MENAFN - Arab Times
Kuwait- KSE index extends decline on protest worries
(MENAFN - Arab Times) Kuwait stocks swung lower Wednesday, extending the losses to second straight session. The index dived 32.43 points in volatile trading to settle at 5,874.68 points as investors exited positions amid fears over protests.
The focus was mainly on low and mid-priced stocks whereas blue chips were largely muted. The KSX benchmark inched 0.11 points higher to 1,022.54 points and has shed almost 13 points from start of the month while weighted index eased 0.88 points to 419.18 pts. The volume turnover swelled for the second day. 479.18 million shares changed hands - a 17.42 percent rise from Tuesday. KSE had rallied 3.07 percent in November helped by pre-election rally.
The sectors closed mostly in the negative territory. Parallel market outshone the rest with 1.01 percent increase whereas real estate was down 1.38 percent, the biggest loser of the day. Volume wise, financial services accounted for the highest market share of 43.78 while industrials and real estate followed with 32.72 percent and 18.37 percent. Boubyan Petrochemical Co slipped 10 fils to KD 0.560 and National Industries Co eased 5 fils. Combined Group Contracting Co shed 20 fils and Burgan Well Drilling Co was down 6 fils at KD 0.178. Kuwait Gulf Links inched 1 fils lower to 88 fils. Jazeera Airways flunked 5 fils adding to an identical loss in the previous session. Kuwait Cement Co fell 10 fils to KD 0.435 and Gulf Cables was down 20 fils at KD 1.180. The company has earned KD 10.54 million and chalked an EPS of 50 fils in first nine months of 2012. National Industries Group however was unchanged at KD 0.210 off early lows.
Bourse heavyweight Zain was unchanged at KD 0.820 after trading 1.02 million shares and Wataniya Telecom too did not budge from its previous close of KD 2.320. Agility slipped into a shallow trough before pulling up to stagnate at KD 0.510 . The stock is trading 135 fils higher year-to-date. The market opened weak and slipped into red in early trade. The index clawed back thereafter amid speculative buying in select counters and peaked at 5,918.14 pts . It retreated thereafter as sentiment turned negative and slipped back to the opening mark before moved sideways. It dropped again in the final minutes to bottom at 5,863.23 points and closed with moderate losses.
Top gainer of the day, Flex Resorts and Real Estate Co spiked 10 percent to 55 fils and Securities Group climbed 9.43 percent to stand next. Mayadeen slid 12.2 percent - the biggest loser of the day, and the stock also topped the volume with over 147 million shares. Mirroring the day's decline, the market spread was biased towards the losers. 21 stocks advanced whereas 80 closed lower. Of the 131 counters active on Wednesday, 30 closed flat. 6,753 deals worth KD 25.44 million were transacted - down 23.46 percent in value from the day before. "The political situation took away from the confidence built by the Amir - retail investors want to book their gains and there are some people from the opposition who are trying to push down the market," Reuters quoted Faoud Darwish of Global Investment House.
On the upside, Gulf Franchising Holding Co rose 5 fils and Independent Petroleum Group followed suit to end at KD 0.345. Kuwait Pipes took in 2 fils. The company has logged net loss of KD 3.21 million and loss per share of 14.25 fils in the January-September period. Automated Systems Co closed flat at KD 0.455 and Kuwait Portland Cement Co followed suit. The company has recorded a profit of KD 6,414,466 and earnings per share of 70.56 in the January-September period. Kuwait Cement Co eased 10 fils to KD 0.435. In the banking sector, National Bank of Kuwait climbed 10 fils to KD 0.900 and Gulf Bank stagnated at KD 0.425 off early lows. Al Ahli Bank was not traded during the session. The lender has won approval of Kuwait Central Bank to extend the approval to buy back or sell up to 10% of its issued shares for 6 months ending on June 12, 2013.
