RSS
 Add News     Print  
Article List
Photo shows investors at KSE trading floor, The bourse extended gains on Monday.
KSE extends gains to sixth day in row Gulf Glass vaults 50 fils; NBK flat

KUWAIT CITY, Aug 11: Kuwait stocks pulled higher Monday, extending the gains to sixth straight session. The bourse, after a tame start, climbed 38.08 pts to 7230.78 points amid renewed buying in select counters. The advance was paced by some of the mid and small caps even as the heavyweights remained mostly subdued.  The KSX 15 measure was almost flat at 1193.3 pts and is up 17 points from start of the month while weighted index edged 0.35 pts higher to 485.92 pts. The volume turnover meanwhile rose for the second consecutive day. 129.21 million shares changed hands — a 10.52 pct rise from Sunday. 

 
The sectors closed mixed. Technology outshone the rest with 1.70 percent rise whereas consumer services slid 0.41 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 53.34 percent while oil and gas and real estate followed with 16.19 pct and 16 percent market shares respectively. Among the prime movers, Gulf Glass Manufacturing Co spiked 50 fils to KD 0.590 with thin trading while Kuwait Food Co ( Americana) rose 20 fils recouping the loss in the previous session. United Projects Group climbed 40 fils while Humansoft Holding Co gained 20 fils. 
Salbookh Trading Co added 6 fils and ACICO Industries Co gained 20 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. Among the frontline stocks, Zain was unchanged at KD 0.660 and is down 20 fils from start of the month while Wataniya Telecom shed 20 fils extending the decline from the previous session.
 
Logged
Agility was down 20 fils at KD 0.810. 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 on dull note and moved sideways in early trade. The index slipped briefly below the red to hit the day’s lowest level of 7178.12 pts almost half way into the session and edged higher thereafter. It continued to rise amid buying in select counters and closed with moderate gains. Top gainer of the day, Coast Investment and Development Co rallied 9.43 percent to 58 fils while GGMC climbed 9.26 pct to stand close behind. Manazel Holding Co dropped 3.85 pct, the steepest decliner of the day, and Gulf Independent Petroleum topped the volume with 17.9 million shares changing hands. 
 
Reflecting the day’s gains, the market spread was skewed towards the losers. 50 stocks advanced whereas 31 closed lower. Of the 133 counters active on Monday, 52 closed flat. 3396 deals worth KD 12.217 million were transacted — a slight 0.25 pct rise in value from the previous session. City Group rose 15 fils to KD 0.410 while Zima Holding and NICBM gained 10 fils each. National Industries Group took in 2 fils to end at KD 0.228 and is up 6 fils from start of the month and Mashaer Holding Co closed 6 fils higher at KD 0.192. Hayat Communication Co added 5 fils to end at 83 fils. Credit Rating and Collection Co was up 3 fils at 58 fils and Metal and Recycling Co took in 2 fils. 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. On the downside, Kuwait Portland Cement shed 20 fils and Jazeera Airways gave up 5 fils to end at KD 0.440. KGL Logistics Co clipped 2 fils to settle at KD 0.136.
 
Budge
Kuwait Foundry Co was flat at KD 0.315 and United Industries Co too did not budge from its earlier close of KD 0.112. IFA Hotels and Resorts held steady at KD 0.222 and Gulf Cable followed suit to end at KD 0.770. Kuwait Gulf Links inched 1 fils up whereas Soor Fuel Marketing Co slipped 4 fils. 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.  In the banking sector, National Bank of Kuwait was flat at KD 0.980 while Gulf Bank nudged 5 fils higher to KD 0.350. Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session. Ahli United Bank was unchanged at KD 0.660 off early lows and Kuwait International Bank followed suit. Burgan Bank paused at KD 0.530 and Kuwait Finance House too gave up slight early gains to wind up at KD 0.820. Boubyan Bank held the ground steady at KD 0.510. 
 
Kuwait Investment Co fell 2 fils to KD 0.158 whereas National Investment Co was up 6 fils at KD 0.154 on back of 1.63 million shares. KIPCO stagnated at KD 0.730 whereas Securities Group edged 2 fils higher. Osoul investment Co and Ayan Real Estate Co were up 3 fils each.  The bourse has been upbeat so far during the week and has climbed 44 pts from start of the week. The market has rallied 100 points from start of the month and is trading 4.22 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

Read By: 1644
Comments: 0
Rated:

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