KUWAIT CITY, July 13: Kuwait stocks clawed back on Wednesday, stemming the three-day decline.
The index climbed 10.9 points in volatile trade led by select heavyweights even as some of the mid-caps sagged on profit taking. The market mood was largely skittish even as investors await more financial results.
The bourse wound up at 6,175.9 points after trading briefly in red earlier in the session while weighted index rose 2.44 points to 432.91. The volume was almost stagnant after the increase in the previous session. 60.36 million shares changed hands - up 0.9 percent from the day before. The trading volume has been extremely anemic since mid-June and had hit a multi-year low of 46.97 million on Monday.
National Bank of Kuwait climbed 20 fils to KD 1.160 on back of 1.06 million shares after stagnating on Tuesday. The lender has, posted a 4.5 percent drop in second-quarter net profit. It earned KD 65.9 million during the April-June quarter as compared to KD 69 million in the same the period last year.
Ahli United Bank too rose 20 fils to end at KD 0.900 whereas Al Ahli Bank closed 10 fils down at KD 0.660 with thin trading. Kuwait Finance House stagnated at KD 0.980 after paring early losses.
Bourse heavyweight Zain gained 20 fils after stagnating in the day before and wound up at KD 1.020. The counter saw 0.33 million shares change hands. The stock had 13.93 percent share of the total market capitalization.
Aglility was unchanged at KD 0.330 and Wataniya Telecom followed suit to wind up at KD 2.000 after posting modest rise in the day before. The stock has gained 40 fils since start of the month and is trading 100 fils higher year-to-date.
Higher
National Industries Group edged 2 fils higher to KD 0.232 while Kuwait Portland Cement jumped 40 fils to settle at KD 1.180. Gulf Glass Manufacturing Co soared 50 fils whereas Kuwait Cement Co held the ground unchanged at KD 0.570. Gulf Cables slipped 20 fils after closing flat on Tuesday.
The market opened choppy and slipped into red in early trade. The index hit the day’s lowest mark of 6,159.6 points and clawed back as investors eyed some of the heavyweight counters and industrials. It rose steadily to peak at 6,180.3 pts and slipped back into a trough on profit taking before closing with modest gains.
Top gainer of the day, Gulf Glass Manufacturing Co climbed 7.3 percent to KD 0.730 and Pearl of Kuwait Real Estate Co rallied 6.6 percent to stand next. Munshaat Real Estate Co slid 33.33 percent, the steepest decliner of the day, while REMAL topped the volume with 10.8 million shares.
The market spread was skewed towards the gainers. 29 stocks advanced while 21 closed lower. Of the 85 counters active on Wednesday, 34 closed flat. 1,215 deals worth KD 11.64 million were transacted - down 27.8 percent from the day before.
In the investment sector, National Investment Co was flat at KD 0.228 after trading 1 million shares whereas Kuwait Investment Co added 4 fils. KIPCO fell 5 fils to KD 0.350. Moody’s in a recent move had downgraded the company by one notch citing a weaker cash coverage ratio. The company’s issuer rating was cut to ‘Baa3’ from ‘Baa2’ with negative outlook.
Kuwait Financial Centre (Markaz) eased 2 fils to KD 0.120 whereas First Investment Co ticked 2 fils higher. Al Mal fell 1 fils to KD 0.0067 whereas Gulf Investment House was unchanged at 30 fils.
Global Investment House inched 1 fils higher to 37 fils recouping the fall in the previous session. The stock had shed 5 fils during June and is up trading 14 fils lower year-to-date.
Jazeera Airways was stagnant at KD 0.206 and ALAFCO too did not budge from its earlier close. The company has posted a net profit of KD 28,837,946 and earnings per share of 36.98 fils in the 9-month period ending June 30 as against KD 7,757,839 and 9.95 fils in the same period last year.
Climbed
Investment major Mabanee climbed 10 fils to KD 0.860 while Kuwait Remal Real Estate Company rallied 20 fils on back off 10.8 million shares. National Real Estate Co eased 1 fils to KD 0.074. The company is seeking to sell conventional or Islamic bonds to reschedule debt and is also trying to sell some of its non-core investments to reschedule KD 200 million of debt.
The bourse has been largely wobbly so far during the week and has dropped 37 points from last week’s closing mark. It down 36 points since start of the month and is trading 11 percent lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Securities Group Company Co has posted a net profit of KD 12,934 and earnings per share of 0.05 fils in the fiscal year ending March 31, 2011. The Board of Directors has recommended a cash dividend of 10 percent.
Burgan Well Drilling Co has posted a net profit of KD 1,749,701 and earnings per share of 8.35 fils in the fiscal year ending March 2011. This compares with last year’s net profit of KD 2,874,265 and earnings per share of 13.72 fils The Board of Directors recommended no dividend payout for the fiscal year.
Bayan Investment Co has incurred a net loss of KD 3,792,933 and loss per share of 10.61 fils in the three-month period ending March 31, 2011 as compared to a net loss of KD 1,862,004 and loss per share of 5.23 fils in the same period last year.
Al-Safat Investment Co announced that Central Bank of Kuwait approved request to buy back up to 10% of own shares over the period of 6 months ending Jan 28, 2012 but rejected selling request as general meeting did not mention same.
National Industries Group has registered a first quarter net profit of KD 1,941,000 and earning per share of 2 fils as compared to profit of KD 4,712,000 in same period last year.
Meanwhile, Kuwait Stock Exchange has selected 15 firms for its new Kuwait 15 Index. They are: Mobile Telecommunications Co (Zain), National Mobile Telecommunications (Wataniya), National Bank of Kuwait, Kuwait Finance House, Gulf Bank, Boubyan Bank, Ahli United Bank, Burgan Bank, Kuwait Projects Co, Mabanee Co, Kuwait International Bank, Agility Public Warehousing Co, National Industries Group Holding, Gulf Cable & Electrical Industries Co, Boubyan Petrochemical Co. The list is to be reviewed every six months.