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Kuwait bourse charts modest 22.46 pts gain Zain rises 10 fils; NBK slips

KUWAIT CITY, Aug 5: Kuwait stocks eked modest gains Tuesday, extending the upswing from the previous session. The main index, after slipping briefly into red earlier in the session, closed 22.46 points higher at 7,188.79 pts. The rise was driven by speculative buying in some of the mid and low caps and select blue chips.  The KSX 15 benchmark rose 2.52 pts to 1190.29 points taking the year’s gains to 138 points while weighted index edged 0.67 pts higher. The volume turnover meanwhile slipped below the 100 million mark for the first time during the month. 97.17 million shares changed hands - a 16.19 pct drop from the day before.
 
The sectors closed mostly in the green zone. Oil and gas outled the rest with 1.09 pct gain whereas technology shed 0.34 pct, the biggest loser of the day. In terms of volume, financial services dominated with 47.43 percent market share while banks and real estate trailed far behind with 17.84 pct and 15.98 percent contributions.  Among notable gainers, Jazeera Airways rose 10 fils to KD 0.460 taking the year’s gains to 60 fils and Mabanee Co was up by same measure to close at KD 1.000. Zima Holding added 9 fils with thin volume while Humansoft closed 10 fils higher at KD 0.405. 
 
The Energy House rose 4 fils on back of 1.40 million shares and Equipment Holding Co followed suit. 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.  Among the heavyweights, Zain rose 10 fils to KD 0.660 extending an identical rise in the previous session while Wataniya Telecom slid 40 fils to KD 1.540 after posting steep losses on Monday. Agility was up 10 fils at KD 0.830 on back of over 1million shares.
 
Flat
The market opened flat and nudged up in early trade. The index hovered close to opening mark as investors toed caution and slipped into red almost half way into the session. It hit the day’s lowest level of 7,137.58 pts before rebounding back into positive territory at close.  Top gainer of the day, Real Estate Asset Management Co jumped 9.26 pct to 118 fils while Zimah Holding climbed over 9 percent to stand close behind. Tahssilat tumbled over 8 pct, the steepest decliner of the day, while Gulf Finance House topped the volume with 12.02 million shares changing hands. Reflecting the day’s gain, the winners outnumbered the losers. 51 stocks advanced whereas 31 closed lower. Of the 125 counters active on Tuesday, 43 closed lower. 3184 deals worth KD 15.05 million were transacted - a 7 percent fall in value from the day before. 
 
Kuwait Foundry Co rose 5 fils and Yiaco Medical Co was up 4 fils at KD 0.246. Boubyan Petrochemical Co gained 10 fils while Salbookh Trading Co and Ikarus Petroleum Industries Co were up 5 fils and 4 fils respectively whereas Kuwait Gulf Links and Hits Telecom Holding Co took in 2 fils each. On the downside, Credit Rating and Collection Co. slipped 5 fils and ACICO Industries Co followed suit to close at KD 0.315. The company was 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 from date of the approval. KGL Logistics fell 4 fils to KD 0.136. 
 
National Industries Group clipped 2 fils and Soor Fuel Marketing Co was down by same measure. 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.  Al Mazaya Holding was flat at KD 0.118 and Gulf Cable too held the ground steady at KD 0.136. 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.
 
Paused
In the banking sector, National Bank of Kuwait fell 10 fils to 0.970 whereas Gulf Bank paused at KD 0.345. 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 was flat at KD 0.415 while Ahli United Bank climbed 10 fils. Kuwait International Bank nudged 5 fils higher. Burgan Bank rose 10 fils to KD 0.530. Kuwait Finance House stagnated at KD 0.830 off slight early gains and Boubyan Bank too held steady at KD 0.510. 
 
International Financial Advisors dialed up 1 fils while National Investment Co took in 2 fils. KIPCO and Securities House Co were flat at KD 0.730 and 71 fils respectively. Kuwait Financial Centre added 4 fils while KMEFIC and Bayan Investment Co inched 1 fils up each.  Al Deera Holding Co was unchanged at 31 fils and Sokouk Holding followed suit. Noor Financial Investment Co gave up slight early gains to close flat at KD 0.110.  The bourse has cautiously upbeat so far during the week and has climbed 36 points in last three sessions. The market had rallied 160 points during the whole of July and is trading 5.07 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

Read By: 2013
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