KSE ekes slight gains after wobbly start Zain slips 10 fils; NIG stagnates

KUWAIT CITY, Dec 10: Kuwait stocks edged higher Monday adding to the gains in the last three sessions.
The index, after getting off to a weak start, eked 4.73 points gain even as investors weighed the impact of political protests on the trading floor. Some of the industrials saw heavy losses whereas blue chips closed mixed. The KSX 15 measure slipped 5.95 pts to 1017.67 points and the weighed index eased 1.39 points to 418.65 pts. The volume turnover rose slightly after receding in the last two sessions. 365.10 million shares changed hands – down 6.37 percent from Sunday. KSE had gained over 3 percent in November helped by pre-election rally.  The sectors swayed marginally in both directions. Oil and gas outshone the rest with 1.59 percent upswing whereas insurance slipped 0.85 percent, the biggest loser of the day. In terms of volume, financial services dominated with 69.73 percent market share and real estate followed with 16.22 percent.

Kuwait National Cinema Co rose 20 fils to KD 0.920. National Industries Co was up 10 fils at KD 0.285 and Contracting and Marine Services Co followed suit to end at KD 0.160 with thin trading.
Kuwait Pipes climbed 6 fils to KD 0.120. ALAFCO rose 5 fils on back of 4.8 million shares and Jazeera Airways was up by same measure. The airline has decided to hike its capital by offering 178,000,000 shares with a nominal value of 100 fils per share.
Zain eased 10 fils to KD 0.810 and Agility was down by same measure to end at KD 0.500. The logistics major has chalked a 21 percent rise in third quarterly profit to $34.4 million while in the first nine months it earned KD 24.65 million. Wataniya Telecom was not traded during the session.

The market opened weak and slipped into red in early trading. The index troughed at 5889.22 points and moved sideways well past the mid-session before edging higher amid buying in select counters. It hovered around the opening mark thereafter and managed to close in the positive region. Top gainer of the day, Safat Real Estate Co climbed 7.14 percent to 22.5 fils and
Kuwait Bahrain Co rose 7.04 percent to stand next. Wethaq Takaful shed 5.56 percent, the biggest loser of the day, and International Financial Advisors topped the volume with 61.57 million shares.
Mirroring the day’s mixed trend, the market spread was even. 46 stocks advanced and same number of scrips closed lower. Of the 132 counters active on Monday, 40 closed flat. 5532 deals worth KD 27.86 million were transacted – up 3.65 percent in value from the day before. On the downside, Combined Group Contracting Co dropped 20 fils to KD 1.460 and Gulf Cables followed suit to wind up at KD 1.180. Kuwait Portland Cement slid 60 fils erasing most of the gains in the day before. The company has recorded a profit of KD 6,414,466 and earnings per share of 70.56 in the January-September period.

Boubyan Petrochemical Co slipped 10 fils and Kuwait Foundry Co was down 15 fils at KD 0.285. Kuwait Gulf Links ticked 2 fils lower to 87 fils. The stock was flat during November and has clipped 15 fils year-to-date.
Kuwait Cement Co was unchanged at KD 0.445 and National Industries Group too did not budge from its earlier close of KD 0.210. The company’s net profit soared 259 percent in the first nine months to KD 11.45 million, while earnings per share clocked 9 fils.
In the banking sector, Gulf Bank was steady at KD 0.425 and National Bank of Kuwait eased 10 fils to KD 0.980. Central Bank of Kuwait has approved NBK’s request to buy or sell no more than 10% of its issued shares for the six months period ending on 23/5/2013.
Commercial Bank of Kuwait dropped 20 fils to KD 0.650 and Al Ahli Bank was unchanged at KD 0.630. Ahli United Bank slipped 10 fils erasing the gains on Sunday. 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 stagnated at KD 0.290 and Burgan Bank added 10 fils to end at KD 0.530. Kuwait Finance House held flat at KD 0.810 off early highs. The Board of Directors of KFH has recommended increasing its capital by 20% to support its expansion efforts locally and globally. Boubyan Bank rose 10 fils.
Securities House fell 1 fils and First Investment Co eased 2 fils to KD 0.116.
International Finance Co edged 2 fils higher and National Investment Co followed suit. KIPCO was not traded during the day.
Kuwait Financial Centre ( Markaz) stagnated at KD 0.122 and Noor Financial Investment Co fell 3 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 totaled KD 157 million.  Sokouk Holding Co took in 1 fils and Al Madina For Finance inched 1 fils lower. Al Tamdeen Investment Co rose 2 fils to KD 0.168. The company has earned KD 4,475,284 with earnings per share of 15.03 fils in January-September period.

National Real Estate Co was flat at KD 0.124 and Mabanee Co too was unchanged at KD 1.200. The company has earned KD 21,364,685 and earnings per share of 34.43 fils in the first nine months of 2012.
Aref Energy paused at 80 fils and Kuwait Food Co. (Americana) too was steady at KD 1.720. The company has recorded KD 31.31 million profit in the 9-month period ending September 2012 – a 17.8 percent year-on-year decline. In the third quarter, it reached KD 6.27 million.
The bourse has been upbeat during the week and has climbed 32.96 points in last two sessions. The index has gained 32 points so far during the month and is trading 2.08 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Real Estate has registered a net profit KD 1.733 million and EPS of 1.91 fils in the January-Sept period as against earnings of KD 877,467 and earnings per share of 0.97 fils in the same period last 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 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.

By: John Mathews

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