18/07/2014 09:28 AST

KUWAIT CITY, July 17: Kuwait stocks sagged Thursday to end the week on dull note. The benchmark slipped 14.62 pts to 7097.04 points weighed by selling in select banking shares and some of the heavyweights. The market mood was downbeat even as the investors digested the initial first half results. The KSX 15 gauge dropped 8.7 pts to 1164.14 points trimming the month’s gains to 24 points while the weighted index inched 1.83 points lower. The volume turnover rebounded after slipping below the 100 million mark in the previous session. 173.11 million shares changed hands — a 74.89 pct surge from Wednesday. The sectors closed mostly in the negative territory.

Technology outshone the rest with 1.12 pct upswing whereas consumer services dropped 1.49 pct, the biggest loser of the day. In terms of volume, financial services continued to dominate with 57.99 pct market share whereas banks and real estate trailed behind with 19.29 percent and 10.73 pct contributions respectively. Among sharp losers, Gulf Cable dropped 20 fils to KD 0.770 while Zima Holding Co dipped 29 fils.

Boubyan Petrochemicals Co shed 10 fils and Kuwait Foundry Co closed 5 fils lower. Burgan Bank fell 10 fils to KD 0.510 and Kuwait Finance House was down by same measure to end at KD 0.800. Investment conglomerate KIPCO retreated 10 fils and Yiaco Medical Co slipped 11 fils. Kuwait Foundry Co gave up 5 fils to settle at KD 0.315. Bourse heavyweight Zain retreated 10 fils to KD 0.640 erasing the gains on Wednesday whereas Wataniya Telecom was unchanged at KD 1.620. Agility fell 10 fils to KD 0.770 and the counter saw 1.20 million shares change hands.

Firm The market opened firm but edged down in early trading . The index slipped into red and continued to drift lower amid selling in select counters. It hit the day’s lowest level of 7075.81 points in the final minutes before closing with moderate losses. Top gainer of the day, IFA Hotels and Resorts soared 11.24 percent to 198 fils while Al Safat Tech Holding Co climbed 7.41 pct to stand next. Zimah Holding tumbled 22.66 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 61.85 million shares. Reflecting the day’s downswing, the losers outnumbered the winners.

49 stocks advanced whereas 39 closed lower. Of the 125 counters active on Thursday, 37 closed flat. 3185 deals worth KD 16.41 million were transacted — a 10.52 pct rise in value from the day before. Future Communications Co Global slipped 4 fils to KD 0.130 while ACICO Industries Co pulled 10 fils lower. The company has posted a net profit of KD 3.206 million and earnings per share of 12.94 fils in the quarter ending March 31, 201.

Kuwait Gulf Links Transport Co and Metal and Recycling Co clipped 2 fils each whereas ALAFCO closed flat. The company has recorded a net profit of KD 8.57 million and earnings per share of 11 fils in the first quarter of 2014 as against net profit of KD 13.18 million and earnings per share of 16.91 fils in the same period last year National Real Estate Co dropped 6 fils while Al-Mazaya Holding edged 2 fils lower.

The company has posted a net profit of KD 1.47 million and earnings per share of 2.37 fils in the quarter ending March 31, 2104, up sharply from KD 213,745 profit and earnings per share of 0.34 fils in the first quarter in 2013. On the upside, Kuwait Food Co (Americana) jumped 40 f ils to KD 2.980 while Jazeera Airways was up 10 fils at KD 0.430. Equipment Holding Co rose 4 fils to KD 0.130 and Qurain Petrochemical Industries Co added 5 fils on back of over 2.5 million shares. Flat National Industries Group was flat at KD 0.224 and United Industries Co too did not budge from its earlier close of KD 0.110. NICBM stagnated at KD 0.216 whereas Gulf Franchising Holding Co ticked 2 fils higher.

In the banking sector, Gulf Bank eased 5 fils to KD 0.340 after trading 1.33 million shares whereas National Bank of Kuwait

Arab Times

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