Trading in progress at Kuwait Stock Exchange. The bourse chalked strong gains on Thursday.
Kuwait bourse extends gains as volume swells Most blue chips rise after Amir’s comment

KUWAIT CITY, Nov 8: Kuwait stocks revved up Thursday to end the week on a positive note. The index, after a quiet start, climbed 40.16 points buoyed by positive comments from the Amir with regard to the economy and KSE. The day’s rally was led by select blue chips and some of the mid-caps even as investors await fresh cues. The KSX 15 benchmark rose 10.42 points to 994.14 points and the weighted index was up 3.58 points at 408.9 pts. The volume turnover surged after slumping sharply below the 200 million mark on Wednesday. 309.2 million shares changed hands - an 82.19 increase from the day before. KSE had shed 3.61 percent during October amid political concerns following a string of protests. Agility rose 20 fils on back of 2.26 million shares to close at KD 0.520 and Zain followed suit to close at KD 0.760 after pulling lower in the previous session. Wataniya Telecom too was up 20 fils with thin trading. The stock has retreated 140 fils so far during the month after sliding 240 fils in October.


Combined Group Contracting Co climbed 20 fils to KD 1.480 and ALAFCO followed suit to end at KD 0.330. National Industries Group, the flagship company of Kharafi Group, gained 6 fils with a volume of 9.17 million shares while Gulf Cables added 20 fils during the session. Kuwait Pipes rose 4 fils to KD 0.400 and RISCO followed suit to close at KD 0.236. Kuwait Portland Cement was up 10 fils at KD 0.930 and ACICO Industries ticked 2 fils higher to KD 0.236. The market opened on tepid note and hovered above the red in early trade. The index slipped to hit the day’s lowest level of 5726.99 pts and nudged higher . It spiked sharply thereafter amid strong buying in some of the counters and peaked at 5779.66 points before easing slightly at close.

Spiked
Top gainer of the day, Kuwait Business Town spiked 10.26 pts to 21.5 fils while Kuwait Reinsurance Co climbed 9.09 percent to stand next. Kuwait Insurance Co tumbled 8.33 percent, the steepest decliner of the day, whereas Gulf Investment House topped the volume with 42.35 million shares.
Mirroring the day’s gain, the winners vastly outnumbered the losers. 73 stocks advanced whereas 28 closed lower. Of the 131 counters active on Thursday, 30 closed flat. 3,446 deals worth KD 34.16 million were transacted — a 108.84 percent surge in value from the day before.
The bourse, after being battered by negative sentiments in the previous week, has showed modest bounce in the last two sessions. “You can tell that things are moving — I’m very optimistic,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House. “If the government comes through on even one of the mega projects, this will be an indication of what’s to come for Kuwait.”
On the downside, Jazeera Airways eased 5 fils to KD 0.470 and Kuwait Food Co (Americana) was down 20 fils at KD 1.600. The stock has shed 40 fils so far during the month and is trading 120 fils higher year-to-date.


Kuwait Remal Real Estate Co slid 25 fils after trading 7.03 million shares and Mabanee Co pulled 20 fils lower to KD 1.180. The company has earned KD 21,364,685 and earnings per share of 34.43 fils in the first nine months of 2012 as against net profit of KD 16.517 million and earnings per share of 27.18 fils in the same period last year.
Kuwait Foundry Co closed flat at KD 0.330 and United Industries Co too was unchanged at 92 fils. The company has logged a net profit of KD 2.85 million and earnings per share of 5.97 fils in the first nine months of 2012.
In the banking sector National Bank of Kuwait was flat at KD 0.970 while Gulf Bank gained 15 fils with a volume of 11.67 million shares. Commercial Bank of Kuwait was not traded during the session. CBK has won the approval of central bank to extend permission to buy back or sell up to 10% of own issued shares over a period of six months ending May 21, 2013.


Rose

Kuwait International Bank rose 5 fils on back of 5.94 million shares to KD 0.285 whereas Ahli United Bank was unchanged at KD 0.850. Al Ahli Bank of Kuwait was not traded during the day. ABK has posted net profit of KD 30,353,000 and earnings per share of 20 fils in the nine months to September 2012.
Burgan Bank rose 10 fils to KD 0.530 and Kuwait Finance House too was up by same measure to wind up at KD 0.760. Boubyan Bank did not budge from its previous close of KD 0.630.
Kuwait Investment Co eased 2 fils to KD 0.100 while International Financial Advisors closed flat. National Investment Co shed 4 fils to end at KD 0.120 and KIPCO stagnated at KD 0.390. The company posted a net profit of KD 23,657,000 earnings per share of 18.27 fils in first nine months of 2012.
Securities House Co slipped 5 fils while Kuwait Financial Centre Co and First Investment rose 2 fils each. Noor Financial Investment too was up 2 fils at 65 fils. The firm has inked an agreement with Al-Ahli Bank of Kuwait to restructure debts amounting to K D 34.515 million to be settled over 6 years.
The bourse has largely upbeat during the week. It closed higher in 3 of the 5 sessions and has rallied 116.74 points week-on-week. The index has added 5.2 points from start of the month but is down 0.34 percent year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Jazeera Airways has recorded a net profit of KD 11,437,703 and earnings per share of 47.26 fils in the January-September period of 2012 as against earnings of KD 9,255,747 and Fils 38.25 EPS in the same period last year.


Al Maal Investment has incurred a net loss of KD 4,443,525 and loss per share of 8.41 fils in the January-September period as against loss of KD 25,008,939 and 47.3 LPS in the same period last year.
Osoul Investment announced has clocked a net profit of KD 31,005 and earnings per share of 0.16 fils in the January-September period as against of earnings of KD 297,877 and EPS of 1.58 fils in the same period last year.
Al-Tamdeen Investment has earned KD 4,475,284 with earnings per share of 15.03 fils in January-September period as against net profit of KD 4,461,515 and earnings per share of 14.90 fils in the same period last year.
Independent Petroleum Group has recorded net profit of KD 5,077,000 and earnings per share of 35.10 fils in the first three quarters of 2012 as against net loss of KD 3.832 million and loss per share of 26.50 fils in the January-September period of 2011.




 


By: John Mathews

Read By: 3058
Comments: 0
Rated:

Comments
You must login to add comments ...
 Existing Member Login      
Username
(Your Email Address)
Password
 
 
   Not a member yet ?
   Forgot Password ?

About Us   |   RSS   |   Contact Us   |   Feedback   |   Advertise With Us