Kuwait bourse ‘little’ changed; volume dips
Commercial Bank gains 20 fils; NIG ends flat
KUWAIT CITY, May 11: Kuwait stocks trod water Sunday after seesawing in the previous week. The index pared early losses to close 2.33 pts higher at 7408.73 pts even as the stocks closed broadly mixed. The sentiment was tepid in absence of positive cues and the blue chips remained mostly muted.
The KSX 15 measure eased 0.71 pts to 1199.76 pts and is marginally lower from start of the month whereas the weighted index was up 0.79 pts to settle at 492.82 points. The volume turnover meanwhile slumped below the 100 million mark to a multi-month low as investors toed the sidelines. 96.24 million shares changed hands — a 44.51 percent drop from the previous session.
The sectors closed mixed. Consumer goods outshone the rest with 1.39 percent upswing whereas telecommunication shed 0.49 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 44.15 pct while real estate and industrials followed with 24.84 pct and 15.63 percent respectively.
Among the gainers, Kuwait Foundry Co rose 10 fils to KD 0.325 and Advanced Technology Co climbed 30 fils with thin trading. Al Nawadi Holding added 4 fils to end at KD 0.120 and Mashaer Holding Co followed suit to close at KD 0.198. Future Kid Entertainment and Real Estate Co jumped 16 fils.
Commercial Bank of Kuwait climbed 20 fils to KD 0.690 and Al Ahli Bank closed 15 fils higher. The bank has posted a net profit of KD 8.12 million and earnings per share of 5 fils in the three month period ending March 31, 2014. Boubyan Bank rose 10 fils to KD 0.550.
Bourse heavyweight, Zain pared back slight early losses to close flat 0.660 and Wataniya Telecom too continued to stagnate at KD 1.800. Agility slipped 10 fils to KD 0.810 and the counter saw over 1 million shares change hands.
Veered
The market opened firm but veered lower in early trading. The index hit the day’s lowest level of 7391.15 pts and drifted listlessly before edging higher past the mid-session. It moved sideways thereafter and managed to close in the positive territory.
Top gainer of the day, Future Kid spiked 15.69 percent to KD 0.118 while Kuwait Syrian Holding Co rallied 7.46 pct to stand next. Pearl of Kuwait Real Estate Co slid 6.82 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 6.7 million shares changing hands.
Despite the day’s slight uptick, the losers outled the winners. 42 stocks advanced whereas 47 closed lower. Of the 137 counters active on Sunday, 48 closed flat. 2774 deals worth KD 15.24 million were transacted — a 29.10 pct drop in value from the day before.
Equipment Holding Co eased 2 fils to KD 0.128 extending the losses in the previous session and IFA Hotels and Resorts followed suit to close at KD 0.220. Kuwait United Poultry Company climbed 10 fils to KD 0.164. On the downside, Kuwait Cement Co shed 15 fils and Kuwait Portland Cement was down 20 fils at KD 1.340. The company has posted a first quarter net profit of KD 4.77 million and earnings per share of 52.49 fils as compared to KD 3.15 million profit and earnings per share of 34.69 fils in the same period last year.
ACICO Industries Co dropped 15 fils while United Industries Co gave up 8 fils to end at KD 0.128. Kuwait Food Co (Americana) dipped 20 fils to KD 0.2780 and is trading 260 fils higher year-to-date. National Industries Group, the flagship company of the Kharafi Group, however was flat at KD 0.250.
ALAFCO held steady at KD 0.260 and Jazeera Airways too did not budge from its earlier close of KD 0.430 . Burgan Drilling Co and Combined Group Contracting Co too were unchanged at KD 0.240 and KD 1.200 respectively.
Flunked
Kuwait Gulf Links flunked 2 fils and KGL Logistic was down by same measure. The company has won the approval of Capital Markets Authority for the company’s request to buy back or sell up to 10% of own shares over a period of 6 months. In the banking sector, National Bank of Kuwait and Gulf Bank were flat at KD 0.990 and KD 0.365 respectively and Ahli United Bank too was unchanged at KD 0.680 . Kuwait International Bank added 5 fils while Burgan Bank and Kuwait Finance House gave up 10 fils each. Kuwait Investment Co eased 2 fils to KD 0.162 whereas National Investment Co took in 2 fils. Noor Financial Investment Co gained 4 fils whereas Sokouk Holding Co and Al Madina For Finance and Investment Co gave up 2 fils each. Osoul Investment Co inched 1 fils higher.
KAMCO paused at KD 0.112 and KIPCO followed suit to end at KD 0.750. The company has recorded a net profit of KD 10.297 million and earnings per share of 7.14 fils in the three-month period ending March 31, 2014. KMEFIC and Kuwait Financial Centre fell 2 fils each. National Real Estate Co and Al Mazaya Holding were unchanged at KD 0.156 and KD 0.132 respectively whereas Mabanee Co climbed 20 fils on back of 1.2 million shares. Al Mudon International Real Estate Co was down 4 fils at KD 0.104.
The bourse was mixed during last week. It closed lower in 3 of the 5 sessions and dropped 24 pts week-on-week. The price index is almost flat from start of the month and is trading 1.92 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Real Estate Asset Management Co has registered a net profit of KD 227,285 and earnings per share of 2.19 fils in the quarter ending March 31, 2014, slipping from KD 383,969 profit and earnings per share of 3.69 fils in same period last year.
Sharjah Cement and Industrial Dev has recorded a net profit of KD 695,324 and earnings per share of 1.29 fils in the first three months of 2014 , rising from net profit of KD 331,633 and earnings per share of 0.60 fils in Q1 of 2013.
Gulf Glass Manufacturing soared 50 fils. The company has posted a net profit of KD 281,177 and earnings per share of 6.33 fils in the first three months of 2014, as compared to KD 278,063 profit and earnings per share of 6.26 fils in the year before period
National Petroleum Services has recorded a net profit of KD 1.026 million nd earnings per share of 18.35 fils in the first quarter of 2014, as against KD 902,238 profit and earnings per share of 16.27 fils in the same period in 2013.
Aqar Real Estate Investments has posted a net profit of KD 151,436 and earnings per share of 0.66 fils in the first quarter of 2014, as compared ro net profit of KD 152,553 and earnings per share of 0.67 fils in the same period last year.