KUWAIT CITY, Jan 28: Kuwait stocks scaled more ground Monday to reach a fresh multi-month high. The index, after getting ofF to a shaky start, climbed 16.75 points helped by heavyweights even as investors appear to be cautiously optimistic about the earnings prospects. However some of the mid-caps sagged on profit booking. The KSX 15 measure eased 1.66 pts to 1042.8 points and the weighted index slipped 0.81 pts to 431.26 pts. The volume turnover meanwhile receded below the 300 million mark after shrinking in last two sessions. 284.67 million shares changed hands - down 8.80 percent from Sunday. The bourse had climbed past the 6000 pts mark in the first week of the January.

The sectors closed mostly in the positive territory. Technology outshone the peers with 1.85 percent upswing whereas banks shed 1 percent, the biggest loser of the day. Volume wise, financial services chalked the highest market share of 36.64 percent while real estate and industrials followed WITH 25.81 percent and 17.83 percent respectively.  Wataniya Telecom rallied 40 fils to KD 2.380 recouping the losses on Sunday while Zain added 10 fils on back of 2.63 million shares. The stock has climbed 50 fils so far during the month. Agility too was up 10 fils at KD 0.580. Automated Systems Co gained 10 fils and United Projects Group rose by same measure to close at KD 0.570. Jazeera Airways took in 5 fils with a volume of 2.86 million shares. The carrier has announced a 74 percent capital rise to KD 42 million which will help the firm to exchange its annual high-cost loans for lower-costing loans.

Slipped
The market opened weak and slipped into a shallow trough in early trade. The index bottomed at 6186.69 pts and snapped back amid buying in select counters. It continued to drift higher in choppy trade and closed with modest gains. Top gainer of the day, KMEFIC spiked 12.82 percent to 44 fils and Masaken rose 7.84 percent to stand next. Kuwait Remal Real Estate Co shed 25 fils, the steepest decliner of the day, and Safat Real Estate Co topped the volume with 27.12 million shares. Mirroring the day’s gains, the market spread was skewed towards the winners. 57 stocks advanced whereas 34 closed lower. Of the 142 counters active on Monday, 51 closed flat. 6277 deals worth KD 32.53 million were transacted - a 16.9 percent rise in value from the day before. “Although we may be in the anticipation period (for fourth-quarter earnings), the market is reacting very well to every other announcement particularly marked by the banks that have already announced,” Global Investment House said in a note.

On the downside, Combined Group Contracting Co dropped 20 fils to KD 1.380 and Gulf Glass Manufacturing Co dived 40 fils to KD 0.680. ACICO Industries Co fell 2 fils and Kuwait Foundry Co was down 5 fils at KD 0.315. Mabanee Co slid 40 fils to KD 1.180 and Salhiya Real Estate Co was down 15 fils at KD 0.355. Capital Market Authority approved the company’s request to buy back or sell a maximum of 10% of its shares within 6 months from the date of approval. In the banking sector, National Bank of Kuwait, rose 10 fils to KD 0.980 paring the fall in the day before. The lender has posted a net profit of KD 305.1 million in full year 2012 compared with KD 302.4 million in the year before. NBK Group’s total assets reached KD 16.4 billion by end of 2012 up from KD 13.6 billion in 2011. Commercial Bank of Kuwait dropped 30 fils to KD 0.740 and Al Ahli Bank pulled 10 fils lower. Gulf Bank was unchanged at KD 0.405. 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. Earnings per share stood at 12 fils.

Steady
Ahli United Bank slipped 20 fils to KD 0.830 whereas Kuwait International Bank was steady at KD 0.315. Burgan Bank stagnated at KD 0.560 and Kuwait Finance House dropped 20 fils to KD 0.830. The stock has added 20 fils so far during the month. Boubyan Bank was flat at KD 0.650.
KIPCO fell 5 fils to KD 0.405 after trading over 1 million shares and National Investment Co edged 2 fils lower to KD 0.160. The company has earned KD 5.65 million and 6 fils EPS in the January-September period. KIPCO fell 5 fils to KD 0.390 after holding steady on Wednesday. Securities House Co took in 1 fils and International Finance Co followed suit to close at 69 fils.

Kuwait Financial Centre Co ( Markaz) rose 4 fils on back of 3.2 million shares and International Financial Advisers inched 0.5 fils lower. 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. Bayan Investment Co eased 0.5 fils whereas KFIC was unchanged at 67 fils. KAMCO crept 2 fils higher. The stock has gained 4 fils from the start of the month. Sokouk Holding Co was down 4 fils at 96 fils. National Industries Group held the ground unchanged at KD 0.228 and Kuwait Pipes added 2 fils to end at KD 0.116. Gulf Cables was flat at KD 1.280 and Kuwait Portland Cement followed suit. National Industries Co fell 5 fils while Contracting and Marine Services Co added 6 fils with thin trading. The bourse has been positive so far during the week and has added almost 20 pts in last two sessions. The index has rallied 288.44 points from start of the month after edging lower in December. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Building Materials Mfg. Co registered a net profit KD 411,453 and earnings per share of 14.2 fils in the full year ending 31/12/2012 as against KD 183,142 earnings and 6.3 fils EPS in the year before. The Board of Directors has recommended dividend payout of cash 5 % or 5 fils plus 5 % bonus shares STRATEGIA’s has decided to increase the capital by 100% from KD 15 million to KD 30 million. The share will have a face value of 100 fils and 2 fils premium fees.  Al-Enmaa Real Estate Co has posted a net profit of KD 2,423,240 and earnings per share of 5.38 fils in the year ended 30 Oct 2012 as against profit of KD 1,102,311 and EPS of 2.45 fils in the year before period. The Board of Directors has recommended no dividend payout for the fiscal year.