Americana drops 40 fils; Mabanee Co rallies
KUWAIT CITY: Kuwait stocks eroded further Monday, extending the losses to fourth straight session.
The index slipped 13 points in choppy trade led by select mid-caps even as the blue closed mixed. The trading floor sentiment was skittish as investors remained wary of the market direction.
The bourse wound up at 6208.50 points pulling up from deeper trough earlier in the day, while weighted index inched 0.56 pts lower to 421.64. The volume turnover almost flat-lined after receding in the previous two sessions. 405.39 million shares changed hands -- up a meager 0.3 percent from Sunday. The volume turnover, after a robust start, has been hovering above the 400 million mark in the second half of the month.
Agility eased 10 fils to KD 0.395 after trading 1.34 million shares whereas Wataniya Telecom rebounded 20 fils to close at KD 2.180. Zain held the ground unchanged at KD 0.880 off early lows.
Kuwait Food Co (Americana) slid 40 fils to KD 1.460 while Egypt Kuwait Holding Co was down 30 fils at KD 0.300. Jazeera Airways shed 15 fils to end at KD 0.470 and Automated Systems Co dropped 25 fils .
Gulf Cables retreated 20 fils to KD 1.360 with thin trading while RISCO ticked 2 fils lower to KD 0.126.
Kuwait Cement Co was down 5 fils at KD 0.455 partly erasing the gains on Sunday. National Industries Group held the ground unchanged at KD 0.236 and Kuwait Pipes too pulled up from early lows to end at KD 0.130.
On the upside, Mabanee Co rallied 40 fils on back of 1.1 million shares to close at KD 1.060. The stock has climbed 160 fils so far during the month and has rallied 200 fils year-to-date. Combined Group Contracting Co rose 20 fils and IFA Hotels and Resorts Co added 15 fils to end at KD 0.410.
Moved
The market opened on flat note and moved sideways in early trade. The index pulled lower almost an hour into the session and bottomed at 6195.2 points as investors exited select counters amid weak sentiments. It drifted in narrow range thereafter and managed to pare the losses slightly in the final minutes.
Top gainer of the day, Al Safat Real Estate Co soared 9.7 percent and Kuwait Resorts Co climbed 7.14 percent to stand next. Automated Systems Co dived 7.6 percent, the biggest loser of the day, while Al Deera topped the volume with 42.8 million shares.
Mirroring the day's decline, the losers outnumbered the gainers. 31 stocks advanced while 47 closed lower. Of the 97 counters active on Monday, 38 closed flat. 5186 deals worth KD 34.72 million were transacted -- down 17.5 percent in value from the previous session.
In the banking sector, National Bank of Kuwait held the ground unchanged at KD 1.060 after trading 1.02 million shares and Gulf Bank followed suit to end at KD 0.460. Ahli United Bank rose 10 fils whereas Commercial Bank of Kuwait and Al Ahli Bank were not traded during the day.
Kuwait International Bank closed flat with a volume turnover of 2.14 million shares and Burgan Bank too did not budge from its early close of KD 0.430. The stock has retreated 25 fils so far during the month and is down 45 fils year-to-date. Boubyan Bank stagnated at KD 0.550.
Kuwait Finance House fell 10 fils to KD 0.860 and chalked a volume of 3.72 million shares. The lender has posted annual net profit of KD 80,342,341 while earnings per share stood at 30.2 fils. The Board of Directors has recommended a cash dividend payout of 15 percent in addition to 8 percent bonus shares.
Investment major KIPCO was unchanged at KD 0.340 while National Investment Co was down 4 fils at KD 0.172. The company has chalked a net loss of KD 27,316,383 and loss per share of 31 fils in 2011 as compared to net profit of KD 4,426,415 and earnings per share of 5 fils.
Higher
International Financial Co ticked 2 fils higher whereas Kuwait Financial Centre (Markaz) and First Investment Co closed flat. Al Mal Investment Co edged 3 fils lower and Gulf Investment House was down 2 fils at 30.5 fils.
Mazaya Holding Co was up 2 fils at 88 fils on back of 2.32 million shares whereas National Real Estate Co was unchanged at KD 0.144. NREC earlier in the month signed a preliminary agreement with Amer Holding Group to develop two projects through its two subsidiaries in Egypt.
The bourse has been trending lower so far during last week and has shed 35 pts in last 2 sessions.
However it is up 81.6 points from start of the month and is trading 7 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Humansoft Holding Company has posted a net profit of KD 2,389,803 and earnings per share of 21.05 fils in 2011 as against KD 221,174 net profit and 1.99 fils EPS in the previous year. The Board of Directors recommended no dividend payout for the year. United Real Estate Co has logged a net profit of KD 3,619,442 and earnings per share of 24.13 fils in 2011 as compared to net earning of KD 4,627,596 30.85 fils EPS in 2010. The Board of Directors has recommended cash dividend of 15 percent.
Aref Energy Holding Company has incurred net loss of KD 5,113,572 and loss per share 6.8 fils in 2011 as compared to net profit of KD 10,798,282 and earnings per share of 14.4 fils in the previous year. The Board of Directors recommended no dividend payout for the fiscal year.
Kuwait National Cinema Co. has posted a annual net profit of KD 5,385,373 and earnings per share of 53.89 fils as against KD 5,016,833 net profit and earnings per share of 50.21 fils in 2010. The Board of Directors recommended a cash dividend payout of 42 percent.
Kuwait Stock Exchange announced suspending shares of the following companies for failing to submit the financial results within the stipulated time. They are: International Investor Company (TII), Securities House Company, Investment Group, Al Madar Finance and Investment Co, Mena Holding Co, Noor Financial Investment, Aayan Leasing and Investment Company.
Al-Masar Leasing and Investment Co, Kwt and Middle East Fin. Inv. Company, Educational Holding Group Co, Securities Group Company.
Alargan International Real Estate Co announced obtaining the Money Markets Authority to issue bonds up to KD 26.5 million divided over 2 portions with a maturity of 5 years.
© Arab Times 2012
