KUWAIT CITY, Jan 29: Kuwait stocks pulled higher Tuesday, extending the gains to 10th consecutive session. The index rose 24.96 points in brisk trading to close at 6,247.68 pts. The day’s advance was driven by speculative buying in select mid-caps even as the heavyweights remained largely muted. The bourse had breached 6,000 benchmark in the first week of January. The KSX 15 gauge slipped 2.06 pts to 1040.74 pts adding to the decline in the last two days while the weighted index inched 0.18 pts lower. The volume turnover rose sharply to the month’s highest level, stemming the three-day drop. 564.13 million shares changed hands - a 98.16 percent surge from Monday.

The sectors closed mixed. Oil and gas outshone the rest with 1.18 percent rise whereas healthcare swung 0.75 percent lower, the worst performer of the day. In terms of volume, financial services dominated with 32.95 percent market share and real estate came next with 30.80 percent. Gulf Glass Manufacturing Co soared 40 fils to KD 0.720 and Kuwait Portland Cement followed suit after stagnating in the previous session. Combined Group Contracting Co climbed 20 fils with thin trading and Burgan Well Drilling Co ticked 2 fils up. Kuwait Foundry Co added 5 fils. Wataniya Telecom gained 20 fils to close at KD 2.400 and has rallied 60 fils from start of the month while Zain held the ground unchanged at KD 0.830 off early lows. Agility too pulled up from early lows to close flat at KD 0.580. The market opened on tame note and moved flat in early trading. The index slipped briefly below the red to bottom at 6221.75 pts and clawed back gradually thereafter. It drifted higher in choppy trade in the second half and closed with modest gains.

Spiked
Top gainer of the day, Investors Holding Group spiked 14.71 percent to 19.5 fils and Zimah soared 12.2 percent to stand close behind. Commercial Bank of Kuwait tumbled 6.76 percent, the steepest decliner of the day, and National Ranges Co (Mayadeen) topped the volume with 125.83 million shares. Reflecting the day’s upswing, the winner outnumbered the losers. 54 stocks advanced whereas 46 closed lower. Of the 147 counters active on Wednesday, 47 closed flat. 7,556 deals worth KD 30.19 million were transacted — down 7.21 percent in value from the day before. On the downside, Kuwait Food Co (Americana) dropped 20 fils to KD 1.820 while Jazeera Airways was down 10 fils at KD 0.355. 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.
Independent Petroleum Group fell 5 fils to KD 0.380 and Kuwait Pipes edged 2 fils lower. Kuwait Gulf Links flunked 4 fils reversing most of the gains in the previous session. National Industries Group was unchanged at KD 0.228 . The company’s net profit surged 259 percent in the first nine months to KD 11.45 million.

In the banking sector, National Bank of Kuwait was flat at KD 0.980 off early lows while Gulf Bank added 5 fils on back of 1.28 million shares. 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 slumped 50 fils extending the losses on Monday, and Al Ahli Bank was down 20 fils at KD 0.560. Ahli United Bank rose 10 fils to KD 0.840 whereas Kuwait International Bank held steady at KD 0.315. Burgan Bank stagnated at KD 0.560 . The stock has gained 30 fils from the start of the month.

Kuwait Finance House rose 10 fils on back of 1.26 million shares and Boubyan Bank was flat at KD 0.650. 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. International Financial Advisors took in 2.5 fils after trading 13.88 million shares and International Finance Co inched 1 fils higher. Al Maal Investment fell 0.5 fils whereas Bayan Investment added 1.5 fils. Osoul Investment ticked 2 fils up.
National Investment Co was unchanged at KD 0.160 and KIPCO too did not budge from its earlier close of KD 0.405. The company has registered 0.4 percent year-on-year increase in profit to KD 23.7 million in the first nine months of 2012 while in Q3 it earned KD 6.6 million.

Stagnated
Noor Investment Co stagnated at 65 fils whereas Kuwait Financial Centre Co (Markaz) slipped 2 fils. The company has earned KD 2.81 million in profit during the first nine months of 2012, marking a 392 percent year-on-year increase, while the third quarter profit surged 197.7 percent year-on-year to KD 1.67 million.
Gulf Cables gained 20 fils to end at KD 1.300 and ACICO was unchanged at KD 0.220. The company’s earnings in January-September period spiked 51.3% to KD 2.33 million from KD 1.54 million in the prior-year period.
National Real Estate Co fell 2 fils to KD 0.132 whereas Mabanee Co jumped 20 fils. ALAFCO eased 5 fils. 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 45.03 pts in last three sessions. The index has soared 313.4 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, City Group has logged a net profit of KD 3.57 million and earnings per share of 31.67 fils in the full year 2012 rebounding from a net loss of KD 5.49 million and loss per share of 48.63 fils in the year before. The Board of Directors has recommended a cash dividend of 35 %.
Al Masaken Intl. Real Estate Dev has posted a net profit of KD 1.07 million and earnings per share 5.38 fils in 2012 as compared to KD 1.45 million loss and loss per share of 7.28 fils. The Board of Directors has recommended a cash dividend of 5 percent.
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.