MENAFN - Arab Times
Kuwait- KSE plunges 55.66 pts to hit a four-month low
(MENAFN - Arab Times) Kuwait stocks swung lower in a broad decline extending the losses to second straight session. The index slid 55.66 pts in volatile trade to hit a four month low of 6,016.7 points. The trading floor was markedly bearish even as investors exited positions amid political worries.
KSE, after posting a 2.74 percent fall in May, has been downbeat so far during the month. The KSX 15 benchmark dropped 11.0 points to 952.32 points while the weighted index eased 3.66 points. The volume receded for the second consecutive day. 176.83 million shares changed hands - down 38.9 percent from the day before.
Among the sectors, technology shined with 20.52 points gain while insurance dived 33.21 points - the steepest decliner of the day. Bourse heavyweight Zain eased 10 fils to KD 0.690 reversing the rise on Monday. Wataniya Telecom held the ground unchanged at KD 2.060. The stock, after hitting a record high of KD 2.480 in April, has retreated thereafter.
Agility slipped 5 fils KD 0.370 after stagnating in the previous session. The logistics major has logged a net profit of KD 7.1million in first quarter while revenues and EBITDA stood at KD 321.8 million and KD 16.1million respectively. National Bank of Kuwait shed 20 fils to close at KD 1.020 and Commercial Bank followed suit to settle at KD 0.740. Kuwait Finance House slipped 10 fils adding to an identical fall in the day before. The stock has retreated 40 fils so far during the month and is down 160 fils year-to-date.
Among other losers, Combined Group Contracting Co slid 40 fils and KGL Logistics Co plunged 45 fils to KD 0.230. National Industries Group fell 4 fils to KD 0.208 after trading 2.53 million shares. RISCO dropped 6 fils and Kuwait National Cinema Co was down 10 fils at KD 0.900.
Hits Telecom IFA Hotels and Resorts Co eased 10 fils. The company's Board of Directors has recommended hiking the capital through issue of 181.552.800 shares with a nominal value of 100 fils and premium of 130 fils per share.
The market opened weak and moved briefly sideways before pulling lower in early trade. The index continued to erode amid negative sentiments to hit the day's lowest level of 5,978.71 points well past the mid-session. However, it ticked higher and managed to pare some of the losses at close.
Top gainers of the day, Kuwait Syrian Holding Co and Nafais Holding Co climbed 8.16 percent each whereas the biggest decliner Arab Insurance Co slid 14.93 percent. Gulf Finance House continued to top the volume with 58.24 million shares.
The market spread was heavily biased towards the losers. 22 stocks advanced whereas 74 closed lower. Of the 123 counters active on Tuesday, 26 closed flat. 3693 deals worth KD 14.23 million were transacted - down 28.5 percent in value from the day before.
On the upside, Hayat Communications Co rose 8 fils to KD 0.116 and Salhiya Real Estate climbed 15 fils to KD 0.270. Boubyan Bank was up 10 fils at KD 0.600 and Al Ahli Bank followed suit to close at KD 0.560. The lender has won Central Bank's approval to extend the period to buy back or sell up to 10% of own issued shares over an additional six-month period.
In the banking sector, Gulf Bank closed flat at KD 0.405 whereas Ahli United Bank slipped 10 fils. The lender has logged a first quarter net profit of KD 22,870,862 and earnings per share of 4.4 fils.
Kuwait International Bank stagnated at KD 0.260 with a volume turnover of 1.64 million shares and Burgan Bank was flat at KD 0.430 off early lows. The stock has gained 10 fils so far during the month and is down 45 fils year-to-date. Investment major KIPCO eroded 5 fils to KD 0.320 while National Investment Co was steady at KD 0.108 after trading 3.82 million shares.
The company has won the approval of Capital Market Authority to buy back or sell a maximum of 10% of its shares for 6 months.
