Zain slips 10 fils; Kout Food soars

KUWAIT CITY, Nov 13

Kuwait stocks sagged Wednesday reversing the upswing in the previous session. The index retreated 26.98 pts in volatile trade weighed by profit taking in select counters. The trading floor sentiment was cautious as companies scurry to release the earnings before the Thursday deadline set by the CMA. The KSX 15 benchmark eased 2.95 pts to 1,092.15 points and the weighted index edged 0.97 pts lower. The volume turnover meanwhile tapered marginally for the fifth straight session to hit a fresh multi-month low. 218.83 million shares changed hands -- a 0.45 percent fall from the day before. The sectors closed narrowly mixed. Technology outshone the rest with 0.44 percent uptick whereas consumer services shed over 1 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 52.7 percent while real estate and industrials followed with 24.85 pct and 12.28 percent respectively.

IFA Hotels and Resorts slid 25 fils to KD 0.285 extending an identical loss in the day before while Zima Holding and Al Nawadi Holding were down 10 fils each. Credit Rating and Collection Co gave up 4 fils after clocking over 1 million shares . Equipment Holding, which saw over 4.53 million shares change hands , eased 2 fils and Kuwait Gulf Links was down by same measure to close at KD 0.110. The stock has rallied 32 fils so far during the year. Al Mazaya Holding too ticked 2 fils lower erasing the gains on Tuesday. Among the heavyweights, Zain slipped 10 fils to KD 0.700 after stagnating the last three sessions whereas Wataniya Telecom gained 20 fils to close at KD 1.720. Agility closed flat. The company has won the Capital Markets Authority's approval to buy back or sell up to 10% of own shares over a period of 6 months.

Weak
The market opened weak and edged lower in early trading. The index continued to erode and hit the day's lowest level of 7916.36 pts as investors locked in gains in select counters. It clawed back to peak at 7954.58 pts almost half way into the session but retreated again to close with moderate losses. Top gainer of the day, Marakez rallied 7.14 percent to 75 fils while Salhiya Real Estate climbed 6.85 percent to stand next. Futurekid dived 8.33 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 23.36 million shares. Reflecting the day's decline the losers out numbered the winners. 37 stocks advanced whereas 62 closed lower. Of the 143 counters active on Wednesday, 44 closed flat. 6236 deals worth KD 20.59 million were transacted - a 1.84 percent increase in value from the day before. "The market is now anticipating a huge flow of last-minute board meetings that will come up with third-quarter results," Reuters quoted Fouad Alhadlaq, deputy general manager at Al Dar Asset Management in Kuwait earlier in the week.

"A lot of investors are on the sidelines, waiting for the companies to report their results." Among other losers, Al Mazaya Holding fell 2 fils to KD 0.112 and Mabanee Co was down 20 fils reversing the gains in the previous session. The company has recorded a net profit of KD 38.77 million and earnings per share of 55.41 fils in the January-September period. NICBM gave up 2 fils to end at KD 0.100. On the upside, Kuwait Portland Cement climbed 20 fils to KD 1.400 and ALAFCO rose 5 fils to KD 0.285. United Industries took in 2 fils and Jazeera Airways was up 5 fils at KD 0.495. Kout Food Group spiked 50 fils with thin trading to end at KD 0.850. Yiaco Medical gained 10 fils while Independent Petroleum Group added 5 fils . The company 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.

Flat
National Industries Group pared early gains to close flat at KD 0.255 and Kuwait Cement Co followed suit. The company has earned a net profit of KD 13.09 million and earnings per share of 20.17 fils in the first nine-months of 2013. United Industries Co too did not budge from its earlier close of KD 0.162. In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.910 recouping the loss in the day before whereas Gulf Bank paused at KD 0.390 . The lender has recorded a net profit of KD 24.06 million and earnings per share of 9 fils in the 9 -month period ending Sept 30,2013. Commercial Bank of Kuwait stagnated at KD 0.710 whereas Al Ahli Bank and Ahli United Bank were not traded during the session. Kuwait International Bank and Burgan Bank were flat at KD 0.310 and KD 0.570 respectively. Boubyan Bank closed 10 fils lower. Kuwait Finance House slipped 10 fils to KD 0.810 . "We are bullish on the stock from a short-term perspective. It could continue to rise and reach our price target of 0.85 dinars and 0.9 dinars in the near term. Global Investment House said in a note Traders can maintain a stop loss of 0.76 dinars." Commercial Facilities Co rose 5 fils to KD 0.285 while International Financial Advisors took in 1 fils on back of 11.67 million shares. National Investment Co and KIPCO were unchanged at KD 0.160 and KD 0.620 respectively.

Al Mal Investment slipped 4 fils after trading 4.4 million shares while Sokouk Holding and Noor Financial Investment were down 2 fils each. Tamdeen Investment Co took in 2 fils. The bourse has been seesawing so far during the week and has shed 23 points in last four sessions. The index retreated 30 points from start of the month and is trading over 33 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Refrigeration Ind. and Storage has posted a net profit of KD 2.50 million and clocked an earnings per share of 28.25 fils in the nine month period ending Sept 30, 2013 . This compares with KD 2.24 million profit and earnings per share of 25.39 fils in the same period last year.

Gulf Glass Manufacturing has notched a net profit of KD 1.71 million and earnings per share of 40.54 fils in the January-September period , down from KD 2,19 million profit and earnings per share of 54.44 fils in the same period last year. International 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. Warba Bank announced has logged a net loss of KD 3.12 million in the nine-month period ending Sept 30, 2013 and chalked a loss per share of 3.12 fils as against KD 2.06 net loss and and loss per share of 2.07 fils in the same period last year.

© Arab Times 2013