KUWAIT CITY, March 11: Kuwait stocks pulled higher extending its gain to the 11th consecutive day. The index rose 37.33 points in choppy trade to 6665.49 pts – the highest in almost 25 months.  The rally continues to be driven by small and mid caps and the sentiment remains markedly positive over hopes of increased government spending. The KSX 15 rose 1.91 points to 1036.11 pts and has gained over 27 pts from start of the year whereas weighted index ticked 0.92 pts higher. The volume turnover meanwhile surged above the 900 million mark to hit the highest level in over six months. 910.85 million shares change hands – a 23.23 percent increase from Sunday.

Majority of the sectors closed in the positive territory. Real estate outpaced the rest with 1.27 percent gain whereas oil and gas slid 1.54 percent, the biggest loser of the day. In terms of volume, financial services dominated with 40.20 percent market share while real estate and industrials followed with 36.32 percent and 10.48 percent respectively. Among the day’s advancers, Equipment Holding rose 15 fils on back of 5.13 million shares to KD 0.325 and Kuwait Gulf Links was up 8 fils after slipping slightly in the previous session. The stock has rallied 14 fils from start of the year while year-to-date, it has soared 50 fils.

Metal and Recycling Co rose 6 fils to KD 0.134 and National Industries Group edged 2 fils higher to KD 0.218. The counter saw over 2 million shares change hands. Aref Energy Holding Co climbed 4 fils to KD 0.140.  Zain rose 10 fils to KD 0.800 and has added 20 fils from start of the year while Wataniya Telecom held the ground unchanged at KD 2.380. 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 was flat at KD 0.540 off early lows.

Slipped
The market opened weak and slipped into red in early trade. The index troughed at 6627.7 points and recovered thereafter amid brisk buying in select counters. It continued to climb in the second half of the session and closed with modest gains. Top gainer of the month, Kuwait Commercial Market Co jumped 10 percent to 55 fils while Gulf Investment House vaulted 9.26 percent to stand next. Al Themar International Holding Co tanked 8.33 percent, the steepest decliner of the day, and Investors Holding Group topped the volume with 127.71 million shares changing hands. Reflecting the day’s gain, the winners outnumbered the losers. 58 stocks advanced whereas 47 closed lower. Of the 154 counters active on Monday, 49 closed flat. 12,009 deals worth KD 62.14 million were transacted – a 19.84 percent increase in value from the day before.
 

“We expect the market to continue its cautious uptrend rally – the market is in need of a healthy fundamental correction after the continuous increase in 10 consecutive trading sessions in order for new entrants in the market,” Reuters quoted Fouad Darwish, head of brokerage at Global Investment House.
On the downside, Kuwait Portland Cement Co dropped 20 fils extending an identical fall in the previous session while Kuwait Food Co (Americana) dived 40 fils to close at KDD 1.800. The stock has retreated 40 fils from start of the month while year-to-date, it has gained 60 fils.
Gulf Petroleum Investment Co fell 10 fils after trading 17.9 million shares and Kuwait National followed suit to end at KD 0.880. Kuwait Pipes however was unchanged at KD 0.114 after trading in red in early session and Kuwait Cement Co too did budge from its earlier close.
Gulf Cables pared early losses to close unchanged at KD 0.990 and Kuwait Foundry Co followed suit to wind up at KD 0.2 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 90. Jazeera Airways paused at KD 0.400 after trading 5.52 million shares.

Flat
In the banking sector, the bellwether National Bank of Kuwait was flat at KD 0.940 and Gulf Bank too held steady at KD 0.405. The stock has eased 5 fils from start of the month while year-to-date, it has shed 15 fils. Commercial Bank of Kuwait was down 10 fils at KD 0.670.  Al Ahli Bank too pulled 10 fils lower to KD 0.580 and Ahli United Bank was steady at KD 0.820 off early lows. 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.Burgan Bank added 10 fils and Kuwait Finance House followed suit to end at KD 0.830 .
 Boubyan Bank stagnated at KD 0.640 and Kuwait International Bank followed suit. The bank has recorded a net profit of KD 13.16 million and earnings per share of 14.1 fils in 2012 and the Board of Directors has recommended a cash dividend payout of 7 percent.

Kuwait Investment Co rose 4 fils on back 4.2 million shares whereas Commercial Facilities Co erased 5 fils. National Investment Co climbed 6 fils with a volume of 3.33 million shares and KIPCO rose 5 fils.
Al Mal Investment Co took in 2 fils while Bayan Investment inched 1 fils lower to 44 fils. KAMCO was down 6 fils at KD 0.110 whereas Noor Financial Investment gained 5 fils. National Real Estate Co rose 4 fils whereas Mabanee Co retreated 20 fils.  The bourse continues its uptrend so during the week and has soared 90.71 pts in last two day. The index has rallied 202.02 points so far during the month and is trading almost 13 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Arkan Al-Kuwait Real Estate Co. has logged net profit of KD 585,927 and earnings per share of 2.6 fils in the three months ending 31 Dec 2012. This compares with KD 301,823 earnings and 1.3 fils EPS in the same period last year. 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 % or 6 fils per share. 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 %.

By John Mathews
Arab Times Staff