Securities Group edged 2 fils lower and International Financial Co erased 4 fils. KMEFIC slipped 1 fils and Al Maal Investment Co fell 2.5 fils to 39 fils. Bayan Investment Co was down 2 fils and Al Tamdeen Investment Co followed suit. Kuwait Financial Centre Co (Markaz) stagnated at KD 0.112.
National Real Estate Co edged 2 fils lower. The company has canceled its listing on Dubai Financial Market and the last trading day in Dubai market will be June 28, 2012. Tamdeen Real Estate Co closed flat and Mabanee Co shed 20 fils
ALAFCO was unchanged at KD 0.295 and United Industries Company too did not budge from its earlier close. The company has divested of a number of investments in affiliate companies realizing a value of KD 18,660,098 which will be utilized to settle debts.
The bourse has been trending lower so far the week and has slid 82.56 points in last three sessions. The index had dived 177.12 points so far during the month and is trading 4 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Noor Financial Investment Co has posted a net loss of KD 15,153,392 and loss per share of 21 fils in the first quarter as against net loss of KD 30,623,757 and loss per share same of 42 fils in the same period last year.
Al Madina for Finance and Investment Co has incurred a Q1 net loss of KD 585,684 and loss per share Fils 1.52 and net loss of KD 429,972 and loss per share of 1.12 fils in 2011 first quarter. KSE has suspended 31 listed companies from trading for failing to publish their financial results in stipulated time.
The majority of the suspended firms where in the investment sector,. National Petroleum Services logged net profit of KD 392,730 and earnings per share of 7.48 fils in the January-February period - down from KD 725,806 and 13.83 fils in the year before. Qurain Petrochemical Industries Co has registered net profit of KD 33,015,699 and earnings per share of 30.14 fils in the first three months of 2012. The Board of Directors recommended a dividend payout of cash 15%.
Tamdeen Real Estate has earned KD 2,216,894 in first quarter of 2012 while earnings per share clocked 6 fils. This compares with net profit of KD 1,718,908 and 4.6 fils EPS in the year before period.
MENA News Headlines
|Mar 12 2014||ME airlines to post USD2.2b profit in 2014 ,MENAFN|
|(MENAFN) The International Air Transport Association (IATA) said that airlines in the Middle East are expected to register a combined profit of USD2.2 billion this year, Arabian Business ...|
|Mar 12 2014||Qatar's Ezdan buys over 20 percent of IHG shares ,MENAFN|
|(MENAFN) Qatar"s Ezdan Holding said that it has purchased over 20 percent of Islamic Holding Group (IHG) shares, The Peninsula Qatar reported.
Chairman of Ezdan Holding Group said: "Acquiring such ...|
|Mar 12 2014||FCC wins USD701m Doha Metro contract ,MENAFN|
|(MENAFN) FCC announced that it won a USD701.5 million contract to build a section of Doha Metro red line, The Peninsula Qatar reported.
The consortium led by FCC also includes Archirodon from ...|
|Mar 12 2014||Emirates launches Boston flight ,MENAFN|
|(MENAFN) UAE-based Emirates has launched a non-stop flight to Boston, US, Khaleej Times reported.
Emirates airline president said: This is a fantastic day for Emirates. We are so pleased to be ...|
|Mar 12 2014||UAE's Etisalat signs agreement with Tata ,MENAFN|
|(MENAFN) UAE's Etisalat has announced the signing of a partnership agreement with Tata Communications that will focus on media and communication vertical segment, according to the Emirates ...|
|Mar 12 2014||Dewa invests USD14b in energy-efficiency projects ,MENAFN|
|(MENAFN) UAE-based Dewa managing director and chief executive said that the authority has an estimated investment of USD14.1 billion in energy-efficiency projects and actively promotes conservation, ...|
|Mar 12 2014||US firm Hill to recover USD10 m of Libyan debt ,MENAFN|
|(MENAFN) US construction management firm Hill International has now recovered USD10 million of USD60 million invoice owed for work in conflict-ridden Libya, the company said as it announced its 2013 ...|
|Mar 12 2014||Getafe confirm Contra as new coach ,Kora|
|(MENAFN - Kora) Garcia lost his job after a run of 12 La Liga matches without a win left the side precariously placed just one point above the bottom three.
