MENAFN - Arab Times
Kuwait Stocks 'Retreat' On Profit Taking Volume Drops
(MENAFN - Arab Times) Kuwait stocks pulled lower Monday, snapping the three-day advance. The index retreated 50.75 pts after trading briefly above the 8,000 mark and wound up at 7,938.8 points. Profit taking was seen in some of the mid and low caps whereas the blue chips were largely muted. The KSX 15 measure shed 3.84 points to close at 1,092.32 points and is down 2 pts from the start of the month whereas the weighted index fell 2.43 points to 464.54 points. The volume turnover meanwhile receded below the 400 million mark for the first time in the post-Eid period. 346.36 million shares changed hands - a 17.43 percent drop from Sunday. The sectors closed mostly in the red. Healthcare outshone the peers with 0.44 percent gain whereas consumer goods shed 1.73 pct, the biggest loser of the day. Volumewise, real estate dominated with 40.16 percent market share and financial services was close behind with 38.99 pct contribution.
Kuwait Food Co (Americana) tumbled 40 fils to KD 0.265 while ACICO Industries was down 20 fils at KD 0.280 with thin trading volume. Kuwait Cable Vision slipped 5 fils and Kuwait Foundry Co followed suit to end at KD 0.385.
Equipment Holding Co shed 10 fils after trading 2.54 million shares and ALAFCO was down by same measure. Jazeera Airways gave up 10 fils to settle at KD 0.520 and the counter saw 1.23 million shares change hands.
ACICO was down 20 fils at KD 0.280. The company has won the approval of Capital Markets Authority to buy back up to a maximum of 10% of its own shares for 6 months commencing date of approval. National Industries Group however was flat at KD 0.260 off early highs.
Among the heavyweights Zain held the ground steady at KD 0.710 after slipping into red in the day before and Wataniya Telecom too did not budge from its earlier close of KD 1.920. The telco has posted KD 57.72 million profit in the nine-month ending 30 September 2013 while earning per share stood at 115.18 fils. Agility gave up early gains to close unchanged at KD 0.700.
The market opened weak and edged lower in early trade. The index clawed back amid buying in select counters and hit the day's highest level of 8005.05 pts but failed to hold on to the gains. It retreated thereafter to bottom at 7928 points before paring some of the losses at close.
Top gainers of the day, Amwal rallied 7.41 pct to 58 fils and Kuwait United Poultry Co was up by same measure. Kuwait Slaughter House slid 18.49 pct, the steepest decliner of the day and Mayadeen topped the volume with 27.44 million shares.
Reflecting the day's decline, the losers vastly outled the winners. 24 stocks advanced whereas 68 closed lower. Of the 147 counters active on Monday, 55 closed flat. 8665 deals worth KD 30.16 million were transacted - a 15.97 percent drop in value from the day before.
On the upside, City Group spiked 25 fils to KD 0.495 while Future Communication Co Global rose 6 fils. Metal and Recycling Co ticked 2 fils higher to KD 0.132 on back of over 1 million shares and National Real Estate Co followed suit.
Kuwait Gulf Links was unchanged at KD 0.116 off early lows and KGL Logistics Co too paused at KD 0.270.. The company is planning to hike its capital by 65% from KD 33,396,000 to KD 55,103,400 by offering 217,074,000 shares for subscription with a nominal value of 100 fils/ share.
Kuwait Portland Cement was flat at KD 1.400 and Gulf Cables closed flat at KD 0.970. The firm has earned KD 8.46 million and chalked earnings per share of 40 fils in 2013 H1 as compared with KD 9.83 million profit and earnings per share of 47 fils in the year earlier period.
United Industries Co and NICBM were steady at KD 0.146 and KD 0.255 respectively whereas Kuwait Cement Co gave up 5 fils to close unchanged at KD 0.375. Boubyan International Industries Holding Co stagnated at KD 0.170. The company has incurred net loss of KD 5.96 million and loss per share of 19.89 fils in the fiscal year ended on 31 July 2013.
In the banking sector, National Bank of Kuwait fell 10 fils to KD 0.900 whereas Gulf Bank was flat at KD 0.395 after closing in red on Sunday. Commercial Bank of Kuwait stagnated at KD 0.710 and Al Ahli Bank followed suit to wind up at KD 0.495.
Ahli United Bank paused at KD 0.730 whereas Kuwait International Bank was down 5 fils at KD 0.310. Burgan Bank stagnated at KD 0.580 and the stock has climbed 50 fils so far in 2013.
Boubyan Bank eased 10 fils to KD 0.600 whereas Kuwait Finance House closed flat. The bank has won the approval of Central Bank of Kuwait for its request to extend permission to buy back or sell up to 10% of own issued shares for an additional period of 6 months.
National Investment Co eased 4 fils and Securities Group was down by same measure. International Financial Advisors held steady at KD 0.102 and the counter saw 6.77 million shares change hands and KIPCO too paused at KD 0.600. Noor Financial was up 4 fils at KD 0.124.
The bourse has been mixed so far during the week and has shed 16 points in last two sessions. The index has rallied 172 points from start of the month and is trading over 33 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Tijara & Real Estate Investment has logged a net loss KD 360,544 m in the first nine months of the year while loss per share came in at 0.94 fils, widening from KD 1.24 million loss and loss per share of 3.26 fils in the same period last year.
Kuwait Building Materials Mfg. has earned KD 408,953 and chalked earnings per share of 13.5 fils in the first nine months of the year, up from KD 345,394 net profit and earnings per share of 11.4 fils in the same period last year.
The Energy House has registered a net profit KD 154,893 and earnings per share of 0.207 fils in the January-September period, rebounding from KD 9,463,930 net loss and 12.6 fils loss per share in the same period in 2012.
KSE has suspended trading of the shares of the following companies for failing to announce their results in the stipulated period :-Housing Finance Company (Iskan), Al-Imtiaz Investment Group Co (Al- Imtiaz), Industrial and Financial Investments Company (IIC), Flex Resorts & Real Estate (Flex), Kuwait Pipe Industries and Oil Services Company (Pipe), Safwa Group Holding Company (Safwa) and Jeeran Holding Co (Jeeran).
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