KSE price index edges up in lacklustre trade

13/02/2014 11:52 AST

Kuwait stocks edged slightly higher Wednesday after eking modest gains in the previous session. The price index rose 3.98 pts in lackluster trade to wind up at 7,861.02 points. Some of heavyweights paced the day’s advance whereas the mid and low caps closed mixed. The KSX 15 measure climbed 3.39 pts to 1,097.54 points taking the month’s gain to 20 pts while weighted index ticked 0.63 pts higher. The volume turnover meanwhile slipped below the 300 million mark. 274.11 million shares changed hands — a 13.96 pct drop from the day before. The sectors closed narrowly mixed. Technology outshone the rest with 1.42 pct upswing whereas basic materials slid 1.36 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 41.10 pct and real estate came in next with 30.60 percent. Industrials was a distant third with 8.57 pct contribution.

Among notable gainers, Agility rose 10 fils on back of 3.14 million shares recouping the loss in the day before and Zain too was up by same measure with a volume of over 2 million. The company has earned KD 216.44 million and chalked an earnings per share of 56 fils in 2013 and the Board of Directors has recommended a cash dividend of 50%. Future Communications Co Global gained 10 fils and investment conglomerate KIPCO followed suit to close at KD 0.660. Wataniya Telecom however was unchanged at KD 1.760 off early highs and the stock is trading 100 fils lower from start of the month.

Soor Fuel Marketing Co added 4 fils and Alrai Media Group Co was up 6 fils at KD 0.156. Burgan Well Drilling Co ticked 2 fils higher with thin volume and Shuaiba Industrial Co added 5 fils. National Consumer Holding Co climbed 10 fils and Alsalam Group Holding Co followed suit.

Flat
The market opened flat and slipped slightly in early trading. The index clawed back to peak at 7,868.26 points almost halfway into the session and retreated thereafter. It slipped below the red to trough at 7,843.02 pts in the final minutes but managed to climb back into the positive territory at close. Top gainer of the day, Alsalam Group Holding rallied 9.43 percent to KD 0.116 and Future Communication climbed 7.04 pct to stand next. Kuwait Cable Vision Co dived over 9 percent, the biggest loser of the day and Gulf Finance House topped the volume with 23.8 million shares. Despite the day’s uptick, the losers marginally outpaced the winners. 42 stocks advanced whereas 47 closed lower. Of the 145 counters active on Wednesday, 56 closed flat. 6,347 deals worth KD 35.52 million were transacted — a 30.11 pct drop in value from the day before.

On the downside, Kuwait Food Co ( Americana) dropped 20 fils to KD 2.500 and Kuwait Foundry shed 25 fils. The company has notched a net profit of KD 2.22 million and earnings per share of 14.45 fils in 2013 and the Board of Directors has recommended cash a dividend payout of 10%. Gulf Cable shed 10 fils whereas Kuwait Portland Cement pulled 20 fils lower to KD 1.380. IFA Hotels and Resorts eased 5 fils while Advanced Technology gained 10 fils. Equipment Holding Co and NICBM clipped 2 fils each while KGL Logistics was down 4 fils at KD 0.178. ALAFCO vacillated in a tight range before closing flat at KD 0.265 and Jazeera Airways too did not budge from its earlier close of 0.495. The company has posted a net profit KD 16.67 million and earnings per share of 39.70 fils in the year 2013 and the Board of Directors has recommended a cash dividend of 15 percent.

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Arab Times