Kuwait ekes modest gains as volume ebbs Wataniya Telecom jumps 40 fils; Commercial Bank of Kuwait slumps

KUWAIT CITY, Feb 17: Kuwait stocks firmed up Sunday after rallying strongly in the previous week. The index pared steeper early session gains to end 9.03 pts higher at 6,406.67 pts. The focus was mostly on the mid and low caps even as the some of the banks sagged on profit taking. The trading floor sentiment was cautiously positive as investors soaked in the latest earnings announcements. The KSX 15 measure eased 0.44 points to 1,031.16 pts and the weighted index ticked 0.22 pts lower. The volume turnover meanwhile ebbed below the 500 million adding to the drop in the last session. 471.61 million shares changed hands — down 14 percent from Thursday. It had soared past the 800 million mark early last week driven largely by speculative buying. The sectors closed mixed. Oil and gas outshone the peers with 2.90 percent rally whereas banks fell 0.70 percent - the worst performer of the day. In terms of volume, financial services chalked the highest market share of 41.65 percent while real estate and banks followed with 29.53 percent and 11.28 percent respectively.


Aref Energy rose 10 fils to KD 0.114 and Jazeera Airways was up by same measure after trading over 1 million shares. The stock has added 10 fils from start of the month while year-to-date it has rallied 60 fils. Boubyan Petrochemical Co too rose 10 fils to wind up at KD 0.590. National Industries Group held the ground steady at KD 0.218 and Kuwait Pipes followed suit. Kuwait Portland Cement climbed 20 fils on back of 1.13 million shares. The company has chalked a profit of KD 7.28 million and earnings per share of 80.13 fils in 2012 and the Board of Directors has recommended a cash dividend of 80 % or 80 fils per share.  The market opened slightly weak and slipped briefly into red in early trade. The index troughed at 6,393.97 pts before rising sharply to peak at 6426.21 pts. It drifted sideways thereafter as sentiment turned brittle and managed to close with modest gains.


Spiked
Top gainer of the day, Aref Energy spiked 9.62 percent to 114 fils and Gulf Petroleum Independent Group too rallied by same measure. Tahsillat slid 8.2 percent, the steepest decliner of the day, and Gulf Investment House topped the volume with 84.7 million shares. Mirroring the day’s uptick, the winners marginally out led the losers. 46 stocks advanced whereas 43 closed lower. Of the 147 counters active on Sunday, 58 closed flat. 7,397 deals worth KD 33 million were transacted — a 23.70 percent drop in value from the day before. Wataniya Telecom soared 40 fils to KD 0.2420 more than recouping the loss in the previous session whereas Zain held the ground unchanged at KD 0.790 off early highs.

Zain has earned KD 252.14 mln and earnings per share of 65 fils in 2012 and the Board of Directors has recommended a cash dividend of 50%. “People are accepting the results, which are not so bad if you neutralize the FX loss,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House. “There is a lot of momentum being driven by expectations of financial results. Retail traders, buying small-caps, is another force driving the market.” Agility pulled up from a shallow trough earlier in the session to end flat at KD 0.560. The stock has added 10 fils so far during the month while year-to-date it has climbed 50 fils.


Metal and Recycling Co took in 2 fils with thin trading and Gulf Glass Manufacturing Co rose 20 fils to settle at KD 0.910. 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.
On the downside, Kuwait National Cinema Co dived 50 fils to KD 0.860 erasing the gains in the previous session while Gulf Cables dropped 20 fils. Kuwait Foundry Co slipped 5 fils and United Industries Co ticked 4 fils lower. Kuwait Cement Co however stagnated at KD 0.425. In the banking sector, National Bank of Kuwait paused at KD 0.990 whereas Gulf Bank eased 5 fils to KD 0.410. Commercial Bank of Kuwait slid 30 fils to KD 0.690. The stock has shed 30 fils from start of the month.


Rose
Al Ahli Bank rose 10 fils to KD 0.590 and Ahli United Bank was unchanged at KD 0.830. Burgan Bank too was flat KD 0.550 off early lows.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. Kuwait International Bank clipped 5 fils after stagnating in the previous session and the counter saw 0.67 million shares changed hands. Kuwait Finance House was flat at KD 0.810 and Boubyan Bank followed suit. Burgan Bank. 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.
International Financial Advisors was unchanged at 55 fils whereas National Investment Co edged 2 fils lower. Securities House Co trimmed 5 fils after trading over 9 million shares and KIPCO held steady at KD 0.405.


KAMCO climbed 10 fils to KD 0.126 in volatile trade and Osoul Investment was up 3 fils. Kuwait Financial Centre Co ( Markaz) took in 2 fils. The company has has recorded a net profit of KD 4.12 million and earnings per share of 9 fils in 2012 rebounding from KD 356,000 loss and loss per share of 1 fils last year.
The bourse was bullish during last week. It closed higher in all the five sessions and climbed 108.92 pts week-on-week. The index has rallied 161.56 pts from start of the month and is trading almost 8 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.


In the bourse related news, Mabanee Company has penciled a net profit of KD 33.27 million and earnings per share of 53.28 fils in 2012 — soaring from KD 20.78 profit and 34.2 fils in the year before. The Board of Directors has recommended a cash of 20% plus 10% bonus shares. 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 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.

By John Mathews
Arab Times Staff




 

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