KUWAIT CITY, March 20: Kuwait stocks ticked higher Wednesday adding to the gains in the last three days. The index rose 5.91 points in volatile trade to 6826.4 points — the highest level since first week of February, 2011.  The market mood was mixed as speculative trading swayed the index in both directions. The bourse has been buoyant so far during the month and has closed higher in 16 of the last 17 sessions. The KSX 15 measure fell 2.89 points to 1,030.62 points while weighted index inched 0.63 pts lower to 435.38 points. The volume turnover meanwhile receded below the 600 million mark after falling in the previous session. 548.38 million shares changed hands — down 16.78 percent from the day before.

The sector closed mixed. Healthcare out led the rest with 1.19 percent gain whereas consumer good dropped 2.05 percent, the biggest loser of the day. In terms of volume, financial services topped with 38.61 percent market share while real estate and banks followed with 36.15 percent and 11.01 percent respectively. ALAFCO rose 15 fils on back of 1.96 million shares while Yiaco Medicals climbed 15 fils to wind up at KD 0.495. Boubyan Petrochemical Co jumped 20 fils and Kuwait Gulf Links was up 4 fils at 132 fils with a volume of 2.46 million shares. The stock has gained 18 fils so far during the month while year-to-date it has rallied 44 fils.

On the flip side, United Projects Co dropped 20 fils extending an identical loss in the previous session and Human Soft Holding Co was down 22 fils. Jazeera Airways eased 5 fils and Kuwait Food Co (Americana) shed 20 fils to close at KD 1.740. Zain fell 10 fils to KD 0.780 after stagnating on Tuesday whereas Wataniya Telecom soared 40 fils to KD 2.400 recouping the fall in the previous session. Agility however as unchanged at KD 0.550 off early lows. The stock has slipped 10 fils from start of the month and is trading 40 fils higher YTD.

Slipped
The market opened flat and slipped into red early trade. The index bounced back to hit the day’s highest level of 6843.26 points and retreated thereafter amid profit taking in select counters. It troughed at 6801.52 points past the mid session and managed to claw back into the positive terrain at close.
Top gainer of the day, Kuwait Gypsum Manufacturing and Trading Co spiked 13.33 percent to 170 fils and Bayan Investment Co rose 7.94 percent to stand next. Human Soft tumbled 8.15 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 53.39 million shares.
Despite the day’s marginal gains, the market spread was skewed towards the losers. 52 stocks advanced whereas 64 closed lower. Of the 153 counters active on Wednesday, 37 closed flat. 10,346 deals worth KD 54.12 million were transacted — down 3.79 percent in value from the day before.

“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 earlier in the month.  National Industries Group fell 2 fils after trading 28.31 million shares whereas Kuwait Pipes was took in 2 fils. Gulf Cables dropped 10 fils to KD 0.970 and Kuwait Foundry Co clipped 5 fils. The company has notched a net profit of KD 173,477 and earnings per share 0.920 fils in 2012, down from KD 178,348 profit and 0.945 fils EPS in the year before.  Contracting and Marine Services Co climbed 10 fils to KD 0.190 and Hilal Cement Co followed suit. The company has registered a net profit of KD 500,513 and earnings per share of 7 fils in 2012 and the Board of Directors recommended a cash dividend of 15 percent or 15 fils per share. Metal and Recycling Co rose 4 fils.
Aref Energy Holding Co slid 10 fils to KD 0.120 and NAPESCO was down by same measure to end at KD 0.480. Burgan Well Drilling Co however held the ground unchanged at KD 0.186 and Kuwait Portland Cement Co too did not budge from its earlier close.

Retreated
In the banking sector, National Bank of Kuwait retreated 10 fils to KD 0.910 while Gulf Bank was flat at KD 0.400 with a volume of 2.3 million shares. The lender’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 distribution of 5 percent bonus shares.
Al Ahli Bank was flat at KD 0.580 and Ahli United Bank too pared early session losses to close unchanged at KD 0.740. Kuwait International Bank was down 5 fils at KD 0.290 and Burgan Bank paused at KD 0.540. The stock has erased 20 fils from start of the month and is up 10 fils year-to-date.
Kuwait Finance House dialed up 10 fils on back of 1.6 million shares and Boubyan Bank was up by same measure. 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 slipped 6 fils after trading over 3 million shares and International Financial Advisors was steady at 58 fils. National Investment Co eased 2 fils and KIPCO pulled 5 fils lower to KD 0.435. Securities Group Co gained 8 fils. Kuwait Financial Centre Co fell 2 fils and International Finance Co was unchanged at 71 fils. The company has logged a net profit of KD 121,344 and earnings per share of 0.15 fils in 2012 rebounding from net loss of KD 15.10 million and loss per share of 21.29 fils last year.

Bayan Investment gained 5 fils on back of 13.3 million shares and KAMCO edged 2 fils lower to KD 0.106. Al Mal Investment flunked 1 fils and Noor Financial Investment was down 2 fils at 76 fils.
The bourse has been upbeat so far during the week and has jumped 93.44 pts in last four sessions. The index has rallied 363.14 points so far during the month and is trading almost 16 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, National International Holding has incurred a net loss of KD 3.14 million and loss per share of 15.25 fils in 2012, soaring from a net loss last of KD 308,942 and loss per share of 1.50 fils in the year before.
Tamdeen Real Estate has earned KD 4.05 million and chalked an earnings per share of 10.9 fils in 2012, up from KD 3.82 million profit and 10.3 fils in the year before. The Board of Directors has recommended a cash dividend of 8 percent.

John Mathews