KSE index rebounds 28.3 points as volume rises Gulf Cables rallies 40 fils; Zain stagnates

KUWAIT CITY, Dec 26: Kuwait stocks pulled higher Wednesday stemming the 4-day decline.
The index climbed 28.3 pts in a broad rebound helped by bargain buying in some of the mid-caps whereas the heavyweights remained mostly muted. The overall trading floor sentiment was cautious ahead of the year-end.
The KSX 15 gauge slipped 0.94 pts to 1,013.2 points and is up over 13 pts from its baseline whereas weighted index edged 0.84 pts to 419.2 points. The volume turnover meanwhile rose slightly after posting strong upswing on Tuesday. 197.49 million shares changed hands-up 5.35 percent in value from the day before.
The sectors closed mostly in the green. Technology outpaced the peers with 2.05 percent rally whereas consumer good edged 0.17 percent lower. In terms of volume, financial services accounted for the highest market share of 50.99 percent while real estate and banks followed with 20.01 percent and 12.56 percent respectively.

Kuwait Foundry Co rose 25 fils to KD 0.295 and National Industries Co was up 15 fils recouping some of the losses in the previous session. Heavy Engineering Industries and Shipbuilding Co added 10 fils Gulf Cables rallied 40 fils. The company has earned KD 10.54 million and chalked an EPS of 50 fils in first nine months of 2012.
Egypt Kuwait Holding Co gained 10 fils on back of 1.26 million shares and United Gulf Bank was up 8 fils at KD 0.146. Kuwait Logistics Co rose 5 fils with a volume of 2.41 million shares and ALAFCO followed suit to end at KD 0.350. Zima Holding Co climbed 10 fils with thin trading.
Zain gave up early gains to close at KD 0.790 and Wataniya Telecom too did not budge from its earlier close of KD 2.320. Agility stagnated at KD 0.510. The logistics major has chalked a 21 percent rise in third quarterly profit to $34.4 million while in the first nine months it earned KD 24.65 million.


The market opened firm and ticked higher in early trading. The index slipped into red amid moderate selling in select counters and pulled up briefly half way into the session. It retreated again to bottom at 5915.73 pts before rebounding strongly in the final minutes to close with solid gains.
Top gainer of the day, Zimah Holding Co soared 15.87 pct to 73 fils and Kuwait Foundry Co climbed 9.26 percent to stand next. Kuwait Cable Vision Co slumped 7.14 percent, the steepest decliner of the day, and Securities House Co topped the volume with 39.50 million shares.
Mirroring the day’s gain, winners out led the losers. 52 stocks advanced whereas 24 pulled lower. Of the 137 counters active on Wednesday, 61 closed lower. 4093 deals worth KD 24.6 million shares were transacted — up 2.18 percent in value from the day before.
On the downside, Jazeera Airways eased 5 fils to KD 0.335 after stagnating on Tuesday while Noor Financing Co ticked 1 fils higher. The stock has retreated 4 fils from start of the month.
In the banking sector, National Bank of Kuwait was flat at KD 0.970 after trading 5.84 million shares and Gulf Bank too gyrated in narrow range before closing unchanged at KD 0.405. Commercial Bank of Kuwait was not traded during the session and Boubyan Bank was flat at KD 0.650.

Ahli United Bank was steady at KD 0.840 off early highs while Al Ahli Bank of Kuwait pulled 10 fils lower. The lender has won approval of Kuwait Central Bank to extend the approval to buy back or sell up to 10% of its issued shares for 6 months ending on June 12, 2013.
Kuwait International Bank slipped 5 fils with a volume of 6.09 million shares Burgan Bank stagnated at KD 0.530 and Kuwait Finance House followed suit to wind up at KD 0.830. The lender’s net profit attributable to share holders in third quarter increased 7.2 percent year-on-year to KD 75.9 million and earnings per share chalked 26.64 fils.
International Financial Advisors rose 1 fils on back of 11.78 million shares and National Investment Co ticked 2 fils higher to KD 0.134. KIPCO was unchanged at KD 0.395. The company has registered 0.4 percent year-on-year increase in profit to KD 23.7 million in the first nine months of 2012 while in Q3 its earned KD 6.6 million.


International Finance Co gained 2 fils on back of over 1 million shares whereas Kuwait Financial Centre (Markaz) closed flat. The company has earned KD 2.81 million in profit during the first nine months of 2012, marking a 392 percent year-on-year increase, while the third quarter profit surged 197.7 percent year-on-year to KD 1.67 million.
Osoul Investment Co took in 2 fils and Sokouk Holding Co was up 3 fils with a volume of 6.5 million shares. Al Mal Investment Co stagnated at 36 fils. 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.
National Industries Group rose 2 fils to KD 0.216 and Kuwait Pipes followed suit to end at KD 0.114. Kuwait Portland Cement Co held steady at KD 1.060. The company has recorded a profit of KD 6,414,466 and earnings per share of 70.56 in the January-September period.

Tamdeen Real Estate Co edged 2 fils higher to KD 0.218 and Mabanee Co stagnated at 74 fils. Salhiya Real Estate too was flat at KD 0.365. Capital Market Authority approved the company’s request to buy back or sell a maximum of 10% of its shares within 6 months from the date of approval.
The bourse has been mixed so far during the week and has shed 32.98 pts in last four sessions. The index has added 6.44 points from start of the month and is trading 2.74 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, 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.

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.
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 Co 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.


By: John Mathews

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