18 May, 2015

KSE sheds 14.29 pts in lackluster trading

KUWAIT CITY: Kuwait stocks resumed its downtrend on Monday after clocking an uptick in the previous session. The main index dropped 14.29 points in lackluster trade to 6,349.8 points weighed by select mid and small caps. Some of the blue chips however managed to eke modest gains.

18 May 2015
Gulf Cable dives 30 fils; Americana gains
KUWAIT CITY: Kuwait stocks resumed its downtrend on Monday after clocking an uptick in the previous session. The main index dropped 14.29 points in lackluster trade to 6,349.8 points weighed by select mid and small caps. Some of the blue chips however managed to eke modest gains.

The KSX 15 benchmark climbed over 6 points to 1,038.14 points, trimming the month's losses to 22 points while weighted index edged 1.13 points higher. The volume turnover meanwhile fell further to hit a fresh multi-month low. 108.84 million shares changed hands - a 7.9 percent drop from the day before.

The sectors closed mixed. Technology outshone the rest with 2.16 percent gain whereas consumer services shed 1.40 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 36.69 pct while real estate and oil and gas trailed behind with 27.37 percent and 15.88 pct contributions respectively.

Among the day's sharp losers, Gulf Cable slid 30 fils to KD 0.560 extending the losses in the previous session and IFA Hotels and Resorts Co was down by same measure to close at KD 0.184. Kuwait National Cinema Co shed 20 fils and Humansoft Holding Co gave up 10 fils to end at KD 0.680.

Sector bellwether Zain rose 5 fils to KD 0.460 recouping the drop in the last session while Wataniya Telecom continued to hold the ground steady at KD 1.400. Kuwait Telecommunications Co gained 30 fils on back of 1.48 million shares.

Climbed

National Bank of Kuwait climbed 10 fls to KD 0.840 whereas Burgan Bank held the ground steady at KD 0.430. The banking group has posted a net profit of KD 17.5 million while earning per share came in at 6 fils. Operating income surged 14 percent from same period last year to KD 70.5 million and profits before provisions climbed 12 pct to KD 38.2 million.

The market opened flat and edged lower in early trade. The main index drifted further into red as sentiment turned sour and plumbed the day's lowest level of 6,333.63 pts half way into the session. It clawed back some the losses thereafter and closed with moderate losses.

Top gainer of the day, Ras Al Khaimah for White Cement jumped 8.47 pct to 128 fils and Massaleh Real Estate Co climbed 7.14 pct to stand next. IFA Hotels and Resorts tumbled 14 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 13.7 million shares.

Reflecting the day' downswing, the market spread was skewed towards the losers. 28 stocks advanced whereas 53 closed lower. Of the 119 counters active on Monday, 38 closed flat. 3,162 deals worth KD 12.27 million were transacted - a 21.84 pct surge in value from the day before.

National Industries Group, the flagship company of Kharafi Group dialed up 2 fils and Kuwait Portland Cement gained 20 fils with thin volume. Qurain Petrochemical Industries Co added 4 fils and Educational Holding Group closed 10 fils higher.

Burgan Well Drilling Co rose 8 fils whereas Energy House slipped 2 fils to 88 fils. The company has logged a net loss of KD 1.024 million and loss per share of 1.366 fils in the three months of the year ending March 31, as against a net profit of KD 234,309 earnings per share of 0.312 fils in the same period last year.

ALAFCO was unchanged at KD 0.220 and Jazeera Airways followed suit. The airline has posted a net profit of KD 3 million in the first quarter of 2015, an increase of 44.6% from the same quarter last year while operating profit came in at KD 2.4 million, up 141.2% from Q1 2014.

Kuwait and Gulf Link Transport Co inched 1 fils down and KGL Logistics Co followed suit. Kuwait Food Co (Americana) climbed 40 fils extending the gains on Sunday and Gulf Franchising Holding Co added 4 fils.

ACICO Industries was flat at KD 0.300 and Boubyan Petrochemicals Co pulled 10 fils lower. Future Communications Co Global rose 8 fils while Heavy Engineering Industries and Shipbuilding Co closed 10 fils higher.

Profit

Kuwait Financial Centre clipped 2 fils to KD 0.110 and KIPCO rallied 10 fils. The company has posted a net profit of KD 12 million for the first three months of 2015 - an increase of 17 per cent from the same period last year. Earnings per share grew by 24% to 8.84 fils from first quarter of 2014.

Sokouk Holding Co dialed down 2 fils and Bayan Investment followed suit to close at 53 fils. Noor Financial Investment Co inched 1 fils up whereas Securities House Co and Al Mal Investment Co eased 1 fils each.

In the banking sector, Gulf Bank of Kuwait was unchanged at KD 0.275 and Al Ahli Bank too did not budge from its earlier close of KD 0.360. Ahli United Bank rose 10 fils to KD 0.580 whereas Commercial Bank of Kuwait was not traded during the session.

Kuwait Finance House and Burgan Bank held steady at KD 0.670 and KD 0.430 respectively whereas Boubyan Bank pulled 5 fils lower. Real estate major Mabanee Co gained 20 fils and National Real Estate Co paused at KD 0.106.

The bourse has been mixed so far during the week and has shed 7 points in last two sessions. It has dropped 42 points from start of the month and trading 2.84 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Gulf Insurance Group (GIG) The company has registered a net profit of KD 3.7 million or 20.86 fils per share, for the financial period ended March 31, 2015 - an increase of 22.8 percent from the same period last year. Shareholder equity reached KD 82.5 million - a growth of 3.7 percent.

Gulf Glass Manufacturing Co has posted a net profit KD 629,298 and earnings per share of 14.17 fils in the January March period of 2015 as against net profit of KD 281,177 and earnings per share of 6.33 fils in Q1of 2014. Sokouk Holding has clocked a net profit of KD 5.012 million and earnings per share of 9 fils in the year ending Dec 31, 2014 and the Board of Directors recommended 5 percent bonus shares.

Capital Markets Authority has approved the listing of Mizan Holding Company in Kuwait Stock Exchange main market subject to fulfillment of some conditions.

Kuwait Foundry Co has logged a net profit of KD 2.26 million and earnings per share of 14.74 fils in the first nine-months of 2014, as against KD 2.13 million profit and earnings per share 13.9 fils in the 9M of 2013.

Warba Bank has recorded a net profit of KD 115,000 and earnings per share of 0.12 fils in 2014, rebounding from net loss of KD 3.709 million and loss per share of 3.71 fils in 2013.

© Arab Times 2015