Kuwait extends gains; closes 8.25 pts higher

10/03/2014 10:43 AST

Kuwait stocks nudged higher Sunday extending the gains to second straight session. The index recouped early losses to close 8.25 pts higher at 7,515.68 pts. The banks closed mixed whereas the other blue chips were mostly muted in absence of any market driving catalyst. The KSX 15 benchmark climbed 3.58 pts trimming the month’s losses to 15 pts while weighted index edged 1.52 pts up. The volume turnover meanwhile receded for the second consecutive day to slip below the 200 million mark. 162.70 million shares changed hands — a 23.56 pct drop from the day before. The market last week was weighed by CMA’s suspension of some of the listed stocks over non-compliance of rules and a row between Qatar and GCC majors.

The sectors closed mostly in the green. Telecommunications outshone the rest with 0.93 pct gain whereas parallel market slumped 0.96 percent, the biggest loser of the day. In terms of volume, financial services dominated with 44.63 pct market share and real estate followed with 30.11 pct contribution.

Among the prime movers, Combined Group Contracting Co rose 20 fils to KD 1.200 and ACICO Industries Co was up by same measure. IFA Hotels and Resorts climbed 22 fils while Burgan Well Drilling Co and Zima Holding Co added 10 fils each. National Bank of Kuwait rose 10 fils on back of 2.3 million shares. Mabanee Co gained 20 fils and Commercial Bank jumped 30 fils to KD 0.760 reversing the gains in the previous session. Future Communication Co Global rose 4 fils to settle at KD 0.174 and Gulf Franchising Holding Co followed suit. Zain was flat at KD 0.630 off early lows and saw over 0.7 million shares change hands and National Telecommunication Co too did not budge from its earlier close of KD 1.780. Zain has earned KD 216.44 million and chalked an earnings per share of 56 fils in 2013. The Board of Directors has recommended a cash dividend of 50%.

Unchanged
Agility gave up slight early session gains to close unchanged at KD 0.650 and Kuwait Gulf Links followed suit to wind up at 99 fils. The stock has retreated 5 fils from start of the month. The market opened flat and moved sideways in early trade. The index sagged thereafter as sentiment turned negative and hit the day’s lowest mark of 7462.72 pts past the mid-session. It clawed back in the final hour and managed to close with modest gains. Top gainer of the day, IFA Hotels and Resorts rallied 8.87 percent and Zimah stood close behind with 8.77 pct upswing. Ajwan Gulf Real Estate Co slid 7.94 pct, the biggest loser of the day, and Al Madina topped the volume with 18.4 million shares. The market spread was almost even during the session. 343 stocks advanced whereas 41 closed lower. Of the 137 counters active on Sunday, 41 closed flat. 3958 deals worth KD 16.87 million were transacted — a 31.89 pct drop in value from the day before.

On the downside, KGL Logistics eased 2 fils and Jazeera Airways gave up 5 fils to close at KD 0.475. The company has posted a net profit of 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. City Group shed 15 fils and National Industries Group edged 2 fils lower after trading over 1 million shares. United Industries Co fell 2 fils to 164 fils erasing the gains in the last session. Kuwait Cement Co was flat at KD 0.390 and Gulf Cable followed suit. The company has posted a net profit of KD 9.96 million and earnings per share of 47 fils in 2013, down from KD 11.41 million profit and earnings per share of 54 fils in the year before. The Board of Directors has recommended a cash dividend of 30 fils. ALAFCO held steady at KD 0.255 and Kuwait Foundry too did not budge from its earlier close of KD 0.350. The company has notched a net profit of KD 2.22 million and earnings per share of 14.45 fils in 2013 as against KD 1.09 million profit and earnings per share of 7.12 fils in the previous year. Boubyan Petrochem

Arab Times