Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait bourse flatlines amid skittish sentiment  Join our daily free Newsletter

MENAFN - Arab Times - 08/08/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab Times) Kuwait stocks trod water Monday after closing higher in last three sessions. The index trimmed steep early losses to close 0.91 points lower at 5732.08 points amid skittish sentiments.

The bourse had slipped 1.19 percent in range bound trading during last month even as investors remains wary of the market direction.

The KSX 15 measure fell 0.33 points and weighted index eased 0.26 percent to settle at 393.75 points. The volume turnover rose slightly after receding in the previous session. 94.32 million shares changed hands - a 17.37 percent increase from the day before. The volume had averaged 149.19 million in July - down 64.64 million from the month before.

Among the sectors, technology outpaced the rest with a 2.46 percent gain whereas telecommunication dropped 1.79 percent to emerge as the biggest loser of the day. Volume wise, financial services accounted for the highest market share of 42.60 percent while financial services stood next with 35.03 percent.

Kuwait National Cinema Co dived 50 fils to KD 0.880 while Yiaco shed 25 fils erasing the gains on Sunday. United Foodstuff Industries Group eased 10 fils while Aref Energy Holding Co edged 2 fils lower.

Among the frontline stocks, Zain was down 10 fils at KD 0.670 surrendering early gains and the counter saw 1.4 million shares change hands. Agility added 10 fils on back of 2.34 million shares. The stock has climbed 10 fils from start of the month and is trading 20 fils higher year-to-date.

Among other decliners, National Industries Group fell 2 fils to KD 0.395 after trading 2.89 million shares. NIG logged a net profit of KD 10,482,000 and earnings per share of 8 fils in the first six months of the year. Kuwait Pipes was down 2 fils to end at KD 0.102 and KGL Logistics too was down by same measure.

Positive
The market opened on a positive note and rose slightly in early trade. The index eased from the day's highest level of 5737.42 points and drifted lower as sentiments turned negative. It bottomed at 5705.77 points past the mid-session and clawed back mostly on speculative buying in select counters before winding up close to the opening mark.

The top gainer of the day, First Takaful Insurance spiked 26.79 percent to 500 fils while Kuwait Medical Services Co added 9.09 percent. Salbookh slid 8.2 percent, the steepest decliner of the day, whereas International Resorts Co topped the volume with 12.43 million shares.

The losers out led the gainers during the session. 37 stocks advanced whereas 41 closed lower. Of the 115 counters active on Monday, 37 closed flat. 1975 deals worth KD 13.9 million where transacted - up 0.68 percent in value from the day before.

On the upside Automated Systems Co climbed 25 fls and Gulf Glass Manufacturing Co rose 220 fils on thin trading to end at KD 1.060. National Real Estate Co was up 4 fils and Mazaya Holding Co ticked 2 fils higher.
In the banking sector, National Bank of Kuwait recouped early losses to close flat at KD 0.990 and the counter saw a volume turnover of 1.1 million shares. The lender has posted a 39.5 percent drop in Q2 profit to KD 39.8 million while in the first half the earnings slid 17.7 percent to KD 146.7 million . The lender has earmarked 96.4 million in provisions .

Gulf Bank was unchanged at KD 0.400 and Commercial Bank too did not budge from its earlier close of KD 0.730. Al Ahli Bank was not traded during the day while Al Ahli United Bank was down 10 fils at KD 0.890.

Kuwait International Bank rose 5 fils to KD 0.255 and Burgan Bank followed suit to end at KD 0.470. Moody's has downgraded the lender's global local currency (GLC) deposit and foreign currency deposit ratings to A3/Prime-2 from A2/Prime-1. The bank's standalone bank financial strength rating (BFSR) was affirmed at D;

Boubyan Bank was flat at KD 0.600 whereas Kuwait Finance House added 10 fils. Capital Intelligence has affirmed KFH's Foreign Currency Long and Short term ratings at 'A' and 'A1' respectively, while its Financial Strength Rating is placed at 'BBB'.

Down
ALAFCO stagnated at KD 0.270 while RISCO was down 2 fils at KD 0.208 after posting modest gains in the previous session. The company's H1 profit spiked 190 percent to KD 1.6 million as compared to losses of KD 1.8 million in year-earlier period. The second-quarter profit soared 163.2 percent year-over-year to KD 1.22 million.

