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KSE kicks-off month with 7.28 pts downtick Gulf Cable sheds 20 fils; NBK flat

KUWAIT CITY, Aug 3: Kuwait stocks kicked off the month with a marginal downtick as the market opened after weeklong holidays. The price index, gave up slight early gains to close 7.28 pts lower at 7,123.61 points. The market sentiment was dull even as investors toed caution. The KSX 15 benchmark fell 0.46 pts to 1,176.13 points paring the year’s gains to 114 points while weighted index edged 0.28 points lower to 481.49 pts. The volume turnover meanwhile rebounded after slipping below the 100 million mark in the previous session. 125.36 million shares changed hands - a 29.28 pct rise from last trading day. 
 
The sectors closed mixed. Basic materials outshone the rest with 0.89 percent rise whereas insurance slipped 1.13 pct, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 56.70 pct while banks and real estate followed with 16.79 percent and 12.64 pct contributions respectively. Among the losers, Gulf Cable dropped 20 fils to KD 0.770 and Burgan Well Drilling Co pulled 8 fils lower. IFA Hotels and Resorts slipped 10 fils and Mabanee Co followed suit to wind up at KD 0.980. United Industries Co gave up 4 fils to close at KD 0.110 and National Industries Co was down by same measure to settle at KD 0.212. 
 
ACICO Industries Co shed 15 fils with thin volume and Jazeera Airways Co followed suit. 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. Bourse heavyweight Zain gave up slight early gains to close flat at KD 0.640 whereas Wataniya Telecom was not traded during the session. Agility vacillated in a narrow range before stagnating at KD 0.800 and the stock has rallied 110 fils from start of the month.
 
Higher
The market opened firm and edged higher in early trade. The key index hit the day’s highest level of 7,144.69 pts but failed to hold on to the gains. It receded thereafter amid selling in select counters and bottomed at 7,118.55 points before clawing back some of the losses at close.
Top gainer of the day, Dar Al Thuraya Real Estate Co climbed 6.15 pts to KD 0.138 and Specialties Group Holding Co climbed over 6 percent to stand next. Pearl of Kuwait Real Estate Co slumped 13.89 pct, the biggest loser of the day, and Gulf Finance House topped the volume with over 37 million shares. 
Mirroring the day’s downtick, the losers outnumbered the winners. 41 stocks advanced whereas 49 closed lower. Of the 129 counters active on Sunday, 39 closed flat. 3027 deals worth KD 12.57 million were transacted - a 4.66 pct fall in value from the day before. 
Equipment Holding Co clipped 2 fils to close at KD 0.120 and Soor Fuel Marketing Co pulled 4 fils lower. 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. 
 
On the upside, Boubyan Petrochemical climbed 20 fils while The Energy House and was up 5 fils at 98 fils. National Industries Group took in 2 fils to close at KD 0.224 whereas Metal and Recycling Co held the ground steady at KD 0.122. KGL Logistics Co nudged 2 fils higher to KD 0.138.
Mashaer Holding Co rose 6 fils and Kuwait Foundry Company closed 5 fils higher. The company has won the approval of Capital Markets Authority’s to buy back or sell up to a maximum of 10% of its shares for 6 months. Humansoft climbed 5 fils to KD 0.400.
National Real Estate Co added 2 fils whereas United Real Estate Co gave up 2 fils to end at KD 0.102. The company 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. 

Flat
In the banking sector, National Bank of Kuwait was flat at KD 0.970 after trading 1.22 million shares and Gulf Bank followed suit to end at KD 0.340. Al Ahli Bank was unchanged at KD 0.415 whereas Commercial Bank of Kuwait was not traded during the session. Al Ahli Bank of Kuwait was unchanged at KD 0.415 and Kuwait International Bank was not traded during the session. 
Kuwait Finance House was steady at KD 0.820 off early lows and Burgan Bank too did not budge from its earlier close of KD 0.510. 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. 
 
Kuwait Investment Co and International Financial Advisors were flat at KD 0.160 and 57 fils respectively whereas National Investment Co edged 2 fils lower. KIPCO stagnated at KD 0.740 while Securities Group and KMEFIC clipped 2 fils each. First Investment Co closed 3 fils higher at 94 fils. Bayan Investment Co and Sokouk Holding dialed up 1 fils each whereas KAMCO pulled 4 fils lower to KD 0.108 taking the year’s losses to 18 fils. Noor Financial Investment Co rose 4 fils to KD 0.112.  The bourse was largely upbeat during the pre-Eid 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 during the whole of July 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.  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. 
 

 By John Mathews

Arab Times Staff

By: John Mathews

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