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Photo shows market participants at KSE trading floor.
Kuwait mkt extends losses to fourth day Commercial Bank dives 40 fils; NBK gains

KUWAIT CITY, July 21: Kuwait stocks sagged Monday extending the decline to fourth straight session. The main benchmark slipped 12.8 pts to 7,071.36 points as investors toed the sidelines in absence of market drivers. The day’s drop was paced by mid and small caps whereas banks shares closed mixed. The KSX 15 gauge rose 1.41 pts to 1172.38 pts pushing the year’s gains to 120 points while weighted index inched 0.45 pts lower. The volume turnover receded for second day in a row even as the financial results so far has failed to buoy the sentiment. 117.85 million shares changed hands, a 13.71 pct drop from Sunday. The sectors closed mixed. Oil and gas out led the peers with 0.73 pct rise whereas technology shed 1.90 percent, the worst performer of the day.

In terms of volume, financial services continued to garner the highest market share of over 74 percent while banks and real estate trailed far behind with 10.22 pct and 7.64 percent respectively. Among the decliners, Combined Group Contracting Co shed 20 fils erasing the gains on Sunday while United Industries Co slipped 6 fils. National Industries Group, the flagship company of Kharafi Group fell 4 fils after trading 1.18 million shares and Kuwait Foundry Co was down 5 fils at KD 0.310. Qurain Petrochemical Industries Co clipped 5 fils and Gulf Cable shed 10 fils to close at KD 0.770. Gulf Cable was down 10 fils at KD 0.770. 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. Telecom major Zain dropped 10 fils to KD 0.640 reversing the gains in the previous session whereas Wataniya Telecom and Agility climbed 20 fils each to close at KD 1.640 and KD 0.790 respectively.

Flat

The bourse opened flat and inched lower in early trade. The price index continued to drift below the red amid weak sentiment and hit the day’s lowest level of 7,057.83 pts past the mid-session. However it managed to claw back some of the losses in the final minutes. Top gainer of the day, Contracting and Marine Services Co climbed 6.78 pct to KD 0.126 while Kuwait Gulf Links was close behind with 6.49 percent rise. Commercial Bank of Kuwait slid 5.71 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 60.6 million shares.

Mirroring the day’s decline, the market spread was skewed towards the losers. 32 stocks advanced whereas 46 closed lower. Of the 120 counters active on Monday, 42 closed flat. 2306 deals worth KD 11.37 million were transacted - a 19.75 pct drop in value from the previous session. Tamdeen Real Estate Co dropped 10 fils to KD 0.305 whereas Jeeran Holding was unchanged at 73 fils. The company has chalked a net profit of KD 602,447 and earnings per share 6.66 fils in the 3- month period ended May 31 2014, up from KD 430,923 profit and earnings per share of 4.76 fils in the same period in 2013. National Real Estate Co closed flat whereas Sanam Real Estate Company ticked 2 fils lower. The company has logged a net profit of KD 137,740 and earnings per share of 1.14 fils in the first half of 2014, down from KD 226,855 profit and earnings per share of 1 fils in the H1 of 2013.

Mabanee Co was unchanged at KD 1.020 and Al-Mazaya Holding Co followed suit. The company has earned KD 3. 098 million and clocked an earnings per share of 5.00 fils in the January- June period, rising sharply from net profit of KD 424,087 and earnings per share of 0.68 fils in the same period of 2013. Shuaiba Industrial Co eased 2 fils and PetroGulf was down by same measure. Equipment Holding Co was unchanged at KD 0.124 and Kuwait Food Co (Americana) too did not budge from its earlier close of KD 3.000. KGL Logistics was steady at KD 0.136 off early lows.

Upside

On the upside, Jazeera Airways climbed 15 fils to KD 0.136 and ALAFCO was up fils at KD 0.260. IFA Hotels and Resorts Co gained 8 fils and Kuwait Gulf Links added 5 fils. Metal and Recycling Co took in 2 fils and ACICO Industries Co closed 5 fils higher. In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.980 on back of 1.21 million shares taking the month’s gains to 20 fils whereas Kuwait International Bank paused at KD 0.300. Gulf Bank fell 5 fils to KD 0.335 whereas Ahli United Bank was flat at KD 0.650. Kuwait Finance House was unchanged at KD 0.800 off early highs and Boubyan Bank followed suit.

Burgan Bank rose 10 fils to KD 0.520 whereas Al-Ahli Bank of Kuwait closed flat. The bank has recorded a net profit of KD 19.047 million and earnings per share of 12 fils in the first half of 2014 as against KD 17.247 million profit and earnings per share of 11 fils in the H1 of 2013. Kuwait Investment Co closed flat and KIPCO too held steady at KD 0.730. Securities House Co stagnated at 68 fils while Securities Group edged 2 fils lower. Kuwait Financial Centre (Markaz) was down 4 fils at KD 0.134. The bourse been downbeat so far during the week and has retreated 26 points in last two days. The market has gained 100 points from start of the month and is trading 6.33 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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