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

Kuwait- KSE index extends decline on protest worries  Join our daily free Newsletter

MENAFN - Arab Times - 06/12/2012

No. of Ratings : 0
Add to Mixx!


(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
Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

Apr 24 2014Egyptian Premier Off to Chad ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egyptian Prime Minister Ibrahim Mehlib left cairo on Thursday for Chad the first leg of a three-day two-state trip that will also take him to Tanzania ...

Apr 24 2014Australian Federal Parliament Deputy Speaker Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Canberra April 24 - Australian Federal Parliament Deputy Speaker Bruce Scott met here Thursday with HE Qatar's Ambassador to Australia Yousef bin Ali Al ...

Apr 24 20143 GCC countries among top 30 on network readiness index ,MENAFN
(MENAFN) According to an annual global technology survey for network readiness index for 2014, three GCC countries have made it to the top 30 list for the third year in a row, Gulf Daily News ...

Apr 24 2014Morocco Admitted As Observer Member to SICA ,Qatar News Agency
(MENAFN - Qatar News Agency) La Romana Dominican April 24 - Morocco has been admitted as an observer member in the Central American Integration System (SICA) which also includes each of Belize ...

Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014UN Chief: All Parties in Syria Blocking Aid ,Qatar News Agency
(MENAFN - Qatar News Agency) w York April 24 - The UN Secretary General Ban Ki-moon has accused all parties in Syria's civil war of "flagrant violations" of international law over the delivery of ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Aqaba Container Terminal Contributes to Elevating Standards of Pre-School Education ,MENAFN Press
(MENAFN Press) Aqaba Container Terminal (ACT), the world's gateway to Jordan and beyond, recently held a charity dinner in collaboration with the Aqaba Intercontinental Hotel. The event, held at the ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Dubai Financial Market profit soars in Q1 ,MENAFN
(MENAFN) Dubai Financial Market (DFM) announced a better-than-expected net profit increase in the January-March period of this year, Arabian Business reported. The Gulf's only listed bourse said ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014President Salva Kiir Relieves his Chief of the General Staff ,Qatar News Agency
(MENAFN - Qatar News Agency) Juba April 24 -South Sudanese President Salva Kiir relieved Chief of the General Staff of south sudan army James Hoth Mai. This came in a presidential decree aired ...

Apr 24 2014Omani non-oil exports to enter African markets ,MENAFN
(MENAFN) A senior official at the Oman Chamber of Commerce and Industry (OCCI) said that the Sultanate is seeking expansion in new African markets, in a time it is looking forward to reduce its ...

Apr 24 2014US Secretary of State Meets Egyptian Intelligence Chief ,Qatar News Agency
(MENAFN - Qatar News Agency) shington April 24 - US Secretary of State John Kerry has met with the Egyptian Intelligence Chief Major General Mohammed Ahmed Fareed al-Tohami who is currently ...

Apr 24 2014Egypt's Interim President Receives Phone Call from South African President ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egypt's Interim President Adly Mansour has received a telephone call from President of the Republic of South Africa Jacob Zuma in which they discussed ...


Arab Advisors_11th convergence conf



Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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