Kuwait bourse extends losses to 2nd day
Kuwait Portland Cement dives 80 fils; NBK gains
KUWAIT CITY, April 15: Kuwait stocks headed south on Monday, extending the losses to second straight session.
The index dropped 11.3 points paring steeper losses earlier in the session to wind up at 6952.35 points as political developments weighed on the trading floor. Select small caps posted moderate losses while some of the banks perked up on renewed buying interest.
The KSX 15 measure climbed 7.01 points 1058.74 points, the highest level since its introduction in mid-April 2012 while weighted index crept 2.08 points higher to 444.01 pts. The volume turnover meanwhile ticked higher to 630.58 million stemming the threeday fall. 630.58 million shares changed hands — up 2.84 percent from the day before.
The sectors closed narrowly mixed. Technology outshone the rest with 1.37 percent rally whereas banks slipped 0.80 percent, the biggest loser of the day. Volume wise, financial services dominated with 41.43 percent market share and real estate followed with 38.80 percent. Industrials was a distant third with 5.95 percent contribution.
United Projects Co shed 30 fils to close at KD 0.910 while Automated Systems Co and Aref Energy fell 4 fils each. Kuwait Portland Cement tumbled 80 fils to KD 1.060 after eking modest gains in the previous session. The company has chalked a profit of KD 7.28 million and earnings per share of 80.13 fils in 2012.
RISCO eased 2 fils and Metal and Recycling Co followed suit to end at KD 0.126. Hilal Cement was down 10 fils at KD 0.220. National Industries Group however was flat at KD 0.238 after gyrating in tight range. The stock has shed 12 fils from start of the month while year-to-date, it has added 24 fils.
Bourse heavyweight Zain slipped 10 fils to KD 0.710 extending an identical fall in the previous session while Wataniya Telecom spiked 60 fils to KD 2.200. The stock has shed 140 fils from start of the year.
Logged
Agility was unchanged at KD 0.620 off slight early highs. The logistics major has logged KD 9.65 million net profit in the final quarter of 2012. The company has proposed a 30 percent cash dividend in addition to 5 percent bonus shares.
The market opened on dull note and eased slightly in early trade. The index clawed back to rise above the opening mark but retreated sharply on a brief selling bout and hit the day’s lowest level of 6869.42 points. It bounced back to peak at 6986.51 points but slipped back again to hover around the opening mark before closing in red.
Top gainer of the day, NCCI soared 9.8 percent to KD 0.112 and Sokouk Holding climbed 9.09 percent to stand next. Coast shed 7.02 percent, the biggest loser of the day and Gulf Finance House topped the volume with 58.74 million shares.
Mirroring the day’s decline, the losers outnumbered the winners. 36 stocks advanced whereas 58 closed lower. Of the 150 counters active on Monday, 56 closed flat. 11,118 deals worth KD 52.44 million were transacted — a 22.52 percent rise in value from the day before.
“The political scene has once again regressively impacted the market,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House. “I suspect there was support from the National Portfolio Fund to steady the market,” he added.
On the upside, Burgan Well Drilling Co rose 6 fils with thin trading and while Automated Systems Co gained 15 fils adding to an identical rise in the previous session. Jazeera Airways dialed up 5 fils with a volume of 0.83 million shares whereas ALAFCO stagnated at KD 0.340 off early highs.
Gulf Cables climbed 20 fils to KD 1.020 and United Industries Co was up 8 fils. Boubyan Petrochemical Co rose 10 fils and Contracting and Marine Services Co followed suit. The company has earned KD 1.81 million and clocked earnings per share of 8.77 fils in 2012 and the Board of Directors recommended a cash dividend of 5 percent plus 5 percent bonus shares.
Combined Group Contracting Co was flat at KD 1.360 and IFA Hotels and Resorts Co followed suit. Kuwait Gulf Links too vacillated in narrow range before closing unchanged at KD 0.118.
Rallied
In the banking sector, National Bank of Kuwait rallied 20 fils on back of 5.63.
Million shares and Gulf Bank added 5 fils. Commercial Bank of Kuwait held steady at KD 0.700 and Al Ahli Bank too did not budge from its earlier close of KD 0.570.
Kuwait International Bank was unchanged at KD 0.300 and Burgan Bank followed suit. Ahli United Bank rose 10 fils to KD 0.770. The bank has recorded a net profit of KD 4.36 million and earnings per share of 60 fils in 2012, up from KD 4.08 million profit and 56 fils EPS in the year before.
Boubyan Bank held the ground steady at KD 0.640 and Kuwait Finance House added 10 fils on back of 2.49 million shares. The stock is unchanged from start of the month while year-to-date, it has eased 10 fils.
Commercial Facilities Co fell 5 fils whereas Kuwait Investment Co took in 2 fils to end at KD 0.120. International Financial Advisors paused at 54 fils after trading 11.02 million shares. National Investment Co clipped 4 fils while KIPCO closed flat at KD 0.420.
Al Mal Investment fell 3 fils to 52 fils and Bayan Investment was down by same measure with a volume of 19.4 million. KAMCO stagnated at KD 0.104 AND International Finance Co edged 2 fils lower. The Capital Markets Authority has approved, the company’s request to buy back or sell up to 10 percent of own shares over a period of 6 months commencing March 25, 2013.
The bourse was trending lower so far during the week and has shed 25.38 pts in last two sessions. The index has soared 230.83 pts so far during the month and is trading over 17 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Al Safat Energy Holding has posted net profit of KD 1.40 million and earnings per share of 2.33 fils in 2012, recovering from KD 11.47 million loss and 19.05 loss per share in the year before.