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MENAFN - Arab Times - 14/01/2014
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(MENAFN - Arab Times) Kuwait stocks slipped further Monday, extending the losses to second straight session. The price index eased 12.72 pts to 7628.59 points weighed by speculative selling in select counters. Most of the banks remained muted while other heavyweights closed mixed. The KSX 15 benchmark dropped 6.21 pts to 1062.25 points while the weighted index edged 0.9 points lower to 451.83 points. The volume turnover meanwhile receded for the second day in row. 278.41 million shares changed hands - down 10.03 pct from the day before. The sectors closed mixed. Technology outshone the peers with 1.35 percent upswing whereas telecommunication shed 1.32 percent, the biggest loser of the day. In terms of volume, real estate garnered the highest market share of 44.22 percent while financial services and industrials followed with 28 pct and 13.23 percent respectively

Among notable losers, Kout Food Group dived 50 fils to KD 0.740 and United Projects Co followed suit to wind up at KD 0.710. Kuwait Portland Cement Co slid 20 fils while NAPESCO gave up 10 fils to close at KD 0.530. Kuwait United Poultry Co fell 8 fils to KD 0.160. Al Arabi Holding Group fell 6 fils to KD 0.196 and Gulf Franchising Holding Co slipped 5 fils. Shuaiba Industrial Co and Metal and Recycling Co ticked 2 fils each and Hits Telecom followed suit. Telecom major , Zain shed 20 fils after eking modest gains in the previous session while Wataniya Telecom jumped 40 fils recouping the loss on Sunday. Agility slipped 10 fils to KD 0.710 and the counter clocked 1.72 million shares change hands


The market opened firm and ticked slightly higher in early trade. The index touched the day's highest level of 7645.18 points and retreated thereafter as sentiment weakened. It continued to drift lower and troughed at 7609.77 points before clawing back some of the losses at close. Top gainer of the day, Iskan (Housing Finance Co) soared 9.62 pct to 57 fils while United Real Estate Co climbed 9.26 percent to stand close behind. United Projects Group tumbled 6.58 percent, the steepest decliner of the day while Abyaar topped the volume with 43.48 million shares. Mirroring the day's decline, the market spread was skewed towards the losers. 37 stocks advanced whereas 52 closed lower. Of the 148 counters active on Monday, 59 closed flat. 5611 deals worth KD 24.20 million were transacted - a 1.55 pct fall in value from the day before.

Jazeera Airways held steady at KD 0.495 and ALAFCO followed suit. Equipment Holding Co rose 4 fils IFA Hotels and Resorts was up by same measure to end at KD 0.270. The company has won the approval of Capital Markets Authority to buy back or sell up to 10% over a period of 6 months. National Industries Group vacillated in a narrow range before closing flat at KD 0.234 while Kuwait Foundry Co gained 5 fils. 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. This compares with KD 485,899 profit and 3.16 fils EPS in the year before. KGL Logistics Co was unchanged at KD 0.260 off early low and Kuwait & Gulf Link Transport followed suit. The company has incurred a net loss of KD 815,921 and loss per share of 3.09 fils in the first nine-months of 2013, narrowing from KD 5.79 million loss and 21.92 fils LPS in the year before period. NICBM stagnated at KD 0.200 and whereas ACICO Industries Co jumped 30 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


Ikarus Petroleum Industries Co climbed 8 fils whereas Gulf Cable paused at KD 0.830. 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. In the banking sector, National Bank of Kuwait was unchanged at KD 0.890 and Gulf Bank followed suit after giving up slight early gains. Al Ahli Bank of Kuwait held steady at KD 0.440 whereas Ahli United Bank added 10 fils. Commercial Bank of Kuwait was not traded during the session. Kuwait International Bank was flat at KD 0.295 and Burgan Bank too did not budge from its earlier its earlier close of KD 0.560. Kuwait Finance House gave up early gains to wind up flat at KD 0.790 and Boubyan Bank followed suit.

International Financial Advisors fell 5 fils to 92 fils after clocking a volume of 27.70 million shares while KIPCO held the ground unchanged at KD 0.630. Securities House Co eased 2 fils and KMEFIC ticked 1 fil higher to 68 fils. Bayan Investment Co slipped 4 fils to 94 fils while KAMCO gained 6 fils. Al Deera Holding Co inched 2 fils lower. The company has obtained 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. National Investment Co eased 2 fils to KD 0.156 and Bayan Investment Co shed 4 fils . Sokouk Holding Co took in 2 fils while Gulf Insurance and Union Real Estate gained 10 fils each whereas Mabanee Co KD 1.120. The bourse has been trending lower so far during the week and has dropped 40 points in last two sessions.

The index had tumbled 185 points in December but has gained over 27 percent during 2013. 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. National Petroleum Services has posted a net profit of KD 2.64 million and earnings per share of 47.50 fils in the nine-months period ending September 30, 2013. 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. 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


Arab Times

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