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Photo shows market participants at KSE trading floor. The bourse ticked higher on Sunday.
KSE rises 6.28 pts amid volatile trade NAPESCO jumps 40 fils; Zain flat

KUWAIT CITY, Aug 10: Kuwait stocks edged higher Sunday, extending the gains from the previous week. The index rose 6.28 pts in volatile trade to close at 7192.7 points lead by some of the heavyweights. The banks however closed mostly in the red even as sentiment remained mixed in absence of catalysts. The KSX 15 benchmark slipped 7.71 pts to 1193.26 points trimming the year’s gains to 141 points while weighted index eased 1.95 pts to 485.57 points. The volume meanwhile rose slightly after pulling lower in the last session. 116.91 million shares changed hands — a 6.85 pct rise from Saturday. The sectors meanwhile closed mostly in the green. Oil and gas outshone the rest with 2.61 pct upswing, while consumer goods slid 1.08 percent, the biggest loser of the day. In terms of volume, financial services continued to dominate with 38.87 percent market share while oil and gas and real estate followed with 20.98 pct and 15.84 percent contributions. 
 
Among the notable gainers, NAPESCO jumped 40 fils to KD 0.610 while Kuwait National Cinema Co rose 20 fils to settle at KD 0.940. Combined Group Contracting Co added 10 fils with thin volume and Zima Holding Co followed suit. Independent Petroleum Group Co too was up 10 fils at KD 0.475.  Automated Systems Co rose 5 fils to KD 0.435 and Soor Fuel Marketing Co nudged 4 fils higher. 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.  Among the heavyweights, Zain was unchanged at KD 0.660 and is trading 30 fils lower year-to-date whereas Wataniya Telecom shed 20 fils extending the losses from last week. 
 
Up
Agility was up 10 fils at KD 0.830 adding to gains in the previous session. The company has logged a net profit of KD 24,102 million and earnings per share of 22.00 fils in the January-June period up from net profit of KD 21.63 and  earnings per share of 19.75 fils in the same period of 2013.  The market opened firm and pulled higher in early trade. The index peaked at 7203.16 points and sagged thereafter amid selling in select counters. It continued to drift lower amid choppy trade and bottomed at 7177.98 points before clawing back into the positive territory at close. Top gainer of the day, Zimah Holding humped 9.26 pct to 118 fils and NAPESCO climbed over 7 percent to stand next. Gulf Finance Company dived 7.14 percent, the steepest decliner of the day, and Gulf Petroleum Investment Co topped the volume with 20.55 million shares.  Mirroring the day’s upswing, the market spread was skewed towards the winners. 49 advanced whereas 37 closed lower. Of the 142 counters active on Sunday, 56 closed flat. 3233 deals worth KD 12.18 million were transacted — a 14.45 pct drop in the last session. 
IFA Hotels and Resorts rose 4 fils and Sultan Centre Food Co was up by same measure. ACICO Industries Co fell 5 fils. The company has posted first half net profit of KD 5.054 million and earnings per share of 19.43 fils as compared to KD 3.763 million net profit and EPS of 14.37 fils in the 2013 first half. 
On the downside, National Industries Group slipped 2 fils to KD 0.226 while Gulf Cables gave up 10 fils to end at KD 0.770. Kuwait Food Co (Americana) shed 20 fils and Boubyan Petrochemical Co was down by same measure. Kuwait Cement Co clipped 5 fils to end at KD 0.420. 
 
The Energy House slipped 5 fils and Gulf Franchising Holding Co followed suit. Mashaer Holding Company was down 10 fils at KD 0.186. The company has recorded a net profit of KD 565,972 and earnings per share of 3.2 fils in the six-month period ending June 30, 2014, as against KD 1.839 million profit and earnings per share of 10.3 fils in the same period last year.  Kuwait Portland Cement was flat at KD 1.380 and Kuwait Foundry Co followed suit. Equipment Holding Co and Hilal Cement were unchanged at KD 0.122 and KD 0.156. Kuwait Gulf Links paused at 82 fils.
 
Slipped
In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.980  while Gulf Bank and Commercial Bank of Kuwait was steady at KD 0.345 and KD 0.670 respectively. Al Ahli Bank fell 5 fils to KD 0.425 whereas Ahli United Bank was flat at KD 0.660.  Kuwait International Bank rose 5 fils to KD 0.325 while Burgan Bank and Kuwait Finance House were down 10 fils each. Boubyan Bank too gave up 10 fils to wind up at KD 0.510. National Investment Co and KIPCO were unchanged at KD 0.148 and KD 0.730 respectively and International Financial Advisors followed suit. The company has won the approval of Capital Markets Authority for the company’s request to buy back or sell up to 10 percent of own shares over a period of 6 months from date of approval.
 
Kuwait Financial Centre ( Markaz) fell 6 fils to KD 0.140 whereas Securities Group ad Ekttitab Holding Co took in 2 fils each. National Real Estate Co rose 4 fils whereas Mabanee Co paused at KD 1.040. 
The bourse was positive during last week. The index closed higher in four of the five sessions and climbed 56 points week-on-week. The market had gained 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

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