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Photo shows investor at KSE trading floor. The bourse closed lower on Sunday.
Kuwait bourse retreats 12.88 pts, volume dips Hilal Cement sheds 10 fils; Zain gains

KUWAIT CITY, July 20: Kuwait stocks pulled lower Sunday extending the losses to third consecutive session. The index gave up slight early gains to close 12.88 pts lower at 7084.16 points even as sentiment remained negative. The decline was led by mid and low caps even as some of banking shares eked modest gains.
 
The KSX 15 benchmark climbed 6.83 pts to 1170.97 points taking the month’s gains to 30 pts while weighted index edged 1.45 pts higher. The volume turnover receded after the strong rebound in the previous session. 136.58 million shares changed hands - a 21.10 pct drop from Thursday. 
The sectors closed mixed. Healthcare outshone the peers with 1.45 pct gain whereas real estate shed 0.60 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 63.57 pct while banks and real estate stood far behind with 13.09 pct and 12.58 percent market shares respectively. 
 
Among the losers, Hilal Cement shed 10 fils while KGL Logistics Co pulled 12 fils lower to end at KD 0.136. National Industries Group fell 2 fils to 222 fils whereas Equipment Holding Co was down 6 fils at KD 0.124. Shuaiba Industrial Co gave up 7 fils to close at KD 0.248.
Contracting and Marine Services Co dropped 4 fils and United Real Estate Co followed suit to end at 100 fils. Credit Rating and Collection Co too clipped 4 fils while Kuwait Gulf Links inched 1 fils lower. 
Bourse heavyweight Zain bucked the trend to gain 10 fils on back of 1.28 million shares. The company has posted a net profit of KD 114.699 million and earnings per share of 29 fils in the first half ending June 30, 2014, up from KD 112.649 million profit and earnings per share of 29 fils in the same period last year. 
 
Budge
Wataniya Telecom was unchanged at KD 1.620 and Agility too did not budge from its earlier close of KD 0.770 off slight early highs. Kuwait Food Co (Americana) climbed 20 fils to KD 3.000 and is trading 220 fils higher from start of the year. The market opened low but nudged higher in early trade. The price index touched the day’s highest level of 7104.99 pts and retreated thereafter as sentiment turned weak. It continued to drift lower and bottomed at 7063.4 pts before paring back some of the losses at close.
Top gainer of the day, Kuwait United Poultry Co rose 5.88 pct to 180 fils while Jeeran Holding was close behind with 5.8 percent rise. Kuwait Syrian Holding Co slid 9.8 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 61.54 million shares. 
 
Reflecting the day’s drop, the market spread skewed towards the losers. 37 stocks advanced whereas 44 closed lower. Of the 126 counters active on Sunday, 44 closed flat. 2567 deals worth KD 14.16 million were transacted - a 13.70 pct fall in value from the day before. 
On the upside, Combined Group Contracting Co jumped 20 fils to KD 1.020 while United Industries Group was up 6 fils at KD 0.116. The company has won the Capital Markets Authority approval to the company’s request to buy back or sell up to 10% of own shares over a period of 6 months.
IFA Hotels and Resorts rose 10 fils to KD 0.208 and Gulf Cable was up by same measure to close at KD 0.780. Yiaco Medical Co gained 11 fils and Gulf Franchising Holding Co ticked 3 fils up to 71 fils. 
ACICO Industries Co was flat at KD 0.315 and Kuwait Portland Cement Co too did not budge from its earlier close of KD 1.380. Jazeera Airways held steady at KD 0.430 and ALAFCO followed suit to end at KD 0.255. Mashaer Holding Co stagnated at KD 0.198. 
 
In the banking sector Kuwait Finance House was flat at KD 0.800 off early highs and saw a volume turnover of 2.9 million and National Bank of Kuwait followed suit . 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.
Steady
Ahli United Bank climbed 10 fils to KD 0.650 while Kuwait International Bank was up 5 fils at KD 0.300. Burgan Bank held steady at KD 0.510 whereas Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session. 
Boubyan Bank rose 10 fils to KD 0.510 whereas Gulf of Kuwait paused at KD 0.340. The bank has registered a net profit of KD 15,526 million in the January-June period while earnings per share came in at 6 fils. This compares with KD 14,271 million profit and earnings per share of 5 fils in the first half of 2013. 
 
International Financial Advisors eased 3 fils to 54 fils whereas National Investments Co pulled up from slight early losses to close flat at KD 0.150. Commercial Facilities Co slipped 5 fils while KIPCO rallied 20 fils on back of 1.1 million shares. 
Securities Group Co took in 2 fils whereas Securities House Co clipped 2 fils after trading over 1 million shares. Bayan Investment inched 1 fils up and Osoul Investment Co closed 3 fils higher. 
The bourse been mixed during last week. The price index closed lower in 4 of the 5 sessions and has gained 21 pts week-on-week. The market has advanced 116 points from start of the month and is trading 6.16  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 Staff

By: John Mathews

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