KUWAIT CITY, March 13: Kuwait stocks pulled higher Wednesday extending the gains to 13th consecutive day. The index rose 21 points in volatile trade to 6735.78 pts — the highest level in over two years. The trading was centered mostly on mid and low caps whereas the frontline stocks closed mixed. Some of the insurance shares shined during the session. The KSX 15 benchmark retreated 7.05 pts to 1027.82 pts and has shed almost 10 points from start of the month while the weighted index eased 1.08 pts. The volume turnover meanwhile ticked higher to a fresh multi-month high above the 1000 million mark. 1023.74 million shares changed hands — up 2.20 percent from Tuesday.

Majority of sectors closed in the positive zone. Insurance out led the rest with 1.44 percent gain whereas telecommunication fell 0.97 percent, the biggest loser of the day. In terms of volume, financial services dominated with 43.62 percent market share and real estate stood next with 33.32 percent.United Projects Co spiked 50 fils extending the gains from the earlier session while Metal and Recycling Co added 4 fils to end at KD 0.136. Contracting and Marine Services Co climbed 10 fils and Kuwait Foundry Co followed suit. Burgan Well Drilling Co was up 6 fils at KD 0.186. Wataniya Telecom gave up early gains to close unchanged at KD 2.360 while Zain dropped 20 fils to KD 0.780. Zain has earned KD 252.14 mln and clocked earnings per share of 65 fils in 2012. The Board of Directors has recommended a cash dividend of 50  percent. Agility rallied 20 fils on back of 3.22 million shares to settle at KD 0.570. The stock has added 10 fils so far during the month while year-to-date, it has rallied 60 fils.

Fell
The market opened flat and moved sideways in early trade. The index fell sharply below the red to hit the day’s lowest level of 6686.41 points and clawed back thereafter amid brisk buying in select counters. It peaked at 6756.41 pts well past the mid-session and sagged slightly in the final minutes before closing with modest gains. Top gainer of the day, National Slaughter House soared 15.15 percent to 152 fils and Coast Investment and Development Co jumped 10 percent to stand next. Human Soft plunged 8.47 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 178.03 million shares.
Despite the day’s gains, the loser outnumbered the winners. 57 stocks advanced whereas 57 closed lower. Of the 159 counters active on Wednesday, 41 closed flat. 13,706 deals worth KD 71.03 million were transacted — down 5.49 percent in value from the day before. 

On the downside, Combined Group Contracting Co dived 40 fils extending the losses from the day before while Kuwait Food Co (Americana) shed 20 fils partly reversing the gains on Tuesday. The stock has retreated 20 fils from start of the month while year-to-date, it has rallied 80 fils. National Industries Group fell 2 fils to KD 0.220 after trading 1.82 million shares and Kuwait Cement Co was down 5 fils erasing the gains in the previous session. RISCO ticked 2 fils higher and National Industries Co followed suit to wind up at KD 0.110. Boubyan Petrochemical Co and Kuwait National Cinema Co were down 10 fils each.

In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.920 off early highs while Gulf Bank was unchanged at KD 0.410. Commercial Bank rose 10 fils to KD 0.680 and Al Ahli Bank of Kuwait was up by same measure. Burgan Bank dropped 20 fils to KD 0.540 whereas Kuwait International Bank held steady at KD 0.290 with volume of 3.38 million. 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 Finance House stagnated at KD 0.820 and Boubyan Bank followed suit. Ahli United Bank too did not budge from its previous close. 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

Lower
 Kuwait Investment Co took in 2 fils whereas International Financial Advisers inched 1 fils lower after trading 9.25 million shares. Securities House Co climbed 10 fils and Securities Group Co flunked 2 fils. Kuwait Financial Centre (Markaz) was up 6 fils at KD 0.150. National Investment Co clipped 2 fils while KIPCO was flat at KD 0.420. 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. First Investment Co added 2 fils on back of 3.3 million shares whereas Osoul Investment Co slipped 5 fils. Kuwait Financing and Investment Co rose 3 fils and KAMCO fell 2 fils. Sokouk Holding Co was down 4 fils with a volume of 19.92 million. Gulf Cables was unchanged at KD 1.000 after surrendering modest early gains and Kuwait Portland Cement Co too did not budge from its earlier close of KD 1.120. Kuwait Gulf Links stagnated at KD 2.360 and Jazeera Airways followed suit to close at KD 0.405. National Real Estate Co climbed 6 fils on back of 7.53 million shares whereas Salhiya Real Estate slipped 5 fils. . Capital Market Authority approved the company’s request to buy back or sell a maximum of 10 percent of its shares within 6 months from the date of approval. Mabanee Co shed 20 fils.

The bourse has been buoyant so during the week and has soared 161 pts in last four days. The index has rallied 272.37 points so far during the month and is trading over 13 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Kuwait China Investment Co has recorded a net profit of KD 5.19 million and earnings per share of 6.69 fils in 2012 rebounding from KD 9,279,458 loss and 11.94 fils loss per share last year. 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 30,823 earnings and 1.3 fils EPS in the same period last year. 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