Trading in progress at Kuwait Stock Exchange. The bourse extended gains on Sunday.
KSE recoups early losses to close 12.88 pts higher Gulf Cables gains 20 fils; Zain stagnates

KUWAIT CITY, Nov 11: Kuwait stocks pulled higher Sunday, extending the gains from last week. The index, after getting off to a weak start, rose 12.88 points to a three- week high of 5,785.05 points as sentiment remained upbeat after the earlier comment by the Amir on reviving the economy. Some of the small and mid-caps eked gains whereas blue chips remained mostly muted. The KSX 15 benchmark rose 0.78 points to 994.92 points while weighted index edged 0.52 pts up to 409.42 points. The volume turnover meanwhile surged to the highest level of the month. 361.02 million shares changed hands — a 16.76 percent rise from the previous session. The sectors closed mixed. Parallel market outpaced the peers with 0.92 percent rise whereas technology shed 1.51 percent, the biggest loser of the day. In terms of volume, the financial services accounted for the highest market share of 46.23 percent while real estate and banks followed with 39.66 percent and 6.31 percent respectively.

National Industries Group took in 2 fils on back of 5.45 million shares to settle at KD 0.212. Kuwait Cement Co rose 15 fils to KD 0.415 and IFA Hotels and Resorts Co followed suit to close at KD 0.345. Gulf Cables climbed 20 fils to KD 1.140 and Kuwait Portland Cement was up 10 fils at KD 0.940. Specialties Group Holding Co gained 25 fils to end at KD 0.460 while ALAFCO and Jazeera Airways added 5 fils each. The airlines had climbed 10 fils from start of the month after edging 5 fils higher during whole of October. Agility was flat at KD 0.520 off early lows and Zain too was unchanged at KD 0.760 after trading 3.63 million shares. The telco has logged a third-quarter net profit of KD 59.7 million, down 15 percent from the year before period. Wataniya Telecom surrendered early gains to close steady at KD 2.100.

The market opened on positive note and rose briefly in early trading. The index headed south thereafter as sentiments weakened and hit the day’s lowest level of 5,741.75 points. It clawed back thereafter as buying picked up in select counters and peaked at 5,792.29 pts before easing slightly at close. Top gainer of the day, Kuwait Business Town rallied 9.3 percent to 23.5 fils and Gulf Finance House climbed 7.46 percent to stand next. Amwal tanked 20 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 60.46 million shares. The market spread was skewed towards the winners. 63 stocks advanced whereas 28 closed lower. Of the 131 counters active on Sunday, 40 closed flat. 5830 deals worth KD 28.08 million were transacted — down 17.80 percent in value from the previous session.

KSE, after plunging in October, had recouped some of the losses during last week on positive statement from Amir over the economy and the bourse. “On a scale of one to 10 in terms of (government-owned) National Portfolio activity I would say it’s still at a two or maybe three,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House.

On the downside, Combined Group Contracting Co dropped 20 fils to KD 1.460 and Automated Systems Co was down 25 fils at KD 0.460. ACICO edged 2 fils lower reversing the gains in the previous session. In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.960 while Gulf Bank pulled up from slight early losses to close flat at KD 0.410. The stock is unchanged from start of the month while year-to-date, it has tumbled 100 fils. Commercial Bank of Kuwait was not traded during the session. Al Ahli Bank shed 20 fils to end at KD 0.610 and Ahli United Bank was steady at KD 0.850 whereas. AUB has recorded KD 8.45 million net profit in July-September period while in the first nine-months it reached KD 29 million. The lender has set aside KD 12.55 million provisions even as the bad loan coverage ratio reached 176%.

Kuwait International Bank added 5 fils whereas Burgan Bank stagnated at KD 0.530. Kuwait Finance House rose 10 fils with a volume of 2.66 million shares. The central bank has approved KFH’s request to buy back or sell 10% maximum of its issued shares for further 6 months starting from Oct 19, 2012. Boubyan Bank eased 10 fils to KD 0.620. Commercial Facilities Co gained 5 fils whereas National Investment Co and KIPCO were flat at KD 0.120     and KD 0.390 respectively. Al-Tamdeen Investment was steady at KD 0.160. The company has earned KD 4,475,284 with earnings per share of 15.03 fils in January-September period. Securities House Co slipped 4 fils after trading and International Finance Co edged 2 fils lower. Noor Financial Investment was up 1 fils at 66 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.

Kuwait Financial Centre Co eased 2 fils to KD 0.116 and Bayan Investment was flat at 37 fils. Al Deera Holding rose 1 fils to 31 fils and Sokouk Holding Co pulled 2 fils lower. National Real Estate Co climbed 4 fils to KD 0.222 and Tamdeen Real Estate Co edged 2 fils up. Mabanee rallied 60 fils on back of 2.81 million shares. The company has chalked a net profit of KD 21.36 million and earnings per share of 34.4 in the first nine months of 2012. The bourse was bullish during last week. It closed higher in 3 of the 5 sessions and gained 116.74 points week-on-week. The index has climbed 18.09 points from start of the month but is down 0.11 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. 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. Kuwait Stock Exchange has suspended trading the shares of the following companies for failing to submit the results in the stipulated times.

 They are:
Al-Safat Investment Company, Kuwait Commercial Markets Complex, Industrial Investments Company, Aayan Leasing & Investment Co, Al Imtiaz Co, Jeeran Holding Co. The following companies were banned from KSE from posting losses of 75% or more of the capital: Global Investment House, Al-Ahlia Holding Coand Al Safwa Holding Group.

By: John Mathews

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