Photo shows a segment of ticker board at Kuwait Stock Exchange. The bourse gained 28 pts on Monday.
KSE ends 28 points up in choppy trade Wataniya Telecom soars 40 fils; Jazeera Airways slips

KUWAIT CITY, Feb 11: Kuwait stocks revved up on Monday, extending the gains to the second consecutive day. The index climbed 28 pts in choppy trade to 6320.97 pts – the highest level since May 2012. The focus was largely on low and middle level stocks whereas the heavyweights closed mixed. The bourse had gained over 310 pts during whole of January. The KSX 15 benchmark dropped 4.05 pts to 1029.53 pts and has shed almost 16 pts so far during the month while the weighted index inched 0.61 pts lower to 427.9 pts. The volume turnover surged 31.42 percent to 473.22 million after falling sharply in the previous session.  The sectors closed mostly in the positive territory. Technology outpaced the rest with a 5.56 percent spike whereas oil and gas slipped 1.56 percent – the worst performer of the day. Volume wise, real estate topped with 40.76 percent market share while financial services and industrials followed with 29.93 percent and 17.26 percent respectively.

Automated Systems Co spiked 50 fils to KD 0.550 and while Kuwait National Cinema Company was up 10 fils at KD 0.860. ALAFCO rose 5 fils on back of 1.1 million shares and Kuwait Gulf Links edged 2 fils higher to KD 0.104. The stock has eased 2 fils so far during the month and is trading 18 fils higher year-to-date.  Zain held the ground unchanged at KD 0.800 off early highs whereas Wataniya Telecom soared 40 fils to KD 2.420 after stagnating in the day before. Agility retreated 10 fils to KD 0.540.

 The market opened wavy drifted in broad range in early trade. The index climbed to the day’s highest level of 6323.25 amid buying in select counters but failed to hold on to the gains. It retreated thereafter and slipped below the red almost half way into the session to bottom at 6292.97 pts. It clawed back in the final minutes and closed with modest gains. Top gainer of the day, Automated Systems Co rallied 10 percent to KD 0.550 and Wethaq Takaful climbed 9.62 percent to stand next. Investors Holding
Group slid 11.11 percent, the steepest decliner of the day, and the stock also saw the highest volume turnover of 130.39 million shares. Mirroring the day’s gain, the market spread was skewed towards the winners. 70 stocks advanced whereas 32 closed lower.

Of the 141 counters active on Monday, 39 closed flat. 6847 deals worth KD 29.89 million were transacted – a 28.62 percent increase 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 earlier in the month. “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,” he added.  On the downside, Gulf Petroleum Investment Co retreated 10 fils after trading over 26 million shares and ACICO Industries was up 6 fils at KD 0.228. Jazeera Airways pulled 5 fils lower after stagnating in the previous session. The carrier has chalked a net profit of KD 13.94 million and earnings per share of 38.37 fils in 2012.

United Industries Co dropped 4 fils to KD 0.110 while Kuwait Cement Co was down 5 fils at KD 0.110. Gulf Glass Manufacturing Co tumbled 30 fils. 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 gyrated in narrow range before settling unchanged at KD 0.216. Kuwait Portland Cement Co closed flat at KD 1.160 off early lows and Kuwait Foundry Co followed suit to wind up at KD 0.310. Kuwait Food Co (Americana) shed 20 fils to end at KD 1.820.

In the banking sector, National Bank of Kuwait was flat at KD 0.990 whereas Gulf Bank edged 5 fils lower to KD 0.410. Ahli United Bank added 10 fils. AUB has sold 37,374,000 shares of Al-Ahli Bank of Qatar’s shares at 60 rials/ share with a total value of QAR 2,242,440,000. The company has realized a profit of QAR 775,227,154 . Commercial Bank of Kuwait dropped 20 fils to close at KD 0.700 and Al Ahli Bank shed 20 fils. Burgan Bank was unchanged at KD 0.540. The lender has obtained the approval of Central Bank of Kuwait to extend permission to buyback or sell up to 10% of own issued shares over a period of 6 months commencing from February 5.  Kuwait International Bank took in 5 fils after stagnating on Sunday while Kuwait Finance House erased 20 fils after trading over 2 million shares. Boubyan Bank paused at KD 0.660. 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.

KIPCO rose 5 fils and Securities House Co was up by same measure to end at KD 0.410. National Investment Co added 4 fils whereas Kuwait Financial Centre Co (Markaz) edged 2 fils lower. First Investment Co took in 2 fils with thin trading and Al Maal Investment ticked 1 fils up.  The index has been grinding higher so far during the week and has added 32.25 pts in last two sessions. The index has rallied 75.86 from start of the month and is trading over 6 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Mashaer Holding has announced a net profit of KD 4.31 million and earnings per share of 25 fils in the 2012 as against KD 5,20 profit and earnings per share of 29 fils in the year before. The Board of Directors recommended a dividend payout of: cash 15 % (Fils 15).

Independent Petroleum Group has posted a net profit of KD 5.83 million and earnings per share of 40.35 fils in 2012 as against KD 6.05 million and loss per share of 41.89 fils during last year. The Board has recommended a cash dividend payout of 30 % or 30 fils.  INOVEST has logged an annual net loss KD 2.53 million and loss per share of 8.91 fils in 2012 as compared to KD 6.54 loss and 22.96 fils LPS in 2011. The Board of Directors recommended no dividend payout for the fiscal year. Securities Group Co has chalked a net loss of KD 5.87 million and loss per share of 23.05 fils in the nine-month period ending Dec 31, 2012 . This compares with KD 7.79 million loss and loss per share of 30.56 fils in the same period last year.

By: John Mathews

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