KSE creeps 9.23 pts up in lacklustre trade IFA Hotels & Resorts climbs 20 fils; NIG stagnates

KUWAIT CITY, Dec 12: Kuwait stocks climbed further Wednesday, adding to the four-day gaining spree.
The index rose 9.23 points in lackluster trade as investors digested the news about government formation. The heavyweights closed mixed even as the market struggled for direction. The KSX 15 eased 0.6 points to 1010.28 pts while the weighted index slipped 0.53 points. The volume turnover swelled 15.27 percent to 392.04 million helped mostly by speculative trading in small and mid caps. The bourse has been trending cautiously higher so far during the month after posting a strong rebound in November. Most of the sectors closed in the red. Parallel market outpaced the rest with 2.70 percent gain while oil and gas shed 0.84 percent, the biggest loser of the day. Volume wise financial services dominated the market with 48.27 percent share and real estate came in next with 25.30 percent.

IFA Hotels and Resorts climbed 20 fils to KD 0.450 and Boubyan Petrochemical Co was up 10 fils at KD 0.580. Burgan Well Drilling Co added 4 fils with thin trading and Kuwait Gulf Links ticked 2 fils higher to 89 fils. The stock has shed 13 fils year-to-date. Bourse heavyweight Zain was unchanged at KD 0.800 off early highs and Agility too did not budge from its earlier close of KD 0.495 after trading 1.28 million shares. Wataniya Telecom climbed 20 fils to KD 2.280 partly recouping the loss in the previous session. The market opened flat and moved sideways in early trade. The index continued o drift along the opening mark as investors toed caution and slipped into red almost half way into the session. It troughed at 5916.74 pts before pulling up again to close with modest gains.

Top gainer of the day, Kuwait Medical Services Co spiked 11.36 percent to 98 fils and Safat Real Estate Co climbed 10.42 percent to stand next. Al Ahli Bank tumbled 7.94 percent – the steepest decliner of the day, and Gulf Investment House topped the volume with 54.56 million shares.
The market spread was almost even. 48 stocks advanced whereas 47 closed lower. Of the 139 counters active on Wednesday, 44 closed flat. 6553 deals worth KD 40.95 million were transacted – a 36.95 percent surge in value from the previous session.
“Some people believe there have been some leaks that Q4 will be positive for many companies so people are trying to rebuild positions in certain stocks and putting more money in,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House. National Portfolio Fund, the government’s investment tool to support the market, was an active participant on Wednesday,” he added.
Among other movers, Gulf Cables rose 20 fils to end at KD 1.200 and Kuwait Portland Cement Co was up by same measure to wind up at KD 1.080 The company has recorded a profit of KD 6,414,466 and earnings per share of 70.56 in the January-September period. Kuwait Pipes ticked 2 fils higher on back of 1.96 million shares.

On the down side, Jazeera Airways eased 5 fils to KD 0.465 with a volume of 2.6 million and Gulf Glass Manufacturing Co was down 10 fils at KD 0.640. Contracting and Marine Services Co.
In the banking sector, National Bank of Kuwait dropped 10 fils to KD 0.970 and Gulf Bank of Kuwait edged 5 fils up to KD 0.425. The stock has eased 5 fils from start of the month while year-to-ate, it has shed 85 fils. Ahli United Bank added 10 fils after stagnating on Tuesday.
Kuwait International Bank rose 5 fils to KD 0.295 with a volume of 2.52 million shares whereas Commercial Bank of Kuwait held the ground unchanged at KD 0.650. 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 gave up slight early gains to close flat at KD 0.520 and Boubyan Bank too did not budge from its earlier close of KD 0.650. Kuwait Finance House stagnated at KD 0.800. The bank’s net profit rose 7.2 percent year-on-year in Q3 to KD 75.9 million and earnings per share chalked 26.64 fils. Total revenues swelled 6 percent year-on-year to KD 611.9 million
International Financial Advisors slipped 2 fils to 44 fils after trading 12.13 million shares and National Investment Co slipped 4 fils. KIPCO was unchanged at KD 0.390 off early highs . The stock has retreated 5 fils from start of the month while year-to-date, it has rallied 85 fils.
Securities House Co gained 5 fils on back of 28.64 million shares and Securities Group paused at KD 0.120 with thin trading. International Finance Co flunked 2 fils and Al Mal Investment inched 1 fils lower. The company has incurred a net loss of KD 4,443,525 and loss per share of 8.41 fils in the January-September period .

KAMCO dropped 4 fils to KD 0.100 and Osoul Investment Co took in 1 fils. Noor Financial Investment Company stagnated at 67 fils . The company has posted a net profit of KD 3.1 million and during the first nine months of 2012 while earnings per share came in at 9 fils.
 Kuwait Foundry Co was unchanged at KD 0.290 and ALAFCO followed suit to end at KD 0.335. National Industries Group stagnated at KD 0.212. 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
The bourse has been positive so far during the week and gained 53.32 points higher in last four sessions. The index is still down 11.64 points from start of the month and is trading 2.43 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% of capital.

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.


By: John Mathews

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