Kuwait edges higher in lackluster trading

25/03/2014 07:54 AST

Kuwait stocks pulled higher Monday, recouping the losses in the previous session. The index climbed 11.6 points in lackluster trade helped by speculative buying in small and mid caps. Agility shined after posting impressive 2013 results whereas banks mostly edged lower. The KSX 15 measure slipped 8.62 points to 1139.87 pts trimming the year’s gains to 88 points while weighted index fell 2.67 pts. The volume turnover rebounded after falling sharply on Monday. 185.93 million shares changed hands — a 33.43 percent rise from the day before. The bourse was upbeat during last week as investors reacted positively to the easing stance of CMA over implementing the new corporate rules.

The sectors closed mixed. Consumer services outshone the peers with 1.95 percent rally whereas parallel market slid 0.57 percent, the worst performer of the day. In terms of volume, financial services notched the highest market share of 35.55 pct while real estate came next with 30.72 percent. Industrials was a distant third with 12.76 percent contribution. Among the prime movers, Kout Food Group spiked 50 fils to KD 0.780 and NAPESCO climbed 40 fils with thin trading. Al Nawadi Holding Co rose 10 fils and Yiaco Medical Co was up 10 fils at KD 0.345. Kuwait Resorts Co added 4 fils on back of 9.6 million shares. National Industries Group took in 2 fils to settle at KD 0.242 and Metal and Recycling Co followed suit. Kuwait Foundry Co climbed 5 fils to KD 0.350 and Equipment Holding Co was up 4 fils at KD 0.160.

Rallied

Agility rallied 50 fils on back of over 12 million shares. The company has recorded a net profit of KD 46.20 million and earnings per share of 44.28 fils, up from KD 33.69 million profit and earnings per share of 32.21 fils in the year before. The Board of Directors has recommended a cash dividend of: 40 % plus 5 % bonus shares. Zain retreated 10 fils while Wataniya Telecom gained 20 fils to wind up at KD 1.880 and the stock is trading 40 fils higher from start of the month. The market opened flat and slipped lower in early trading. The index drifted a narrow range past the mid-session amid selling in select counters and hit the day’s lowest level of 7,525.51 pts before clawing back into green zone in the final minutes. Top gainer of the day, Al Nawadi rallied 8.77 percent to KD 0.124 and Agility climbed 7.35 percent to stand next. NCCI dived 8.77 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with over 15 million shares.

Despite the day’s uptick, the losers outnumbered the gainers. 56 stocks advanced whereas 65 closed lower. Of the 166 counters active on Monday, 45 closed flat. 4477 deals worth KD 29.14 million were transacted — a 50.24 percent jump in value from the day before. Noor Financial Investment Co rose 4 fils whereas Kuwait and Middle East Finance Investment Company edged 2 fils lower. The company has logged a net profit of KD 1.160 million and earnings per share of 4.4 fils in 2013, as compared to KD 1.164 million loss and loss per share of 4.5 fils in the previous year.

On the downside, Mabanee Co shed 20 fils, erasing the gains on Sunday and Gulf Cable pulled 10 fils lower to KD 0.780. RISCO eased 5 fils and ACICO Industries too was down by same measure. Kuwait Food Co (Americana) shed 20 fils to end at KD 2.460 and has retreated 40 fils from start of the month.

ALAFCO rose 5 fils to KD 0.255 whereas Al Jazeera Airways gave up 15 fils top end at KD 0.450. 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.

Slipped

Kuwait Resorts Co was up 4 fils on back of 9.6 million shares whereas IFA Hotels and Resorts slipped 19 fils. United Industries Co and Boubyan Petrochemicals Co closed flat while Kuwait Gulf Links and Kuwait Cable Vision Co slipped 1 fils each. Future Communication Co G

Arab Times