Ahli United Bank fell 10 fils to KD 0.830 and Kuwait International Bank was unchanged at KD 0.290. Burgan Bank was flat at KD 0.530 and Kuwait Finance House too did not budge from its earlier close of KD 0.810. The stock had gained 60 fils during whole of November and is trading 90 fils lower year-to-date.
Boubyan Bank stagnated at KD 0.650 and Commercial Bank was not traded during the day. CBK has won the approval of central bank to extend permission to buy back or sell up to 10% of own issued shares over a period of six months ending May 21, 2013.
Gulf Glass Manufacturing Co was flat at KD 0.650 and ALAFCO fell 5 fils. The company has posted a net profit of KD 25.63 million and earnings per share of 32.88 fils in the year ended 30/9/2012 and the Board of Directors recommended a dividend payout of 5 percent or 5 fils per share. National Investment Co slipped 4 fils to KD 0.128 and International Financial Advisors added 2.5 fils on back of 26 million shares. KIPCO dropped 10 fils. The company has registered 0.4 percent year-on-year increase in profit to KD 23.7 million in the first nine months of 2012. In the September quarter, profit reached KD 6.6 million.
The bourse has been mixed during the week and has shed 69.26 points in last three sessions. The index rallied over 176 points in November and is trading 1.99 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Global Investment House has chalked a net loss of KD 35.46 million and loss per share of 72 fils in the first nine months of 2012 as against loss of KD 54.22 million and LPS of 110 fils in the same period last year. International Finance has logged a net profit of KD 174,952 and earnings per share of 0.22 fils in the first nine months of 2012 after chalking a net loss of KD 9.32 million and LPS of 13.71 fils in the same period
Kuwait Stock Exchange has suspended shares of the following companies for failing to submit the financial results in the stipulated time: Al-Safat Investment Co, Kwt Commercial Markets Complex Co, Industrial and Financial Inv Co, Alimtiaz Investment Group Co, Jeeran Holding Co. Meanwhile Global Investment House Co, Al-Ahleia Holding Company and Al-Safwa Group Co are barred for posting losses exceeding 75% of capital
Abyaar Real Estate Development has announced a net loss KD 1.24 million and loss per share of 1.15 in the first nine months of 2012 as against earnings of KD 821,618 and EPS of 0.78 fils in the same period last year.
MENA News Headlines
|Mar 7 2014||Cement demand to grow on infrastructure projects in Oman ,MENAFN|
|(MENAFN) Infrastructure projects in Oman is expected to reflect a high growth on the cement sector, according to Oman Observer.
Omani government plans to launch developing transport and social ...|
|Mar 7 2014||Aviation sector to register highest growth in ME ,MENAFN|
|(MENAFN) Traffic in air passenger and air cargo is expected to outperform in the Middle East by 2032 compared to all other regions, according to Oman Observer.
Air passenger traffic in the Middle ...|
|Mar 7 2014||UAE's Danube revenue up 17 percent in H2 ,MENAFN|
|(MENAFN) Sales revenue of Danube Group, a leading construction and home interior company in the UAE, was estimated at USD 544 million in 2013, according to Khaleej Times.
Revenue rose by up to 17 ...|
|Mar 7 2014||UAE, Serbia sign USD1 b loan deal ,MENAFN|
|(MENAFN) UAE's Department of Finance has signed a USD1 billion loan deal with Serbian Finance Minister in a visit to Abu Dhabi, according to Khaleej Times.
The loan deal aims to strengthen ...|
|Mar 6 2014||Cement demand in Oman to grow 6 percent annually ,MENAFN|
|(MENAFN) Cement demand in Sultanate of Oman is expected to grow in the upcoming few years, Times of Oman reported.
