KSE gains 34.95 pts amid brisk trading National Industries Group up 2 fils; CBK retreats

KUWAIT CITY, Feb 4: Kuwait stocks scaled more ground Monday as it extended the uptrend which lifted it to fresh eight month high.  The index, after a wobbly start, climbed 34.95 pts in brisk trading led by some of the mid-caps even as the heavyweights closed mostly muted. The trading floor was cautiously upbeat as the investors digest the financial results.  The KSX 15 gauge edged 1.84 pts higher to 1038.17 pts after falling sharply on Sunday whereas the weighted index was up 1.3 pts to settle at 431.28 points. The volume turnover surged 60.96 percent to 633.96 million, the highest level so far during the year, driven by speculative buying in some of the positions.

The sectors closed mostly in the positive territory. Basic materials outperformed the rest with 1.97 percent rally whereas technology slid 1.57 percent, the biggest loser of the day. In terms of volume, real estate dominated with 38.90 percent market share while financial services and industrials followed with 36.11 percent and 12.47 percent respectively.

Al Kout Industrials Projects soared 40 fils to KD 0.530 and Gulf Glass Manufacturing Co followed suit after posting strong gains in the day before. The company has posted a net profit of KD 2.60 million and earnings per share of 64.69 fils in the full year 2012. The Board of Directors recommended a cash dividend 45 percent or 45 fils per share plus 5 pct bonus shares.

National Industries Group rose 2 fils on back of over 1 million shares to close at KD 0.226 and Kuwait Pipes was up by same measure. Metal Recycling Co climbed 6 fils and United Industries Co added 8 fils with a volume of 1.51 million shares. PAPCO was up 10 fils. Bourse heavyweight Zain was flat at KD 0.810 and Wataniya Telecom too did not budge from its earlier close of KD 2.400. The stock has rallied 60 fils during whole of January. Agility was up 10 fils at KD 0.570 recouping the loss on Sunday.

The market opened weak and slipped into red in early trade. The index troughed at 6275.02 pts and moved sideways for nearly an hour before clawing back amid strong buying interest in select counters. It trended higher in the second half and closed with impressive gains.
Top gainer of the day, PAPCO soared 9.43 percent to KD 0.116 and Kuwait Business Town climbed 9.26 percent to stand next. Kuwait Cinema tumbled 5.56 percent, the steepest decliner of the day, whereas Investors Holding Group topped the volume with 108.36 million shares.
Mirroring the day’s gains, the winners outpaced the losers. 56 stocks advanced whereas 43 closed lower. Of the 147 counters active on Monday, 48 closed flat. 8795 deals worth over KD 51 million were transacted—a 83.44 percent surge in value from the day before.

“The whole hype people are buying on right now is they expect the government to start spending,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House earlier on Sunday.
Gulf Petroleum Investment Co rose 10 fils on back of over 9 million shares and IFA Hotels and Resorts climbed 15 fils with thin trading. 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.
On the downside, Automated Systems Co dived 25 fils with anemic trading and Kuwait Gulf Links eased 2 fils to KD 0.108. ACICO Industries was down 4 fils at KD 0.218. The company’s earnings in January-September period spiked 51.3% to KD 2.33 million from KD 1.54 million in the prior-year period.

In the banking sector National Bank of Kuwait rose 10 fils, making up the losses in the previous session and the counter saw 8.8 million shares change hands. Gulf Bank was unchanged at KD 0.410 . The bank’s income before provisions amounted to KD 121.4 million, up 13% from the year before while net profit was almost flat at KD 30.9 million. The Board has recommended the distribution of 5% bonus shares.
Commercial Bank slipped 10 fils whereas Al Ahli Bank stagnated at KD 0.580. Ahli United Bank rose 20 fils to KD 0.840. The bank has recorded a net profit of KD 38.53 million and earnings per share 36.2 fils for the year ending 31/12/2012. The Board of Directors has recommended a dividend payout of cash 18 percent and 10 % bonus shares.

Kuwait International Bank dropped 10 fils to KD 0.305 whereas Burgan Bank and Kuwait Finance House were steady at KD 0.560 and KD 0.830 respectively. KFH has added 30 fils during whole of January and is trading 20 fils higher year-to-date. Boubyan Bank was unchanged at KD 0.660.
International Financial Advisers fell 1 fils to 53 fils whereas National Investment Co edged 2 fils higher. KIPCO stagnated at KD 0.405 after trading 1.34 million shares whereas Securities House Co added 4 fils. Kuwait Financial Centre Co was unchanged at KD 0.140 after inching lower in the previous session.
Osoul Investment Co took in 2 fils whereas Sokouk Holding Co slipped 4 fils after trading 5.52 million shares. KAMCO closed flat at KD 0.138 and Bayan Investment inched 1 fils up. Bayan has won the approval of the Capital Market Authority on its request to sell own shares amounting to 34,499,385 over a period of 6 months.

United Real Estate Co rose 6 fils whereas National Real Estate Co flunked 2 fils. Mabanee Co stagnated at KD 1.200 and Salhiya Real Estate Co followed suit. 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 upbeat so far during the week and has rallied 64.75 pts in last two sessions. The index had rallied 310.86  points during whole of January and is trading 6.33 percent higher year-to-date. 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.


By: John Mathews

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