MENAFN - Arab Times
Kuwait Stocks Close At Three-Week Low To 24.12 Pts
(MENAFN - Arab Times) A lackluster week came to a dismal end as Kuwait stocks plunged 24.12 points lower to stand at 5,813.62 points in its third straight decline, the 0.4 per cent contraction marks a three week low, reflecting the consequence of political impasse as apprehensive investors wait for the new government to be formed. On, the final day of trading before the onset of Ramadan, the number of transactions came to 3,121 for a value of KD 19.15 million over a volume of 150.5 million. The weighted index slipped 4.91 points down to 401.13 points. The KSE 15 benchmark tumbled 20.31 points lower to 970.42 points.
National Bank of Kuwait made its largest one-day decline of 60 points in at least two years to close at KD 1.000. Shares in NBK fell by 5.66 percent to their lowest close since Jan 3 after the revelation of the lender's quarterly earnings dropped by 17.6 per cent NBK revealed on Wednesday, its net profit of 140.2 million in the three months to June 30 down from 240.2 million for the same period of 2011 and well below the average analyst forecast of 281.2 million. The bank has blamed the country's political deadlock which put many economic development plans on hold. The second-quarter profit was hit by a 96.4 million provision which the bank took on account of further potential deterioration in their operating environment. Of the 125 active counters, only 34 recorded gains while 52 incurred losses and 39 remained flat at the day's close.
Kuwait Cable Vision Company led the pack of gainers with a 8.62 per cent change to the green from 58 fils to 63 fils. INOVEST followed in toe with a 6.76 per cent jump from 37 to 48 fils and exchanged a volume of 27.9 million for a total of KD 1.08 million. Ikarus Petroleum Industries Co stepped 10 points higher to 172 fils to mark a 6.17 per cent surge while International Finance Company traced 5 points higher to 87 fils and United Foodstuff Industries Group Co drove up by 5.69 per cent to 260 fils. Combined Group Contracting Co climbed 20 points higher to KD 1.300 and witnessed a 1.56 per cent increase. Ahli United Bank edged higher by 10 points to finish at 910 fils, 14 per cent higher on a year to date basis. Al-Ahli Bank of Kuwait and Commercial Bank of Kuwait also wound up 10 points higher at 660 fils and 780 fils respectively.
Gulf Bank pulled 3.57 per cent lower to 405 fils with a 18 per cent downturn on a year to date basis. Burgan Bank up by 2.23 per cent at 480 fils exchanged 2. 89 million shares for an amount equaling KD 1.37 million. The banking sector overall, closed 0.07 per cent lower at 966.5 compared to Wednesday.
MENA Real Estate Company shed 4 points and dropped 10.67 per cent lower to 34 top the list of losers in terms of percentage. Automated Systems Co fell 50 points and 10 per cent lower to 450 fils and Metal and Recycling Co dropped 7.35 per cent to 126 fils. Oula Fuel Marketing Company curtailed by 6.56 per cent finished at 285 fils, 5 per cent lower year to date. Real Estate Trade Centers Co shot down by 6.41 per cent to 37 fils, 37 per cent lower year to date.
Meanwhile, Mabanee Co also trailed 20 points lower to KD 1.140 while over 1 million of its shares exchanged hands for KD 1.19 million. The Real Estate sector wound up at 891.8 points, 1 per cent lower trading 32.37 per cent in the red from the previous session in terms of volume and 29.21 per cent in value. Financial Services index is up by 0.04 per cent at 840.2 points with a 17.85 percent rise in volume and a 18.40 per cent surge in value making up 60 per cent of the total market volume and 30 per cent of the total value. Alsalam Group Holding Co eased 2 points lower to 248 fils and traded over 7 million for KD 1.72 million, 151 per cent higher year to date. Gulf Finance House held steady at 36 fils, 22.2 million of its shares changed hands for a sum of KD 804,271.
International Financial Advisors spiked by 3.95 per cent and 10.5 million shares were bought and sold at 40 fils a piece. Telecommunications surged in volume and value from Wednesday's close with a 156.92 per cent increase in volume 110.72 per cent in value as its index fell 11.83 points to 874.3 points. Mobile Telecommunications Company (Zain) dropped 10 points to 690 fils with a 1.43 per cent curb in, the volume of its shares traded today amount to an excess of 1.65 million in 52 transactions valued at a total of KD 1.14. Zain drops 22 per cent lower on a year to date basis. Hit Telecom Holding eased 2 points lower to 69 fils while 3.1 million of its shares changed hands.
In the Insurance sector, Warba Insurance Co stepped 4 points down to 112 fils and Wethaq Takaful Insurance Company finished at 50 fils with a 0.5 point hike. National Ranges Company remained unchanged at 19 fils trading a volume of 8.7 million on a 37 per cent year to date increase. Jazeera Airways Co shed 5 points to close at 380 fils; National Slaughter House finished at 150 fils. Agility Public Warehousing Company closed at an unchanged 410 fils from the previous session. In other related news, National Mobile Telecommunications Co. will hold a Board meeting on July 23, 2012 to discuss the financial results of its second quarter ending June 30, 2012.
Industrial and Financial Investment Co announced the results of its Ordinary and Extraordinary General Assembly Meetings held on July 18, 2012 in which it approved not to distribute the dividends of the financial year 2011. It also approved amortizing part of its accumulative losses after decreasing the capital according to KD 4.47 million from the optional preserve, KD 7.47 million from the legal preserve and KD 6.29 million from premium fees.
MENA News Headlines
|Mar 13 2014||Qatar's Barwa Real Estate net profit up 27 percent in 2013 ,MENAFN|
|(MENAFN) Qatari real estate firm Barwa Real Estate announced that its net profit increase 27.3 percent in 2013, Arabian Business reported.
