Kuwait bourse ticks up, stems 5-day fall
Americana extends gain; NBK flat
KUWAIT CITY, April 6; Kuwait stocks ticked up Monday, stemming the 5-day decline. The price index climbed 6.82 points to 6,213.34 points helped by some of the mid and small caps while the heavyweights closed mixed. The market mood was skittish even as investors await new catalysts.
The KSX 15 measure slipped 4.25 points to 1,020.17 pts and is almost unchanged from start of the month while weighted index inched 1.83 points up. The volume turnover meanwhile ebbed slightly after rising in the last two sessions. 136.34 million shares changed hands — a 9.45 pct drop from Sunday.
The sectors closed mixed. Technology outshone the rest with 1.36 pct jump whereas basic materials dropped 1.13 percent, the steepest decliner of the day. In terms of volume, financial services accounted for the highest market share of 32.16 pct while real estate and industrials followed with 24.56 pct and 18.42 percent contributions respectively.
Among the sharp movers, Kuwait National Cinema Co climbed 40 fils to KD 1.060 and Kuwait Food Co (Americana) rose 20 fils extending an identical gain in the previous session. RISCO too added 20 fils whereas Kuwait Portland Cement Co dived 40 fils to KD 1.360.
Sector bellwether Zain eased 5 fils to KD 0.470 whereas Wataniya Telecommunications Co climbed 20 fils to KD 1.420 and is unchanged from start of the month. Kuwait Telecommunications Co (VIVA) slipped 10 fils to KD 0.850 and logistics major Agility held the ground unchanged at KD 0.760 off early lows.
Flat
National Real Estate Co dialed down 4 fils while Mabanee Co was flat at KD 1.000. The company has clocked a net profit of KD 48.175 million and earnings per share of 65.56 fils in 2014 as compared to KD 47.91 million profit and earnings per share of 65.21 in 2013. The Board of Directors has recommended a cash dividend of 15 percent plus 15 percent bonus shares.
The market opened flat and moved sideways in early trading. The main index drifted lower thereafter as sentiment weakened and hit the day’s lowest level of 6,188.73 pts almost half way into the session. It clawed back in the final minutes and managed to close in the positive territory.
Top gainer of the day, National Ranges Co (Mayadeen) rallied 7.41 pct to 29 fils whereas Investors Holding Co climbed 6.9 percent to stand next. Kuwait Cable Vision Co slumped 9.26 percent, the steepest decliner of the day and Investors Holding Co also topped the volume with 19.9 millin shares changing hands.
Despite the day’s uptick, the losers outnumbered the winners. 42 stocks advanced whereas 47 closed lower. Of the 132 counters active on Monday, 43 closed flat. 3,272 deals worth KD 10.73 million were transacted — a 69.68 pct surge in value from the previous session.
National Industries Group was unchanged at KD 0.188 off early lows whereas Kuwait Cement Co closed 5 fils lower at KD 0.360. Shuaiba Industrial Co rose 15 fils and Gulf Cable gave up 10 fils to settle at KD 0.620. Boubyan Petrochemicals Co shed 20 fils.
Equipment Holding Co rose 5 fils to 88 fils whereas Kuwait Foundry Co was not traded during the session.The company has logged a net profit of KD 2.26 million and earnings per share of 14.74 fils in the first nine-months of 2014, as against KD 2,13 million profit and earnings per share 13.9 fils in the 9M of 2013.
Kuwait and Gulf Link Transport Co held steady at 52 fils while KGL Logistics Co inched 1 fils up. Automated Systems Co was up 5 fils at KD 0.450 and Jeera Holding Co closed 4 fils higher. Jazeera Airways paused at KD 0.510 and ALAFCO pulled 6 fils lower.
In the banking sector, National Bank of Kuwait was unchanged at KD 0.810 whereas Commercial Bank shed 20 fils after trading 12.19 million shares. Kuwait International Bank and Kuwait Finance House paused and Boubyan Bank pulled 10 fils lower.
Gulf Bank and Al Ahli Bank gave up 5 fils each to end at KD 0.275 and KD 0.370 respectively. ABK has recorded a net profit of KD 37.586 million and earnings per share of 23 fils during 2014, up from net profit of KD 35.425 million and earnings per share of 22 fils in 2013. The Board of Directors has recommended a cash dividend of 13 percent.
Gained
Commercial Facilities Co gained 5 fils while investment conglomerate KIPCO was not traded during the session. National Investments Company clipped 2 fils. The company has won the approval of Capital Markets Authority approved for the company’s request to buy back or sell up to 10 percent of own shares over a period of 6 months.
The Energy House Co rose 4 fils and Sokouk Holding paused at 55 fils . The company has clocked a net profit of KD 5.012 million and earnings per share of 9 fils in the year ending Dec 31, 2014 and the Board of Directors recommended 5 percent bonus shares.
Kuwait Financial Centre fell 2 fils whereas Bayan Investment Co and KFIC dialed up 1 fils each. KMEFIC and Al Aman Investment Co took in 2 fils each whereas Jeeran Holding Co was down 3 fils at 48 fils. United Real Estate Co slipped 5 fils whereas Mazaya Holding Co nudged 2 fils higher.
The bourse has been mixed so far during the week and has shed 8 fils in last tow sessions. The price index had shed 70 points so far during the month and is down 4.97 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Kuwait Gypsum Manufacturing and Trading has logged a net profit of KD 336,262 and earnings per share of 11.25 fils in 2014, rebounding from net loss of KD 329 and loss per share of 0.01 fils in the year before. The Board of Directors recommended a cash dividend of cash 10 percent.
Warba Bank has recorded a net profit of KD 115,000 and earnings per share of 0.12 fils in 2014, rebounding from net loss of KD 3.709 million and loss per share of 3.71 fils in 2013. Educational Holding Group has posted a net profit of KD 1.593 million earnings per share 6.5 fils in the three-month period ending Nov 30, 2014 as against net profit of KD 1.377 million and earnings per share of 5.6 fils in the same period last year.
Alsalam Group Holding has registered a net profit of KD 1.974 million and earnings per share of 7.69 fils in 2014, up from net profit of KD 188,238 and earnings per share of 0.73 fils last year. The Board of Directors has recommended 5 percent bonus shares.
Kuwait Building Materials has posted a net profit of KD 668,360 and earnings per share of 22.04 fils during 2014 and the Board of Directors has recommended a cash dividend of 15 percent.