KSE index climbs 18.75 pts as volume rebounds Agility gains 15 fils; NBK stagnates

KUWAIT CITY, Dec 17: Kuwait stocks gained momentum Monday, extending the gains to third straight session. The index rose 18.75 points in choppy trade led by select heavyweights even as some of the mid-caps buckled under selling pressure. The sentiment was cautiously positive as investors await fresh indicators. The KSX 15 benchmark climbed 4.2 points to 1013.61 pts and weighted index nudged 1.58 points higher. The volume turnover, meanwhile swung higher after receding in the last two sessions. 370.63 million shares changed hands — a 20.54 percent surge from Sunday. KSE had rallied over 3 percent in November helped by a pre- election rally. The sectors closed mixed. Oil and gas outshone the peers with 1.24 percent gain whereas insurance slid 1.56 percent, the biggest loser of the day. In terms of volume, financial services topped with 48.71 percent market share while real estate and industrials followed with 30.16 percent and 7.48 percent respectively.

Agility rose 15 fils on back of 0.6 million shares to settle at KD 0.510 while Wataniya Telecom gained 20 fils recouping the loss in the previous session and saw thin volume turnover. Zain continued to stagnate at KD 0.800. Gulf Glass Manufacturing Co climbed 20 fils and National Industries Group added 4 fils on back of 2.5 million shares to end at KD 0.214. The stock has gained 8 fils so far during the month while year-to-date, it has shed 56 fils. City Group Co jumped 15 fils with thin trading.  Mabanee Co rose 20 fils recovering the loss in the previous session and Kuwait Remal Real Estate Co was up 25 fils with a volume of 7.35 million shares. Gulf Cables added 10 fils and Kuwait Foundry Co followed suit to wind up at KD 0.285.

Firm
The market opened firm and pulled higher in early trade. The index drifted higher thereafter amid buying in select counters and managed to close with modest gains. Top gainer of the day, Al Dar National Real Estate Co spiked 8.77 percent to 31 fils and National International Holding Co slumped 10 percent, the steepest decliner of the day. Manazel topped the volume with 40.71 million shares. Mirroring the day’s gain, the market spread was biased towards the winners. 49 stocks advanced whereas 39 closed lower. Of the 137 counters active on Monday, 49 closed flat. 5633 deals worth KD 38.55 million shares were transacted — a 46.69 percent surge in value from the day before.

“Retail investors are relieved with the new government and they want to continue putting money in the market — people have absorbed the negative sentiment of the continuous demonstrations and they want, more than ever, for the government to succeed,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House. The state-owned National Portfolio Fund has been buying stocks to support the bourse, expanding its target stocks from bluechips to the wider market, including small-caps, he added. On the down side, Kuwait Food Co (Americana) dropped 20 fils to KD 1.700 and Kuwait Portland Cement was down 20 fils at KD 1.020. The company has recorded a profit of KD 6,414,466 and earnings per share of 70.56 in the January-September period. In the banking sector, Gulf Bank eased 5 fils to KD 0.420 after trading over 1.5 million shares and National Bank of Kuwait was unchanged at KD 0.970 off early highs. Central Bank of Kuwait has approved NBK’s request to buy or sell no more than 10 percent of its issued shares for six months period ending on May 23, 2013. Commercial Bank of Kuwait slipped 10 fils with a volume of 17.14 million shares while Al Ahli Bank held steady at KD 0.590. Ahli United Bank was not traded during the session.

Rose
Kuwait International Bank rose 5 fils extending an identical rise on Sunday whereas Burgan Bank stagnated at KD 0.520. Kuwait Finance House gained 20 fils. The lender’s Board of Directors has recommended increasing its capital by 20 percent to support its expansion efforts locally and globally. Boubyan Bank was flat at KD 0.640. KIPCO paused at KD 0.390 whereas Securities House Co pulled 5 fils lower. National Investment Co climbed 4 fils. The company has earned KD 5.65 million and 6 fils EPS in the January-September period, surging 348.4 percent from KD 1.26 million and 1 fils earnings per share in the year-earlier period.

KAMCO fell 4 fils to 98 fils and Sokouk Holding Co edged 2 fils higher. Noor Financial Investment was flat at 66 fils. International Financial Advisors crept 2 fils higher. 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. Gulf Cables was steady at KD 1.180 and Contracting and Marine Services Co was up 10 fils. ACICO Industries ticked 2 fils higher. The company’s earnings in January-September period spiked 51.3 percent to KD 2.33 million from KD 1.54 million in the prior-year period.

National Real Estate Co slipped 2 fils and Tamdeen Real Estate Co gained 4 fils to end at KD 0.216. Salhiya Real Estate Co stagnated at KD 0.360. Capital Market Authority approved Salhiya Real Estate Company’s request to buy back or sell a maximum of 10 percent of its shares within 6 months from the date of approval. The bourse has been upbeat so far the week and has added 24.01 pts in last two sessions. The index has climbed 12.37 points from start of the month and is trading 2.72 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. 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.


By: John Mathews

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