Kuwait index extends rally as volume swells Zain rises 10 fils; Gulf Cables retreats

KUWAIT CITY, Feb 12: Kuwait stocks pulled higher Tuesday adding to the gains in the last two sessions. The index, after a tame start, rallied 36.09 pts to 6357.06 points — the highest level in nine-months. The advance was broad based even as the banks remained largely subdued. The KSX 15 measure, climbed 4.2 pts to 1033.73 points whereas weighted index edged 1.41 pts higher. The volume turnover meanwhile rebounded further helped mostly by speculative trading in select counters. 612.16 million shares changed hands — a 29.36 percent increase from Monday. It had soared past the 800 million mark to hit a one- year high on Feb 7. The sectors swung mostly higher during the session. Healthcare outshone the rest with 2.63 percent rally whereas banks edged 0.25 percent lower — the biggest loser of the day. In terms of volume, real estate garnered the highest market share of 38.09 percent and financial services stood close behind with 37.39 percent.


United Projects Group rose 20 fils to KD 0.590 and Hilal Cement climbed 30 fils. National Industries Group added 2 fils to end at KD 0.216 after stagnating in the day before. Aref Energy Holding Co gained 6 fils and Kuwait Food Co took in 2 fils to wind up at KD 1.840. The stock is unchanged from start of the month while year-to-date, it has rallied 100 fils.
Zain rose 10 fils to KD 0.810 after closing flat in the previous session while Wataniya Telecom pared early losses to close steady at KD 2.420. Agility added 10 fils on back of 0.79 million shares to close at KD 0.550. The stock is up 10 fils from start of the month while year-to-date, it has gained 60 fils.
The market opened flat and moved sideways in early trade. The index hovered around the opening mark before slipping to the day’s lowest level of 6312.59 points. It picked up momentum thereafter amid surge in buying in select counters and closed with strong gains.


Spiked
Top gainer of the day, Hilal Cement Co spiked 18.75 percent to KD 0.190 and Salbookh Trading Co climbed over 9 percent to stand next. Gulf Petroleum Investment Co shed 7.14 percent, the steepest decliner of the day, and Investors Holding Group topped the volume with 107.63 million shares.
Metal and Recycling Co rose 6 fils and Burgan Well Drilling Co edged 2 fils higher with thin trading. Jazeera Airways was up 5 fils recouping the losses on Tuesday. The carrier has chalked a net profit of KD 13.94 million and earnings per share of 38.37 fils in 2012 and the Board of Directors has recommended no dividend payout for the fiscal year.


On the downside, Gulf Glass Manufacturing Co dropped 20 fils to KD 0.880 and Gulf Cables followed suit to end at KD 1.040. National Industries Co fell 10 fils to KD 0.320 and Automated Systems Co was down by same measure. Kuwait Gulf Links eased 2 fils after trading over 1 million shares.
In the banking sector, National Bank of Kuwait was flat at KD 0.990 off early lows and Gulf Bank too did not budge from its earlier close of KD 0.410. The bank’s income before provisions amounted to KD 121.4 million, up 13 percent from the year before while net profit was almost flat at KD 30.9 million. The Board has recommended the distribution of 5 percent bonus shares.
Al Ahli Bank of Kuwait was unchanged at KD 0.580 whereas Ahli United Bank pulled 10 fils lower to KD 0.820. Kuwait International Bank fell 5 fils. The bank has recorded a net profit of KD 13.16 million and earnings per share of 14.1 fils in 2012. The Board of Directors has recommended a cash dividend payout of 7 percent.


Burgan Bank was unchanged at KD 0.540 and Boubyan Bank too paused at KD 0.660. Kuwait Finance House added 10 fils whereas Commercial Bank dropped 10 fils with thin trading. Moody’s Investors Service has downgraded the global local and foreign-currency deposit ratings of CBK to ‘A3/Prime-2’ from ‘A2/Prime-1’.
International Financial Advisors rose 4 fils on back of 26.4 2 million shares whereas National Investment Co was flat at KD 0.154 off early lows. KIPCO was down 5 fils at KD 0.405 erasing the gains on Monday whereas Securities House Co added 4 fils. The counter saw 24.32 million shares change hands.

Rose
Securities Group Co rose 4 fils while International Finance Co and Kuwait Financial Centre took in 2 fils each. Bayan Investment Co paused at 37 fils. The company 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.
Tamdeen Real Estate Co slipped 4 fils to KD 0.216 and Union Real Estate too has down by same measure. UREC has logged a net profit of KD 2.74 million and earnings per share of 14.78 fils as against KD 1.45 million earnings and 7.85 fils EPS in the year before. The Board of Directors has recommended a cash dividend of 7 percent.


Kuwait Cement Co was flat at KD 0.430 and Kuwait Portland Cement followed suit. ALAFCO stagnated at KD 0.340. 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
The bourse has been upbeat so far during the week and has gained 68.34 pts in last three sessions. The index has soared 111.95 pts from start of the month and is trading over 7.12 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 cash dividend payout of 15 percent.

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 percent or 30 fils per share.
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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