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Kuwait Bourse Resumes Slide Sheds 46.99 Pts  Join our daily free Newsletter

MENAFN - Qatar News Agency - 18/12/2013
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(MENAFN - Qatar News Agency) Kuwait stocks retreated on Tuesday after eking modest rebound in the previous session. The index dropped 46.99 pts in choppy trade to close at 7,609.17 pts as sentiment turned weak. The mid and low caps paced the decline whereas some of the banks bucked the trend to close higher. The bourse has closed lower in 6 of the last 7 sessions. The KSX 15 gauge however climbed 3.6 pts to 1,079 points taking the year's gains to 70 pts whereas the weighted index edged 0.32 points higher to 452.77 points. The volume turnover meanwhile receded slightly to slip below the 200 million mark. 183.48 million shares changed hands - a 8.82 percent fall from the day before.

The sectors closed mostly in the red. Basic materials out led the rest with 0.66 percent uptick whereas technology slid 2.22 percent, the worst performer of the day. Volume wise, real estate accounted for the highest market share of 42.82 percent and financial services came in next with 31.39 percent Industrials was a distant third with 9.94 percent contribution. Among notable losers, Kout Food Group tumbled 50 fils to KD 0.740 erasing the solid gains in the previous session. Automated Systems Co dived 25 fils and Safwan Trading and Contracting Co was down 40 fils at KD 0.500. Credit Rating and Collection Co gave up 8 fils to end KD 0.106. IFA Hotels and Resorts fell 5 fils to KD 0.285 after clocking over 1 million shares while Gulf Cables retreated 10 fils extending the losses in Monday, Kuwait Cement Co slipped 5 fils while Metal and Recycling Co ticked 2 fils lower.

Stagnate
Bourse heavyweight Zain continued to stagnate at KD 0.700 off early lows whereas Wataniya Telecom shed 20 fils . Agility gave up 10 fls to wind up at KD 0.720 and the stock has rallied 210 fils in 2013. The market opened weak but spiked briefly in early trade. The index hit the day's highest level of 7666.82 pts before drifting lower as investors toed caution. It continued to weaken in the second half and closed in deep red.
Top gainer of the day, KBMMC spiked 10 percent to KD 0.275 and Strategia Holding climbed 6.94 percent to stand next. Ream shed 8.62 percent, the steepest decliner of the day while Kuwait Real Estate Co topped the volume with 14.25 million shares.

Reflecting the day's decline, the market spread was skewed towards the losers. 28 stocks advanced whereas 66 closed lower. Of the 140 counters active on Tuesday, 46 closed flat. 5311 deals worth KD 20.66 million were transacted -9.21 percent fall from the day before. Equipment Holding eased 2 fils and United Industries Co followed suit. ACICO Industries slipped 10 fils. The company has logged net profit of KD 4.04 million and earnings per share of 16.33 fils in the first nine-months of the year, up from KD 2.33 million profit and 9.42 fils EPS in the 9M of 2012. On the upside, NAPESCO rallied 30 fils to KD 0.530 and Kuwait Food Co (Americana) rose 20 fils recouping the loss in the previous session. The stock has shed 80 fils so far during the month and is trading 600 fils higher year-to-date. Kuwait Foundry Co was flat at KD 0.395 and Boubyan Petrochemicals Co added 10 fils 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.

United Projects Group rose 10 fils whereas National Industries Group held the ground steady at KD 0.230. 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 Septt 30, 2013, as against KD 11.44 million profit and earnings per share of 9.1 fils in the 9M of 2012. Kuwait Gulf Links clawed back slight early losses to stagnate at KD 0.104 and KGL Logistics Company followed suit. announced that Capital Markets Authority approved, on October 30, 2013, the company request to buy back or sell up to 10% of own shares over a period of 6 months commencing date of approval. In the banking sector, Gulf Bank was unchanged at KD 0.375 and National Bank of Kuwait followed suit. NBK has said that the country was set to secure 1.43 billion in financing from a consortium of banks for the Az-Zour North Power and Desalination Plant.

Huge
"It's a huge deal but it's too late in the year for it to have an impact," Reuters quoted Fouad Darwish, head of brokerage services at Global Investment House earlier on Monday. "Many people are talking of a good year to start next month." Al Ahli Bank paused at KD 0.470 whereas Ahli United Bank added 10 fil to settle at KD 0.730. Kuwait International Bank held steady at KD 0.290 and Boubyan Bank followed suit. Kuwait Finance House gained 10 fils and Burgan Bank too was up by same measure to close at KD 0.570. Kuwait Investment Co fell 2 fils to KD 0.134 and International Financial Advisors edged 2 fils lower after clocking 12.48 million shares.. National Investment Co was flat at KD 0.160 paring slight early gains whereas KIPCO rose 19 fil.
KMEFIC flunked 1 fils and Noor Financial Investment Co was down 8 fils at KD 0.120. Al Deera Holding Co took in 1 fils whereas Sokouk Holding slipped 2 fils. Strategia Investmnt Co however managed to close 5 fils higher.

The bourse bas been trending lower and has lost 97 points in the last three sessions. The index has retreated 166 points from start of the month and is trading over 28 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Warba Bank announced has logged a net loss of KD 3.12 million in the nine-month period ending Septt 30, 2013 and chalked a loss per share of 3.12 fils as against KD 2.06 net loss and and loss per share of 2.07 fils in the same period last year.

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 Sept 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 Septtember 2013, soaring from KD 4.73 million profit and earnings per share of 47.43 fils in the 9M period of 2012.

 






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