News Column

KSE kicks off month with 54.31 pts jump

February 3, 2014

KUWAIT CITY , Feb 2 : Kuwait stocks bounced on Sunday after pulling lower during last week. The index, after a tame start, climbed 54.31 pts to 7810.11 points helped by speculative interest in select mid and low caps. The banking majors were mostly muted whereas other heavyweights swayed in both directions. The KSX 15 gauge eased 2.7 pts to 1,074.81 points whereas weighted index edged 0.83 pts up to settle at 460.9 points. The volume turnover meanwhile receded for the third straight session. 305.50 million shares changed hands a 10.34 pct fall from the day before. The sectors closed mostly in the green. Consumer services outshone the rest with 1.13 percent upswing whereas basic materials shed 0.67 percent, the biggest loser of the day. In terms of volume, financial services notched the highest market share of 44.04 pct while real estate came in next with 31.12 pct. Industrials was a distant third with 12.22 pct contribution. Among notable gainers, Kuwait Insurance Co climbed 15 fils to KD 0.310 and Al Rai Media Group Co rose 10 fils. Contracting and Marine Services gained 6 fils and Gulf Franchising Holding Co added 5 fils. Equipment Holding Co was up 10 fils at KD 0.176 extending the modest rise in the day before. Saved Al Mazaya Holding Co gained 6 fils while Kuwait National Cinema soared 50 fils. The company has notched a net profit of KD 6.13 million earnings per share of 61.74 fils in the nine-month period ending September 2013 , soaring from KD 4.73 million profit and earnings per share of 47.43 fils in the 9M period of 2012. Market heavyweight Zain slipped 10 fils to KD 0.670 after trading 1.3 million shares while Wataniya Telecom dived 40 fils to KD 1.840 shrinking its year's gain to 80 fils. Agility gained 20 fils on back of 1.77 million shares partly paring the gains in the last session. The market opened flat and moved sideways in early trade. The index eased slightly to hit the day's lowest level of 7751 pts before heading higher amid buying in select counters. It drifted in a tight range before revving up in the final minutes to peak at 7812.29 points. Top gainer of the day. Amar For Finance and Leasing rallied 8.77 pct to 62 fils and Al Rai Media climbed 6.76 pct to stand next. Al Massaleh Real Estate Co slumped 5.38 pct, the steepest decliner of the day and Al Deera Holding topped the volume with 33.46 million shares. Mirroring the day's gain, the market spread was skewed towards the winners. 59 stocks advanced whereas 25 closed lower. Of the 143 counters active on Sunday, 59 closed flat. 5943 deals worth KD 31.13 million were transacted a 10.04 percent fall in value from the day before. Among other advancers, Nafais Holding Co rose 5 fils to 86 fils and Kuwait Resorts Co was up 3 fils at 98 fils. Burgan Well Drilling Co ticked 2 fils higher and Noor Financial Investment Co followed suit after clocking a volume of 2.89 million. On the downside, Qurain Petrochemical Industries Co shed 8 fils and Jazeera Airways was down 10 fils at KD 0.485. The carier has posted a net profit KD 16.67 million and earnings per share of 39.70 fils in the year 2013, up from KD 13.94 million and earnings per share of 38.37 fils in 2012. The Board of Directors has recommended a cash dividend of 15 percent. National Industries Group was flat at KD 0.228 off early highs and Kuwait Cement Co followed suit. The company has completed the 2nd phase of subscription in increasing its capital by 7%, which was fully covered . The company's capital after the increase stands at KD 73.330 million Steady Kuwait Food Co ( Americana) bounced from early lows to hold steady at KD 2.500 and Gulf Cable too did not budge from its earlier close. The company has earned KD 9.06 million and clocked an earnings per share of 43 fils in the first nine-months of 2013 as compared with net profit of KD 10.54 million and earnings per share of 50 fils in the same period last year Kuwait Gulf Links was unchanged at KD 0.104 and KGL Logistics followed suit to wind up at KD 0.186. Gulf Glass Manufacturing Co stagnated at KD 0.660 and Kuwait Cable Vision followed suit. In the banking sector, National Bank of Kuwait was flat at KD 0.940 and Gulf Bank gave up 5 fils to end at KD 0.360. NBK has posted a net profit KD 238.13 million and earnings per share of 53 fils in the year ending Dec 31, 2013 . The Board of Directors has recommended a 30 pct cash dividend plus 5 percent bonus shares. Al Ahli Bank of Kuwait rose 10 fils to KD 0.430 and Ahli United Bank jumped 40 fils . Kuwait International Bank slipped 5 fils after clocking a volume of 1.15 million shares. Burgan Bank and Kuwait Finance House stagnated at KD 0.550 and KD 0.800 respectively and Boubyan Bank paused at its earlier close of KD 0.560. National Investment Co fell 2 fils to KD 0.154 whereas KIPCO did not in either direction . Securities House was up 4 fils and Bayan Investment Co followed suit. Sokouk Holding Co gained 6 fils on back of 15.3 million shares The bourse was mixed during last week. It closed lower in 3 of the 5 sessions and dropped 33 pts week-on-week. The price index had rallied 205 points during whole of January the month after dropping 185 points in December. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Refrigeration Ind. and Storage Co The company has announced a net profit of KD 2.72 million and earnings per share of 30.80 fils in 2013 as against KD 2.41 million profit and earnings per share of 27.30 fils the year before. The Board of Directors has recommended a cash dividend of 10 %. 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 Dec 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. Aqar Real Estate Investments Co has won the approval of Capital Markets Authority for the , the company's request to buy back or sell up to 6.35% of own shares over a period of 6 months. Independent Petroleum Group has posted a net profit of KD 4.35 million in the first nine months of 2013 while earnings per share came in at 30.10 fils. This compares with KD 5.07 million net profit and earnings per share of 35.10 fils in the same period last year. Automated Systems Co has earned KD 1.45 million in the nine-month period ending Sept 30, 2013 while earnings per share stood at 36.27 fils. This compares with KD 4.01 million net profit and 100.26 fils EPS in the same period last year. By John Mathews Arab Times Staff


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Source: Arab Times (Kuwait)


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