KUWAIT CITY, March 9: Kuwait stocks rallied on Wednesday after ticking marginally high in the previous session. The index soared 80.9 points — the biggest single day gain since start of the year, led by blue chips and some of the mid-caps.
The trading floor sentiment was positively cautious even as investors chased stocks at lower levels after being pummeled by regional unrest and negative developments in the Zain-Etisalat deal.
The bourse wound up at 6218.90 points while the weighted index climbed 10.41 points to settle at 436.75. The volume turnover swelled for the second consecutive day after slipping below the 100 million mark on Monday. 185.45 million shares changed hands - a 63.9 percent surge from the day before.
National Bank of Kuwait soared 40 fils after stagnating in the previous session. It closed at KD 1.180 and saw 1.38 million shares change hands. The lender has started the distribution of cash dividends of 40 pct and bonus shares of 10 pct to registered shareholders as on the day of the AGM on March 6, 2011.
Bourse heavyweight Zain climbed 20 fils adding to an identical rise in the previous session. It closed at KD 1.340 and posted a volume turnover of 2.28 million shares. Etisalat has said earlier in the month that it still interested in buying Zain stake even as the prospects appear dim owing to raft of uncertainties linked to the deal. Meanwhile Etisalat’s stake bid will be exempt from the Kuwaiti capital market laws pertaining to takeovers, an official said on Monday

Agility rose 20 fils to KD 0.355 after trading 1.2 million shares. The stock had shed 90 fils during February and has eroded 165 fils year-to-date. Wataniya Telecom too was up 20 fils at KD 1.700 after posting robust gains on Tuesday.
Among other notable advancers, KIPCO rallied 25 fils after stagnating the day before. It closed at KD 0.420 and posted a volume turnover of 1.89 million. National Investment Co rose 10 fils on back of 2.29 million shares. The company’s Board of Directors of has approved the financial statements for the year 2010 and has also recommended retaining earnings for the year 2010.
National Industries Group moved 9 fils higher to KD 0.255 while Gulf Cables jumped 80 fils to settle at KD 1.620. Heavy Engineering Industries and Shipbuilding Co added 20 fils whereas Contracting and Marine Services Co did not budge from the earlier close. Kuwait Portland Cement Co gained 40 fils to KD 1.560 while ACICO Industries Co added 15 fils.

Higher
Global Investment House inched 1 fils higher to KD 0.044 after trading 1.04 million shares whereas KAMCO held the ground steady at KD 0.315. Al Maal Investment Co rose 5 fils and Bayan Investment Co edged 2 fils higher to KD 0.037.
Tamdeen Investment Co took in 2 fils to end at KD 0.170. The company has chalked a net profit KD 3,440,249 earnings per share 11.36 fils in the full year 2010 as against a net profit of last KD 2,266,116 and earnings per share of 7.31 in 2009. The Board of Directors recommended a dividend payout of: cash 6%.
The market opened strong and rose steadily in early trade as investors chased value shares across the sectors. The index traded sideways in the second half of the session as sentiments turned cautious and closed with solid gains.
“The market is having more of a technical rebound, with investors targeting stocks that have been sold off despite little change in their fundamental outlook — it’s the same story on other Gulf markets, Reuters quoted an analyst who spoke on condition of anonymity.
“Kuwait trading will remain volatile, moving in a sideways range in the longer term. People are still monitoring Saudi Arabia,” he added.

The top gainer of the day, Noor Financial Investment Co spiked 9.09 percent to KD 0.030 while Arab Real Estate Co climbed 8.3 percent to stand next. Kuwait National Airways slid 8.1 percent, the steepest decliner of the day, while National Ranges Co (Mayadeen) topped the volume with 24.5 million shares changing hands.
Reflecting the day’s strong gains, the winners vastly out led the losers. 75 stocks advanced while 14 closed lower. Of the 115 counters active on Wednesday, 19 closed flat. 3483 deals worth KD 28.76 million were transacted - a 41.9 percent rise from the day before.
The bourse had been mixed so far during the week and has gained 71 points from last week’s closing mark. It had dived 263 points from start of the month and is down over 9 percent year-to-date. KSE, with 215 listed companies, is the second largest bourse in the region.
Burgan Bank rallied 25 fils on back of 4.01 million shares. The lender has registered a net profit of KD 4,655,000 and earnings per share 3.6 fils in 2010, down from KD 6,211,000 and 5.7 fils in the previous year. The Board of Directors recommended a 5 percent bonus shares dividend.

Kuwait International Bank rose 10 fils while Gulf Bank added 15 fils. It ended at KD 0.475 and saw 1.41 million shares change hands. The lender had dropped 50 fils during February and is trading 95 fils lower since start of the year. Commercial Bank was not traded during the day.
Ahli United Bank soared 50 fils to KD 0.810 wjile Kuwait Finance House rose 20 fils on back of 1.34 million shares to wind up at KD 1.140 . The lender KFH has logged a net profit of KD 106 million in whole of 2010 and the board has recommended a 20 percent dividend and bonus of 8 free shares for every 100 held.
Tamdeen Real Estate Co climbed 8 fils while Mabanee Co saw a robust 40 fils rise. Mabanee has logged KD 18.6 million net profits in 2010, up from KD 15.3 million in the year before. The Board of Directors has decided to distribute a dividend of 10 percent of the profit. The assets had reached KD 256.4 million by end of 2010 while liabilities amounted to KD 129.4 million.

Meanwhile, Kuwait Stock Exchange has suspended the following companies from trading for failing to publish the financial results within the stipulated time period: Al Safat Global Holding Company, Al Dar Investment Company, International Leasing and Investment Company, Villa Moda Lifestyle Company, International Investment Group, Network Holding Company, Securities House Company, Gulf International Investment Company, International Investor Company, Aayan Leasing and Investment Company, Al Dar National Real Estate Company and Educational Group Holding Company.
In the bourse related news, Abyaar Real Estate Development Co incurred a net loss of KD 4,996,913 and loss per share of 4.77 fils in full year 2010 as against net loss of KD 29,247,558 and loss per share of 37.26 fils in the year before. The Board of Directors recommended no dividend payout for the fiscal Year.
Salhiya Real Estate Co has posted a net profit of KD 10,203,837 and earnings per share of 26 fils as against a net profit of KD 7,248,686 and earnings per share of 9 fils during last year. The Board of Directors has recommended a cash dividend payout of 20 percent.