KUWAIT CITY, Feb 21: Kuwait stocks eked modest gains on Thursday to end week on a positive note. The index rose 4.2 points in wavy trading to 6,409.04 points — the highest level since May 2012. Heavyweights led by banks shined and some of the mid-caps too found buying support. The market sentiment was continued to skittish in absence of catalysts.
The KSX 15 benchmark rallied 7.13 points to 1,036.01 pts and has shed almost 10 points from start of the month while weighted index edged 1.97 pts higher to 430.72 pts. The volume turnover meanwhile receded below the 300 million mark for the first time during the month. 256.43 million shares changed hands — down 14.76 percent from the day before.
The sector closed mixed. Oil and gas outshone the rest with 0.89 percent rise whereas healthcare shed 2.06 percent, the biggest loser of the day. In terms of volume, financial services dominated with 46.98 percent market share while real estate and industrials followed with 28.18 percent and 10.53 percent respectively.
Combined Group Co rose 20 fils to KD 1.400 and Kuwait Portland Cement followed suit to end at KD 1.160. Gulf Petroleum Investment Co added 10 fils on back of 11.94 million shares and Boubyan Petrochemical Co was up by same measure.
NAPESCO took in 5 fils and Jazeera Airways followed suit to end at KD 0.390. The stock has gained 20 fils from start of the month while year-to-date, it has rallied 70 fils. Credit Rating and Collection Co dialed up 5 fils from previous close and Gulf Franchising Holding Co was up by same measure.

Unchanged
Bourse heavyweight Zain held the ground unchanged at KD 0.790 after paring early gains and Wataniya Telecom too did not budge from its early close of KD 2.400. Wataniya has chalked a net profit of KD 75.50 million and earnings per share of 150.66 fils in 2012 and the Board of Directors has recommended a cash dividend of 125 percent.
Agility rose 10 fils to KD 0.570 recouping the fall in the day before and Kuwait Gulf Links eased 2 fils to settle at KD 0.116. Qurain Petrochemical Industries Co ticked 2 fils higher.
The market opened weak and slipped into red in early trade. The index continued to drift lower as sentiment turned weak and hit the day’s lowest level of 6,381.74 pts well past the mid-session. It however clawed back in the final minutes to close marginally above the opening mark.
Top gainer of the day, Tahssilat spiked 10 percent to 55 fils and GPI climbed 9.43 percent to stand next. Al Eid slid 14.29 percent, the biggest loser of the day, and Investors Holding Co topped the volume with 27.33 million shares.

The market was slightly skewed towards the winners. 47 stocks advanced whereas 45 closed lower. Of the 148 counters active on Thursday, 54 closed flat.5025 deals worth KD 24.94 million were transacted — up 1.89 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, Shuaiba Industrial Co slipped 4 fils and Kuwait Foundry Co was down 5 fils at KD 0.305. Independent Petroleum Group slid 25 fils to KD 0.790. 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.
Kuwait Pipes closed flat at KD 0.108 and National Industries Group too pulled up from early lows to close unchanged at KD 0.216. The company has posted net profit of KD 5.02 million and earnings per share of 14.55 fils in 2012 and the Board of Directors has recommended a cash dividend of cash 12%.
In the banking sector, National Bank of Kuwait rose 10 fils to KD 1.000 after stagnating on Wednesday while Gulf Bank was flat at KD 0.415 off early lows. Commercial Bank of Kuwait added 10 fils whereas Al Ahli Bank pulled 10 fils lower.

Added
Kuwait International Bank was unchanged at KD 0.300 whereas Ahli United Bank added 10 fils. The bank has recorded a net profit of KD 4.36 million and earnings per share of 60 fils in 2012, up from KD 4.08 million profit and 56 fils EPS in the year before. The Board of Directors has recommended a cash dividend payout of 16% plus 5% bonus shares.
Kuwait Finance House rose 10 fils to KD 0.820 and Burgan Bank climbed 20 fils. 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. Boubyan Bank stagnated at KD 0.650.
National Investment Co gave up early gains to close flat at KD 0.148 and KIPCO too did not move in either direction. Kuwait Financial Centre Co ( Markaz) flunked 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.

National Real Estate Co was unchanged at KD 0.134 whereas Mabanee Co gained 20 fils to end at KD 1.220. The stock is unchanged from start of the month while year-to-date it has gained 40 fils.
RISCO fell 2 fils to KD 0.248 whereas Gulf Cables stagnated at KD 1.020 after trading in red earlier in the day. United Industries Co paused at KD 0.104. 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.
The bourse has been mixed during the week. It closed higher in 3 of the 5 sessions and added 11.4 pts week-on-week. The index has soared 163.93 pts from start of the month and is trading 7.95 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Real Estate Asset Management Co (REAM) has logged net profit of KD 673,099 and earnings per share of 6.47 fils in 2012 as against earnings of KD 520,904 and 5.01 fils EPS in the 2011. The Board of Directors recommended a cash dividend payout of 5% or 5 fils per share.
Strategia Investment Co has registered a net profit of KD 10,514 and earnings per share of 0.07 fils as against KD 19,631 profit and 0.13 fils EPS in the year before.
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.


By John Mathews
Arab Times Staff