KSE Kicks Off Month Worth 7.32 Pts Retreat
(MENAFN- Arab Times) Kuwait stocks sagged Sunday as it kicked off the month on a weak note. The key measure slipped 7.32 pts in lackluster trade to 6,285.14 points extending the losses to the third successive day. Some of the banks and telecom shares however bucked the market trend to close higher.
The KSX 15 benchmark climbed 6.51 points to 1,022.85 pts trimming the year's losses to 39 points while weighted index edged 2.29 pts up. The volume turnover meanwhile rebounded above the 200 million mark after shrinking in the last two sessions. 263.99 million shares changed hands € a 38.6 percent jump from the day before.
The sectors closed mostly in the negative zone. Oil and gas outperformed the rest with 1.71 percent gain whereas technology shed 2.10 percent, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 43.6 percent while financial services came next with 36.9 pct. Industrials was distant third with 6.92 pct contribution.
Among the day's losers, Automated Systems Co slid 25 fils to KD 0.470 with thin trading and Safwan Trading and Contracting Co was down by same measure to end at KD 0.415. Independent Petroleum Group gave up 15 fils to settle at KD 0.280.
Sector heavyweight Zain added 5 fils on back of 1.59 million shares and Wataniya Telecom climbed 20 fils to KD 1.360 paring the year's losses to 40 fils. Kuwait Telecommunications Co was steady at KD 0.940 off early lows and logistics major Agility rose 20 fils on back of 1.23 million.
Rallied
On the upside, Commercial Bank rallied 20 fils to KD 0.630 and Al-Ahli Bank of Kuwait dialed up 5 fils to end at KD 0.360. The bank has won the approval of Central Bank of Kuwait to extend its approval to buy back or sell a maximum of 10% of its shares for 6 months ending on Dec 10, 2015.
The market opened on firm note and moved sideways in early trade. The main gauge touched the day's highest level of 6305.6 pts and retreated thereafter as selling kicked in. It continued to drift listlessly and bottomed at 6,260.1 pts in the final minutes before clawing back some of the losses at close.
Top gainer of the day, NAPESCO vaulted over 9 pct to KD 0.600 and Shuaiba Industrial Co rallied 7.35 pct to stand next. Kuwait National Cinema Co, the steepest decliner of the day, plunged 8.9 percent erasing the gains in the last session while Abyaar Real Estate Co topped the volume with 47.64 million shares.
Mirroring the day's downtick, the losers slightly outled the winners. 41 stocks advanced whereas 44 closed lower. Of the 122 counters active on Monday, 37 closed flat 4,771 deals worth KD 20.33 million were transacted € a 16.7 pct surge in value from the day before.
National Industries Group dialed down 2 fils after trading 1.4 million shares and Kuwait Portland Cement held steady at KD 1.180 off early lows. Gulf Cable jumped 20 fils to KD 0.580 and Gulf Glass Manufacturing Co gained 10 fils.
Equipment Holding Co closed flat at 79 fils and Kuwait Food Co (Americana) rose 20 fils extending the modest gains in the day before. The company has posted a 4.3 percent fall in Q1 net profit which stood at KD 17.3 million in the first three months of 2015, down from KD 18.1 million in the same period last year.
ACICO Industries Co added 5 fils and NICBM closed 4 fils higher at KD 0.210. The Energy House pulled 4 fils lower. The company has logged a net loss of KD 1.024 million and loss per share of 1.366 fils in the three months of the year ending March 31, 2015.
Jazeera Airways paused at KD 0.465 and ALAFCO followed suit to wind up at KD 0.218. City Group Co and Humansoft Holding Co were flat at KD 0.500 and KD 0.690 respectively while Mashaer Holding Co and Hayat Communications Co took in 2 fils each.
Investment conglomerate KIPCO was unchanged at KD 0.620 with a volume of over 1million and Kuwait Financial Centre (Markaz) edged 2 fils lower.
Profit
The company has logged a net profit attributable to shareholders of KD 1.31 million for the quarter ending March 31, 2015 and the earnings per share clocked 3 fils.
