Kuwait bourse ends flat as volume recedes Wataniya Telecom gains 20 fils; NBK up 10 fils

KUWAIT CITY, Dec 19: Kuwait stocks trod water Wednesday, as investors turned skittish following the four-day gaining streak. The index inched 1.43 points higher to 5,986.87 pts after trading in red for most part of the session. The sentiment was mixed even as market struggled to keep up the momentum. The KSX 15 measure jumped 6.22 points to 1025.67 points while the weighted index was up 1.6 pts to settle at 421.53 pts. The volume turnover receded after soaring past the 500 million mark in the previous session. 411.54 million shares changed hands — down 23.30 percent from Tuesday. The bourse has been largely upbeat so far during the month after posting a strong rebound in November. The sectors ended mostly in the green. Insurance outpaced the rest with 1.81 percent spike whereas oil and gas shed 1.30 percent, the biggest loser of the day. Volume wise, financial services dominated with 51.35 percent market contribution while real estate and telecom followed with 30.26 percent and 7.85 percent respectively. Agility rose 10 fils on back of 1.05 million shares after stagnating on Tuesday and Wataniya Telecom gained 20 fils to end at KD 2.280. Zain traded in a tight range before closing unchanged at KD 0.810 and the counter saw 3.85 million shares change hands. The stock has retreated 30 fils from start of the month while year-to-date, it has slid 90 fils.
Among other market movers, National Industries Group rose 2 fils on back of 5.12 million shares and Kuwait Pipes was up by same measure to settle at KD 0.116. Jazeera Airways climbed 10 fils to KD 0.345 extending an identical rise in the previous session.

The market opened firm but slipped into a trough in early trade. The index pulled up to peak at 5994.28 pts and retreated again as profit taking dragged some of the counters. It continued to drift lower to hit the day’s lowest level of 5970 pts in the final minutes before clawing back to end barley in the positive territory.
Top gainer of the day, Wethaq Takaful soared 15.63 percent to 37 fils and Real
Estate Trade Centre Co (Marakez) rose climbed 6.17 percent to stand next. Strategia slid 6.33 percent, the steepest decliner of the day, and International Financial Advisors topped the volume with 61.63 million shares.
Despite the day’s marginal gain, the losers slightly out numbered winners. 46 stocks advanced whereas 49 closed lower. Of the 141 counters active on Wednesday, 46 closed flat. 6746 deals worth KD 42.35 million were transacted — down 0.39 percent 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 earlier in the week.

On the negative side, Gulf Glass Manufacturing Co slipped 10 fils to KD 0.750 and Kuwait Cement Co was down 15 fils at KD 0.430. Kuwait Portland Cement dropped 20 fils. The company has recorded a profit of KD 6,414,466 and earnings per share of 70.56 in the January-September period. Mabanee Co retreated 20 fils, reversing the gains in the previous session
In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.980 and Gulf Bank was unchanged at KD 0.420 after trading 1.5 million shares. Commercial Bank of Kuwait was not traded during the session. The Moody’s enterprise lowered the bank’s credit rating from BAA3 to BA1.
Al Ahli Bank was flat at KD 0.580 off earlier lows whereas Ahli United Bank fell 10 fils to KD 0.840. Kuwait International Bank stagnated at KD 0.305 after trading 3.7 million shares and Boubyan Bank was up 10 fils at KD 0.650.

Burgan Bank dropped 10 fils to KD 0.520 whereas Kuwait Finance House added 20 fils to wind up at KD 0.850. 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.

National Investment Co was steady at KD 0.134 and KIPCO gained 10 fils extending the uptick in the previous session. International Financial Advisers stagnated at 50 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.
International Finance Co was flat at 74 fils and Kuwait Financial Centre (Markaz) followed suit to end at KD 0.122. Al Tamdeen Investment Co was unchanged at KD 0.164. The company has earned KD 4,475,284 with earnings per share of 15.03 fils in January-September period.
Burgan Well Drilling Co slipped 10 fils to KD 0.190 whereas ALAFCO added 15 fils with a volume of 9.23 million shares.

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 Real Estate Co fell 2 fils to KD 0.126 while Mazaya Holding Co was flat at 73 fils. Salhiya Real Estate Co slipped 5 fils. Capital Market Authority has approved company’s request to buy back or sell a maximum of 10 percent of its shares within 6 months from the date of approval.
Alsalam Group Holding Co rallied 14 fils on back of 13.49 million shares and KAMCO ticked 2 fils higher to KD 0.104. Sokouk Holding Co inched 1 fils higher.
The bourse has been upbeat so far during the week and has closed higher in last 4 sessions. The index has gained 42.91 points from start of the month and is trading 3.37 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.

By: John Mathews

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