Huge infrastructure and tourism projects in the Gulf nation will push cement ...|
|Mar 6 2014||Gulf investors to invest in Moroccan private sector ,MENAFN|
|(MENAFN) A partnership between Saudi Islamic Corporation for the Development of the Private Sector (ICD) and Morocco-based Al Ajial Funds has been signed to invest jointly in Morocco's private ...|
|Mar 6 2014||UAE top importer of Swiss watches in region ,MENAFN|
|(MENAFN) The Federation of the Swiss Watch Industry said that the UAE ranked first as the primary Middle Eastern country in the Top Ten list of importers of Swiss watches, Saudi Gazette ...|
|Mar 6 2014||Bahrain oil, gas, water projects at USD14b ,MENAFN|
|(MENAFN) Bahrain has re-asserted itself as a regional powerhouse in the oil & gas as well as power & water sectors, Saudi Gazette reported.
The country has USD14 billion worth of oil, gas power ...|
|Mar 6 2014||Jacobs wins BP contract in Oman ,MENAFN|
|(MENAFN) Jacobs Engineering has been awarded with contract by BP for process and infrastructure work on the greenfield Khazzan project in Oman, Times of Oman reported.
Vice president of Jacobs ...|
|Mar 6 2014||Al Futtaim Carillion wins USD250m contract in Dubai ,MENAFN|
|(MENAFN) Al Futtaim Carillion announced that it has won a contract by Meraas in the UAE, Arabian Business reported.
The USD250.66 million contract is for the construction of the Avenue Phase 2 ...|
|Mar 6 2014||Hilton plans Qatar expansion ,MENAFN|
|(MENAFN) Hilton Worldwide is planning to expand in Qatar with the signing of a management agreement with First Qatar Real Estate Development Company, The Peninsula Qatar.
The management agreement ...|
|Mar 6 2014||Saudi MERS death toll rises to 62 ,AFP|
(MENAFN - AFP) Saudi health authorities said Thursday a man has died from the MERS coronavirus, bringing the death toll from the respiratory disease in the worst-hit country to 62.
The 55-year-old ...|
|Mar 6 2014||Olsen writes off England's World Cup chances ,Kora|
|(MENAFN - Kora) Daniel Sturridge scored the only goal of the game with a header eight minutes from time after England had looked set to fail to win at Wembley for a third consecutive game - following ...|
|Mar 6 2014||Sabella blames tiredness for dour showing ,Kora|
|(MENAFN - Kora) Sabella's team were nowhere near their best in Bucharest on Wednesday, with captain Lionel Messi particularly underwhelming as he appeared to struggle with illness.
|Mar 6 2014||'Happy' Keane to stay with Galaxy ,Kora|
|(MENAFN - Kora) The Ireland international, 33, has made 55 league appearances for the Galaxy, scoring 31 goals and helping them to two MLS Cup titles, while also bagging the club's MVP award last ...|
|Mar 6 2014||Del Bosque predicts bright future for Costa ,Kora|
|(MENAFN - Kora) Costa, who represented Brazil in two friendlies before pledging his international loyalty to Spain, where he plays for Atletico Madrid, started against Italy on Wednesday as his new ...|
|Mar 6 2014||International Friendly: Mexico 0 Nigeria 0 ,Kora|
|(MENAFN - Kora)
It was a chance-filled affair at the Georgia Dome, with all three participating goalkeepers - Guillermo Ochoa (Mexico), Vincent Enyeama and Austin Ejide (Nigeria) - all producing ...|
|Mar 6 2014||Flyers soar over Washington in NHL ,Kora|
|(MENAFN - Kora) The Flyers and Capitals are among the backlog of teams vying for play-off spots in Metropolitan, with the Flyers sitting second on 72 points, just five clear of the sixth-placed New ...|
|Mar 6 2014||NATO Steps Up Cooperation with Ukraine ,Qatar News Agency|
|(MENAFN - Qatar News Agency) NATO is stepping up its cooperation with Ukraine while reviewing cooperation with Russia, the NATO Secretary-General Anders Fogh Rasmussen said.
Speaking after talks ...|
|Mar 6 2014||Libya: Niger Extradites Gaddafi's Son Saadi ,Qatar News Agency|
|(MENAFN - Qatar News Agency) The Libyan government announced today that former leader Muammar Gaddafi's son, Saadi, has been extradited from Niger and is now in custody in Tripoli.
Saadi Gaddafi ...|