Add News     Print  
Article List
KSE sheds 19.64 pts; snaps four-day rally Portland Cement drops 40 fils; NBK flat

KUWAIT CITY, July 14: Kuwait stocks pulled lower Monday, snapping the four-day upswing which lifted the bourse to a two-month high in the previous session. The price index, after a tame start, slipped 19.64 pts to 7159.11 points as profit taking weighed on select counters. The KSX 15 measure eased 2.33 points to 1176.6 pts trimming the month’s gains to 36 points while weighted index inched 1.11 pts lower. The volume turnover ticked lower after the swelling in the day before. 235.54 million shares changed hands — down 1.49 pct from Sunday.
The sectors closed mostly in the red. Healthcare outpaced the rest with 0.84 percent rise whereas technology slipped 1.55 pct, the biggest loser of the day. In terms of volume, financial services continued to dominate with 48.34 percent market share while banks and real estate followed with 29.73 percent and 11.60 pct respectively. Among the losers, Kuwait Portland Cement dropped 40 fils to KD 1.360 while Zima Holding and Combined Group Contracting Co were down 20 fils at KD 0.128 and KD 1.000 respectively. Boubyan Petrochemicals Co fell 10 fils to KD 0.750 and Hilal Cement Co followed suit. 
IFA Hotels and Resorts gave up 10 fils while Mabanee Co shed 20 fils .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. Telecom major, Zain fell 10 fils to KD 0.650 partly erasing the gains in the previous session and Wataniya Telecom shed 20 fils. Agility bucked the trend with 10 fils gain and the counter saw 2.3 million shares change hands. 
The market opened firm and edged up in early trade. The key index hit the day’s highest level of 7159.11 points and retreated thereafter as sentiment turned weak. It slipped below the opening mark and drifted lower to bottom at 7144.69 points in the final minutes before paring back some of the losses at close.
Top gainer of the day, Future Kid Entertainment and Real Estate Co jumped 9.26 percent to 118 fils and Equipment Holding Co climbed 8.93 percent to stand next. Zimah Holding dropped 13.51 percent, the steepest decliner of the day, and Ithmar Bank topped the volume with over 60 million shares changing hands. 
Mirroring the day’s pullback, the market spread was skewed towards the losers. 31 stocks advanced whereas 56 closed lower. Of the 133 counters active on Monday, 46 closed flat. 4462 deals worth KD 20.89 million were transacted — a 5.46 pct fall in value from the day before. 
Shuaiba Industrials Co slipped 4 fils to KD 0.246 while National Industries Group and Kuwait Gulf Links flunked 2 fils each close at to KD 0.228 and 82 fils respectively. 
Kuwait Foundry Co was flat at KD 0.320 and Metal and Recycling Co too did not budge from its earlier close of KD 0.122.The company’s the Board of Directors earlier last week has accepted the offer of Agility for fully acquiring its stakes at 125 fils/share after studying the offer.
Jazeera Airways and ALAFCO continued to stagnate at KD 0.420 and KD 0.255 respectively. ALAFCO 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.
NICBM was unchanged at KD 0.216 and Gulf Cables 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.
On the upside, Equipment Holding Co rose 10 fils to KD 0.122 and Yiaco Medical Co gained 9 fils. KGL Logistics took in 2 fils whereas United Industries Company closed flat . The company has won the Capital Markets Authority approval to the company’s request to buy back or sell up to 10 percent of own shares over a period of 6 months.
In the banking sector, National Bank of Kuwait was unchanged at KD 0.980 off early lows whereas Gulf Bank added 5 fils. Commercial Bank of Kuwait was steady at KD 0.700 and Al Ahli Bank gave up 5 fils to end at KD 0.415. Ahli United Bank was muted at KD 0.660. 
Kuwait International Bank paused at KD 0.300 and Burgan Bank followed suit . 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. Kuwait Finance House and Boubyan Bank were flat at KD 0.810 and KD 0.510 respectively.
Kuwait Investment Co climbed 10 fils to KD 0.154 whereas International Financial Advisors inched 1 fils lower after trading 5.65 million shares. KIPCO was unchanged at KD 0.700 off early lows and Securities House Co and First Investment Co fell 2 fils each. 
Noor Financial Investment and Al Tamdeen Investment Co stagnated at KD 0.114 and KD 0.395 respectively whereas Bayan Investment and Osoul Investment were up 1 fils each. Ekittitab Holding Co fell 1 fils while Sokouk Holding Co paused at 87 fils. 
The bourse, has been mixed so far during the week and has gained 84 points in last two days.. The market has rallied 188 points from start of the month and is trading 5.17 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

Read By: 3258
Comments: 0

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