Kuwait bourse dips 32.4 pts volume up

(MENAFN- Arab Times) By John Mathews - Arab Times Staff

KUWAIT CITY March 25: Kuwait stocks pulled lower on Wednesday extending the losses to second straight session. The bourse after a tame start shed 32.4 pts to close at 6376.49 points weighed by some of the banks and other heavyweights. The main index has closed lower in 9 of the last 11 sessions.

The KSX 15 gauge dropped 11 pts to 1045.02 pts taking the month's losses to 81 points and weighted index edge 2.62 points lower. The volume turnover meanwhile bounced slightly after receding in last two sessions. 143.18 million share changed hands a 14.25 pct rise in volume from the day before.

The sectors closed mostly in the negative territory. Basic materials outshone the rest with 0.64 pct uptick whereas insurance slid 1.54 pct the biggest loser of the day. In terms of volume financial services accounted for the highest market share of 42.94 percent and real estate came next with 34.80 pct Industrials was a distant third with 10.24 pct contribution.

Among the losers Gulf Cable shed 40 fils to KD 0.530 after posting modest gains in the previous session while Mabanee Co dropped 30 fils to KD 0.990 taking the month's losses to 70 fils. Gulf Insurance Co was down 20 fils at KD 0.560.

Telecom major Zain fell 10 fils to KD 0.480 with a volume of over 1 million while Wataniya Telecom pulled 40 fils lower to settle at KD 1.440. Kuwait Telecommunications Co (VIVA) bucked the trend to gain 20 fils on back of 1.64 million shares whereas Agility held the ground unchanged at KD 0.790.

Slipped

Sector bellwether National Bank of Kuwait slipped 10 fils to KD 0.860 after trading 2.21 million shares and Kuwait Finance House was down by same measure. The bank has posted a net profit of KD 126.43 million and earnings per share of 29.68 fils in the year ended Dec 31 2014. The Board of Directors has recommended a cash dividend of 15 % plus 10 % bonus shares.

The market opened flat and slipped into red in early trading. The main index continued to drift further south as selling weighed on stocks across the board and hit the day's lowest level of 6364.72 pts in the final minutes. It however managed to slightly claw back the losses at close.

Top gainer of the day Real Estate and Management Co rallied 8.33 pct to 130 fils and Securities Group Co climbed 7.22 pct to stand next. Al Aqaria dived 8.62 pct the steepest decliner of the day and ALOLA topped the volume with 25.37 million shares.

National Industries Group the flagship company of Kharafi Group eased 2 fils to KD 0.184 while Kuwait Cement Co and RISCO were down 5 fils each to end at KD 0.385 and KD 0.350 respectively. Automated Systems Co too gave up 5 fils to wind up at KD 0.440 and NAPESCO dropped 10 fils.

Jazeera Airways was flat at KD 0.530 while Kout Food Group pulled 10 fils lower to KD 0.870. Jeeran Holding Co and Mashaer Holding Co fell 4 fils each and KGL Logistics Co was down 3 fils lower at 91 fils.

Investment conglomerate KIPCO held steady at KD 0.660 and National Investment Co was down 4 fils at KD 0.136. The company 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.

Bayan Investment Co inched 1 fils lower and Sokouk Holding followed suit. The company has clocked a net profit of KD 5.012 million and earnings per share of 9 fils in the year ending Dec 31 2014 down from net profit of KD 18.22 million and earnings per share of 35 fils in the year before. The Board of Directors recommended 5 percent bonus shares.

National Real Estate Co clipped 2 fils whereas Al-Mazaya Holding took in 2 fils. The company has earned KD 8.086 million and clocked earnings per share of 13.05 fils in the year ending Dec 31 2014 as compared to net profit of KD 6.001 million and earnings per share of 9.69 fils in the year before. The Board of Directors has recommended a cash dividend of 6 %.

Down

In the banking sector Burgan Bank was unchanged at KD 0.400 while Al Ahli Bank and Kuwait International Bank gave up 5 fils each to close at KD 0.370 and KD 0.250 respectively. Boubyan Bank too was down 5 fils to wind up at KD 0.415.

Commercial Bank of Kuwait jumped 40 fils and Gulf Bank of Kuwait closed 5 fils lower. The bank has recorded a net profit of KD 35.46 million and earnings per share of 13 fils in 2014 up from net profit of KD 32.16 million and earnings per share of 11 fils in the previous year. The Board of Directors recommended 5 percent bonus shares.

Kuwait Investment Co nudged 2 fils higher to KD 0.134 and International Financial Advisors paused at 36 fils. Kuwait Financial Centre ( Markaz) added 2 fils and KAMCO was up 4 fils at KD 0.116. Tamdeen Investment Co retreated 5 fils to KD 0.400.

Ajial Real Estate and Entertainment Co slipped 8 fils while Noor Financial Investment Co and KMEFIC inched 1 fils lower each. Humansoft Holding Co gained 20 fils.

The bourse was been downbeat so far during the week and has shed 58 points in last four sessions. The price index has slumped 224 points from start of the month and is down 2.44 pct year-to-date. KSE with 213 listed companies is the second largest bourse in the region.

In the bourse related news Kuwait Gypsum Manufacturing and Trading has logged a net profit of KD 336262 and earnings per share of 11.25 fils in 2014 rebounding from net loss of KD 329 and loss per share of 0.01 fils in the year before. The Board of Directors recommended a cash dividend of cash 10 %.

Warba Bank has recorded a net profit of KD 115000 and earnings per share of 0.12 fils in 2014 rebounding from net loss of KD 3.709 million and loss per share of 3.71 fils in 2013.

Educational Holding Group has posted a net profit of KD 1.593 million earnings per share 6.5 fils in the three-month period ending November 30 2014 as against net profit of KD 1.377 million and earnings per share of 5.6 fils in the same period last year.

Alsalam Group Holding has registered a net profit of KD 1.974 million and earnings per share of 7.69 fils in 2014 up from net profit of KD 188238 and earnings per share of 0.73 fils last year. The Board of Directors has recommended 5 percent bonus shares.

Kuwait Building Materials has posted a net profit of KD 668360 and earnings per share of 22.04 fils during 2014 and the Board of Directors has recommended a cash dividend of 15 %.