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Kuwait’s mkt extends gains, adds 21.39 pts Commercial Bank jumps 50 fils; Zain drops

KUWAIT CITY, July 23: Kuwait stocks headed higher Wednesday, extending the gains to second straight session. The  price index climbed 21.39 pts to 7,118.37 points led by banks and some of the mid and small caps. The sentiment was cautiously positive even as investors await more first half results. The KSX 15 benchmark slipped 2.50 pts to 1,174.95 points trimming the month’s gains to 34 points while weighted index inched 480.74 pts up to 480.74 points. The volume turnover meanwhile edged slightly higher after receding to 100 million mark in the previous session. 102.45 million shares changed hands - a 2.24 percent rise from Tuesday. 
 
The sectors closed mixed during the session. Banks outshone the rest with 0.74 percent gain whereas technology dived 1.56 pct, the worst performer of the day. In terms of volume, financial services continued to clock the highest market share of over 50 pct while real estate and basic materials were far behind with 14.50 pct and 10.85 percent respectively.  Among prime movers, Commercial Bank of Kuwait vaulted 50 fils to KD 0.710 taking the month’s gains to 30 fils while National Bank of Kuwait was up 10 fils at KD 0.980. Al Ahli Bank rose 5 fils to KD 0.415. 
 
Gulf Cable climbed 20 fils to KD 0.790 while Combined Group Contracting Co jumped 40 fils to KD 1.000. IFA Hotels and Resorts rose  6 fils and Alargan International Real Estate  Co gained 14 fils. 
Bourse heavyweight Zain shed 20 fils after trading 1.35 million shares whereas Wataniya Telecom held the ground steady at KD 1.620. Agility was up 10 fils on back of over 1 million shares  and has retreated 100 fils so far during the month. 
 
Flat
The market opened flat and moved sideways in early trade. The price index edged higher thereafter amid buying in select counters and hit the day’s highest level of 7,120.65 pts in the final minutes before closing with modest gains.  Top gainer of the day, Pearl of Kuwait jumped 9.68 pct to 17 fils  and National Cleaning Co was close behind with 9.62 percent rise. Al Safat Tech Holding Co slid 7.27 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 16.92 million shares. 
 
Mirroring the day’s gains, the market spread was skewed towards the losers. 51 stocks advanced whereas 29 closed lower. Of the 122 counters active on Wednesday, 42 closed lower. 2577 deals worth KD 12.64 million were transacted - a 27.55 pct increase in value from the previous session.
 Al Rai Media Group Co climbed 10 fils to KD 0.120 while City Group Company rose 15 fils with thin trading. The company has registered a net profit of  KD 2.857 million and earnings per share of 25.29 fils in the first six month of 2014, up from KD 1.823 million profit and earnings per share of 16.14 fils in the same period in 2013. 
 
Equipment Holding Co took in 2 fils while Refrigeration Ind. and Storage Company was up 10 fils at KD 0.350. The company  has logged net profit of KD 2.014 million and earnings per share of  22.76 fils in the first half period ending June 30, 2014, as against  KD 1,571 million profit and earnings per share of 17.75 fils in H1 of last year. 
On the downside, Al Nawadi Holding shed 8 fils while Soor Fuel Marketing Co. flunked 2 fils. The company has posted a net profit of KD 2.506 million and earnings per share of  6.56 fils in January-June period of 2014, down from net profit of KD 3.004 million and earnings per share of  7.86 fils in the same period last year. 
Kuwait Foundry Co eased 6 fils and The Energy House Co gave up 4 fils before settling at 91 fils. PAPCO slipped 8 fils and Ikarus Petroleum Industries Co was down 4 fils at KD 0.184 with a volume of 1.4 million shares.
 
Steady
National Industries Group was unchanged at KD 0.222 and United Industries Co followed suit to end at KD 0.110. Jazeera Airways was steady at KD 0.450 off slight early lows an ALAFCO too did not budge from its early close at KD 0.260.
Al Mazaya Holding Co took in 2 fils whereas  Abyaar Real Estate Development Co was flat at 45 fils. The company has posted a net profit of  KD 316,456 and earnings per share of  0.29 fils in the first half of 2014, rising sharply from KD 22,936 profit and earnings per share of  0.02 fils in the year before period.
In the banking sector, Gulf Bank was flat at KD 0.340 and Ahli United Bank followed suit to close at KD 0.650. Kuwait International Bank and Burgan Bank too paused at KD 0.300 and KD 0.520 respectively. 
Kuwait Finance House fell 10 fils whereas Boubyan Bank closed flat. The 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.
International Financial Advisors inched 1 fils higher while KIPCO gained 10 fils to end at KD 0.740. Kuwait Financial Centre added 2 fils edged 2 fils higher while Bayan Investment and Al Salam Group clipped 2 fils each. 
 
The bourse been mixed so far during the week and is up 20 pts from start of the week. The market has gained 145  points so far during the month  and is trading 5.71   pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the corporate news, Kuwait Cable Vision Company has incurred a net loss of  KD 117,759 and loss per share of 3.93 fils in the first half of 2013, narrowing from KD 176,657 loss and loss per share of  5.89 fils in the same period last year. 
 
Gulf Glass Manufacturing Company has recorded a net profit of KD 798,929 earnings per share 17.98 fils in the January-June period as compared to net profit of  KD 1.147 million and earnings per share same of 25.82 fils in the first half of 2013.  Kuwait Building Materials Mfg. has recorded a net profit of KD 338,589 and earnings per share of 11.2 fils in the first six month period of 2014, up from KD 288,777 profit and earnings per share of  9.5 fils in the same period. 
 
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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