Kuwait bourse gains 28.23 pts in volatile trade Kuwait Portland Cement Co jumps 80 fils; Agility flat

KUWAIT CITY, Dec 9: Kuwait stocks pulled higher Sunday, extending the gains to second consecutive day.
The index rose 28.23 points in volatile trade to end at 5,907.21 points helped by bargain buying in select scrips after last week’s decline. The focus was again on mid and low caps while the blue chips closed mixed.
The KSX 15 gauge rose 2.56 points to 1023.62 points and has retreated almost 12 points from the start of the month and weighted index edged 1.67 points higher to 420.04 pts. The volume turnover ebbed after falling below the 400 million mark on Thursday. 343.23 million shares changed hands — down 8.80 percent from earlier session.


The sectors swayed marginally in both directions. Financial services, the best performer, climbed 1.04 percent whereas healthcare shed 0.90 percent - the steepest decliner of the day. Volume wise, financial services topped with 55.6 percent market share while real estate and industrials followed with 27.11 percent and 9.72 percent respectively.
The Kuwait Portland Cement soared 80 fils to KD 1.080 and Gulf Cables rose 20 fils to KD 1.200. Kuwait Gulf Links edged 2 fils higher to 89 fils. The stock was unchanged during whole of November and is trading 13 fils lower year-to-date. United Industries Co ticked 1 fils up.
Boubyan Petrochemical Co added 10 fils on back of 1.7 million shares and Kuwait Food Co (Americana) was up 20 fils to KD 1.720. The scrip has added 20 fils from start of the month while year-to-date, it has rallied 240 fils.


Rose
Bourse heavyweight Zain rose 10 fils to KD 0.820 recouping the loss in the previous session whereas Wataniya Telecom shed 20 fils to wind up at KD 2.300. Agility held the ground unchanged at KD 0.510.
The market opened choppy and climbed higher in early trade. The index continued to move higher as investors chased select counters and reached the day’s highest level of 5,919.11 pts almost half way into the session. It eased thereafter to bottom at 5878.39 pts before edging higher to close with modest gains.
Top performer of the day, Equipment Holding Co rallied 8.93 percent to KD 0.122 and Kuwait Portland Cement Co climbed 8 percent to stand next. Kuwait Cables TV slipped 7.02 percent, the biggest loser of the day and International Financial Advisors topped the volume with 33.01 million shares.
On the down side, Gulf Glass Manufacturing Co slid 20 fils to KD 0.630 and Burgan Well Drilling Co was down 10 fils at KD 0.158. Yiaco Medical Co slipped 10 fils and Kuwait Cables Vision Co ticked 2 fils lower. Contracting and Marine Services Co slipped 4 fils and Kuwait Pipes was down by same measure.
National Industries Group was flat at KD 0.210 and Kuwait Food Co. (Americana) gained 20 fils. The company has registered KD 31.31 million profit in the 9-month period ending September 2012 — a 17.8 percent decline from the year before. In the third quarter, it reached KD 6.27 million, a 28.1 percent year-on-year drop.


In the banking sector, National Bank of Kuwait was unchanged at KD 0.900 off early lows after trading 1.25 million shares and Gulf Bank too did not budge from its earlier close of KD 0.670. Al Ahli Bank added 10 fils to end at KD 0.425. The lender has won approval of Kuwait Central Bank to extend the approval to buy back or sell up to 10% of its issued shares for 6 months ending on June 12, 2013.
Ahli United Bank was flat at KD 0.840 and Commercial Bank of Kuwait followed suit to close at KD 0.670. Kuwait International Bank eased 5 fils after trading and Burgan Bank was unchanged at KD 0.520. The stock has shed 20 fils from start of the month but has rallied 45 fils year-to-date.
Boubyan Bank fell 10 fils to KD 0.650 and Kuwait Finance House rose 10 fils. The lender’s net profit attributable to share holders in third quarter increased 7.2 percent year-on-year to KD 75.9 million and earnings per share chalked 26.64 fils.

Added
Kuwait Investment Co added 2 fils and International Financial Advisors followed suit to end at 42 fils on back of over 33 million shares. The firm has logged a net loss of KD 9.97 million and loss per share of 14.9 fils as compared to loss of KD 14.11 million in the first nine months of 2012.
National Investment Co eased 2 fils to KD 0.128 and KIPCO was down 5 fils at KD 0.390. Kuwait Financial Centre (Markaz) was flat at KD 0.122. The company has earned KD 2.81 million in profit during the first nine months of 2012, marking a 392 percent year-on-year increase, while the third quarter profit surged 197.7 percent year-on-year to KD 1.67 million.
Securities House Co stagnated at 56 fils and Securities Group too did not budge from its earlier close of KD 0.120. Bayan Investment Co was unchanged at 35 fils and Al Tamdeen Investment Co ticked 2 fils lower.
First Investment Co rallied 6 fils and Noor Financial Investment Co was up 1 fils at 69 fils. The company has posted a net profit of KD 3.1 million during the first nine months of 2012. Total assets reached KD 219.8 million, while the liabilities chalked KD 157 million.
The bourse had been downbeat during last week. It closed lower in 3 of the 5 sessions and slid 64.96 points week-on-week.
 The index has shed 36.73 pts so far during the month and is trading 1.99 percent higher 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.
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.
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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