KSE extends gains as volume hits month’s high Combined Group soars 60 fils; NIG slips

KUWAIT CITY, Dec 17: Kuwait stocks pulled higher Tuesday, extending the gains to fourth straight session. The index, after a cautious start, climbed 29.13 points in volatile trading helped by renewed buying in some of the mid and low caps.  The blue chips however closed mixed even as investors await the newly formed government’s economic stance. The KSX 15 gauge rose 5.84 pts to 1019.45 points and has shed over 25 pts from start of the month while weighted index was up 1.89 pts to settle at 419.93 points. The volume turnover surged above the 500 million mark to hit the month’s highest level. 536.54 million shares changed hands — a 44.76 percent spike from Monday.

The sectors closed mostly in the positive territory. Financial services outpaced the rest with 0.90 percent gain whereas technology retreated 2.19 percent, the biggest loser of the day. In terms of volume, financial services dominated with 52.57 percent market share and real estate came in next with 30.61 percent. Combined Group Contracting Co soared 60 fils to KD 1.480 reversing the drop in the previous session and Kuwait Portland Cement rallied 40 fils on back of 0.31 million shares. Jazeera Airways was up 10 fils at KD 0.335 after slipping into a shallow trough on Monday.

 Burgan Well Drilling Co rose 6 fils to KD 0.200 and Jazeera Airways was added 10 fils on back of 1.46 million shares. The stock has shed 125 fils from start of the month while year-to-date, it has erased 120 fils. Kuwait Food Co (Americana) rebounded 40 fils to KD 1.740. Zain gained 10 fils with a volume of 1.19 million shares to end at KD 0.810 after stagnating on Monday, whereas Wataniya Telecom slid 40 fils to end at KD 2.260. Agility held the ground unchanged at KD 0.510 off early lows.

Slipped
The market opened weak and slipped into red in early trading. The index pulled up from the trough and held above the opening mark briefly before slipping again. It bottomed at 5954.25 pts almost half way into the session and clawed back thereafter on brisk buying in select counters to close with strong gains. Top gainer of the day Securities Group Co climbed 8.33 percent to 130 fils and Kuwait Cable Vision rose 7.55 pct to stand next. Madar slid 6.33 percent, the steepest decliner of the day, and International Financial Advisors topped the volume with 94.96 million shares.
Mirroring the day’s gain, the winners out led the losers. 62 stocks advanced whereas 29 closed lower. Of the 132 counters active on Tuesday, 41 closed flat. 7020 deals worth KD 42.52 million were transacted — a 10.29 percent increase in value from the day before.
On the down side, Automated Systems Co dropped 20 fils and Kuwait Foundry Co was down 10 fils at KD 0.275. National Industries Group clipped 2 fils extending an identical fall in the previous session. The company’s net profit surged 259 percent in the first nine months to KD 11.45 million, while earnings per share clocked 9 fils.


In the banking sector, National Bank of Kuwait was flat at KD 0.970 and Gulf Bank too did not budge from its earlier close of KD 0.420. Commercial Bank of Kuwait was up 6 fils at KD 0.640. The stock has shed 50 fils from start of the month while year-to-date, it has tumbled 150 fils.
Kuwait International Bank pared slight early loss to close unchanged at KD 0.305 whereas Burgan Bank rose 10 fils on back of 2.63 million shares. Ahli United Bank stagnated at KD 0.850. 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 Finance House gained 10 fils on back of 5.36 million shares whereas Al Ahli Bank of Kuwait fell 10 fils. The lender has won approval of Kuwait Central Bank to extend the approval to buy back or sell up to 10 percent of its issued shares for 6 months ending on June 12, 2013. Boubyan Bank was steady at KD 0.640.  Commercial Facilities rose 5 fils to KD 0.340 and International Financial Advisors inched 2.5 fils higher. National Investment Co ticked 2 fils higher and KIPCO gained 5 fils on back of 1.11 million shares. The conglomerate’s posted to KD 23.7 million profit the first nine months of 2012 whereas in Q3, it logged KD 6.6 million.

Rose
Securities House Co took in 1 fils and International Finance Co was up 2 fils at 98 fils. International Finance Co rose 2 fils while Al Maal Investment Co inched 0.5 fils higher. 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 gained 4 fils and Al Deera Holding Co pulled 2 fils up to 36 fils with a volume of 11.74 million shares. Kuwait Financial Centre (Markaz) stagnated at KD 0.122. The company has earned KD 2.81 million in profit during the first nine months of 2012, while the third quarter profit surged 197.7 percent year-on-year to KD 1.67 million.

Kuwait Pipes was flat at KD 0.114 and Gulf Cables too did not budge from the previous close of KD 1.180. The company has earned KD 10.54 million and chalked an EPS of 50 fils in first nine months of 2012.
National Real Estate Co rose 2 fils and Salhiya Real Estate was up 5 fils at KD 0.365. Mabanee Co climbed 20 fils on back 0.42 million shares and Mazaya Holding inched 1 fils higher.
The bourse has been buoyant so far during the week and has rallied 55.16 points in last three sessions. The index has gained 41.5 points from start of the month and is trading 3.35 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.

Meanwhile KSE has reviewed the KSX 15 Index following which Ahli United Bank, Boubyan Petrochemical Company, and Qurain Chemical Industries Company were replaced by Wataniya Telecom Co, Al Ahli Bank of Kuwait and Kuwait Food Company (Americana). ALAFCO Aviation Lease and Finance Company, Boubyan Petrochemical Company, and Gulf Cable & Electrical Industries Co will be added to the reserve list of companies list for the next review.
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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