Seen in the photo, investors at Kuwait Stock Exchange. The index rose 27.26 pts
KSE climbs 27.26 points in choppy trade Gulf Cables rallies 20 fils; City Group dives

KUWAIT CITY, Feb 13: Kuwait stocks firmed up further on Wednesday, extending the gains to fourth day in row. The index rose 27.26 points in choppy trade to 6384.32 points — the highest level since third week of May 2012.
The focus continued to be on small and mid-caps while some of the heavyweights sagged on profit taking. The buying was largely speculative in absence of fundamental cues.
The KSX 15 benchmark slipped 4.92 pts to 1,028.81 points and has shed almost 18 pts from start of the month while weighted index eased 0.92 pts. The volume turnover rose further after soaring in the last three sessions. 666.46 million shares changed hands — up 8.87 percent from Tuesday.
The sectors closed mostly in the positive region. Healthcare out led the rest with 2.13 percent upswing whereas oil and gas dropped 1.11 percent, the biggest loser of the day. In terms of volume, real estate mustered the highest volume share of 39.94 percent while financial services and industrials followed with 35.64 percent and 11.15 percent respectively.
Gulf Cables rallied 20 fils recouping the loss on Tuesday while Automated Systems Co added 10 fils to close at KD 0.550. Kuwait Gulf Links was up 4 fils on back of 3.04 million shares. City Group however tumbled 25 fils and Kuwait Portland Cement shed 20 fils to settle at KD 1.140.
Bourse heavyweight Zain, slipped 10 fils to KD 0.800 after trading 2.54 million shares and Wataniya Telecom slid 20 fils after stagnating in the day before. Agility held the ground unchanged at KD 0.550 off early highs. The stock has rallied 60 fils so far during the month.
The market opened on a positive note and edged higher in early trade. The index peaked at 6396.46 points but failed to hold on to the gains. It retreated and drifted above the opening mark amid mixed sentiments. The bourse slipped again in the final minutes before spiking to close with modest gains.


Rallied
Top gainer of the day, Investors Holding Group rallied 9.52 percent while Al Nawadi climbed 9.43 percent to stand close behind. Contracting and Marine Services Co dived 10.34 percent, the steepest decliner of the day, and Investors Holding Group also topped the volume with 104.77 million shares changing hands.
Mirroring the day’s advance, the winners outnumbered the losers. 60 stocks advanced whereas 46 closed lower. Of the 143 counters active on Wednesday, 37 closed flat. 9291 deals worth KD 44.34 million were transacted — up 8.40 percent in value from the day before.
“Speculation is the driving force behind the appreciation in stock prices,” Reuters quoted Naser al-Nafisi, general manager for Al Joman Center for Economic Consultancy earlier in the week. “There’s a focus on small cap stocks.”
ALAFCO fell 5 fils to KD 0.335 and Burgan Well Drilling Co dropped 8 fils after eking slight gains in the previous session. Jazeera Airways was unchanged at KD 0.375. The carrier has chalked a net profit of KD 13.94 million and earnings per share of 38.37 fils in 2012, up from KD 10.55 million profit and 29.24 fils EPS last year.


In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.980. Gulf Bank was flat at KD 0.410 off early lows and Commercial Bank too did not budge from the early close of KD 0.410. Al Ahli Bank rose 10 fils after stagnating in the day before.
Ahli United Bank climbed 10 fils and Kuwait International Bank was flat at KD 0.300 with a volume of 4.42 million shares. Burgan Bank too stagnated 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 Feb 5.
 Kuwait Finance House paused at KD 0.810 and Boubyan Bank too did not move in either direction. 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 percent bonus shares.


Reversed
United Projects Group erased 10 fils and Hilal Cement reversed the gains on Tuesday to close 10 fils lower. Independent Petroleum Group Co was down 10 fils. The company has posted a net profit of KD 5.83 million and earnings per share of 40.35 fils in 2012 and the board has recommended a cash dividend payout of 30 percent or 30 fils.
Kuwait Pipes fell 2 fils to KD 0.108 whereas National Industries Group was unchanged at KD 0.218. Gulf Glass Manufacturing Co rose 10 fils to KD 0.890. 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.
International Financial Advisors was unchanged at 56 fils and National Investment Co followed suit. KIPCO too held steady at KD 0.405 whereas Securities Group added 4 fils on back of 15.89 million shares. KAMCO dropped 10 fils.


National Real Estate Co flat lined at KD 0.122 and Salhiya Real Estate Co slid 15 fils to KD 0.325. Mabanee Co knocked off 20 fils. The stock has shed 20 fils so far during the month while year-to-date, it has gained 40 fils.
The bourse has been buoyant so far during the week and has climbed 95.6 pts in last four sessions. The index has rallied 139.21 pts from start of the month and is trading over 7.58 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 percent.
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.
Al-Themar International Holding Co. has recorded a net loss of KD 5.12 million and loss per share of 5.06 fils in the nine-month period ending Dec 31, 2012 as against KD 6.93 million loss and loss per share of 6.85 fils in the same period last year.

By John Mathews
Arab Times Staff

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