KUWAIT CITY, March 10: Kuwait stocks chalked strong gains on Sunday as it resumed the rally from previous week. The index, after a wobbly start soared 53.38 points to 6,628.16 pts — the highest level since February, 2011. The trading continues to be focused on mid and low caps while most of the frontline stocks were muted. Some of the banks saw steep losses. The KSX 15 benchmark climbed 3.51 points to 1,034.2 points and is down over 4 points from start of the month while the weighted index added 2.19 points to settle at 433.05 points. The volume turnover meanwhile swelled slightly to zoom past the 700 million mark for the second time during the month. 739.16 million shares changed hands — up 8.37 percent from the day before. The sectors meanwhile ended mostly in the green. Technology outshone the rest with 3.24 percent rally whereas consumer services eased 0.40 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 36.45 percent while real estate stood next with 33.58 percent.

Automated Systems Co climbed 30 fils to KD 0.550 while United Projects Group spiked 50 fils with thin trade. Kuwait Packing Materials Manufacturing Co jumped 25 fils to KD 0.300 and Equipment Hold Co gained 20 fils. Aref Energy Holding Co rose 8 fils on back of 1.42 million shares.
Kuwait Pipes took in 2 fils to wind up at KD 0.114 and RISCO chalked up 4 fils after stagnating in the previous session. National Industries Group however held the ground unchanged at KD 0.216 off early lows. The stock is flat from start of the month while year-to-date, it has ticked 2 fils lower.
Wataniya Telecom was flat at KD 2.380 and Zain too did not budge from its earlier close of KD 0.790. 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 stagnated at KD 0.540 after trading in red earlier in the session.
 

Flat
The market opened firm and rose briefly in early trade. The index moved flat before pulling lower amid selling in select counters and hit the day’s lowest level of 6,574.98 points almost half way into the session. It clawed back thereafter and rose steadily to close with hefty gains.
Top gainer of the day, Investors Holding Group spiked 11.9 percent to 23.5 fils while Marakez climbed 9.09 percent to stand next. Pearl of Kuwait slid 7.25 percent, the steepest decliner of the day, and Investors Holding Group also topped the volume with 94.15 million shares.
Mirroring the day’s upswing, the market spread was heavily skewed towards the winners. 69 stocks advanced whereas 40 closed lower. Of the 150 counters active on Sunday, 41 closed flat. 10,810 deals worth KD 51.85 million were transacted — down 4.66 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 last week. “There are things coming together in Kuwait. The biggest stimulant will be government projects.”
On the downside, Kuwait Food Co ( Americana) shed 20 fils after stagnating in the previous session while ALAFCO was down 10 fils at KD 0.325. Kuwait Gulf Links edged 2 fils lower after trading 1.76 million shares. The stock has rallied 16 fils so far during the month while year-to-date, it has rallied 42 fils.
Kuwait Foundry Co slipped 5 fils to KD 0.290 and Gulf Cables pulled 10 fils lower. Kuwait Portland Cement gave up 20 fils to settle at KD 1.120. 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.
In the banking sector, National Bank of Kuwait tumbled 60 fils erasing the gains of the month and saw over 1.9 million shares change hands during the session. Ahli United Bank rose 10 fils to KD 0.820 whereas Al Ahli Bank was not traded during the day.

Eased
Commercial Bank of Kuwait was flat at KD 0.680 while Gulf Bank eased 5 fils. The bank’s income before provisions amounted to KD 121.4 million, up 13 Percent from the year before while net profit was almost flat at KD 30.9 million. The Board has recommended the distribution of 5 Percent bonus shares.
Kuwait International Bank held steady at KD 0.290 and Burgan Bank followed suit. Kuwait Finance House added 10 fils on back of 1.03 million shares and Boubyan Bank retreated 10 fils. 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 rose 2 fils and International Financial Advisers dialed up 5 fils with a volume of 6.87 million shares. National Investment Co stagnated at KD 0.150 and KIPCO too did not budge from its earlier close of KD 0.415. Securities House Co was up 4 fils at KD 0.106.

Kuwait Financial Centre eased 2 fils and Kwt and Middle East Fin. Inv Co followed suit. The company has chalked net loss of KD 1.09 million and loss per share of 4.2 fils in 2012 narrowing from KD 11.83 loss and loss per share of 45.3 fils during last year.
Al Mal Investment Co inched 1 fils up whereas Bayan Investment Co was unchanged at 45 fils. Sokouk Holding Co rose 4 fils with a volume of 23.7 million shares and KAMCO darted 8 fils to close at KD 0.116.
The bourse has been upbeat during last week. It closed higher in all five sessions and climbed 111.31 pts week-on-week. The index has gained 164.69 points so far during the month and is trading 11 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Ekttitab Holding Co. has completed the subscription for increasing its capital on March 6, 2013. The remaining unsubscribed shares will be offered for the new shareholders during March 7-23, 2013 at the company’s headquarter.

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