Seen in the photo investors at Kuwait Stock Exchange. The bourse rose 11.13 points on Tuesday.
Kuwait bourse extends gains as volume ebbs Kuwait Portland Cement jumps 40 fils; Zain retreats

KUWAIT CITY, Dec 11: Kuwait stocks nudged higher Tuesday extending the gains to fourth straight session.
The index rose 11.13 points in slightly volatile trading even as investors weigh the post —election political developments. The focus was on mid and small caps while the heavyweights closed mostly in the red. The KSX 15 benchmark shed 6.79 points to close at 1010.88 points and has erased almost 25 points from the start of the month whereas weighted index edged 1.86 pts lower to 416.79 points. The volume turnover meanwhile ebbed 6.84 percent to 340.12 million shares. It had soared past the 500 million mark on the last trading day of November.  The sectors closed mixed. Parallel market outpaced the peers with 1.63 percent gain and technology dropped 1.04 percent, the biggest loser of the day. In terms of volume, financials services garnered the highest market share of 59.82 percent while real estate and industrials followed with 23.43 percent and 6.39 percent respectively.

Kuwait Portland Cement rallied 40 fils to KD 1.060 and Gulf Glass Manufacturing Co climbed 20 fils to KD 0.650. Hilal Cement rose 10 fils to KD 0.174 and Jazeera Airways was up 5 fils at KD 0.470. The stock has added 10 fils from start of the month and has gained 15 fils year-to-date.
Kuwait Foundry Co climbed 5 fils to KD 0.290 and Automated Systems Co followed suit to end at KD 0.460. National Industries Group took in 2 fils on back of 4.18 million shares after stagnating in the previous session.
Zain slipped 10 fils to KD 0.800 and Wataniya Telecom slid 40 fils to KD 2.260. Agility eased 5 fils to KD 0.495 extending the loss from previous session. The stock has retreated 15 fils so far during the month and is down 120 fils YTD.

The market opened on a positive note and edged higher in early trade. The index moved sideways and sagged slightly before bottoming at 5909.8 points half way into the session. It clawed back in the second half amid buying in select counters to hit the day’s highest level of 5935.26 pts and gave some of the gains at close.
Top gainer of the day, Munshaat Real Estate Projects Co rallied 8.06 percent to 67 fils and Kuwait Reinsurance Co climbed 7.14 percent to stand next. Taamer Real Estate Invest Co slid 7.27 percent, the steepest decliner of the day, and Gulf Investment House topped the volume with 36.12 million shares.
Mirroring the day’s gain, the winners out led the losers. 49 stocks advanced whereas 39 closed lower. Of the 139 counters active on Tuesday, 51 closed flat. 5595 deals worth KD 29.90 million were transacted — up 7.33 percent in value from the day before.
“The market is sluggish now, heading towards a major resistance at 6,000 levels,” Reuters quoted a Kuwait-based trader, who asked not to be identified.

On the negative side, Kuwait National Cinema Co skidded 40 fils to wind up at KD 0.880 and United Projects Co was down by same measure to end at KD 0.580. Kuwait Pipes pulled 4 fils lower and Independent Petroleum Group Co slipped 5 fils. In the banking sector, National Bank of Kuwait paused at KD 0.980 with a volume turnover of 3.41 million shares and Gulf Bank edged 5 fils lower to KD 0.420. Al Ahli Bank was not traded during the session.
Commercial Bank of Kuwait stagnated at KD 0.650 after pulling lower in the previous session and Kuwait Finance House eased 10 fils to KD 0.800. The lender’s Q3 net profit rose 7.2 percent year-on-year to KD 75.9 million and earnings per share came in at 26.64 fils.
Kuwait International Bank was unchanged at KD 0.520 and Burgan Bank was down 10 fils at KD 0.520. Ahli United Bank was flat at KD 0.830. AUB has recorded KD 8.45 million net profit in July-September period while in the first nine-months it reached KD 29 million. Boubyan Bank fell 10 fils to KD 0.650.

Combined Group Contracting Co was unchanged at KD 1.460 and Kuwait Food Co ( Americana) followed suit. The company has recorded KD 31.31 million profit in the 9-month period ending September 2012 while in the third quarter, it earned KD 6.27 million.
Kuwait Cement Co was flat at KD 0.445 and ACICO Industries Co too was steady at KD 0.228. ALAFCO stagnated at KD 0.335. The company has posted a net profit of KD 25.63 million and earnings per share of 32.88 fils in the year ended 30/9/2012 and the Board of Directors has recommended a dividend payout of 5 percent or 5 fils per share.

National Investment Co rose 2 fils on back of 2.14 million shares whereas Securities House Co inched 1 fils lower. KIPCO stagnated at KD 0.390 off early highs. The conglomerate’s profits in the first nine months of 2012 edged 0.4 percent up year-on-year to KD 23.7 million whereas in Q3, the profit slipped 7 percent to KD 6.6 million.
International Finance Co rose 1 fils to 79 fils with a volume 32.54 million shares and International Financial Advisors was up 1 fils at 46 fils. The firm has logged a net loss of KD 9.97 million and loss per share of 14.9 fils in the first nine months of 2012.
Osoul Investment Co added 3 fils and Sokouk Holding Co climbed 5 fils with a volume 27.84 million shares. Noor Financial Investment took in 1 fils. Al Maal Investment Co fell 0.5 fils whereas Bayan Investment Co was flat at 35 fils.

Mabanee Co was steady at KD 1.200 and Mazaya Holding Co ticked 1 fils higher to 74 fils. National Real Estate Co stagnated at KD 0.124. 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 upbeat far during the week and has swung 44.09 points higher in last three sessions. The index has shed 20.87 points so far during the month and is trading 2.27 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.

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.
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.

By: John Mathews

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