Kuwait bourse adds 13.32 pts, volume falls Kuwait National Cinema soars 50 fils; Zain slips

KUWAIT CITY, Feb 14: Kuwait stocks covered more ground Thursday to end week on a firm note. The index rose 13.32 points in volatile trade to a fresh multi-month high. The banks shined and some of the mid-caps too drew speculative interest even as the other heavy weights closed mixed. The KSX 15 gauge rose 2.79 points to 1031.6 pts after pulling lower in the previous session whereas the weighted index was up 1.16 pts at 429.55 points. The volume turnover receded below the 600 million mark after rising in the last three sessions. 548.37 million shares changed hands — down 17.72 percent from Wednesday. KSE had rallied over 310.86 pts during whole of January.

The sectors closed mixed during the session. Technology outpaced the rest with 2.19 percent rise whereas telecom shed 1.18 percent, the worst performer of the day. Volume wise, real estate dominated with 37.13 percent market share and financial services came in next with 33.41 percent. Kuwait National Cinema Co spiked 50 fils with thin trading to close at 0.910 and Automated Systems gained 20 fils. Aref Energy Co climbed 7 fils and RISCO followed suit. Kuwait Gulf Links took in 2 fils on back of 6.6 million shares.
United Projects Co rose 10 fils to KD 0.590 and Independent Petroleum Group Co was up by same measure. 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 % or 30 fils. Bourse heavyweight Zain dropped 10 fils to KD 0.790 extending an identical fall in the day before while Wataniya Telecom shed 20 fils. Agility dialed up 10 fils on back of 1.06 million shares. The stock has rallied 70 fils so far during the month and is up 60 fils from start of the year.

The market opened choppy and moved sideways in early trade. The index drifted lower thereafter amid profit taking in select counters and hit the day’s lowest level of 6372.16 pts almost half way into the session. It snapped back and peaked at 6405.28 points before falling again below the red. The bourse rebounded again in the final minutes and managed to close with modest gains. Top gainer of the day, Wethaq Takaful, climbed 8.77 percent to 62 fils and Muntazahat rallied 8 percent to stand next. Tahssilat dived 7.58 percent, the steepest decliner of the day and Investors Holding Group topped the volume with 73.81 million shares.
Reflecting the day’s gain, the market spread was skewed towards the winners. 55 stocks advanced whereas 48 closed lower. Of the 141 counters active on Thursday, 38 closed flat. 8,300 deals worth KD 43.25 million shares were transacted — down 2.46 percent 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.

On the downside, Gulf Petroleum Investment Co dropped 8 fils to KD 0.545 with a volume of 17.41 million shares and Burgan Well Drilling Co edged 2 fils lower with thin trading volume. Jazeera Airways fell 5 fils to KD 0.370. The stock has gained 50 fils year-to-date.
Kuwait Cement Co eased 5 fils to KD 0.425 while Metal and Recycling Co was unchanged at KD 1.140. United Industries Co edged 2 fils lower to KD 0.106. UIC has chalked a net profit of KD 3.34 million and earnings per share of 7.07 fils in 2012. The Board of Directors has recommended a 5 percent cash dividend payout.
In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.990 with a volume of 4.51 million shares and Gulf Bank was up 5 fils after stagnating in the day before. 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 of Kuwait jumped 30 fils to KD 0.720 whereas Al Ahli Bank pulled 10 fils lower. Burgan Bank added 10 fils while Kuwait Finance House held steady at KD 0.810. Boubyan Bank fell 10 fils to KD 0.650 off early highs. Ahli United Bank was unchanged at KD 0.830 off early lows and Kuwait International Bank followed suit. 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. National Real Estate Co ticked 2 fils up on back of over 3 million shares and Tamdeen Real Estate rose 4 fils extending the modest rise on Wednesday. Mabanee Co climbed 20 fils whereas Mazaya Holding inched 1 fils lower. Kuwait Investment Co crept 2 fils higher while International Financial Advisors slipped 1 fils after trading 2.59 million shares. The company has announced selling 4,450,000 of Kuwait Clearing Co. shares to International Finance Co for KD 3,471,000 generating a profit of KD 267,049 profit, which will be reflected in fourth quarter results.

National Investment Co pulled up from early lows to end unchanged at KD 0.154 and Kuwait Projects too was not did not budge from its previous close. KAMCO knocked off 6 fils whereas Bayan Investment Co added 2.5 fils. First Investment Co nudged 2 fils up to KD 0.120 and Al Tamdeen Investment Co followed suit. The bourse has been markedly positive during the week. It closed higher in all the five sessions and gained 108.92 pts week-on-week. The index has soared 156.88 pts from start of the month and is trading over 7.81 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%.

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 31 Dec 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

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