Zain Slips 10 Fils; United Projects Soars

KUWAIT CITY, May 22

Kuwait stocks saw moderate pullback on Wednesday, snapping the four-day rally which lifted it to four-year high.  The index eased 20.29 pts in volatile trade to settle at 8222.02 pts paced by financial services equities while the blue chips close mixed. The bourse had surged past the 8000 mark earlier in the week on May 19. The KSX 15 benchmark fell 2.57 pts to 1101.35 points, off the record high reached in the previous session while weighted index inched 0.75 pts lower to 471.95. The volume turnover, meanwhile surged to a fresh high of the year. 1611.18 million shares changed hands - a 38.13 percent spike from Tuesday.  The sectors closed mixed during the session. Technology outshone the peers with 2.35 percent gain whereas financial services dropped 1.28 percent, the biggest loser of the day. In terms of volume, real estate dominated with 44.41 percent market share while financial services and industrials followed with 23.42 and 20.49 percent respectively.

Kuwait Investment Co fell 4 fils to 132 fils and International Financial Advisers followed suit after trading over 18 million shares. National Investment Co flunked 2 fils and Securities Group Co too was down by same measure. KAMCO pulled 8 fils lower and Al Deera Holding was down 3 fils at 67 fils. Noor Financial Investment Co dropped 4 fils and Sokouk Holding Co followed suit to wind up at KD 0.126 with a volume of 30.26 million shares. KIPCO however bucked the trend to gain 10 fils extending an identical rise in the previous session. The stock has rallied 70 fils from start of the month while year-to-date, it has gained 110 fils. Bourse heavyweight Zain slipped 10 fils to KD 0.710 with a volume of 2.35 million shares whereas Wataniya Telecom added 20 fils to end at KD 2.200. Agility held the ground unchanged at KD 0.730 after gyrating in a tight range.

Weak
The market opened weak and fell steeply in early trade amid. The index rebounded but slumped again amid heavy selling pressure in select counters and bottomed at 8151.93 pts. It clawed back most of the losses and moved sideways in the second half before closing with below the opening mark. Top gainer of the day, Aayan Real Estate Co rose 9.43 percent to KD 0.116 and Gulf Finance Co climbed 9.09 percent to stand next. Al Nawadi dived 8.2 percent , the steepest decliner of the day, and Investors Holding Group topped the volume with 254.66 million shares. Reflecting the day's downswing, the losers outnumbered the winners. 46 stocks advanced whereas 69 closed lower. Of the 152 counters active on Wednesday, 37 closed flat. 21,449 deals worth KD 125.35 million were transacted - a 7.33 percent rise in value from the day before.

"(There's) no looking back as regional markets, especially the UAE and Kuwaiti markets, seem to be catching a second wind in their momentum buying," Reuters quoted a note by Al Masah Capital's.
"Bears and short-sellers have no choice but to stay on the sidelines for the time being although once the momentum slows, there may be some interesting entry points," Gulf Glass Manufacturing Co dropped 10 fils and National Industries Group fell 2 fils to KD 0.248 after trading 4.71 million shares and NIG has posted net profit of KD 4.73 million and earnings per share of 4 fils in the three-month period ending March 2013. Automated Systems Co shed 15 fils to close at KD 0.400.

Metal and Recylcing Co erased 6 fils and Contracting and Marine Services Co was down 10 fils at KD 0.180. The company's shareholders approved the distribution of 5% cash dividends or 5 fils per share and 5% bonus or 5 shares per 100 share. On the upside, United Projects soared 40 fils to KD 0.880 and IFA Hotels and Resorts climbed 25 fils extending an identical gains on Tuesday. Kuwait Foundry Co darted 15 fils to KD 0.480 and ACICO Industries followed suit. NAPESCO soared 25 fils . The company has earned KD 902,238 and chalked earnings per share of 16.27 fils in the three-month period ending March, 31.

Slipped
In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.970 whereas Gulf Bank was unchanged at KD 0.405 off early highs. Commercial Bank was not traded during the session. Al Ahli Bank of Kuwait was flat at KD 0.540 off early lows whereas Ahli United Bank too was steady at KD 0.760 .Kuwait International Bank stagnated at KD 0.315 whereas Burgan Bank gained 20 fils on back of 2.74 million shares.  Kuwait Finance House was unchanged at KD 0.800 and Boubyan Bank followed suit. 
The lender has obtained the approval of Central Bank of Kuwait to extend the approval of buying back and selling a maximum of 10% of its issued shares for another 6 months ending on October 14, 2013.
Kuwait Investment Co slipped 4 fils and International Financial Advisors followed suit after trading 18.66 million shares. National Investment Co edged 2 fils lower whereas KIPCO gained 10 fils. First Investment Co and Osoul Investment Co were up 4 fils each and KAMCO shed 8 fils to close at KD 0.130.

Gulf Cables was flat at KD 1.100 and RISCO too was steady at KD 0.275. Kuwait Cement fell 5 fils . The company has posted a net profit of KD 5.04 million and earnings per share of 7.91 fils in the January-March quarter, as compared to KD 5.12 million profit and earnings per share of 8.04 fils in the same period last year.  The bourse has been upbeat so far during the week and has soared 319.84 points in last four sessions. The index has surged 791.48 points so far from start of the month and is trading over 38 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Kuwait Real Estate has recorded a net profit of KD 1.62 million and earnings per share of 1.8 fils in the first quarter of 201, up from KD 1.24 million profit and 1.37 fils EPS in the year before period.

Osoul Investment has logged net profit of KD 149,222 and earnings per share 0.79 fils in the January-March quarter of 2013, down from KD 220,494 profit and 1 fils EPS in the year before period.
Kuwait Stock Exchange suspended shares of the following companies for failing to publish the financial results in the stipulated time: Alimtiaz Investment Group Co, Al-Safwa Group Co, Securities House Company, Industrial and Financial Inv. Co, Housing Finance Co, Al Madina for Finance and Investment Company, Kwt. Commercial Markets Complex Co, Al Maal Investment Co. Aayan Leasing and Investment Company, Global Investment House Co, Kuwait Bahrain International Exchange Co, Al Mudon International Real Estate Co, Kwt. Pipes Industries and Oil Services Co and Flex Resorts & Real Estate Co.

© Arab Times 2013