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Kuwait bourse sheds 53.93 pts; volume dips Agility drops 30 fils; NBK flat

KUWAIT CITY, July 15: Kuwait stocks headed south on Tuesday, extending the losses to second straight session. The market slid 53.93 points to 7,105.18 pts weighed by banks and other heavyweights. The market sentiment was negative even as investors await the first half results. The KSX 15 measure dropped over 9 points to 1,167.56 pts shrinking the month’s gains to 27 points while weighted index fell 3.22 pts. The volume turnover meanwhile slipped below the 200 million mark for the first time during the week. Over 170 million shares changed hands - 27.81 pct drop from Monday.

The sectors all closed in the red except one. Basic materials, the only gainer, rose 0.35 percent whereas oil and gas shed 1.15 pct, the worst performer of the day. In terms of volume, financial services continued to dominate with 59.50 pct market share while real estate and banks trailed behind with 15.31 pct and 15.12 percent contributions respectively.

Among losers, Kuwait Cement Co shed 15 fils and Jazeera Airways was down by same measure to close at KD 0.405. United Industries Co fell 4 fils to KD 0.110 and Egypt Kuwait Holding Co was down 5 fils at KD 0.280. National Petroleum Services Co slid 30 fils to KD 0.590. Kuwait Finance House slipped 10 fils to KD 0.800 trimming the month’s losses to 10 fils and Boubyan Bank was down by same measure to end at KD 0.500. Ahli United Bank dropped 20 fils to KD 0.640 extending the losses from the previous session.

Bourse major Zain clipped 10 fils extending an identical loss on Monday whereas Wataniya Telecom was not traded during the session. Agility retreated 30 fils to KD 0.780 and the counter saw over 4 million shares change hands.

Flat

The market opened flat and moved sideways in early trade. The price index retreated thereafter as sentiment turned weak and hit the day’s lowest level of 7086.65 points in the final minutes. However it managed to pare back some of the losses at close. Top gainer of the day, Real Estate Asset Management Co spiked 8 percent whereas Manazel climbed 3.92 percent stand next. Qurain Holding Co dived 6.25 pct, the steepest decliner of the day while Gulf Finance House continued to top the volume with 52.7 million shares.

Mirroring the day’s decline, the market spread was heavily skewed towards the losers. 22 stocks advanced whereas 75 closed lower. Of the 137 counters active on Tuesday, 40 closed flat. 3560 deals worth KD 15.18 million were transacted - a 27.30 pct drop in value from the day before. ACICO Industries Co eased 5 fils and National Industries Group fell 4 fils to KD 0.224 extending a marginal fall on Monday. 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.

Metal and Recycling Co and Equipment Holding Co flunked 2 fils each whereas Gulf Cables closed flat .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.

Ajial Real Estate fell 4 fils whereas Mabanee Co paused at KD 1.020.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. On the upside, Kuwait Investment Co rose 5 fils to KD 0.160 and KIPCO gained 20 fils. The company has recorded a net profit of KD 10.297 million and earnings per share of 7.14 fils in the three-month period ending March 31, 2014, climbing from KD 8.566 million profit and earnings per share of 6.04 fils in the 2013 Q1.

Lows

Kuwait Food Co (Americana) stagnated at KD 2.940 off early lows and ALAFCO followed suit to end at KD 0.255. Kuwait Foundry Co was unchanged at KD 0.320.  In the banking sector, National Bank of Kuwait was unchanged at KD 0.980 off early lows whereas Commercial Bank of Kuwait was not traded during the session. The bank 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.

Gulf Bank slipped 5 fils to KD 0.340 and Al Ahli Bank pared back slight early losses to end at KD 0.415. Kuwait International Bank eased 5 fils whereas Burgan Bank held the ground steady at KD 0.520.  National Investment Co was steady at KD 0.150 and Securities Group followed suit. KMEFIC paused at 52 fils whereas Bayan Investment gave up 4 fils after trading 5.9 million shares. And Taiba Kuwait Holding Co followed suit. Kuwait Financial Centre ( Markaz) was flat at KD 0.138.

National Real Estate and Mazaya Holding were flat at KD 0.150 and KD 0.118 respectively whereas Noor Financial Investment Co was flat at KD 0.114 off early lows. Osoul Investment Co clipped 2 fils and Ekttitab Holding Co followed suit. The bourse has charted a mixed trend so far during the week and has added 31 pts in last three sessions. The market has climbed 135 points from start of the month and is trading 5.89 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Al Kout Industrial Projects Co. has posted a net profit of KD 3,062,162 and earnings per share of 34.72 fils in the six-month period ending June 30, 2014, as against KD 2,610,012 profit and earnings per share of 29.59 fils in the same period last year.

 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.  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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