Kuwait bourse drops amid ‘volatile’ trade

Wataniya Telecom sheds 40 fils; KFH gains

18/02/2014 09:38 AST

Kuwait stocks swung lower Monday, extending the losses to third consecutive day. The index shed 38.7 pts in volatile trade led to close at 7,793.69 points. The decline was paced by select mid and low caps whereas some of the banks eked modest gains. The KSX 15 measure climbed 4.77 pts to 1100.92 pts taking the month’s gains to 23 points while the weighted index edged 0.48 pts higher. The volume turnover meanwhile swelled after the three-day fall. 277.43 million shares changed hands — a 17 percent jump from Sunday. The sectors closed mostly in the red. Consumer goods outshone the rest with 2.23 percent rally whereas technology dived 2.10 percent, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 45.12 percent while financial services came in next with 45.12 pct contribution.

Among the notable losers, Gulf Glass Manufacturing Co shed 20 fils and Kuwait Portland Cement followed suit to close at KD 1.360. Burgan Well Drilling Co slipped 10 fils and National Consumer Holding Co was down by same measure. Kuwait Insurance Co pulled 20 fils lower to KD 0.290. National Industries Group, the flagship company of Kharafi Group, eased 2 fils to KD 0.240 after posting a volume of 1.68 million and United Industries Co followed suit. Contracting and Marine Services Co was down 8 fils at KD 0.166. Telecom major Zain climbed 10 fils to KD 0.700 on back of 1.34 million shares whereas Wataniya Telecom gave up 40 fils to close at KD 1.820. Agility added 10 fils and the stock is trading 30 fils higher year-to-date.

Lower
The market opened flat and moved sideways in early trade. The index pulled lower thereafter as sentiment turned weak and hit the day’s lowest level of 7746.03 pts almost half way into the session. It traded range bound for some time before clawing back some of the losses at close. Top gainer of the day, Securities Group spiked over 9 percent to 120 fils while Kuwait Cable Vision jumped 8 pct to stand next. In terms of volume, financial services dominated with 45.12 pct market share and real estate came in next with 35.38 percent contribution. Reflecting the day’s downswing, the market spread was skewed towards the losers. 36 stocks advanced whereas 82 closed lower. Of the 176 counters active on Monday, 58 closed. 6219 deals worth over KD 31 million were transacted — a 17 percent rise in value from the day before.

Kuwait Foundry Co fell 5 fils and Equipment Holding Co ticked 2 fils lower with a volume of 3.38 million shares. The company has clocked a net profit of KD 2.96 million and earnings per share of 21.74 fils in 2013 rebounding from net loss of KD 1.56 million and loss per share of 11.50 fils last year. On the upside, Kuwait Food Co (Americana) rose 20 fils to KD 2.520 recouping the loss in the day before whereas and City Group was up by same measure. Automated Systems Co gained 10 fils and Independent Petroleum Group followed suit. PAPCO climbed 8 fils and RISCO gained 15 fils. The company has announced a net profit of KD 2.72 million and earnings per share of 30.80 fils in 2013 as against KD 2.41 million profit and earnings per share of 27.30 fils the year before. The Board of Directors has recommended a cash dividend of 10 %. Gulf Cable was flat at KD 0.780 off early highs and Jazeera Airways followed suit to wind up at KD 0.495. Kuwait Gulf Links held steady at KD 0.102 after eking modest gains in the day before and ALAFCO too did not budge from its earlier close.

Flat
In the banking sector, National Bank of Kuwait was flat at KD 0.960 after clocking a volume of 5.3 million shares and Gulf Bank too was unchanged at KD 0.360 off early lows. Al Ahli Bank was up 10 fils at KD 0.445 and Kuwait International Bank was muted at KD 0.300. Ahli United Bank paused at KD 0.740 whereas Commercial Bank of Kuwait was flat at KD 0.770. The bank has recorded a net profit of KD 23.53 million and earnings per share of 18.5 fi

Arab Times