK gains 10 fils; Americana flat

KUWAIT CITY, July 10: Kuwait stocks pulled higher Thursday to end week on firm note. The index climbed 22.89 pts to 7,076 points helped by a spurt in the final minutes. The day’s advance was led by banks and other heavyweights as investors chased positions after the recent decline on Iraq fears and local political protests. The KSX 15 measure rose 10.28 points to 1168.63 pts taking the month’s gains to 28 points while the weighted index was up 3.26 pts. The volume turnover meanwhile rebounded after receding in the previous session. 178.8 million shares changed hands - a 31.94 pct jump from the day before. The sectors closed mostly in the green zone. Banks outshone the rest with 0.72 pct rise whereas consumer goods slipped 0.90 percent, the biggest loser of the day.

In terms of volume, financial services accounted for the highest market share of 59.17 pct while real estate and banks trailed behind with 20.12 percent and 6.74 percent respectively. Among notable gainers, Kuwait Portland Cement Co soared 40 fils to KD 1.400 while Advanced Technology Co climbed 30 fils . Jazeera Airways rose 15 fils to KD 0.420 and Hilal Cement was up 10 fils extending an identical rise in the previous session. KGL Logistics Co added 4 fils on back of over 1 million shares. National Bank of Kuwait rose 10 fils to KD 0.980 recouping the loss on Wednesday and Kuwait Finance House extended Wednesday’s gain with 10 fils advance. Gulf Bank was up 5 fils at KD 0.340 trimming the year’s loss to 35 fils. Bourse heavyweight Zain gained 10 fils on back of over 1 million shares and Wataniya Telecom climbed 20 fils .

Agility was up 10 fils after charting an identical rise on Wednesday and has retreated 110 fils from start of the month. Flat The market opened flat and edged slightly up in early trade. The index retreated to hit the day’s lowest level of 7047.31 pts and clawed back into green almost half way into the session. It slipped again and traded along the opening mark before closing with modest gains. Top gainer of the day, United Real Estate Co jumped 10 percent to 110 fils and Al Deera Holding Co climbed 8.62 percent to stand next. Pearl of Kuwait Real Estate Co slid 7.5 percent, the steepest decliner of the day and Gulf Finance House continued to top the volume with over 19 million shares. Reflecting the day’s gains, the winners out led the losers. 58 stocks advanced whereas 41 closed lower. Of the 128 counters active on Thursday, 29 closed flat. 4049 deals worth KD 18.99 million were transacted - a 45.80 pct surge in value from the day before.

National Industries Group took in 2 fils while Gulf Cables climbed 10 fils to end at KD 0.780. 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. Kuwait Co For Process Plant Construction and Contracting gained 10 fils while Contracting and Marine Services Co and Qurain Petrochemical Industries Co closed 4 fils higher. On the downside, IFA Hotels and Resorts dropped 10 fils to KD 0.188 and Yiaco Medical Co gave up 8 fils to end at KD 0.242. Kuwait Food Co (Americana) however held the ground steady at KD 3.000 off early lows. United Industries Co slipped 8 fils while ACICO Industries and Kuwait Cement Co were down 5 fil each at KD 0.330 and KD 0.425 respectively. Shuaiba Industrial Co fell 10 fils to KD 0.255 whereas Equipment Holding Co closed flat. Kuwait Foundry Co was unchanged at KD 0.320 and Metal and Recycling Co too did not budge from its earlier close of KD 0.122.

Meanwhile company’s the Board of Directors has accepted the offer of Agility for fully acquiring its stakes at 125 fils/ share after studying the offer. Lower Aayan Real Estate Co clipped 3 fils and Mabanee Co pulled 20 fils lower.The company has chalked a net profit of KD 12.29 million and earnings per share 16.74 fils in the quarter ending March 30, 2014, down from KD 14.84 million profit and earnings per share of 20.21 fils in the same period last year. In the banking sector, Kuwait International Bank rose 5 fils to KD 0.295 whereas Burgan Bank was unchanged at KD 0.520 off early lows. Boubyan Bank was up 10 fils at KD 0.510 Ahli United Bank held steady at KD 0.640 off early lows whereas Al Ahli Bank and Commercial Bank of Kuwait were not traded during the session. CBK has won the final approval of Central Bank of Kuwait and initial approval of Capital Markets Authority to issue bonds up to KD 120 million for a maximum maturity of 10 years.

Commercial Facilities Co eased 5 fils to KD 0.270 whereas International Financial Advisors added 4 fils on back of 10.2 million shares. National Investment Co and KIPCO were flat at KD 0.150 and KD 0.700 respectively. Securities House Co rose 3 fils to end at 71 fils. Aayan Leasing and Investment Co gained 3 fils while Bayan Investment and Osoul Investment Co took in 2 fils each. Sokouk Holding too ticked 2 fils up whereas Noor Financial Investment closed flat. The bourse, after a weak start, picked up momentum in last three sessions and has gained 72 points week-on-week. The market has rallied 105 points from start of the month and is trading 6.27 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. 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. Kuwait Stock Exchange meanwhile has suspended the following companies for various reasons: Al Maal Investment Co., Kuwait Pipes Industries and Oil Services Co, Al Dar National Real Estate Co, Manafae Investment Company, Taiba Kuwaiti Holding Co, Investors Holding Group Co, Kuwait Business Town Real Estate Co. and National Ranges Company.

By: By John Mathews Arab Times Staff

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