KSE rallies 47.75 pts as volume swells Advanced Technology Co soars 100 fils; Wataniya Telecom slumps

KUWAIT CITY, Nov 27: Kuwait stocks gained momentum on Tuesday after posting modest upswing in the previous session. After getting off to a wobbly start, the index climbed 47.75 points in a broad rally led by select blue chips and mid-caps. The trading floor mood was upbeat in wake of lessening political tension in the run up to the election. The KSX 15 index rose 9.97 points to 1,037.88 — a new high, and weighted index edged 2.46 points to settle at 423.5 pts. The volume turnover extended the rebound to the consecutive day. 454.09 million shares changed hands — a 28.93 percent increase from Monday. It had surged past 500 million mark to the month’s highs on 22nd amid speculative trading.

The sectors closed mostly in the positive region. Healthcare out led the rest with a 6.04 percent rally and telecom slipped 0.63 percent, the biggest loser of the day. In terms of volume, real estate dominated with 40.15 percent share while financial services and telecom followed with 34.92 percent and 17 percent respectively. Advanced Technology Co spiked 100 fils, the biggest single day gain, and Kuwait Portland Cement Co was up 40 fils on back of 1.15 million shares. Yiaco Medical Co rose 20 fils and Automated Systems Co climbed 15 fils to wind up at KD 0.455. RISCO rose 2 fils and Burgan Well Drilling Co added 4 fils with thin trading volume. Jazeera Airways climbed 5 fils to KD 0.455. The stock has shed 10 fils so far during the month while year-to-date, it is unchanged. Kuwait Foundry Co was up 5 fils after pulling lower in the previous session.

Bourse heavyweight Zain advanced 10 fils on back of 3.27 million shares to end at KD 0.830 whereas Wataniya Telecom slumped 100 fils, erasing the gains in the last two sessions. Agility was flat at KD 0.520. The logistics major has logged a net profit of KD 24.65 million and earnings per share of 24.72 fils in the first nine months of 2012. The market opened firm and edged higher in early trade. The index eased slightly to slip below the red on brief bout of profit taking and bottomed at 5,903.24 point. It clawed back thereafter and rose steadily amid positive sentiments and hit the day’s highest level of 5,952.32 points before easing slightly at close. Top gainer of the day, Advanced Technology Co surged 19.61 percent to 50 fils and Mayadeen climbed 16.13 percent to stand next. Masaken slid 9.09 percent, thee steepest decliner of the day, and Abyaar Real Estate topped the volume with 65.52 million shares.

Mirroring the day’s gain, the market spread was widely skewed towards the winners. 78 stocks advanced whereas 3 closed lower. Of the 142 counters active on Tuesday, 30 closed flat. 7,084 deals worth KD 53.99 million were transacted — a 46.36 percent increase in value from the day before. “The positive trend is a reflection of the quietness of the political tension, along with the National Portfolio being more active, to give back more confidence to the investors,” Global Investment House said in a note. On the downside, United Projects Group dropped 20 fils to KD 0.580 and Kuwait Gulf Links edged 2 fils lower. Gulf Glass Manufacturing Co eased 10 fils and Gulf Cables shed 20 fils. The company has earned KD 10.54 million and chalked an EPS of 50 fils in first nine months of 2012.

In the banking sector, National Bank of Kuwait rose 10 fils on back of 11.29 million shares and Gulf Bank was up 5 fils at KD 0.435. Ahli United Bank closed flat at KD 0.850. AUB has recorded KD 8.45 million net profit in July-September period while in the first nine-months it reached KD 29 million. Kuwait International Bank eased 10 fils whereas Al Ahli Bank and Commercial Bank were 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.

Burgan Bank climbed 10 fils to KD 0.540 and Kuwait Finance House added 20 fils with a volume of 10.75 million shares. The stock has gained 80 fils so far during the month and has retreated 70 fils YTD. Boubyan Bank was up 10 fils at KD 0.650 adding to an identical rise in the previous session. National Industries Group, the flagship company of Kharafi Group, held the ground unchanged at KD 0.220 after gyrating in narrow range and the counter saw 8.35 million shares change hands whereas Kuwait Cement Co rose 10 fils. National Investment Co eased 2 fils to KD 0.138 and KIPCO was up 5 fils at KD 0.400. Securities House Co slipped 2.5 fils. The company has announced a net loss KD 968,855 and loss per share of 1.5 fils in the 9M 2012. International Finance Co took in 1 fils and KMEFIC nudged 2.5 fils up. Kuwait Finance Centre Co (Markaz) slipped 2 fils and First Investment Co ticked 2 fils higher. Tamdeen Investment Co rose 2 fils to KD 0.160. The company has earned KD 4,475,284 with earnings per share of 15.03 fils in January-September period.

Mabanee Co shed 20 fils to end at KD 1.240 and Tamdeen Real Estate Co took in 2 fils. National Real Estate Co too was up 2 fils recouping the fall in the previous session. The company has logged a profit of KD 7.27 million in first nine months of 2012 and earnings per share came in at 9.40 fils. The bourse has been largely positive so far during the week and has climbed 62.69 14.9 pts in last three sessions. The index has jumped 184.03 points from start of the month and is up 2.75 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% 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.

By: John Mathews

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