KUWAIT CITY, March 6: Kuwait stocks pulled higher Wednesday lifting the bourse to 2-year high.
The index climbed 18.77 pts in volatile trade to wind up at 6,557.24 pts. The trading continued to be centered around the mid and low priced stocks even as the blue chips closed mixed. The KSX 15 benchmark slipped 0.17 pts to 1028.31 points and has shed 11 pts from start of the year while the weighted index edged 0.43 points higher to 430.18 pts. The volume turnover meanwhile retreated from the month’s high reached in the previous session. 682.10 million shares changed hands — down 9.60 percent from Tuesday. The sectors mixed during the session. Real estate outshone the rest with 1.07 percent gain whereas basic materials dropped 1.72 percent, the biggest loser of the day. In terms of volume, real estate garnered the highest market share of 45.80 percent while financial services and industrials followed with 26.21 percent and 15 percent respectively.

Combined Group Contracting Co spiked 80 fils to KD 1.420 and NAPESCO climbed 25 fils. Kuwait Food Co (Americana) was up 20 fils at KD 1.860. The stock was unchanged during February while year-to-date it has rallied 120 fils. Equipment Holding Co added 15 fils on back of 9.43 million shares. Wataniya Telecom closed flat at KD 2.380 after stagnating in the previous session whereas Zain gave up 10 fils to end at KD 0.780. 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 percent. Agility too was down 10 fils at KD 0.540. The market opened on a positive note and edged higher in early trade. The index retreated thereafter on a brief bout of profit taking before clawing back to peak at 6572.62 points almost half-way into the session. It sagged again to hit the day’s lowest of 6537.61 points and bounced back into the positive territory at close.

Soared
Top gainer of the day, Amwal International Investment Co soared 9.89 percent to 50 fils whereas Pearl of Kuwait Real Estate Co rose 8.33 percent to stand next. KAMCO slid 6.9 percent, the steepest decliner of the day, whereas Investors Holding Group topped the volume with 126.97 million shares changing hands.
Despite the day’s uptick, the losers outnumbered the winners. 52 stocks advanced whereas 53 closed lower. Of the 143 counters active on Wednesday, 38 closed lower. 10,153 deals worth KD 48.41 million were transacted — down 6.41 percent in value from the day before.

On the downside, Gulf Cables fell 10 fils trimming the gains in the day before and Kuwait Portland Cement too was down by same measure.. 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 percent or 80 fils per share.
The market has been buoyant from start of the year driven by hope of strong government spending and better-than-expected corporate results in the final quarter of 2012.
“We continue to be somewhat optimistic for the coming period of time in light of two primary factors — the anticipated favorable announcements and financial disclosures for many of the listed companies that have not yet announced and more importantly for the long over-due government mega projects announcements,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House last week.
National Industries Group fell 2 fils to KD 0.214 after trading over 1 million shares and Kuwait Pipes slipped 4 fils. Boubyan Petrochemical Co dropped 10 fils and National Industries Co was down by same measure to close at KD 0.305.

In the banking sector, National Bank of Kuwait rose 10 fils on back of 2.17 million shares to end at KD 1.000 while Gulf Bank was up 5 fils reversing the gains on Tuesday. Commercial Bank of Kuwait was not traded during the session. The stock has added 10 fils from start of the month while year-to-date it has shed 20 fils.
Steady
Ahli Bank of Kuwait dropped 10 fils whereas Ahli United Bank held the ground steady at KD 0.830. Kuwait International Bank too did budge from its earlier close of KD 0.830 and Burgan Bank dialed up 10 fils.
Kuwait Finance House sagged 10 fils after stagnating in the day before where as Boubyan Bank held steady at KD 0.650 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 percent bonus shares.

Kuwait Investment Co took in 2 fils and International Financial Advisers inched 1 fil up with a volume of 3.44 million shares. International Finance Co ticked 1 fil up and Bayan Investment Co followed suit.
National Investment Co fell 2 fils erasing the gains on Tuesday and KIPCO closed flat KD 0.415. The conglomerate has posted a net profit of KD 31.28 million and earnings per share of 24.23 fils in 2012 and the Board of Directors has recommended a dividend payout of cash 20 percent plus 5 percent bonus shares.
 Noor Financial Investment Co crept 1 fil higher after gyrating in narrow range whereas Tamdeen Investment Co slid 8 fils. KAMCO retreated 8 fils whereas Sokouk Holding Co added 5 fils on back of 5.8 million shares.
National Real Estate Co rose 4 fils on back of over 2 million shares while Salhiya Real Estate Co climbed 5 fils. Mabanee Co jumped 20 fils whereas United Real Estate pared early losses to close unchanged at KD 0.114.

The bourse has been trending higher so far during the week and has climbed 93.77 pts in last three sessions. The index had rallied 218.36 pts during whole of February and is trading 10.5 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Privatization Holding has chalked net profit KD 4.13 million earnings per share 5.7 fils net profit in 2012 as against KD 4.17 million and 5.7 EPS in the year before. The Board of Directors recommended a cash dividend of 6 percent or 6 fils per share.
Amar For Finance And Leasing has incurred a net loss of KD 217,040 and chalked loss per share of 1.1 fils in 2012 narrowing from KD 181,434 loss and loss per share of 0.9 fils in the year before.
Egypt Kuwait Holding has earned KD 18.92 million in 2012 while earnings per share 22.54 fils. This compares with net profit of KD 37.63 million and earnings per share of 44.84 fils during 2013. The Board of Directors has recommended a cash dividend of cash 10 percent.

By John Mathews
Arab Times Staff