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KSE nudges 6.48 pts higher; volume drops KFH climbs 10 fils; Agility flat

KUWAIT CITY, July 16: Kuwait stocks nudged higher on Wednesday stemming the two-day decline. The price index clawed back from slight early losses to close 6.48 points higher at 7111.66 pts led by buying in some of the banks shares. The investors were cautious as they digested the initial earnings results. 
The KSX 15 benchmark climbed 5.28 pts to 1172.84 points taking the year’s gains to 120 points while weighted index ticked 1.22 points . The volume turnover meanwhile fell below the 100 million mark for the fourth time during the month. 98.98 million shares changed hands — a 41.78 pct drop from Tuesday. 
The sectors closed mixed. Basic materials outpaced the rest with 1.34 pct gain whereas parallel market slumped 0.95 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 45.94 percent while banks and real estate followed with 18.44 pct and 14.16 percent contributions respectively.
 
Among notable movers, Kuwait Finance House rallied 10 fils recouping the loss on Tuesday with a volume of 3.38 million shares change hands and Boubyan Petrochemical was up by same measure to end at KD 0.510. Gulf Bank rose 5 fils to KD 0.345 and the stock is trading 30 fils lower year-to-date.
Kuwait Portland Cement Co climbed 20 fils to KD 1.380 while Jazeera Airways was up 15 fils at KD 0.420. Gulf Cable rose 10 fils to KD 0.790 and Boubyan Petrochemical followed suit. Mashaer Holding Co too added 10 fils.
Bourse heavyweight Zain gained 10 fils on back of 1.24 million shares whereas Wataniya Telecom shed 20 fils with thin volume. Agility held the ground unchanged at KD 0.780 off early highs and has retreated 110 fils so far during the month.
 
Firm
The market opened firm and edged slightly lower in early trade. The price index touched the day’s highest mark of 7115.67 pts and moved sideways as investors toed caution. It retreated thereafter and slipped into red but managed to claw back into green at close. 
Top gainer of the month, Pearl of Kuwait Real Estate Co soared 12.12 pct to 18.5 fils while Mubarrad Transport climbed 6.25 percent to stand next. Kuwait United Poultry Co dropped 5.88 pct, the steepest decliner of the day while Gulf Finance House topped the volume with 17.36 million shares changing hands. 
Mirroring the days mixed trend, the market spread was even. 43 stocks advanced and same number of shares closed lower. Of the 130 counters active on Wednesday, 44 closed flat. 2695 deals worth KD 14.85 million were transacted — a 2.20 percent drop from the day before. 
Shuaiba Industrial Co rose 5 fils and Equipment Holding Co was up 6 fils at KD 0.126. 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.
 
United Industries Co was unchanged at KD 0.110 and Kuwait Foundry Company followed suit to end at KD0.110. The company has won the approval of Capital Markets Authority’s to buy back or sell up to a maximum of 10% of its shares for 6 months.
National Industries Group, the flagship company of Kharafi Group was flat at KD 0.224 and Metal and Recycling Co too did not budge from its earlier close of 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.
On the downside, NAPESCO shed 20 fils and Kuwait Company For Process Plant Construction and Contracting slipped 10 fils to KD 0.270. RISCO gave up 5 fils to close at KD 0.340 and Kuwait Resorts Co clipped 2 fils. 
National Real Estate fell 2 fils to 148 fils whereas Mazaya Holding took in 2 fils . 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, up sharply from KD 213,745 profit and earnings per share of 0.34 fils in the first quarter in 2013.

Slipped
In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.970 even as the banks posted KD 144.78 million Q2 profit. Commercial Bank was flat atKD 0.700 off early highs whereas Ahli United Bank was not traded during the session.
Burgan Bank held steady at KD 0.520 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. Kuwait International Bank was up 5 fils at KD 0.300. 
The banks got a boost earlier in the month after Moody’s said in its outlook for Kuwait’s banking system that the sector remains stable and that it expected local banks’ profitability to recover
International Financial Advisors flunked 1 fils whereas National Investment Co and KIPCO were unchanged at KD 0.150 and KD 0.720 respectively. Bayan Investment and Osoul Investment inched up 1 fils each whereas Kuwait Financial Centre closed flat. 
Al Tamdeen Investment Co rose 5 fils to 305 fils while Al Deera Holding and Sokouk Holding were unchanged at 32 fils and 84 fils respectively. 
 
The bourse has been mixed trend so far during the week and has added 38 pts in last four sessions. The market has climbed 142 points from start of the month and is trading 5.8 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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