KUWAIT CITY, Feb 20: Kuwait stocks pulled lower Thursday to end week on a weak note. The index dived 59.77 pts to 7,737.49 pts paring steeper losses earlier in the session.
The decline was led by banking majors and most of the real estate and financial stocks too headed south amid negative sentiment. The bourse has closed lower in 5 of the last 6 session.
The KSX 15 benchmark eased 1.06 pts to 1097.25 points trimming the month's gains to 20 pts while weighted index edged 1.27pts lower. The volume turnover meanwhile receded further for the third straight session to hit a fresh month's low. 202.43 million shares changed hands - down 9.14 pct from the day before.
The sectors closed mostly in the red. Basic material outperformed the rest with 1.04 pct gain whereas consumer services slipped 1.31 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 37.94 percent while real estate came next with 31.44 pct. Industrials was a distant third with over 14 pct contribution.
Among prime movers, Gulf Glass Manufacturing Co slid 40 fils to KD 0.660 and Zima Holding Co was down 20 fils at KD 0.174. ACICO shed 15 fils with thin trading whereas Kuwait Resorts Co gave up 6 fils to close at KD 0.106 after trading over 5 million shares.
IFA Hotels and Resorts dropped 10 fils and Kuwait National Cinema Co followed suit to end at KD 0.990. Gulf Cables retreated 10 fils while Kuwait Cement Co closed 5 fils lower at KD 0.385. Shuaiba Industrial Co clipped 6 fils.
Zain fell 10 fils to KD 0.680 after trading 1.9 million shares whereas Wataniya Telecom gave up early gains to close unchanged at KD 1.840 and stock is down 40 fils so far during the month. Agility bucked the market trend to climb 20 fils and wound up at KD 0.680. Drifted The market opened weak and drifted lower in early trade. The index continued to fall amid selling in select counters and troughed at 7712.36 points well past the mid-session. However it managed to claw back some of the losses at close.
Top gainer of the day, Al Nawadi spiked 8.77 pct to KD 0.124 and PAPCO climbed 6.15 percent to stand next. FLEX dived 10.53 pct, the steepest decliner of the day and Manazel topped the volume with 21.9 million shares.
Reflecting the day's upswing, the market spread was heavily skewed towards the losers. 31 stocks advanced whereas 83 closed lower. Of the 155 counters active on Thursday, 41 closed lower. 5186 deals worth KD 23.45 million were transacted — a 7.29 pct drop in value from the day before.
Kuwait Gulf Links eased 2 fils and United Industries Co followed suit. The company has posted a net profit of KD 28.08 million and earnings per share of 62.70 fils in the year ending Jan 31, 2013. The Board of Directors has recommended a cash dividend of 25 %. KGL Logistics Co took in 2 fils to close at KD 0.170. Metal and Recycling Co fell 2 fils and Independent Group flunked 5 fils. The company has posted a net profit of KD 6.075 million and earnings per share of 42 fils in the year ending 2013, up from KD 5.836 million profit and earnings per share of 40.35 fils in the year before period. The Board of Directors has recommended a cash dividend of cash 30 %.
On the flip side, Combined Group Contracting Co soared 60 fils to KD 1.200 and Kuwait Packing Materials climbed 20 fils with razor thin trading. Jazeera Airways closed flat. The company has posted a net profit KD 16.67 million and earnings per share of 39.70 fils in the year 2013 and the Board of Directors has recommended a cash dividend of 15 pct. Kuwait Cement Co paused at KD 0.390.
In the banking sector, National Bank of Kuwait dropped 10 fils to KD 0.960 while Gulf Bank fell 5 fils to KD 0.355 and the counter saw over 1 million shares change hands. Al Ahli Bank added 5 fils to close at KD 0.445. Rose Ahli United Bank shed 20 fils whereas Commercial Bank of Kuwait rose 10 fils to KD 0.760 and The bank has recorded a net profit of KD 23.53 million and earnings per share of 18.5 fils in 2013 , a sharp increase from KD 1.119 million profit and earnings per share of 0.9 fils in the year before. The Board of Directors has recommended a cash dividend of 7 % plus 11 % bonus shares.
Kuwait International Bank held the ground steady at KD 0.300 whereas Burgan Bank climbed 10 fils recouping the loss in the day before. Kuwait Finance House too was up 10 fils at KD 0.850 and Boubyan Bank was down 10 fils at KD 0.560.
Kuwait Investment Co slipped 4 fils to KD 0.176 and International Financial Advisors inched 2 fils lower. National Investment Co retreated 4 fils whereas KIPCO paused at KD 0.600 off early lows. Securities House and Securities Group trimmed 2 fils each.
Bayan Investment Co gained 4 fils on back of 3.78 million shares and Kuwait Financial Centre followed suit. National Real Estate Co slipped 2 fils and Al Mazaya Holding Co was down by same measure. Manazel Holding erased 5 fils and Al Mudon International Real Estate Co pulled 10 fils lower.
The bourse continued the down trend during the week. It closed lower in 4 of the 5 sessions and shed 105 pts week-on-week. The price index has retreated 18 points from start of the month and is trading over 2.49 8 pct higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Kuwait Pipes Industries and Oil Services has incurred a net loss of KD 10.16 million and loss per share of 45.10 fils in the nine-month period ending 30 Sept 2013, widening from KD 3.21 million loss and loss per share of 14.25 fils in the same period last year. Mashaer Holding has posted a net profit of KD 3.64 million and earnings per share of 20 fils during 2013 as against KD 4.31 million profit and earnings per share of 25 fils in the year before. The Board of Directors has recommended a cash dividend of 15 %.
Kuwait Building Materials Mfg. has recorded a net profit of KD 581,231 and earnings per share of 19.17 fils in the year ending December 31, 2013, up from KD 411,453 profit and earnings per share of 13.57 fils in 2012. The Board of Directors has recommended 10 percent cash dividend. Real Estate Asset Management has posted a net profit of KD 591,696 and e earnings per share of 5.69 fils in 2013 as compared to KD 673,099 profit and 6.47 fils EPS in the year before. The Board of Directors has recommended a cash dividend payout of 5 pct.
By John Mathews Arab Times Staff