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MENAFN - Arab Times - 24/12/2013

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(MENAFN - Arab Times) The market opened on a positive note and nudged higher in early trade. The index sagged briefly before ticking up again and hit the day's highest level of 7645.2 pts past the mid-session. It eased thereafter to bottom at 7619.89 pts amid selling pressure in select counters but managed to claw back into the green at close.
Top gainer of the day, Kuwait Hotels jumped 7.14 percent to KD 0.150 and First Dubai rallied 7.02 pct to stand next. United Real Estate Co dived 8.47 percent, the steepest decliner of the day and Gulf Finance House topped the volume with over 65 million shares changing hands.
The market spread was skewed towards the winners. 50 stocks advanced whereas 34 closed lower. Of the 139 counters active on Monday, 55 closed flat. 4748 deals worth KD 22.42 million shares were transacted - a 5.58 pct fall in value from the day before.
On the flipside, Kout Food Group skidded 50 fils to KD 0.740 while Safwan Trading and Contracting Co shed 25 fils . Humansoft Holding slid 20 fils. The company has earned a net profit of KD 3.30 million and earnings per share of 28.93 fils in the first nine months of the year.
RISCO fell 5 fils to KD 0.305 and Kuwait Portland Cement shed 20 fils. The company has chalked a net profit of KD 6.57 million and earnings per share of 72.3 fils in the nine months ending September 30, 2013.


Gulf Franchising Holding Co slipped 9 fils and ALAFCO was down by same measure. Kuwait Cables Vision Co closed 5 fils lower.
The company has incurred a net loss of KD 284,136 and loss per share of 9.47 fils in the January-September period of 2013.
National Industries Group held the ground flat at KD 0.232 off slight early highs and KGL Logistics Company paused at KD 0.265. The company has won the approval of Capital Markets Authority to its request to buy back or sell up to 10 percent of own shares over a period of 6 months commencing date of approval.

Erased
Metal and Recycling Co erased 4 fils whereas NICBM held the ground steady at KD 0.206 and Equipment Holding followed suit. Kuwait Cement Co and Jazeera Airways stagnated at KD 0.370 and KD 0.495 respectively.
In the banking sector, National Bank of Kuwait pared early losses to close flat at KD 0.890 and Gulf Bank too held steady at KD 0.375. The bank has won the central bank's approval to its request to buy back and sell up to 10 percent of own issued shares over a period of 6 months.
Al Ahli Bank was unchanged at KD 0.465 off early lows and Ahli United Bank added 10 fils. Kuwait International Bank edged 5 fils higher and Burgan Bank closed flat at KD 0.570. The stock has gained 10 fils so far during the month and is trading 40 fils higher in 2013.
Kuwait Finance House climbed 10 fils on back of over 2 million shares to settle at KD 0.790 whereas Boubyan Bank slipped 10 fils extending the losses in the day before.
Kuwait Investment Co was flat at KD 0.134 while KIPCO gained 10 fils. International Financial Advisors ticked 2 fils higher with a volume of 17.53 million shares and National Investment Co too was up by same measure.
Sokouk Holding Co climbed 6 fils and Noor Financial Investment took in 2 fils. The company is planning to sell the company's entire 49 percent stake in Meezan Islamic Bank . The deal's value is pegged at 190 million or KD 53.5 million.


The bourse has been upbeat so far during the week and has added 30 fils in last 2 sessions. The index has dived 150 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 Sept 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 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.

 






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