Kuwait bourse ends week on tepid note

22/06/2013 08:29 AST

Kuwait stocks pulled lower on Thursday to end week on a tepid note. The index, after trading in green earlier in the day, slipped 15.12 points to 8,059.86 pts as investors toed the sidelines. Some of the mid and low caps however witnessed brisk trading whereas the banks closed mostly flat. The KSX 15 benchmark slid 7.23 pts to 1,060.97 points and has shed 51 pts from start of the month whereas the weighted index fell 1.76 points. The volume turnover meanwhile receded further. 317 million shares changed hands, down 28.94 percent from Wednesday. Earlier in the week, the state funds had injected liquidity to prop up the bourse ahead of the court verdict.

The sectors closed mixed. Oil and gas outshone the rest with 2.25 percent gain whereas consumer goods shed 1.93 pct, the biggest loser of the day. In terms of volume, real estate dominated with 42.19 pct market share while financial services and industrials followed with 31.86 and 14.65 percent respectively. Combined Group Contracting Co slid 40 fils to KD 1.260 while Yiaco Medical Co was down 25 fils. Mabanee Co dived 40 fils to KD 1.080 and National Industries Group eased 5 fils after closing flat on Wednesday. The stock has retreated 35 fils from start of the month while year-to-date, it has rallied 44 fils. Equipment Holding Co dropped 10 fils and National Industries Co pulled 5 fils lower to wind up at KD 0.270. United Industries Co shaved off 6 fils. The company has won the approval of Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months commencing approval date. Zain, the bellwether stock, was unchanged at KD 0.680 whereas Wataniya Telecom tumbled 100 fils erasing the gains in the previous session. Agility gave up 10 fils to settle at KD 0.730 and the stock saw 0.65 million shares changed hands during the session.

Drifted
The market opened flat and drifted higher in early trade. The index continued to gain ground amid buying in select counters and peaked at 8118.82 pts ahead of the mid-session. It retreated thereafter as sentiments weakened and bottomed at 8,038.91 pts in final minutes before clawing back some of the losses at close.

Top gainer of the day, Future Kid rallied 9.62 pct to KD 0.114 and United Food Industries Group climbed 8.77 percent to stand next. First Takaful Insurance Co plunged 8.33 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 48.63 million shares. Reflecting the day’s downswing, the losers outnumbered the winners. 44 stocks advanced whereas 58 closed lower. Of the 143 counters active on Thursday, 41 closed flat. 8,019 deals worth KD 38.14 million were transacted — down 13.16 percent in value from Wednesday. On the upside, Kuwait Portland Cement rallied 40 fils and Burgan Well Drilling Co climbed 25 fils to KD 0.285. Aref Energy Holding Co added 10 fils . The company has incurred a net loss of KD 655,432 and loss per share of 0.9 fils in first quarter of 2013, narrowing from KD 9.19 mln loss and 12.3 fils LPS in the Q1 of 2012.

Kuwait Foundry Co rose 5 fils and ACICO Industries Co gained 10 fils to end at KD 0.330. Kuwait Gulf Links was up 4 fils at KD 0.128. The company has incurred a net loss of KD 881,469 and loss per share of 3.34 fils in the quarter ending March 31, 2013. Contracting and Marine Services Co climbed 10 fils recouping the loss on Wednesday. ALAFCO was flat at KD 0.305 off early lows and Jazeera Airways too did not budge from the earlier close of KD 0.500.

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Arab Times