Seen in the file photo investors at Kuwait Stock Exchange. The bourse gained 24.49 pts on Monday.
Kuwait bourse up 24.49 pts as volume rebounds Wataniya Telecom jumps 60 fils; Gulf Cable spikes 100 fils

KUWAIT CITY, Nov 26: Kuwait stocks bounced Monday after slipping into a trough in the previous session. The index climbed 24.49 points in choppy trade even as investors eyed select heavyweights and mid-caps. The trading floor sentiment was cautiously positive in absence of strong catalysts.
The KSX 15 benchmark rose 4.36 points to a fresh high of 1027.91 points and is up almost 28 points from its baseline while the weighted index nudged 1.95 points higher. The volume turnover saw modest rebound after falling sharply in the previous session. 352.21 million shares changed hands — up 15.93 percent from Sunday. KSE, after slumping 3.61 percent in October, has been pared back some of the losses during the month.

Among the sectors closed mostly higher. Consumer services outshone the peers with 1.43 percent upswing whereas technology shed 1.41 percent, the biggest loser of the day. Volume wise, financial services garnered the biggest market share of 44.88 percent and real estate came in next with 39.05 percent.
Gulf Cables soared 100 fils, the biggest permitted single day gain to end at KD 1.240 while IFA Hotels and Resorts Co climbed 25 fils to KD 0.395. Kuwait Portland Cement Co rose 20 fils recouping the fall in the previous session and Kuwait Building Materials Manufacturing Co followed suit.
Boubyan Petrochemical Co added 10 fils on back of 1.18 million shares and Gulf Glass Manufacturing Co gained 20 fils with thin trading. Contracting and Marine Services Co rose 10 fils and Kuwait Gulf Links ticked 2 fils higher. The stock has added 2 fils so far during the month and is up 3 fils YTD.
Wataniya Telecom rallied 60 fils to wind up at KD 0.820 and Zain held the ground unchanged at KD 0.820 after seesawing in narrow range. Agility stagnated at KD 0.520 off early lows. The stock has gained 25 fils from start of the month while year-to-date, it has jumped 145 fils.

The market opened flat and moved sideways in early trade. The index pulled higher amid buying in select counters and hit the day’s high of 5910.96 pts. It held steady for over an hour before giving up some of the gains. However it ticked higher again in the final minutes and closed with modest gains.
Top gainer of the day, Al Aqaria spiked 26.32 percent to 36 fils and KBMMC climbed 11.49 percent to stand next. Masaken dived 21.43 percent, the steepest decliner of the day, and Kuwait Business Town topped the volume with 42.53 million shares.
Mirroring the day’s gain, the winners outpaced the losers. 62 stocks advanced and 48 closed lower. Of the 149 counters active on Monday, 39 closed flat. 6675 deals worth KD 36.91 million were transacted — a 36.91 percent surge in value from the day before.
On the negative side, Kuwait Foundry Co dropped 15 fils to KD 0.295 and Jazeera Airways eased 5 fils to KD 0.450. 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 unchanged at KD 0.980 after trading 3.88 million shares and Gulf Bank took in 5 fils on back of 1.12 million shares after stagnating in the previous session.  Commercial Bank rallied 30 fils and Al Ahli Bank climbed 30 fils to KD 0.620. the lender has won approval of Kuwait Central Bank to extend the approval to buy back or sell up to 10 percent of its issued shares for 6 months ending on June 12, 2013
Kuwait International Bank rose 5 fils to KD 0.300 and Al Ahli United Bank was up 5 fils at KD 0.300. 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 percent.
Burgan Bank stagnated at KD 0.530 and Kuwait Finance House too did not budge from its earlier close of KD 0.810. Boubyan Bank gained 10 fils. The bank has posted a 11 percent rise in net profit to KD 7.6 million in the first nine months of 2012.

Kuwait Investment Co rose 4 fils to KD 0.106 and National Investment Co was unchanged at KD 0.140 after trading 5.6 million shares. The company has notched a net profit of KD 5,648 million and earnings per share of 6 fils in first nine-months of 2012. KIPCO eased 5 fils.
Securities House Co fell 2 fils to 50 fils after trading 6.69 million share and Securities Group flunked 8 fils with razor thin trading. International Finance Co took in 3 fils on back of 15.55 million shares whereas KMEFIC added 2.5 fils.
Kuwait Financial Centre Co ( Markaz) was up 2 fils and Bayan Investment Co stagnated at 37 fils. The company has won the Capital Market Authority’s approval to sell its 34,499,385 shares over a period of 6 months commencing approval date. Gulf Investment House rose 2 fils on back of 26.55 million shares and Al Maal Investment nudged 0.5 fils higher . KFIC gained 3 fils and Al Deera Holding Co inched 1 fils higher. Sokouk Holding Co added 5 fils. The company has signedan agreement with a local bank to reschedule a KD 4 million debt over a period of 4 years.
National Industries Group held steady at KD 0.220 with a volume of 11.59 million shares. Kuwait Pipes rose 4 fils. The company has logged net loss of KD 3.21 million and loss per share of 14.25 fils in the January-September period.

The bourse has been mixed so far during the week and has added 14.9 pts in last two sessions. The index has rallied 136.28 points from start of the month and is up 1.93 percent year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Global Investment House has chalked a net loss of KD 35.46 million and loss per share of 72 fils in the first nine months of 2012 as against loss of KD 54.22 million and LPS of 110 fils in the same period last year.  International Finance has logged a net profit of KD 174,952 and earnings per share of 0.22 fils in the first nine months of 2012 after chalking a net loss of KD 9.32 million and LPS of 13.71 fils in the same period last year. Kuwait Stock Exchange has suspended shares of the following of companies for failing to submit the financial results in the stipulated time: Al-Safat Investment Co, Kwt Commercial Markets Complex Co Industrial and Financial Inv Co, Alimtiaz Investment Group Co, Jeeran Holding Co.

Meanwhile Global Investment House Co, Al-Ahleia Holding Company and Al-Safwa Group Co are barred for posting losses exceeding 75 percent of capital. Aayan Leasing and Investment has recorded a nine months net profit KD 17.62 million and earnings per share of 38.26 fils in the January-September period as against net loss of KD 7.22 million and loss per share of 21.90 fils in 9M 2011. Abyaar Real Estate Development has announced a net loss KD 1.24 million and loss per share of 1.15 in the first nine months of 2012 as against earnings of KD 821,618 and EPS of 0.78 fils in the same period last year.

By: John Mathews

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