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Kuwait stocks rally, hits one-month high Zain rises 20 fils; Americana slumps

KUWAIT CITY, July 13: Kuwait stocks posted solid gains to hit a one-month high on Sunday. The benchmark soared 102.75 pts in a broad rally to 7178.75 points, the highest single day gain in over eight months. The upswing was spurred by signs of corporate recovery and hopes of larger government investment in key infrastructure projects.

The KSX 15 measure climbed 10.3 pts to 1178.75 points taking the month’s gain to 38 points whereas weighted index rose 4.26 pts. The volume turnover meanwhile jumped 33.72 percent to 239.10 million — the highest in over 6 weeks. The bourse was drifting listlessly earlier in the month owing lack of positive cues.

All sectors barring two closed in the green zone. Telecommunications outshone the rest with 2.62 percent rise whereas consumer goods slumped 0.79 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of over 51 percent while real estate and banks came far behind with 19.25 pct and 14.64 percent contributions.

Among prime movers, Kuwait Finance House rose 10 fils to KD 0.810 with a volume of 4.7 million and Ahli United Bank climbed 20 fils. Mabanee Co rallied 20 fils to KD 1.040 while National Real Estate Co was up 10 fils on back of 1.8 million shares.

Al Nawadi Holding rose 10 fils to KD 0.118 and Hilal Cement was up by same measure. National Industries Group closed 6 fils higher with a volume of 1.9 million. The company has posted a first quarter net profit of KD 5.044 million and earnings per share of 4 fils.

Modest

Bourse heavyweight Zain rose 20 fils to KD 0.660 extending the modest gains in the last session whereas Wataniya Telecom was flat at KD 1.660 off early lows. Agility added 20 fils on back 1.15 million shares and has shed 90 fils so far during the session.

The market opened firm and nudge up in early trade. The index moved sideways briefly before picking up momentum amid buying across the sectors. It continued to rise and peaked at 7182.75 in final minutes before winding up with hefty gains.

Top gainers of the day, Al-Saftec Tech Holding Co vaulted 9.26 percent to 59 fils and Al Nawadi jumped by same measure. Mashaer Holding slid over 8 percent, the steepest decliner of the day, and Ithmar Bank topped the volume with over 26 million shares.

Reflecting the day’s rally, the market spread was heavily skewed towards the winners. 93 stocks advanced whereas 18 closed lower. Of the 139 counters active on Sunday, 28 closed lower. 5129 deals worth over KD 22 million were transacted — a 16.34 pct increase in value from the previous session.

Among other gainers, Nafais Holding Co and Gulf Petroleum Investment Co added 5 fils each while Sultan Centre climbed 8 fils Gulf Cable was up 10 fils at KD 0.790. The company has chalked a net profit of KD 6.801 million and earnings per share of 32 fils in the January-March period.

NICBM rose 4 fils and Equipment Holding Co took in 2 fils. 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.

Salhia Real Estate gained 5 fils while Mazaya Holding closed 6 fils higher. 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.

Metal and Recycling Co was flat at KD 0.122 and Kuwait Foundry Co followed suit to end at KD 0.320. Jazeera Airways and ALAFCO were unchanged at KD 0.420 and KD 0.255 respectively and ACICO Industries too did not budge from its earlier close of KD 0.330.

Slumped

On the downside, Kuwait Food Co (Americana) slumped 60 fils and Combined Group Contracting Co shed 20 fils to end at KD 1.020. Shuaiba Industrial Co fell 5 fils and United Real Estate Co gave up 6 fils to settle at KD 0.104.

In the banking sector, National Bank of Kuwait was flat at KD 0.980 and Gulf Bank too did not budge from its earlier close of KD 0.340 after trading 1.25 million shares. Commercial Bank of Kuwait was not traded during the session.

Kuwait International Bank rose 5 fils to KD 0.300 and Al Ahli Bank followed suit. 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.

Burgan Bank was steady at KD 0.520 off early lows and is trading 30 fils lower year-to-date and Boubyan Bank too did not budge from its earlier close of KD 0.510.

Commercial Facilities Co climbed 5 fils to KD 0.275 and International Financial Advisors took in 2 fils. National Investment Co and KIPCO paused at KD 0.150 and KD 0.700 respectively whereas Kuwait Financial Centre nudged 2 fils up.

Bayan Investment added 5 fils on back of 3.44 million shares while KAMCO and Al Deera Holding were up 2 fils each. Noor Financial Investment slipped 4 fils whereas Al Tamdeen Investment Co gained 5 fils. Osoul Investment Co edged 2 fils lower to 73 fils.

The bourse, after a weak start, chalked 72 points gain during last week. The market has soared 207 points from start of the month and is trading 4.91 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 John Mathews

 

Arab Times Staff


By: John Mathews

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