In the banking sector, National Bank of Kuwait was unchanged at KD 0.840 off early highs and saw a volume of 2.73 million and Gulf Bank too did not budge from its earlier close of KD 0.275. Ahli United Bank was flat at KD 0.560 while Kuwait International Bank closed 4 fils higher.
Kuwait Finance House rose 10 fils on back of 1.17 million shares and Burgan Bank was up 5 fils at KD 0.430. Boubyan Bank gave up 5 fils to end at KD 0.435.
Bayan Investment Co and Al Deera Holding clipped 2 fils each and whereas KAMCO was steady at KD 0.106. Tamdeen Real Estate Co dropped 10 fils whereas Mabanee Co climbed 10 fils to KD 0.960. Noor Financial Investment Co paused at 83 fils.
The bourse has been downbeat so far during the week and shed 29 points in last two sessions. It has slid 85 points during the whole of May and is trading 3.83 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Gulf Insurance Group (GIG) has registered a net profit of KD 3.7 million or 20.86 fils per share, for the financial period ended March 31, 2015 - an increase of 22.8 percent from the same period last year. Shareholder equity reached KD 82.5 million - a growth of 3.7 percent.
Tamdeen Investment Co has recorded 18.5 pct rise in its earnings of the first quarter. It stood at KD 7.25 million compared to KD 6.12 million in the Q1 of 2014 while earnings per share came in at 25.75 fils.
Gulf Glass Manufacturing Co has posted a net profit KD 629,298 and earnings per share of 14.17 fils in the January March period of 2015 as against net profit of KD 281,177 and earnings per share of 6.33 fils in Q1 of 2014.
Sokouk Holding has clocked a net profit of KD 5.012 million and earnings per share of 9 fils in the year ending Dec 31, 2014 and the Board of Directors recommended 5 percent bonus shares.
Kuwait Foundry Co has logged a net profit of KD 2.26 million and earnings per share of 14.74 fils in the first nine-months of 2014, as against KD 2.13 million profit and earnings per share 13.9 fils in the 9M of 2013.
Warba Bank has recorded a net profit of KD 115,000 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
The KSX 15 benchmark climbed 6.51 points to 1,022.85 pts trimming the year's losses to 39 points while weighted index edged 2.29 pts up. The volume turnover meanwhile rebounded above the 200 million mark after shrinking in the last two sessions. 263.99 million shares changed hands € a 38.6 percent jump from the day before.
The sectors closed mostly in the negative zone. Oil and gas outperformed the rest with 1.71 percent gain whereas technology shed 2.10 percent, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 43.6 percent while financial services came next with 36.9 pct. Industrials was distant third with 6.92 pct contribution.
Among the day's losers, Automated Systems Co slid 25 fils to KD 0.470 with thin trading and Safwan Trading and Contracting Co was down by same measure to end at KD 0.415. Independent Petroleum Group gave up 15 fils to settle at KD 0.280.
Sector heavyweight Zain added 5 fils on back of 1.59 million shares and Wataniya Telecom climbed 20 fils to KD 1.360 paring the year's losses to 40 fils. Kuwait Telecommunications Co was steady at KD 0.940 off early lows and logistics major Agility rose 20 fils on back of 1.23 million.
Rallied
On the upside, Commercial Bank rallied 20 fils to KD 0.630 and Al-Ahli Bank of Kuwait dialed up 5 fils to end at KD 0.360. The bank has won the approval of Central Bank of Kuwait to extend its approval to buy back or sell a maximum of 10% of its shares for 6 months ending on Dec 10, 2015.
The market opened on firm note and moved sideways in early trade. The main gauge touched the day's highest level of 6305.6 pts and retreated thereafter as selling kicked in. It continued to drift listlessly and bottomed at 6,260.1 pts in the final minutes before clawing back some of the losses at close.
