KUWAIT CITY, March 7: Kuwait stocks continued to trend Thursday to end the week on positive note. The index see-sawed in moderate range before closing 17.54 points up at 6574.78 pts — the highest level since February 2011. Some of the mid and low caps saw buying interest whereas the heavyweights closed mixed.
The KSX 15 measure rose 2.38 pts to 1030.69 pts while the weighted index edged 0.68 pts higher to 430.86 pts. The volume turnover meanwhile was stagnant after receding slightly in the previous session. 682.07 million shares changed hands — unchanged from Wednesday. The bourse had rallied strongly during February on back of optimism over increased state spending and largely upbeat earnings.
The sectors swayed marginally in both directions during the session. Financial sector outpaced the rest with 0.85 percent upswing whereas oil and gas slid 1.62 pct, the worst performer of the day. In terms of volume, real estate dominated with 39.76 percent market share while financial sector and banks followed with 33.28 percent and 12.91 percent respectively.

Sokouk Holding climbed 9 fils on back of 37.55 million shares and Securities House added 4 fils after edging slightly lower in the previous session. Gulf Cables gained 10 fils while Kuwait Foundry Co rose 5 fils to settle at KD 0.295. Kuwait Packing Materials Manufacturing Co jumped 25 fils. Kuwait Pipes took in 2 fils and National Industries Group followed suit to close at KD 0.216. The stock is unchanged from start of the month while year-to-date, it ticked 2 fils higher. ALAFCO added 5 fils to wind up at KD 0.335. Zain rose 10 fils to KD 0.790 whereas Wataniya Telecom held the ground unchanged at KD 2.380 off early highs. The telco 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 too gave up early gains to close steady at KD 0.540.

The market opened weak and drifted in red in early trade. The index pulled up briefly but failed to hold on to the gains and fell sharply again to hit the day’s lowest level of 6557.24 points. It clawed back amid bargain buying and managed to close with modest gains.
Top gainers of the month, Amwal Holding spiked 10 percent to 55 fils and Kuwait Pack too was up by same measure. Hilal Cement Co shed 8.77 percent, the steepest decliner of the day and Investors Holding Group topped the volume with 124.76 million shares.
Reflecting the day’s gains, the market spread was skewed towards the winners. 50 stocks advanced whereas 44 closed lower. Of the 148 counters active on Thursday, 54 closed flat. 10,388 deals worth KD 54.38 million shares were transacted — up 12.35 percent in value from the day before.
“People are already forecasting Q2 and if the trend continues, we will have another bullish rally,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House. “There are things coming together in Kuwait. The biggest stimulant will be government projects.”

On the downside, Automated Systems Co dropped 20 fils and NAPESCO was down 25 fils at KD 0.460. Contracting and Marine Services Co slipped 10 fils while Jazeera Airways clipped 5 fils. The carrier has chalked a net profit of KD 13.94 million and earnings per share of 38.37 fils in 2012, up from KD 10.55 million profit and 29.24 fils EPS last year. Aref Energy Co took in 2 fils with thin volume.
 Gulf Petroleum Investment Co fell 2 fils to KD 0.156 after trading 28.85 million shares and Equipment Holding Co followed suit. United Industries Co edged 2 fils lower. UIC has posted 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.
In the banking sector, National Bank of Kuwait was flat at KD 1.000 off early lows and Gulf Bank too did not budge from its earlier close of KD 0.410. The stock is flat from start of the month while year-to-date, it has erased 10 fils. Commercial Bank of Kuwait was down 10 fils at KD 0.680.
Al Ahli Bank of Kuwait climbed 10 fils recouping the loss in the previous session and Ahli United Bank gave up 20 fils to end at KD 0.810. 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 percent plus 5 percent bonus shares.

Kuwait International Bank paused at KD 0.290 and Burgan Bank followed suit. The lender has obtained the approval of Central Bank of Kuwait to extend permission to buyback or sell up to 10 percent of own issued shares over a period of 6 months commencing from February 5. Kuwait Finance House stagnated at KD 0.810 and Boubyan Bank trimmed early gains to close flat at KD 0.650. Kuwait Investment Co added 2 fils whereas Commercial Facilities Co retreated 10 fils. International Financial Advisors fell 3 fils after trading 20.12 million shares and National Investment Co ticked 2 fils up. KIPCO was unchanged at KD 0.102 and Securities House Co rose 4 fils on back 6.44 million shares. Kuwait Financial Centre Co ( Markaz) paused at KD 0.142 . 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 has been buoyant during the week. It closed in all five sessions and rallied 111.31 pts week-on-week. 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