Kuwait bourse extends gains, adds 29.8 pts Gulf Glass soars 50 fils; Wataniya Telecom stagnates

KUWAIT CITY, Feb 3: Kuwait stocks opened the month on an upbeat note after posting strong gains in January. The index climbed 29.8 points to 6,274.91 pts - the highest level in over 7 months, as investors piled on to select mid and small caps. The heavyweights, however closed mostly in the red. The KSX benchmark slumped 10.22 pts to 1,036.33 pts after hitting a record high in the previous session while the weighted index fell 2.21 pts to 429.98 pts . The volume turnover rebounded after falling sharply on Thursday. 393.86 million shares changed hands — a 10.93 percent increase from the day before. The sectors closed mostly higher. Oil and gas outshined the peers with 1.89 percent rally whereas telecommunications shed 0.95 percent, the biggest loser of the day. Volume wise, real estate topped with 42.65 percent market share while financial services and industrials followed with 32.94 percent and 12.09 percent respectively.

Gulf Glass Manufacturing Co darted 50 fils to KD 0.770 while Gulf Petroleum Investment Co and Automated Systems Co were up 10 fils each. Jazeera Airways was up 5 fils on back of 2.97 million shares. The stock had rallied 100 fils during whole of January. Kuwait Gulf Links added 4 fils with a volume of over 3 million shares and Automated Systems Co gained 4 fils. ACICO Industries edged 2 fils up and IFA Hotels and Resorts rose 10 fils extending the gains in the previous session. Bourse heavyweight Zain s slipped 20 fils to KD 0.810 after trading 3.77 million shares and Wataniya Telecom held the ground steady at KD 2.400 off heavy early losses. Agility fell 10 fils to KD 0.560. The stock had slipped 20 fils during whole of January.  The market opened weak and slipped briefly into the red in early trade. The index charted a wave before trading sideways for over an hour. It rose steadily in the second half as buying picked up in select counters and closed with modest gains.

Top gainer of the day, Investors Holding Group spiked 10.26 percent to 21.5 fils and GPI rose 9.8 percent to stand next. Al Nawadi slid 6.67 percent, the biggest loser of the day, and Investors Holding Group also topped the volume with 93.67 million shares. Reflecting the day’s gain, the market spread was skewed towards the winners. 57 stocks advanced whereas 37 closed lower. Of the 135 counters active on Sunday, 41 closed flat. 6,535 deals worth KD 27.80 million were transacted — a 12.47 percent drop in value from the day before.  “The index (is in) overbought territory while the odds for a retracement lower have increased,” Reuters quoted Bruce Powers, a technical analyst with Orpheus Capital.

“However, so far there are no signs of it. The next higher price levels to watch for resistance are around 6,251, followed by 6,329, consisting of prior resistance from March 2012 and the 78.6 percent Fibonacci retracement of the downtrend off the May 2012 high, respectively.” On the downside, National Industries Group eased 2 fils to KD 0.224 after trading 1.33 million shares and Metal and Recycling Co was down by same measure. Aviation Lease and Finance Co edged 5 fils lower to KD 0.350. The company has earned KD 11,148,431 and earnings per share 14.30 fils in the quarter ending 31/12/2012.

In the banking sector, National Bank of Kuwait retreated 10 fils to KD 0.970. The lender has posted a net profit of KD 305.1 million in full year 2012 compared with KD 302.4 million in the year before and the Group’s total assets reached KD 16.4 billion by end of 2012. Gulf Bank closed flat at KD 0.410. Ahli United Bank closed flat at KD 0.820 and Kuwait International Bank followed suit with a volume of over 1 million shares. Burgan Bank dropped 20 fils to KD 0.560 after eking modest gains in the earlier session. The stock has gained 50 fils during whole of January. Kuwait Finance House added 10 fils and Boubyan Bank edged 2 fils up. The bank has recorded KD 10.05 million net profit and earnings per share 5.75 fils in the full year 2012 and the Board of Directors have recommended a dividend payout of 5 % bonus shares.

Kuwait Investment Co took in 2 fils and Commercial Facilities Co climbed 10 fils to end at KD 0.345. International Financial Advisers was up 3 fils on back of 10.13 million shares and National Investment Co fell 2 fils. The company has earned KD 5.65 million and 6 fils EPS in the January-September period.
KIPCO was unchanged at KD 0.405 and Securities House Co took in 2 fils with a volume of 13.28 million shares. Kuwait Financial Centre Co (Markaz) eased 2 fils and Al Mal Investment Co inched 1 fils higher to 42 fils. company has incurred a net loss of KD 4,443,525 and loss per share of 8.41 fils in the January-September period . Bayan Investment fell 0.5 fils to 37 fils and Al Deera Holding Co was up 1.5 fils. Noor Financial Investment Co rose 1 fils. The company has posted a net profit of KD 3.1 million and during the first nine months of 2012 while earnings per share came in at 9 fils.

Kuwait Pipes was unchanged at KD 0.114 and Kuwait Cement Co too did not budge from its earlier close of KD 0.440. Kuwait Portland Cement Co stagnated at KD 1.200 and Kuwait Foundry Co followed suit.  The bourse trended higher during last week. It has closed higher in four of the five sessions and gained 42.46 pts week-on-week. The index had rallied 310.86 points during whole of January . KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, City Group has logged a net profit of KD 3.57 million and earnings per share of 31.67 fils in the full year 2012 rebounding from a net loss of KD 5.49 million and loss per share of 48.63 fils in the year before. The Board of Directors has recommended a cash dividend of 35%.

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.
Aref Energy Holding Company has incurred a net loss of KD 9.96 million and loss per share of 13.3 fils in the 2012 as a against loss of KD 5.11 million and loss per share last year 6.8 fils. The Board of Directors has recommended no dividend payout for the Fiscal Year. Qurain Petrochemical Industries Co. has logged a net profit of KD 3.66 million and earnings per share of 3.36 fils in 2012 as compared to net loss of KD 88,527 and loss per share of 0.08 fils in the year before.

By: John Mathews

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