Kuwait benchmark inches up as volume ebbs NIG gains 6 fils; Gulf Cables declines

KUWAIT CITY, Nov 12: Kuwait stocks inched slightly higher Monday, extending the gains to third successive day. The index ticked 1.95 points up in volatile trade even as investors toed caution owing to renewed political fears after the protests on Sunday evening. The blue chips remained muted whereas some the small and mid-caps swayed in narrow range. The KSX 15 benchmark eased 0.3 points to 994.62 pts and is down over 5 points from its baseline whereas weighted index edged 0.13 pts up to 409.55 pts. The volume turnover slipped slightly from the month’s highest level reached on in the previous session. 358.56 million shares changed hands — down 0.68 percent from Sunday.

The sectors closed mixed. Technology sector outshone the rest with 2.79 percent gain whereas basic materials dropped 0.89 percent — the biggest loser of the day. In terms of volume, financial services notched the highest market share of 46.71 percent and real estate stood next with 34.95 percent.
National Industries Group rose 6 fils on back of 7.8 million shares extending the gains in the previous session while Kuwait Pipes was up 2 fils at KD 0.114. Contracting and Marine Services Co climbed 10 fils and Boubyan Petrochemical Co followed suit to end at KD 0.560.  KGL Logistics Co gained 15 fils and ALAFCO added 5 fils with a volume of 1.23 million shares. Gulf Glass Manufacturing Co advanced 20 fils. The company has recorded a net profit of KD 2.19 million and earnings per share of 51.11 fils in the first nine months of 2012.
Agility pared early losses to close unchanged at KD 0.760 and Zain too did not budge from its previous close of KD 0.760. The stock has added 20 fils from start of the month while year-to-date, it has dived 140 fils.


Wataniya Telecom held the ground steady at KD 2.100 off early highs. The telco has posted consolidated net profit of KD 62.9 million in first nine months of 2012 as compared with KD 345.0 million in the same period last year. KGL was flat at 93 fils.
The market opened firm and edged higher in early trade. The index reached the day’s highest level of 5791.23 points and retreated thereafter as sentiment weakened. It bottomed at 5765.59 points almost half way into the session and clawed back in the second half to close barely in the green.  Top gainer of the day, Masaken spiked 8.2 percent to 66 fils and Taamer climbed 7.84 percent to stand next. Munshaat slid 8.47 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 83.15 million shares.
The market spread was evenly poised. 45 stocks advanced whereas 47 closed lower. Of the 133 counters active on Monday, 41 closed flat. 5661 deals worth KD 28.08 million were transacted — down 2.90 percent in value from the day before.
“I don’t believe we will have the repercussions (from the protest) as previous ones,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House. Some fundamental concerns remain, associated with the fact that more than 120 companies have not yet announced earnings and the Nov. 15 deadline is fast approaching, he added.

On the downside, Gulf Cables dropped 20 fils and Burgan Well Drilling Co pulled 8 fils lower to KD 0.180. Combined Group Contracting shed 20 fils to end at KD 1.440. The company has posted a net profit KD 5,933,415 and earnings per share of 55.87 fils in the same period in last year.
Kuwait Foundry Co dropped 20 fils while Jazeera Airways Co edged 5 fils lower. The carrier 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.
In the banking sector, National Bank of Kuwait was flat at KD 0.960 after trading 1.14 million shares whereas Gulf Bank gained 5 fils to wind up at KD 0.415. The stock has risen 5 fils from start of the month after slipping 30 fils in the previous month.
Al Ahli United Bank was flat at KD 0.850 and Commercial Bank of Kuwait was not traded during the session. Al Ahli Bank of Kuwait climbed 20 fils with thin volume and Kuwait International Bank pulled 5 fils lower.


Burgan Bank slipped 10 fils to KD 0.520 whereas Kuwait Finance House was unchanged at KD 0.770. Boubyan Bank stagnated at KD 0.620. Boubyan Bank has posted a 11 percent rise in net profit to KD 7.6 million in the first nine months of 2012. The lender has won the central bank’s nod to buy back or sell 10 percent maximum of its issued shares for further 6 months ending 14 April 2013.
Kuwait Investment Co rose 2 fils to KD 0.102 whereas International Financial Advisers inched 0.5 fils lower with a volume of 7.6 million shares. National Investment Co fell 2 fils and KIPCO was down 5 fils at KD 0.385. KIPCO has obtained the Capital Market Authority approval to buy-back or sell up to 10 percent of own shares over the period starting Sept 17, 2012.
RISCO closed flat KD 0.236 United Industries Co followed suit to wind up at 93 fils. Kuwait Portland Cement Co was steady at KD 0.940 and Kuwait Cement Co too was stagnant at KD 0.415. Kuwait Portland Cement has recorded a profit of KD 6,414,466 and earnings per share of 70.56 in the January-September period of 2012.

The bourse has been trending higher and has gained 14.83 points in last two sessions. The index has gained 20.04 points from start of the month but is down 0.08 percent year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, ACICO Industries has logged a nine-month profit of KD 2,333,808 and earnings per share 9.42 fils, up from KD 1,540,986 profit and EPS of 6.22 fils in the same period in the previous year.
Gulf Finance House has registered a net profit of KD 2,128,445 and earnings per share of 2 fils in the January-September period as compared to profit of KD 1,129,260 and earnings per share of 1 fils in same period last year.
Kuwait Cement has earned KD 11,266,301 and earnings per share of 18.25 fils   as compared to net profit of KD 11,706,465 and EPS of 18.93 in the first nine months of 2011.  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.

By: John Mathews

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