KSE index gains 28.8 pts on strong buying Wataniya Telecom rallies 60 fils; NBK stagnates

KUWAIT CITY, Nov 13: Kuwait stocks pulled higher Tuesday, adding to the gains in the last three sessions.
 The index climbed 28.8 pts in slightly volatile trade led by select blue chips and mid-caps even as investors await further cues to sustain the upswing. KSE had plunged sharply earlier in the month over political worries.
The KSX 15 benchmark slipped 0.98 percent to 993.64 points whereas weighted index was up 0.03 percent at 409.58 pts. The volume turnover meanwhile surged to fresh month’s high helped mostly by speculative trading. 469.68 million shares changed hands - a 30.99 percent jump from Monday. The sectors closed mixed. Insurance sector outpaced the rest with 1.60 percent rise whereas technology shed 1.56 percent, the biggest loser of the day. Volume wise, real estate dominated with 47.44 percent market share while financial services and industrials followed with 36.80 percent and 9.61 percent respectively.

Combined Group Contracting Co soared 40 fils, pulling up from the trough in the previous session, while Kuwait Portland Cement Co added 10 fils to settle at KD 0.950. Kuwait Foundry Co rose 20 fils and Metal and Recycling Co gained 4 fils. Contracting and Marine Services Co was up 10 fils at KD 0.162. Wataniya Telecom spiked 60 fils after stagnating on Monday and wound up at KD 2.160. The stock has slid 80 fils from start of the month and is trading 220 fils higher year-to-date. Bourse heavyweight Zain however slipped 10 fils to KD 0.750 and Agility held the ground unchanged at KD 0.520. The market opened flat and slipped into red in early trade. The index pulled up and moved flat along the opening level well past the mid-session as investors toed caution. It picked up momentum thereafter amid buying in select counters and peaked at the highest level of 5,777.21 pts at close.

Top gainer of the day, Kuwait Business Town spiked 10.42 percent to 26.5 fils while Munshaat climbed 9.26 percent to stand next. Amwal slid 8.33 percent, the steepest decliner of the day, whereas Mazaya Holding Co topped the volume with 62.43 million shares. Mirroring the day’s gain, the market spread was skewed towards the winners. 52 stocks advanced whereas 43 closed lower. Of the 136 counters active on Tuesday, 41 closed flat. 6390 deals worth KD 35.008 million were transacted — a 36.26 percent surge in value from the previous session. On the downside, Automated Systems Co dropped 10 fils to KD 0.460 and Jazeera Airways followed suit to wind up at KD 0.460. The stock has eased 5 fils from start of the month and is up by same measure year-to-date. ALAFCO edged 5 fils lower erasing the gains in the previous session. National Industries Group fell 4 fils to KD 0.214 after trading 4.42 million shares and National Industries Co slid 20 fils to KD 0.280. Kuwait Cement Co dropped 10 fils. The company 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.

In the banking sector National Bank of Kuwait was flat at KD 0.960 off early highs and Gulf Bank too did not budge from its earlier close of KD 0.415. Commercial Bank of Kuwait slid 30 fils. 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.
Kuwait International Bank climbed 10 fils to KD 0.295 and Al Ahli Bank of Kuwait slipped 10 fils to KD 0.620 after pulling higher in the previous session. ABK has posted net profit of KD 30,353,000 and earnings per share of 20 fils in the nine months to September 2012. Boubyan Bank was unchanged at KD 0.620.
Burgan Bank rose 10 fils to KD 0.530 and Kuwait Finance House followed suit to end at KD 0.780. Ahli United Bank closed flat. 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 Investment Co eased 2 fils to KD 0.100 and International Financial Advisers inched 0.5 fils lower with a volume of 6.9 million shares. Noor Financial Investment was down 2 fils at 68 fils. The firm has inked an agreement with Al-Ahli Bank of Kuwait to restructure debts amounting to KD 34.515 million to be settled over 6 years. National Investment Co stagnated at KD 0.118 and KIPCO too did not budge from its previous close of KD 0.385. Al Maal Investment fell 2.5 fils. The company 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 million and 47.3 fils LPS in the same period last year. Kuwait Financial Centre Co climbed 4 fils to KD 0.120 and Bayan Investment stagnated at 37 fils. The company has posted a KD 3.95 million losses and loss per share of 11.02 fils in the January-June period. Osoul Investment Co gained 5 fils and KFIC added 2 fils. Sokouk Holding took in 3 fils on back of 10.9 million shares.

National Real Estate Co rose 2 fils to KD 0.128 and Mabanee Co jumped 20 fils to KD 1.260. The stock has rallied 120 fils so far during the month while year-to-date it has rallied 400 fils. Mazaya Holding gained 5 fils and Kuwait Remal Real Estates Co soared 25 fils. The bourse has been upbeat so far during the week and has rallied 43.63 points in last three sessions. The index has climbed 48.84 points from start of the month but is up 0.42 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.

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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