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Photo shows investors at KSE trading floor. The bourse closed higher on Monday.
Kuwait bourse gains 20.72 pts; volume falls NBK climbs 10 fils; Wataniya Telecom dips

KUWAIT CITY, Aug 4: Kuwait stocks pulled higher Monday after falling slightly in the day before. The index climbed 20.72 pts to 7,144.33 points helped by renewed buying in banks and other heavyweights. The market mood was cautiously positive even as more first half profit trickled in. The KSX 15 benchmark climbed 11.64 pts to 1187.77 points taking the year’s gains to 135 pts while weighted index rose 2.75 points. The volume turnover meanwhile eased slightly after jumping above the 100 million mark in the previous session. 115.94 million shares changed hands — a 7.51 pct drop from Sunday. The sectors closed mixed. Consumer services outshone the rest with 1.40 pct upswing whereas healthcare slipped 1.19 percent, the biggest loser of the day. In terms of volume, financial services accounted for 39.18 percent market share while banks and real estate followed with 26.87 pct and 17.35 percent contributions.
 
Climbed
Among prime movers, National Bank of Kuwait rose 10 fils on back of 2.27 million shares to close at KD 0.980 and Kuwait Finance House followed suit to end at KD 0.830.Burgan Bank too was up 10 fils at KD 0.520 and the counter saw 1.95 million shares change hands.  Gulf Glass Manufacturing Co vaulted 50 fils to KD 0.580 and Kuwait National Cinema gained 30 fils with thin volume. Kuwait Portland Cement rose 20 fils to KD 1.400 and Jazeera Airways was up by same measure to settle at KD 0.450. Kuwait Food Co (Americana) too added 20 fils taking the year’s gain to 560 fils. 
 
Among the blue chips, Zain rose 10 fils to KD 0.650 on back of 1.13 million shares whereas Wataniya Telecom tumbled 60 fils. Agility climbed 20 fils to KD 0.820 and is trading 130 fils higher year-to-date.
The market opened flat and moved sideways in early trade. The key index edged slightly up amid buying in select counters and peaked at 7144.33 points almost an hour into the session . It retreated thereafter and hit the day’s lowest level of 7122.6 pts before clawing back to close with modest gains. Top gainer of the day, Pearl of Kuwait Real Estate Co rallied 12.9 pct to 17.5 fils while GGMC climbed 9.43 pct to stand next. Contract and Marine Services Contracting Co shed 6.35 pct, the steepest decliner of the day, while Ithmaar Bank topped the volume with over 21 million shares. 
 
Reflecting the day’s upswing, the market spread was skewed towards the winners. 55 stocks advanced whereas 33 closed lower. Of the 131 counters active on Monday, 43 closed flat. 3345 deals worth KD 16.18 million were transacted — a 28.67 pct rise in value from the day before.  Mashaer Holding rose 10 fils to KD 0.208 and IFA Hotels and Resorts added 8 fils . Burgan Well Drilling Co gained 10 fils while KGL Logistics and Al Nawadi Holding Co took in 2 fils each. 
 
National Industries Group rose 4 fils on back of 1.53 million shares whereas Metal and Recycling Co closed flat. The company has recorded a net profit of KD 505,676 and earnings per share of 6.76 fils in the six-month period ending June 30, 2014, rebounding from a net loss of KD 24,189 and loss per share of 0.32 fils in the same period last year.  Kuwait Cement Co climbed 15 fils while Gulf Cable and Electrical Ind. Co did not budge from its earlier close of KD 0.700. The company has posted a net profit of KD 7.84 million and earnings per share of 37 fils in the first half of 2014 as compared to KD 8.460 million profit and earnings per share of 40 fils in the same period last year.
 
On the downside, City Group shed 25 fils and Equipment Holding Co pulled 4 fils lower to KD 0.116. The company has chalked a first half net profit of KD 496,880 and earnings per share of 3.64 fils, down from KD 3.172 million and earnings per share of 23.26 fils in the H1 of 2013.  Humansoft Holding Co fell 5 fils and ACICO Industries Co followed suit. The company was won the approval of Capital Markets Authority’s to buy back or sell up to a maximum of 10 percent of its shares for 6 months from date of the approval. ALAFCO was unchanged at KD 0.260 off early lows. 
 
Rose
In the banking sector, Gulf Bank rose 5 fils to KD 0.345 whereas Commercial Bank of Kuwait was not traded during the session. The bank has registered a net profit of KD 13.190 million earnings per share of 9.4 fils in the January-June period soaring from KD 7.734 million profit and earnings per share of 5.5 fils in first half of 2013. 
 
Al Ahli Bank of Kuwait was flat at KD 0.415 and Ahli United Bank too held the ground steady at KD 0.640. Kuwait International Bank added 5 fils whereas Boubyan Bank paused at KD 0.510. National Investment Co was unchanged at KD 0.146 off early lows and International Financial Advisors followed suit to close at 57 fils. KIPCO gave up 10 fils and Kuwait Financial Centre ( Markaz) took in 2 fils. KAMCO was up 2 fils at KD 0.110 while United Real Estate Co and National Real Estate Co gained 4 fils each. Mabanee Co rallied 10 fils to wind up at KD 0.990.
 
The bourse has been mixed so far during the week and has added 14 pts in last two sessions. The market had rallied 160 points during the whole of July and is trading 5.37 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the corporate news, National Petroleum Services Co has recorded a net profit of KD 2.11 million and earnings per share of 37.77 fils in the first six months of 2014, up from KD 2.019 million profit and earnings per share of 36.26 fils in the same period last year. 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 earlier last month 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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