RSS
 Add News     Print  
Article List
Photo shows investors at Kuwait Stock Exchange. The bourse closed week with modest gains.
Kuwait bourse winds up week with 12.5 pts gain Americana soars 40 fils; Zain flat

KUWAIT CITY, July 24: Kuwait stocks pulled higher Thursday to end week on a positive note. The price index, after trading in red for most part of the session, closed 12.52 pts higher helped by modest gains in select counters. The heavyweights were mostly subdued even as investors digest the first half results. 
The KSX 15 gauge rose 1.64 pts to 1, 176 points lifting the month’s gains to 36 pts while weighted index inched 1.03 pts higher to 481.77 points. The volume turnover meanwhile slipped below the 100 million mark for the fifth time during the month. 96.97 million shares changed hands — a 5.35 pct drop from the day before.
The sectors closed mostly in the positive zone. Banks outshone the rest with 0.64 pct rise whereas insurance shed 0.66 percent, the biggest loser of the day. In terms of volume, financial services dominated with 48.46 pct market share while banks and real estate followed with 17.45 pct and 16.88 percent respectively.
 
Among notable gainers, Kuwait Food Co (Americana) soared 40 fils to KD 2.060 and United Industries Co was up 4 fils at KD 0.114. ACICO Industries climbed 25 fils with thin trading and City Group followed suit to end at KD 0.430. Kuwait Finance House rose 20 fils to KD 0.820 after closing lower in the previous session. 
Shuaiba Industrial Co took in 2 fils while Kuwait Portland Cement Company gained 20 fils. The company has chalked a net profit of KD 5,834,218 and earnings per share of 64.18 fils in first half of 2014 as against KD 4,892,769 net profit and 53.83 fils EPS in the same period of 2013. 
Bourse heavyweight Zain was flat at KD 0.640 whereas Wataniya Telecom rose 20 fils to KD 1.640 taking the month’s losses to 100 fils. Agility was up 10 fils at KD 0.800 extending an identical rise in the previous session. 

Profit
National Mobile Telecommunica-tions Co has clocked a net profit KD 37,857 
million and earnings per share of 75.54 fils in the six month period ending June 30, 2014. This compares with net profit of KD 42.387 million and earnings per share of 84.58 fils in the same period last year. 
The market opened flat and moved sideways in early trade. The main index edged lower thereafter as sentiment turned negative and hit the day’s lowest level of 7096.87 pts half way into the session. It clawed back thereafter and managed to close with modest gains.
Top gainer of the day, ACICO climbed 7.94 pct to KD 0.340 and City Group rose 6.17 percent to stand next. PAPCO slid 8.93 pct, the steepest decliner of the day and Gulf Finance House topped the volume with over 27 million shares. 
 
Reflecting the day’s rise, the winners outnumbered the losers. 44 stocks advanced whereas 28 closed lower. Of the 129 counters active on Thursday, 57 closed flat. 2316 deals worth KD 13.195 million were transacted — a 4.34 pct increase in value from the day before. 
Al Nawadi Holding Co added 4 fils and Al Arabi Holding Group was up by same measure. RISCO closed flat. 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. 
 
ALAFCO was unchanged at KD 0.260 whereas Jazeera Airways Co edged 5 fils lower. The company has clocked a net profit of KD 4.888 million and earnings per share of 11.64 fils in the H1 of 2014, as compared to KD 7.491 million profit and earnings per share of 17,84 fils in the first half of last year. 
National Industries Group held steady at KD 0.222 off early highs and Gulf Cable too paused at KD 0.790. Combined Group Contracting Co was unchanged at KD 1.000 and Metal and Recycling followed suit. KGL Logistics held steady at KD 0.136 off early lows whereas Kuwait Gulf Links inched 1 fils lower. 
 
Slid
On the downside, Mabanee Co slid 30 fils to KD 0.990 and Salhia Real Estate slipped 5 fils. Warba Insurance Co shed 8 fils while National Real Estate Co edged 2 fils lower. Boubyan Petrochemical Co was down 20 fils at KD 0.740. 
In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.970 whereas Gulf Bank was steady at KD 0.340. Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session. Boubyan Bank stagnated at KD 0.510. 
 
Ahli United Bank and Kuwait International Bank were flat at KD 0.650 and KD 0.300 respectively whereas Burgan Bank fell 10 fils. The bank has registered a net profit of KD 33.309 million and earnings per share of 20 fils in the January-June period, up from net profit of KD 27.885 mln and earnings per share of 16.9 fils in same period last year. 
National Investment Co slipped 2 fils to KD 0.148 while KIPCO and Securities House Co paused at KD 0.740 and 71 fils respectively. Bayan Investment Co and Securities Group were flat at 78 fils and 104 fils while KFIC took in 1 fils. KAMCO and Sokouk Holding were flat at KD 0.112 and 81 fils respectively and Al Deera Holding followed suit. 
The bourse been largely positive during the week. The price index closed higher in 3 of the 5 sessions and gained 33 pts week-on-week. The market has rallied 160 points so far during the month and is trading 5.55  pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
 
In the corporate news, Automated Systems Co has recorded a net profit of KD 1.042 million and earnings per share of 26.03 fils in the first half ending June 30, 2014, as against KD 988,743 profit and earnings per share of 24.69 fils in the H1 of 2013. 
United Real Estate Co has posted a net profit of KD 3.511 million and earnings per share of 3.28 fils , down from KD 5,968 million profit and earnings per share of 5.41 fils in the same period of 2013. 
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 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.
 
 
 
 

Read By: 2474
Comments: 0
Rated:

Comments
You must login to add comments ...
About Us   |   RSS   |   Contact Us   |   Feedback   |   Advertise With Us