Kuwait Stocks Extend Retreat; Volume Drops

Kuwait National Cinema Tumbles; Zain Gains

17/02/2014 05:05 AST

Kuwait stocks sagged Sunday extending the decline for the second straight day. The index gave up slight early gains to close 10.23 pts lower at 7,832.39 pts. Some of the banks and low priced stocks shined whereas other heavyweights closed mostly in the green.

The KSX 15 benchmark rose 6.52 percent 1,096.15 points taking the year’s gains to 44 pts whereas the weighted index edged 1.44 pct up. The volume turnover receded for the third consecutive day. 237.052 million shares changed hands — a 2.67 pct fall from the day before. The sectors closed narrowly mixed. Telecommunication outperformed the rest with 2.38 pct rally whereas basic materials shed 1.68 pct — the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 42.46 pct while real estate came next with 31.66 pct. Industrials was a distant third with 12.99 percent contribution.

Among the day’s movers, Kuwait Foundry Co skidded 25 fils to KD 0.350 while Kuwait National Cinema dived 60 fils. Kuwait Food Co (Americana) shed 20 fils while Combined Group Co dipped 40 fils extending an identical loss in the previous session.

Kuwait Hotels Co slipped 10 fils and IFA Hotels and Resorts was down by same measure.

Automated Systems Co and United Industries Co fell 10 fils each while Equipment Holding Co gave up 6 fils to close at KD 0.158.

Bourse heavyweight Zain rose 10 fils to KD 0.690 on back of 2.55 million shares while Wataniya Telecom soared 80 fils extending the gains in the day before. Agility was up 10 fils at KD 0.670 taking the month’s gain to 30 fils.

Dull
The market opened on dull note and moved sideways in early trade. The index rose briefly to hit the day’s highest level of 7,866.76 pts and retreated thereafter as sentiment turned weak . It resumed flat trading in the second half and troughed at 7,809.22 pts in the final minutes before trimming some of the losses at close.

Top gainer of the day, ACICO climbed 7.14 pct to KD 0.300 and Future Communication rose 6.58 percent to stand next. Tahssilat slid 8.93 percent, the steepest decliner of the day while Al Dar National Real Estate Co topped the volume with over 23 million shares. Mirroring the day’s fall, the losers outnumbered the winners. 50 stocks advanced whereas 59 closed lower. Of the 156 counters active on Sunday, 47 closed flat. 5,440 deals worth 26.47 million were transacted — a 17.31 pct drop in value from the day before.

On the upside, Kout Food Group vaulted 40 fils while Independent Group rose 10 fils. The company has posted a net profit of KD 6.075 million and earnings per share of 42 fils in the year ending 2013, up from KD 5.836 million profit and earnings per share of 40.35 fils in the year before period. The Board of Directors has recommended a cash dividend of cash 30%. National Industries Group added 4 fils after slipping slightly into red in the previous session and Gulf Cable gained 10 fils. Zima Holding climbed 10 fils and Al Nawadi rose 8 fils to KD 0.130. Kuwait Gulf Links ticked 2 fils higher.

Metal And Recycling Co was flat at KD 0.134 and Kuwait Portland Cement followed suit. The company has recorded a net profit of KD 7.85 million and earnings per share of 86.37 fils in 2013, up from KD 7.28 million profit and 80.13 fils EPS in the same period last year. The Board of Directors recommended a cash dividend of 85%.

In the banking sector, National Bank of Kuwait gained 10 fils whereas Gulf Bank stagnated at KD 0.360 off early lows. The bank has recorded a net profit KD 32.16 million and earnings per share of 12 fils in 2013 as compared to net profit of KD 30.88 million and earnings per share of 11 fils last year. The Board of Directors has recommended a dividend of 5% bonus shares.

Arab Times