Jazeera Airways was unchanged at KD 0.425. The carrier's Q2 net profit jumped 23.5 percent to KD 2.6 million while operating profit surged 49.2 percent year-on-year to KD 4.2 million. In the first half net earnings climbed 21.6 percent to KD 3.8 million.

International Financial Advisors slipped 2 fils while KIPCO closed flat at KD 0.365 off early lows. KIPCO's first half net profit clocked KD 17,062,000 while earnings per share came in at 13.12 fils. This compares with KD 16,559,000 profit and earnings per share of 13.34 fils in same period last year.

In the bourse related news, Madina For Finance & Investment has inked a final contract with a creditor to repay a debt amounting to AED 25.691.651 through assets in kind. This will accordingly lead to a decline in the company's debts by KD 1.939.745.

City Group's first half earnings soared 150 percent to KD 1.65 million. In the second quarter, the profit stood at KD 742.3 thousand, a 68% jump from the year-earlier period.

National Petroleum Services Co has posted a 43.3% drop in earnings to KD 907,000 during the H1. In the second-quarter, the profit dropped 41.2% year-over-year to KD 514,2 000 .

United Industries Company (UIC), a unit of Kuwait Projects Company Group has incurred a second quarter loss of KD134,116 . Company's net profit for the first half surged KD 2.51 million while earnings per share stood at 5.21 fils per share. Income from associates reached KD4.96 million while investment in associates was up 5 per cent to KD152.6 million.

Noor Financial Investment has signed an agreement with Burgan Bank to roll over KD 2.7 million debts maturing in 2018.

The investment firm had earlier rescheduled KD 117.5 million debts with Gulf Bank, Commercial Bank of Kuwait and Kuwait Finance House.

The Capital Market Authority (CMA) earlier in July has announced delisting five of the eight stocks suspended from trading on Kuwait Stock Exchange (KSE) for more than six months. The delisted companies are The International Investor Co., Al Masar Leasing and Investment Co., A'ayan Leasing and Investment Co., Aref Investment Group., and Grand Real Estate Projects Co.

By John Mathews
Arab Times Staff

 






  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad al-issa.al-issa called on applicants ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014Here?s your chance to share screen space with SRK ,Khaleej Times
(MENAFN - Khaleej Times) Groupon india has joined hands with srk?s red chillies entertainment to give fans a chance to feature with the superstar in his upcoming film ?happy new year?. if you ...

Apr 23 2014Saudi- Noha Al-Sharif — an expert in Islamic sculpture ,Arab News
(MENAFN - Arab News) Saudi sculptress noha al-sharif is known for her islamic inspired sculptures that reflect both religion and lifestyle. the concept of modern art attracted her to this medium ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Saudi- ASUS showcases product series at Aramco Week ,Arab News
(MENAFN - Arab News) Asus described as the world's renowned consumer notebook vendor and producer of the 'world's best-selling motherboards" recently participated in aramco week and showcased a ...

Apr 23 2014Saudi- Five to die for 2003 attacks ,Arab News
(MENAFN - Arab News) A special criminal court on sunday convicted five people of terror related charges and sentenced them to death. thirty-seven others were sentenced to varying prison terms for ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014Qatar's Ezdan Holding buys 20 percent stake in Widam Food ,MENAFN
(MENAFN) Qatar-based Ezdan Holding Group said that it acquired a 20.16 percent stake in Widam Food Co. in a bid to promote investments and diversify its portfolio, The Peninsula Qatar ...

Apr 23 2014Kowait: 5938 illegal residents said 'rectified' status ,Arab Times
(MENAFN - Arab Times) Kuwait city april 5 (kuna): up to 5 938 illegal residents have modified their status since formation of the central agency for remedying illegal residents' status in 2011 ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014Kowait- Amiri Diwan urges all off tape case ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (agencies): the amiri diwan has called on everybody to steer clear of the controversial tape issue and let the public prosecution take the necessary ...

Apr 23 2014Kowait- New hospital to be ready by 2014 end ,Arab Times
(MENAFN - Arab Times) Kuwait city jan 14 (kuna): director of the 'mega projects 3' group at kuwait oil company (koc) yaqoub dashti said on tuesday that the new ahmadi hospital would be ready to ...

more...


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help