RSS
 Add News     Print  
Article List
Photo shows investors at KSE trading floor. The bourse pulled higher on Thursday.
KSE winds up week with 13.97 pts gain Mabanee Co soars 40 fils; NIG flat

KUWAIT CITY, Aug 7: Kuwait stocks extended gains on Thursday to end the week on a high note. The price index, after a wobbly start, rose 13.97 pts to 7186.42 pts led by banks and other heavyweights. The trading floor sentiment was positively cautious even as financial results continues to trickle in. The KSX 15 benchmark rallied 11.86 pts to 1,200.97 pts taking the year’s gains to 148 pts while weighted index was up 3.15 pts. The volume turnover meanwhile receded again as it continued to hover around the 100 million mark. 109.42 million shares changed hands - a 11.33 pct drop from Wednesday.
 
The sectors closed mostly in the green. Technology outpaced the rest with 1.10 pct gain whereas basic materials slid 0.30 percent, the biggest loser of the day. In terms of volume, financial services continued to top with 41.27 percent rise while real estate and oil and gas followed with 17.61 pct and 14 percent contribution respectively.Among notable gainers, National Bank of Kuwait rose 10 fils on back of 2.243 million shares and Ahli United Bank followed suit to end at KD 0.660. The bank has recorded a first half profit of KD 73.945 million and earnings per share of 12.4 fils in the January-June period, down from net profit of KD 113.532 million and earnings per share of 19.7 fils in the same period last year. 
 
Mabanee Co soared 40 fils to KD 1.040 on back of 1.16 million shares and Advanced Technology Co gained 20 fils. Independent Petroleum Group climbed 15 fils and Boubyan Petrochemical s was up same measure to close at KD 0.112.Gulf Cable too added 10 fils to close at KD 0.780. Bourse heavyweight Zain rose 10 fils to KD 0.660 recouping an identical loss in the previous session while Wataniya Telecom tumbled 40 fils after stagnating on Wednesday. Agility too was up 10 fils at KD 0.820 taking the year’s gains to 130 fils. 
 
Weak
The market opened weak and slipped into red in early trade. The price index hit the day’s lowest level of 7159.21 pts and clawed back into the green almost half way into session amid buying in select counters and moved range bound for most part of the second half. It eased again in the final minutes before closing with modest gains. Top gainer of the day, Arkan Real Estate Co climbed 8.62 pct to 126 fils while Salbookh Trading Co was close behind with 8.16 percent rise. Credit Rating and Collection C0 (Tahsillat) slid over 8 percent, the steepest decliner of the day while Gulf Finance House topped the volume with 17.65 million shares.
 
Despite the day’s gains, the market spread was even. 44 stocks advanced and same number of stocks closed lower. Of the 143 counters active on Thursday, 55 closed flat. 3403 deals worth KD 14.24 million were transacted - a 3.90 pct drop in value from the day before. Hilal Cement rose 6 fils while Equipment Holding Co took in 2 fils. 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. Future Communication Co Global climbed 6 fils to KD 0.134.
 
Jazeera Airways was flat at KD 0.460 off early lows and Automated Systems Co paused at KD 0.430. The company. 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. National Industries Group stagnated at KD 0.228 and Kuwait Cement Co followed suit. Kuwait Gulf Links and KGL Logistics Co were unchanged at 82 fils and 138 fils and ALAFCO too did not budge from its earlier close of KD 0.260.
 
Shed
On the downside, Kuwait Portland Cement shed 20 fils and Metal and Recycling Co ticked 2 fils lowr. 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. ACICO Industries dropped 15 fils to KD 0.325 while Mashaer Holding Co and Combined Group Co retreated 10 fils each to close at KD 0.196 and KD 0.990 respectively. IFA Hotels and Resorts was down 4 fils at KD 0.218. In the banking sector, Gulf Bank held steady at KD 0.345 whereas Ahli United Bank eased 5 fils. Kuwait International Bank was flat at KD 0.320 whereas Commercial Bank was not traded during the session.
 
Burgan Bank rose 10 fils to KD 0.540 and Kuwait Finance House followed suit to with a volume of over 1 million. Boubyan Bank recouped slight early losses to close flat at KD 0.520.  Kuwait Investment Co gained 4 fils whereas National Investment Co slipped 2 fils after trading 1.1 million shares. KIPCO was unchanged at KD 0.730 while KAMCO nudged 2 fils lower. Bayan Investment Co was steady at 77 fils. Osoul Investment fell 2 fils whereas Sokouk Holding paused at 82 fils. Noor Financial Investment Co took in 2 fils and Al Tamdeen Real Estate Co gained 15 fils. The bourse has been positive during the week. The key index closed higher in four of the five sessions and gained 56 points week-on-week. The market had rallied 160 points during the whole of July and is trading 4.81 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the corporate news, Gulf Franchising Holding Co. has incurred a net loss of KD 32,596 and loss per share 0.99 fils in the first six months of 2014, widening from KD 129,907 loss and loss per share of 4.01 fils in the same period last year.
 
Dar Al Thuraya Real Estate Co. has chalked a net loss of KD 152,385 and loss per share of 1.04 fils in the first half of 2014, as against net profit of KD 36,247 and earnings per share of 0.25 fils in the H1 of 2013. 
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. 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. 
 

By John Mathews

Arab Times Staff

By: John Mathews

Read By: 1565
Comments: 0
Rated:

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