Kuwait bourse extends gains to fifth day Kuwait Portland Cement climbs 20 fils; NBK falls

KUWAIT CITY, Jan 21: Kuwait stock pulled higher Monday, extending the gains to fifth straight session. The index rose 14.58 pts in volatile trade to settle at 6,172.72 pts.

 The banks closed mostly in red as even as NBK kicked off the earnings season by announcing its 2012 full year profit. However some of the mid and low caps sagged on profit taking.

The KSX 15 benchmark slipped 3.55 pts to 1,042.21 pts, the highest level since its introduction in mid-April 2012, whereas the weighted index eased 1.26 pts to 430.19 pts. The volume turnover swelled 10.53 percent to 434.02 million adding to the marginal increase on Sunday.

The sectors closed mostly in the positive region. Oil and gas outperformed the rest with 2.14 percent upswing whereas consumer services dropped 0.12 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest volume share of 34.95 percent while real estate followed with 31.02 percent.

Kuwait Portland Cement Co rose 20 fils to KD 1.160 while Contracting and Marine Services Co added 8 fils with thin trading. RISCO edged 2 fils higher to KD 0.244 and KGL crept 1 fils up. The stock has gained 3 fils from start of the month.

Wataniya Telecom was flat at KD 2.30 after falling sharply in the previous session and Zain followed suit to wind up at KD 0.800 off early lows. Agility too pulled up from a shallow trough to close unchanged at KD 0.560 and has climbed 50 fils so far during the month.

The market opened on an uppish note and rose briefly in early trade. The index retreated thereafter to hit the day’s lowest level of 6138.95 pts and clawed back gradually as buying picked up in select counters and managed to climb past the opening mark in the final minutes.

Top gainer of the day, Commercial Bank of Kuwait spiked 11.43 percent to KD 0.780 and Kuwait Cables Vision Co climbed 9.8 percent to stand next. Tahsillat skidded 6.67 percent, the steepest decliner of the day while Safat Energy Co topped the volume with 46.06 million shares.

Reflecting the day’s gains, the market spread was skewed towards the winners. 49 stocks advanced whereas 40 closed lower Of the 141 counters active on Monday, 40 closed flat. 7247 deals worth KD 34.70 million were transacted — a 12.68 percent increase in value from the day before.

“The Kuwait index continues to trade at a mark higher than the ‘turning-point’ as many refer to the 6000 points mark, creating much needed confidence and optimism in the market,” Global Investment House said in a note earlier in the month.

On the downside, United Projects Co dropped 20 fils to KD 0.560 and Combined Group Contracting Co followed suit erasing an identical gain on Sunday. Kuwait Food Co ( Americana) too was down 20 fils at KD 1.840. The company has recorded KD 31.31 million profit in the 9-month period ending September 2012 while in the third quarter, it earned KD 6.27 million.

 Burgan Well Drilling slipped 8 fils to KD 0.186 and ALAFCO pulled 5 fils lower with a volume of 1.53 million shares. The company has earned KD 11,148,431 and earnings per share 14.30 fils in the quarter ending 31/12/2012 as compared to KD 14,903,127 profit and earnings per share of 19.11 fils in the same period last year.

National Industries Group eased 4 fils to KD 0.226 after trading 3.2 million shares and Kuwait Foundry Co was down 6 fils at KD 0.325. City Group dropped 20 fils and National Industries Co fell 5 fils.
In the banking sector, National Bank of Kuwait shed 20 fils to close at KD 0.970 with a volume of 2.66 million shares and Gulf Bank stagnated at KD 0.410. The stock has fell 10 fils so far during the month. Al Ahli Bank was unchanged at KD 0.600 while Ahli United Bank dropped 20 fils.

Kuwait International Bank was flat at KD 0.310 whereas Burgan Bank and Kuwait Finance House were down 10 fils each. Boubyan Bank too was down by same measure and wound up at KD 0.650.

Gulf Cables was unchanged at KD 1.280 and Kuwait Pipes too did not budge from its earlier close of 0.114. Jazeera Airways stagnated at KD 0.330. The carrier has announced a 74 percent capital rise to KD 42 million which will help the firm to exchange its annual high-cost loans for lower-costing loans.

International Financial Advisers fell 0.5 fils to 78 fils while IFA Hotels and Resorts Co dived 25 fils. The company has posted KD 4 million loss and earnings per share of 9.37 fils per share in the 9-month period ending September 2012, a 342% jump in losses from same period in 2011.

KIPCO slipped 5 fils to KD 0.400 and Securities House Co ticked 1 fils higher on back of 22.58 million shares. National Investment Co took in 2 fils. The company has earned KD 5.65 million and 6 fils EPS in the January-September period.

KAMCO rose 2 fils to KD 0.140 whereas Bayan Investment closed flat at 36 fils. Al Tamdeen Investment added 2 fils and Al Mal Investment Co closed flat at 38 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.

The bourse has been upbeat so far during the week and has added 33.42 pts in last 2 sessions. The index rallied 238.44 points from start of the month after edging lower in December. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Building Materials Mfg. Co registered a net profit KD 411,453 and earnings per share of 14.2 fils in the full year ending 31/12/2012 as against KD 183,142 earnings and 6.3 fils EPS in the year before. The Board of Directors has recommended dividend payout of cash 5% or 5 fils plus 5% bonus shares.

STRATEGIA’s has decided to increase the capital by 100% from KD 15 million to KD 30 million. The share will have a face value of 100 fils and 2 fils premium fees.

Al-Enmaa Real Estate Co has posted a net profit of KD 2,423,240 and earnings per share of 5.38 fils in the year ended 30 Oct 2012 as against profit of KD 1,102,311 and EPS of 2.45 fils in the year before period. The Board of Directors has recommended no dividend payout for the fiscal year.

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 Arab Times Staff

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