Top gainer of the day, NAPESCO vaulted over 9 pct to KD 0.600 and Shuaiba Industrial Co rallied 7.35 pct to stand next. Kuwait National Cinema Co, the steepest decliner of the day, plunged 8.9 percent erasing the gains in the last session while Abyaar Real Estate Co topped the volume with 47.64 million shares.
Mirroring the day's downtick, the losers slightly outled the winners. 41 stocks advanced whereas 44 closed lower. Of the 122 counters active on Monday, 37 closed flat 4,771 deals worth KD 20.33 million were transacted € a 16.7 pct surge in value from the day before.
National Industries Group dialed down 2 fils after trading 1.4 million shares and Kuwait Portland Cement held steady at KD 1.180 off early lows. Gulf Cable jumped 20 fils to KD 0.580 and Gulf Glass Manufacturing Co gained 10 fils.
Equipment Holding Co closed flat at 79 fils and Kuwait Food Co (Americana) rose 20 fils extending the modest gains in the day before. The company has posted a 4.3 percent fall in Q1 net profit which stood at KD 17.3 million in the first three months of 2015, down from KD 18.1 million in the same period last year.
ACICO Industries Co added 5 fils and NICBM closed 4 fils higher at KD 0.210. The Energy House pulled 4 fils lower. The company has logged a net loss of KD 1.024 million and loss per share of 1.366 fils in the three months of the year ending March 31, 2015.
Jazeera Airways paused at KD 0.465 and ALAFCO followed suit to wind up at KD 0.218. City Group Co and Humansoft Holding Co were flat at KD 0.500 and KD 0.690 respectively while Mashaer Holding Co and Hayat Communications Co took in 2 fils each.
Investment conglomerate KIPCO was unchanged at KD 0.620 with a volume of over 1million and Kuwait Financial Centre (Markaz) edged 2 fils lower.
Profit
The company has logged a net profit attributable to shareholders of KD 1.31 million for the quarter ending March 31, 2015 and the earnings per share clocked 3 fils.
In the banking sector, National Bank of Kuwait was unchanged at KD 0.840 off early highs and saw a volume of 2.73 million and Gulf Bank too did not budge from its earlier close of KD 0.275. Ahli United Bank was flat at KD 0.560 while Kuwait International Bank closed 4 fils higher.
Kuwait Finance House rose 10 fils on back of 1.17 million shares and Burgan Bank was up 5 fils at KD 0.430. Boubyan Bank gave up 5 fils to end at KD 0.435.
Bayan Investment Co and Al Deera Holding clipped 2 fils each and whereas KAMCO was steady at KD 0.106. Tamdeen Real Estate Co dropped 10 fils whereas Mabanee Co climbed 10 fils to KD 0.960. Noor Financial Investment Co paused at 83 fils.
The bourse has been downbeat so far during the week and shed 29 points in last two sessions. It has slid 85 points during the whole of May and is trading 3.83 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Gulf Insurance Group (GIG) has registered a net profit of KD 3.7 million or 20.86 fils per share, for the financial period ended March 31, 2015 - an increase of 22.8 percent from the same period last year. Shareholder equity reached KD 82.5 million - a growth of 3.7 percent.
Tamdeen Investment Co has recorded 18.5 pct rise in its earnings of the first quarter. It stood at KD 7.25 million compared to KD 6.12 million in the Q1 of 2014 while earnings per share came in at 25.75 fils.
Gulf Glass Manufacturing Co has posted a net profit KD 629,298 and earnings per share of 14.17 fils in the January March period of 2015 as against net profit of KD 281,177 and earnings per share of 6.33 fils in Q1 of 2014.
Sokouk Holding has clocked a net profit of KD 5.012 million and earnings per share of 9 fils in the year ending Dec 31, 2014 and the Board of Directors recommended 5 percent bonus shares.
Kuwait Foundry Co has logged a net profit of KD 2.26 million and earnings per share of 14.74 fils in the first nine-months of 2014, as against KD 2.13 million profit and earnings per share 13.9 fils in the 9M of 2013.
Warba Bank has recorded a net profit of KD 115,000 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
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