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‘Total profit of 80 Kuwaiti firms hit KD 680 mln’ Companies 2Q profits to help stock market rebound – analysts

KUWAIT CITY, Aug 10, (KUNA): The listed companies’ financial statements and profits of the second quarter of 2014 is expected to give an impetus to the market as disclosed profits reached KD 758 million so far. In an interview with KUNA, Director of Kuwait Traders Association Mohammad Al-Tarrah stated that the total profits of 80 Kuwaiti companies which released their financial statements, hit KD 680 million while the profits of the non-Kuwaiti ones amounted to KD 78 million.

“These profits will have a positive impact on the market trend in the coming period,” he said.

For his part, Financial Analyst Faisal Al-Shammari pointed out that companies had not released their financial statements so far though the market’s authorities deadline is approaching. “These companies try to delay the issuance of the financial statements as much as they can to buy time and make gains before the expected losses after the release of the statements,” Al-Shammari told KUNA.
 
“This is unacceptable behavior and the authorities should introduce new mechanisms to oblige those companies to release the financial statement in order not to harm traders.” Shammari went on to say that “The majority of large-cap and operational companies have disclosed their financial situation with full transparency.” He added the majority of those who procrastinate and delay the release of their financial statements are the defaulting and companies which have been facing difficulties in the past few year.
 
He stated that the traders pines hopes that the coming period would help restore some of the losses made in the past weeks. On Sunday, Kuwait Stock Exchange (KSE) closed on the green zone. The Price Index closed at 7.7192 points, 3.6 points. The value traded reached about KD 12.18 million dinars and the volume traded hit 116.9 million shares traded in 3233 deals. The market was dominated by selective purchase that focused on operational shares in key sectors such as banks, investment services and real estate.

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