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Photo shows market participants at KSE trading floor. The bourse closed lower on Thursday
KSE winds up week with 14.62 pts drop Zain slips 10 fils; NBK flat

KUWAIT CITY, July 17: Kuwait stocks sagged Thursday to end the week on dull note. The benchmark slipped 14.62 pts to 7097.04 points weighed by selling in select banking shares and some of the heavyweights. The market mood was downbeat even as the investors digested the initial first half results. The KSX 15 gauge dropped 8.7 pts to 1164.14 points trimming the month’s gains to 24 points while the weighted index inched 1.83 points lower. The volume turnover rebounded after slipping below the 100 million mark in the previous session. 173.11 million shares changed hands — a 74.89 pct surge from Wednesday. The sectors closed mostly in the negative territory.
 
Technology outshone the rest with 1.12 pct upswing whereas consumer services dropped 1.49 pct, the biggest loser of the day. In terms of volume, financial services continued to dominate with 57.99 pct market share whereas banks and real estate trailed behind with 19.29 percent and 10.73 pct contributions respectively. Among sharp losers, Gulf Cable dropped 20 fils to KD 0.770 while Zima Holding Co dipped 29 fils.
 
Boubyan Petrochemicals Co shed 10 fils and Kuwait Foundry Co closed 5 fils lower. Burgan Bank fell 10 fils to KD 0.510 and Kuwait Finance House was down by same measure to end at KD 0.800. Investment conglomerate KIPCO retreated 10 fils and Yiaco Medical Co slipped 11 fils. Kuwait Foundry Co gave up 5 fils to settle at KD 0.315. Bourse heavyweight Zain retreated 10 fils to KD 0.640 erasing the gains on Wednesday whereas Wataniya Telecom was unchanged at KD 1.620. Agility fell 10 fils to KD 0.770 and the counter saw 1.20 million shares change hands.
 
Firm The market opened firm but edged down in early trading . The index slipped into red and continued to drift lower amid selling in select counters. It hit the day’s lowest level of 7075.81 points in the final minutes before closing with moderate losses. Top gainer of the day, IFA Hotels and Resorts soared 11.24 percent to 198 fils while Al Safat Tech Holding Co climbed 7.41 pct to stand next. Zimah Holding tumbled 22.66 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 61.85 million shares. Reflecting the day’s downswing, the losers outnumbered the winners.
 
49 stocks advanced whereas 39 closed lower. Of the 125 counters active on Thursday, 37 closed flat. 3185 deals worth KD 16.41 million were transacted — a 10.52 pct rise in value from the day before. Future Communications Co Global slipped 4 fils to KD 0.130 while ACICO Industries Co pulled 10 fils lower. The company has posted a net profit of KD 3.206 million and earnings per share of 12.94 fils in the quarter ending March 31, 201. 
 
Kuwait Gulf Links Transport Co and Metal and Recycling Co clipped 2 fils each whereas ALAFCO closed flat. The company 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 National Real Estate Co dropped 6 fils while Al-Mazaya Holding edged 2 fils lower.
 
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. On the upside, Kuwait Food Co (Americana) jumped 40 f ils to KD 2.980 while Jazeera Airways was up 10 fils at KD 0.430. Equipment Holding Co rose 4 fils to KD 0.130 and Qurain Petrochemical Industries Co added 5 fils on back of over 2.5 million shares. Flat National Industries Group was flat at KD 0.224 and United Industries Co too did not budge from its earlier close of KD 0.110. NICBM stagnated at KD 0.216 whereas Gulf Franchising Holding Co ticked 2 fils higher. 
 
In the banking sector, Gulf Bank eased 5 fils to KD 0.340 after trading 1.33 million shares whereas National Bank of Kuwait closed flat at KD 0.970. The bank has posted a net profit of KD 144.78 million and earnings per share 31 fils in the first half period ending June 30, 2014 as against KD 128.53 million profit and earnings per share of 27 fils in the same period last year. Al Ahli Bank of Kuwait was unchanged at KD 0.415 and Ahli United Bank followed suit. 
 
Kuwait International Bank slipped 5 fils whereas Commercial Bank of Kuwait was not traded during the session. International Financial Advisors took in 1 fils with a volume of 1.59 million whereas National Investment Co and Securities Group Co closed flat at KD 0.150 and KD 0.104 respectively. First Investment Co flunked 2 fils while Osoul Investment Co gave up 3 fils to end at 70 fils. KAMCO held steady at KD 0.112 and Noor Financial Investment Co followed suit. 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. The bourse been mixed trend during the week. The price index closed lower in 4 of the 5 sessions and has added 21 pts week-on-week. The market has climbed 128 points from start of the month and is trading 5.99 pct lower year-to-date. 
 
KSE, with 213 listed companies, is the second largest bourse in the region. In the corporate news, Boubyan Bank has recorded a net profit of KD 12.57 million and earnings per share of 6.40 fils in the January-June period, surging from KD 6.26 million profit and earnings per share of 3.19 fils in first half of 2013. 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 StaffBy John Mathews Arab Times Staff

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