Kuwait market ends week with 29.02 pts upswing


08/02/2014 10:32 AST

Kuwait stocks pulled higher Sunday to end the week on positive note. The index, after trading in tight range for most part of the day, closed 29.02 pts higher at 7,832 points. The mid and low caps paced the advance whereas most of the blue chips sagged on profit taking. The KSX 15 benchmark slipped 4.39 pts to 1,075.14 points paring the year’s gains to 23 points while weighted index edged 0.96 pts lower. The volume turnover meanwhile slipped below the 300 million mark for the first time during the month. 299.37 million shares changed hands — a 0.70 percent fall from Wednesday.

Among the sectors, insurance outpaced the rest with 1.99 percent spike whereas telecommunications shed over 2 pct, the worst performer of the day. Volume wise, financial services garnered the highest market share of 39.29 percent and real estate came in next with 36.47 percent contribution. Kuwait National Cinema Company vaulted 100 fils to close at KD 1.140 and National Industries Group was up 10 fils on back of 6.4 million shares. Kuwait Portland Cement rose 20 fils and Kuwait Co For Plant Process and Contracting followed suit.

Gulf Cables gained 10 fils recouping the loss in the previous session and United Industries Co was up by same measure to end at KD 0.170. Kuwait Cement Co rose 5 fils and Safwan Trading and Contracting Co closed 15 fils higher. Among the heavyweights, Zain retreated 10 fils taking the month’s losses to 20 fils while Wataniya Telecom dived 60 fils extending the loss in the day before. Agility fell 10 fils to KD 0.640 and is trading 50 fils lower year-to-date.

Slipped

The market opened flat and slipped into red in early trade. The index hit the day’s lowest level of 7,796.82 pts and vacillated around the opening mark as investors toed caution. However it revved up in the final minutes to close with modest gains. Top gainer of the day, Kuwait Cinema Company spiked 9.62 pct to KD 1.140 and Energy House rallied 8 percent to stand next. Future Communications Co Global dropped 4.11 percent, the biggest loser of the day, and Kuwait Business Town Real Estate Co topped the volume with 35.75 million shares. Mirroring the day’s gains, the market spread was skewed towards the winners, 52 stocks advanced whereas 48 closed lower. Of the 148 counters active on Thursday, 48 closed flat. 5,771 deals worth KD 36.19 million were transacted — an 11.82 percent fall in value from the day before.

On the downside, Kuwait Food Co (Americana) shed 20 fils extending an identical drop in the day before while Equipment Holding Co slipped 6 fils after clocking a volume of 4.39 million. KGL Logistics eased 2 fils to KD 0.180 whereas Kuwait Gulf Links held the ground steady at KD 0.102.

ACICO Industries Co was flat at KD 0.290 and Jazeera Airways followed suit to wind up at KD 0.495. The carrier has posted a net profit KD 16.67 million and earnings per share of 39.70 fils in the year 2013, up from KD 13.94 million and earnings per share of 38.37 fils in 2012. The Board of Directors has recommended a cash dividend of 15 percent.

National Real Estate Co eased 2 fils while Al-Mazaya Holding was unchanged at KD 0.124.The bank has logged a net profit of over KD 6 million and earnings per share of 10.27 fils in the year 2013 surging from KD 290,553 million profit and earnings per share of 0.50 fils during last year. The Board of Directors has recommended a dividend of 6% bonus shares

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