The company said that its net profit in the year hit ...|
|Mar 13 2014||Dutch firm Van Oord wins USD695m deal in Kuwait ,MENAFN|
|(MENAFN) Dutch firm Van Oord has been awarded with a USD695 million contract to provide land reclamation services in Kuwait, Arabian Business reported.
The deal, with the Kuwait National Petroleum ...|
|Mar 13 2014||Saudi Al Hokair to invest USD40m in UAE ,MENAFN|
|(MENAFN) Saudi hospitality and leisure conglomerate Al Hokair Group said that it plans to invest USD40.8 million in the UAE in the following two years, Arabian Business reported.
The company's ...|
|Mar 13 2014||Paris court halts department store to Qatari group ,MENAFN|
|(MENAFN) The sale of French department store chain Printemps to a group of Qatari investors has been ordered to a halt by a French court, Arabian Business reported.
The court came to the decided ...|
|Mar 13 2014||flynas plans to review Airbus order ,MENAFN|
|(MENAFN) Saudi Arabia"s flynas is planning to renegotiate an agreement with airbus for the purchase of 20 short-haul jets, Arabian Business reported.
The airline has an order for narrow-body A320s ...|
|Mar 13 2014||Oman Oil in first mining venture ,MENAFN|
|(MENAFN) Oman Oil Company (OOC) said that it plans for its first mining business in Oman, Times of Oman reported.
OOC has signed a memorandum of understanding with Mawarid Mining and Oman Mining ...|
|Mar 13 2014||Canon Middle East awarded for Best Environmental Practices in the Arab World ,MENAFN Press|
|(MENAFN Press) Canon Middle East, a leader in imaging solutions, has been recognized for 'Best Environmental Practices in the Arab World' and was the only private sector organisation granted the ...|
|Mar 13 2014||CIMA launches innovative 2015 Professional Qualification Syllabus ,MENAFN Press|
|(MENAFN Press) Drawing on its extensive global research into employer needs, the Chartered Institute of Management Accountants (CIMA) today launched its 2015 Professional Qualification Syllabus in ...|
|Mar 13 2014||New study shows how stem cells could be used in facial reconstruction ,MENAFN Press|
|(MENAFN Press) The effectiveness of human stem cell therapies for facial reconstruction has been investigated in a new study led by Great Ormond Street Hospital (GOSH) and the UCL Institute of Child ...|
|Mar 13 2014||ESOMAR Spotlights Whats Next For Big Data ,MENAFN Press|
|(MENAFN Press) The international research community has been urged to focus its considerable data analysis expertise and systems on leveraging the 'Big Data' growth and innovation opportunities. The ...|
|Mar 13 2014||Organic expansion energises MÃ¶venpick HotelsResorts ,MENAFN Press|
|(MENAFN Press) MÃ¶venpick Hotels & Resorts has announced new hotels in Turkey, Mongolia and Morocco, the take-over of a landmark property in Pakistan and the opening of a new 'hotel within a hotel' ...|
|Mar 13 2014||SAP and Partners Set New Record for Worlds Largest Data Warehouse ,MENAFN Press|
|(MENAFN Press) DUBAI, United Arab Emirates â€“ March 13, 2014 â€“ SAP AG (NYSE: SAP) today announced that with a team of technology partners, including BMMsoft, HP, Intel, NetApp and Red Hat, it has ...|
|Mar 13 2014||San Antonio beat Bulls to stay ahead of Thunder ,Kora|
|(MENAFN - Kora) A 24-point lead by the first break left the Spurs in prime position to make it seven straight wins and they did exactly that - using up their lead in the final quarter without the ...|
|Mar 13 2014||Tekla Accelerates Construction Information Flow with Tekla Structures 20 Software for BIM ,MENAFN Press|
|(MENAFN Press) Tekla Structures 20 improves project team communication, collaboration and workflow efficiency by better organizing models, managing tasks, avoiding clashes, and handling the large ...|
|Mar 13 2014||West Brom suffer Brunt injury blow ,Kora|
|(MENAFN - Kora) The Northern Ireland midfielder was withdrawn midway through the second half of last Saturday's 3-0 home defeat to Manchester United.
And, following a diagnosis of medial knee ...|
|Mar 13 2014||Hernanes backs Inter for top four ,Kora|
|(MENAFN - Kora) Walter Mazzarri's men have put their poor run of form behind them and now sit one point adrift of fourth-placed Fiorentina having gone five matches unbeaten.
And Hernanes, who made ...|
|Mar 13 2014||Cellino 'humiliated' by Leeds saga ,Kora|
|(MENAFN - Kora) Cellino's company Eleonora Sports agreed to purchase a 75 per cent stake in the Yorkshire club from GFH Capital, a Bahrain-based investment bank, last month.
However, the Italian, ...|
|Mar 13 2014||Sunderland confirm Angeloni exit ,Kora|
|(MENAFN - Kora) Angeloni was appointed in June last year along with former director of football Roberto De Fanti following the departure of Bryan Robson.
However, the duo, who had previously ...|
|Mar 13 2014||Southampton appoint Krueger as chairman ,Kora|
|(MENAFN - Kora) Krueger takes over from Nicola Cortese, who resigned in January following a reported fall-out with club owner Katharina Liebherr.
Liebherr took over as non-executive chairman ...|
|Mar 13 2014||Conte could rotate for Europa League ,Kora|
|(MENAFN - Kora) The sides meet for the second time in the space of four days in this week's first-leg game, following Juve's 1-0 Serie A win last Sunday.
Despite Conte's desire to keep his players ...|