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MENAFN - Arab Times - 10/12/2013

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(MENAFN - Arab Times) The market opened weak and slipped into red in early trading. The index continued to retreat amid selling in select counters and hit the day's lowest level of 7,706.51 pts. It clawed back into in green half way into the session but fell again and traded sideways in the second half before closing with moderate losses.
Top gainer of the day, Al Themar International Holding Co spiked 13.89 percent to KD 1.000 while Kuwait Building Material Manufacturing Co jumped 8.7 percent to stand next. Amar For Finance and Leasing slid 7.25 percent, the steepest decliner of the day, while Mayadeen topped the volume with 243.81 million shares.
Mirroring the day's fall, the market spread was skewed towards the losers. 40 stocks advanced whereas 54 closed lower. Of the 150 counters active on Monday, 56 closed flat. 6,837 deals worth KD 27.48 million were transacted - a 32.78 percent drop in value from the day before.


Among other losers, Automated Systems Co slipped 10 fils while Credit Rating and Collection Co eased 6 fils. Kuwait Foundry Co ticked 2 fils lower. The company has posted a net profit of KD 2.13 million and earnings per share of 13.90 fils in the nine-month period ending Sep 30, 2013.
Future Kid Entertainment and Real Estate gave up 8 fils and Gulf Cables was down 10 fils at KD 0.880. The company has earned KD 9.06 million and clocked an earnings per share of 43 fils in the first nine-months of 2013 as compared with net profit of KD 10.54 million and earnings per share of 50 fils in the same period last year.
On the upside, Yiaco Medicals rose 15 fils and National Industries Group took in 2 fils. The company has posted a net profit of KD 10.49 million and earnings per share of 8.3 fils in the nine-month period ending September 30,2013. KGL Logistics too held steady at KD 0.265.


Paused
Kuwait Gulf Links rose 2 fils and Kuwait Cable Vision inched 1 fils up. United Industries Co paused at KD 0.150. The company has won the the approval of Capital Markets Authority to buy back or sell up to a maximum of 10% of its shares over a period of 6 months.
In the banking sector, National Bank of Kuwait rose 10 fils and Gulf Bank added 5 fls to settle at KD 0.385. Commercial Bank of Kuwait gained 20 fils whereas Al Ahli Bank and Ahli United Bank closed flat. Kuwait International Bank paused at KD 0.295 after slipping into red in previous session. Burgan Bank stagnated at KD 0.570 of early lows and Kuwait Finance House gained 10 fils partly recouping the losses on Sunday. Boubyan Bank gave up slight early gains to close unchanged at KD 0.560.
Kuwait Investment Co fell 2 fils to KD 0.132 while International Financial Advisors vacillated in a tight range before closing flat at KD 0.102. National Investment Co took in 2 fils and KIPCO was unchanged at KD 0.630.
Kuwait Finance and Investment Co shed 4 fils and First Investment Co edged 2 fils lower. Noor Financial Investment closed flat. The company has won the approval of Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months.


National Real Estate Co was unchanged at KD 0.158 and Salhia Real Estate followed suit. Tamdeen Real Estate Co took in 2 fils and Mabanee Co gained 20 fils to wind up at KD 1.160.
The bourse bas been mixed and has fell 5 fils in last two sessions. The index has shed 26 points from start of the month and is trading over 30 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Independent Petroleum Group has posted a net profit of KD 4.35 million in the first nine months of 2013 while earnings per share came in at 30.10 fils. This compares with KD 5.07 million net profit and earnings per share of 35.10 fils in the same period last year.

Advanced Technology has logged a net profit of KD 3.34 million and earnings per share of 22.304 fils in the nine-month period ending Sep 30, 2013, up from KD 2.90 million and earnings per share of 19.341 fils in the same period last year.
Kuwait National Cinema has notched a net profit of KD 6.13 million earnings per share of 61.74 fils in the nine-month period ending September 2013, soaring from KD 4.73 million profit and earnings per share of 47.43 fils in the 9M period of 2012.
Refrigeration Ind. and Storage has posted a net profit of KD 2.50 million and clocked an earnings per share of 28.25 fils in the nine month period ending September 30, 2013 . This compares with KD 2.24 million profit and earnings per share of 25.39 fils in the same period last year.

 






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