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KSE soars 56.58 pts as volume rebounds NBK gains 10 fils; Americana drops

KUWAIT CITY, Jan 6: Kuwait stocks revved up Monday after treading water in the previous session. The price index, after a wobbly start, rallied 56.58 pts to settle at 7,607.71 pts amid renewed interest in select counters. Banking heavyweights shined whereas telecom services providers were muted. KSE had climbed 27 percent year-on-year in 2013.  The KSX 15 benchmark spiked 6.14 pts to 1,066.57 points while weighted index ticked over 2 pts. The volume turnover meanwhile surged above the 300 to hit a 4-week high as investors eyed positions ahead of the earnings announcements. 376.78 million shares changed hands — a 46.66 pct jump from the day before. The sectors closed mostly in the green. Technology outshined the peers with 2.59 percent gain whereas basic materials shed 0.55 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 37.37 percent and real estate came in next with 28.90 percent contribution.

Among the gainers, Automated Systems Co climbed 25 fils and Kuwait Cement Co was up 10 fils with thin trading. Kuwait Gulf Links took in 2 fils to settle at KD 0.102 extending an identical gain in the day before. Among the heavy weights, Zain held the ground steady at KD 0.680 off early lows and Wataniya Telecom too did not budge from its earlier close of KD 0.104. Agility climbed 10 fils on back of over 1 million shares. The stock had rallied 170 fils during whole of 2013 but was down 30 fils during December.  The market opened firm but failed to hold on to the gains. The index retreated as sentiments turned weak and hit the day’s lowest level of 7,526.1 pts. It clawed back amid buying in select stocks and peaked at 7609.11 pts past the mid-session. It traded flat thereafter and closed with hefty gains.

Slid
Top gainer of the day, KMEFIC rallied 7.81 percent to 69 fils while Al Mudon climbed 6.58 pct to stand next. Al Massaleh Real Estate Co slid 5.32 percent, the steepest decliner of the day, and Gulf Petroleum Industries topped the volume with 73.52 million shares.  Reflecting the day’s gain, the market spread was heavily skewed towards the gainers. 66 stocks advanced whereas 24 closed lower. Of the 140 counters active on Monday, 50 closed flat. 7,099 deals worth KD 35.09 million were transacted — a 35.79 percent jump in value from the day before. Among other gainers, Shuaiba Industrial Co rose 5 fils to KD 0.260 while Gulf Cables added 10 fils . The company has earned KD 9.06 million and clocked an earnings per share of 43 fils in the first nine-months of 2013 as compared with net profit of KD 10.54 million and earnings per share of 50 fils in the same period last year.

Al Mowasat Healthcare Co climbed 10 fils to KD 0.180 whereas National Industries Group was flat at KD 0.234 after vacillating in tight range. The company has posted a net profit of KD 10.49 million and earnings per share of 8.3 fils in the nine-month period ending Sept 30,2013 , as against KD 11.44 million profit and earnings per share of 9.1 fils in the 9M of 2012. Metal and Recycling was unchanged at KD 0.136 and Kuwait Cable Vision Co was unchanged at 61 fils. The company has incurred a net loss of KD 284,136 and loss per share of 9.47 fils in the January-September period of 2013. ALAFCO too held steady at KD 0.275 off early lows.

On the downside, Independent Petroleum Group slid 20 fils and NICBM gave up 6 fils to close at KD 0.196. Kuwait Foundry Co slipped 10 fils . The company has posted a net profit of KD 2.13 million and earnings per share of 13.90 fils in the nine-month period ending Sept 30, 2013. This compares with KD 485,899 profit and 3.16 fils EPS in the year before.  Kuwait Food Co (Americana) shed 20 fils and IFA Hotels and Resorts eased 5 fils. KGL Logistics Company ticked 2 fils lower. The company has won the approval of Capital Markets Authority to its request to buy back or sell up to 10% of own shares over a period of 6 months commencing date of approval.

Rose
In the banking sector, National Bank of Kuwait climbed 10 fils to KD 0.900 on back of 4.7 million shares while Gulf Bank rose 5 fils to KD 0.370. Commercial Bank of Kuwait bounced back from early losses to end flat at KD 0.720 and the stock has rallied 30 fils during whole of 2013.  Al Ahli Bank of Kuwait fell 5 fils to KD 0.440 and Ahli United Bank was unchanged at KD 0.720 off early lows. Kuwait International Bank shaved off 5 fils. The lender has posted a net profit of KD 9.29 million and earnings per share of 9.95 fils in the January-September period.  Burgan Bank paused at KD 0.550 whereas Kuwait Finance House and Boubyan Bank were up 10 fils each. KFH saw 2.47 million shares change hands. Kuwait Investment Co rose 2 fils to KD 0.134 and International Financial Advisors climbed 5 fils on back of 30.9 million shares. National Investment Co and KIPCO were unchanged at KD 0.160 and KD 0.620 respectively.

KMEFIC gained 5 fils with thin trading whereas Bayan Investment Co inched 1 fil higher. Osoul Investment Co fell 1 fil while KFIC added 3 fils. KAMCO gained 6 fils and Al Deera Holding rose 4 fils after clocking over 26 million shares.  The bourse has been upbeat so far during the week and has gained 58 points in last two sessions. The index had plunged 185 points in whole of December but has climbed over 27 percent during 2013. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Warba Bank announced it has logged a net loss of KD 3.12 million in the nine-month period ending Sept 30, 2013 and chalked a loss per share of 3.12 fils as against KD 2.06 net loss and loss per share of 2.07 fils in the same period last year.

Advanced Technology has logged a net profit of KD 3.34 million and earnings per share of 22.304 fils in the nine-month period ending Sept 30, 2013, up from KD 2.90 million and earnings per share of 19.341 fils in the same period last year.  Independent Petroleum Group has posted a net profit of KD 4.35 million in the first nine months of 2013 while earnings per share came in at 30.10 fils. This compares with KD 5.07 million net profit and earnings per share of 35.10 fils in the same period last year. Kuwait National Cinema has notched a net profit of KD 6.13 million earnings per share of 61.74 fils in the nine-month period ending September 2013, soaring from KD 4.73 million profit and earnings per share of 47.43 fils in the 9M period of 2012.
 

By John Mathews
Arab Times Staff


By: John Mathews

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