A matter of hours after announcing his ...|
|Mar 12 2014||Dubai's Arabtec to build million home in Egypt ,MENAFN|
|(MENAFN) Dubai-based Arabtec plans to build one million homes in Egypt in a USD40 billion deal that is expected to open the doors to a politically-inspired Gulf investment, according to Arabian ...|
|Mar 12 2014||La Liga Wrap: Strugglers Rayo, Malaga pick up valuable away wins ,Kora|
|(MENAFN - Kora)
In an action-packed affair at Anoeta, the hosts took the lead after just two minutes when Inigo Martinez headed home a dangerous inswinging delivery from Ruben Pardo.
Their lead ...|
|Mar 12 2014||Seedorf upbeat over Milan chances ,Kora|
|(MENAFN - Kora) Seedorf's men face a stiff task at Vicente Calderon on Tuesday after suffering a 1-0 defeat in the first leg of their last-16 tie at San Siro last month.
Milan occupy a mid-table ...|
|Mar 12 2014||UEFA Europa League Preview: AZ v Anzhi ,Kora|
|(MENAFN - Kora) Owner Suleyman Kerimov withdrew the majority of his funding from Anzhi last year, leading to a mass exodus of players that saw them slide down the Russian Premier League table.
|Mar 12 2014||JD.com valued at USD20 b in IPO ,MENAFN|
|(MENAFN) An initial public offering (IPO) has been proposed for JD.com, the Chinese ecommerce site backed by Saudi Arabia's Prince Alwaleed bin Talal, at USD20 billion worth in the second quarter of ...|
|Mar 12 2014||Championship Wrap: Reading stun Leeds, Blackpool end barren streak ,Kora|
|(MENAFN - Kora) Exactly a year to the day since his departure from Reading, McDermott watched his Leeds side follow up Saturday's 5-1 home thrashing at the hands of Bolton Wanderers with another poor ...|
|Mar 12 2014||Schumacher showing 'small, encouraging' signs ,Kora|
|(MENAFN - Kora) The seven-time Formula One world champion has been in a medically induced coma for over two months after suffering head trauma in a skiing accident on December 29.
Last week, it ...|
|Mar 12 2014||Pillay Urges Halt to Attacks Targeting Civilians ,Qatar News Agency|
|(MENAFN - Qatar News Agency) UN High Commissioner for Human Rights Navi Pillay expressed deep concern on Tuesday that civilians in South Darfur, Sudan, have been bearing the brunt of recent attacks. ...|
|Mar 12 2014||Libyan PM Zeidan Dismissed as Oil Tanker 'Breaks Blockade' ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Libya's parliament has dismissed Prime Minister Ali Zeidan after a tanker laden with oil from a rebel-held port reportedly broke through a naval blockade. MPs called a ...|
|Mar 12 2014||Bulgaria's President : Great Prospects for Further Cooperation with Qatar ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Bulgaria's President Rosen Plevneliev said that there is a great prospect for further cooperation between his country and the State of Qatar in various fields. Speaking ...|
|Mar 12 2014||Nsour:Israel Apologizes Over Zeiter Killing ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Israel has officially apologized for the killing of Jordanian judge Raed Zeiter who was shot dead by Israeli soldiers on Monday after he had crossed the King Hussein ...|
|Mar 12 2014||Israeli Airstrike Kills 3 Palestinians in Southern Gaza ,Qatar News Agency|
|(MENAFN - Qatar News Agency) An Israeli airstrike killed three Palestinians in the southern Gaza Strip on Tuesday, an official said.
Gaza Ministry of Health spokesman Ashraf al-Qidra said that ...|