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Kuwait extends gains, index rallies 51.23 pts Zain rises 10 fils; NIG flat

Kuwait City, Jan 7: Kuwait stocks scaled more heights Tuesday extending the gains to third straight session. The index rallied 51.23 pts to 7658.94 points as investors chase select counters ahead of the fourth quarter results. Most of the heavyweights shined and speculative buying was also seen in some of the mid and low caps.  KSX 15 measure climbed 7.42 pts to 1073.99 points taking the week’s gains to over 21 points while weighted index rose 2.8 pts. The volume turnover meanwhile receded snapping the 2-day rebound which took the level to a 4-week high. 326.05 million shares changed hands, a 13.46 pct fall from the day before. The sectors closed mostly in the green territory. Telecommunications outpaced the rest with 1.48 percent gains whereas healthcare shed 1.66 pct, the biggest loser of the day.

Volumewise, financials services garnered the highest market share of 37.99 percent and real estate came in next with 27.28 pct. Oil and gas stood a distant third with 10.22 pct contribution.  Safwan Trading and Contracting Co climbed 20 fils to KD 0.480 while Humansoft Holding added 10 fils with thin trading volume. Gulf Insurance Group gained 20 fils and Independent Petroleum Group rose 10 fils. Boubyan Petrochemicals Co was up 10 fils at KD 0.660. NAPESCO climbed 10 fils while Metal and Recycling Co took in 2 fils to settle at KD 0.128. Kuwait Cables Vision ticked 2 fils higher and Danah Al Safat Foodstuff Co followed suit. Among the blue chips, Zain rose 10 fils on back of over 2 million shares whereas Wataniya Telecom held the ground steady at KD 1.720 but has shed 40 fils so far during the month. Agility rallied 20 fils to KD 0.730 extending the gains to third straight session,.

Slipped
The market opened flat and moved sideways in early trade. The index slipped briefly into a shallow trough and hit the day’s lowest level of 7603.32 pts. It bounced back to the green before trading sideways. It hit the day highest mark of 7659.6 pts in final minutes and closed with strong gains. Top performer of the day, Pearl of Kuwait For Real Estate spiked 9.26 percent to 29.5 fils and Qurain Holding climbed 6.17 percent to stand next. KAMCO slid 7.58 percent, the steepest decliner of the day, and Al Deera Holding topped the volume with over 29 million shares. Mirroring the day’s upswing, the winners widely outnumbered t the losers. 72 stocks advanced whereas 33 closed lower. Of the 149 counters active on Tuesday, 44 closed flat. 7026 deals worth KD 30.50 million were transacted — a 12.83 percent fall in value from the day before.

National Industries Group was unchanged at KD 0.234 after trading 1.3 million shares and RISCO followed suit. The company has posted a net profit of KD 2.50 million and clocked an earnings per share of 28.25 fils in the nine month period ending September 30, 2013. Gulf Cable paused at KD 0.850 and Kuwait Foundry Co too did not budge from its earlier close. 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 Sep 30, 2013. This compares with KD 485,899 profit and 3.16 fils EPS in the year before Jazeera Airways stagnated at KD 0.495 off early lows and Kuwait Food Americana) followed suit to end at KD 2.500. United Industries Co paused at KD 0.156. The company has won the approval of Capital Markets Authority to buy back or sell up to a maximum of 10 percent of its shares.

Automated System Co was flat at KD 0.425 after trading in red earlier in the session and ACICO followed, followed suit. The company has logged net profit of KD 4.04 million and earnings per share of 16.33 fils in the first nine-months of the year, up from KD 2.33 million profit and 9.42 fils EPS in the 9M of 2012.  Burgan Well Drilling Co slid 10 fils and Yiaco Medical shed 20 fils. Kuwait & Gulf Link Transport was flat at KD 0.265. The company has incurred a net loss of KD 815,921 and loss per share of 3.09 fils in the first nine-months of 2013, narrowing from KD 5.79 million loss and 21.92 fils LPS in the year before period.

Added
In the banking sector, National Bank of Kuwait clawed back early losses to end unchanged at KD 0.900 while Gulf Bank added 5 fils. Commercial Bank of Kuwait jumped 30 fils. The lender has won the central bank’s approval to its request to buy back and sell up to 10 percent of own issued shares over a period of 6 months. Al Ahli Bank stagnated at KD 0.440 while Ahli United Bank gave up 10 fils to close at KD 0.710. Kuwait International Bank rose 5 fils. Burgan Bank gained 10 fils whereas Kuwait Finance House and Boubyan Bank were both flat at KD 0.790 and KD 0.570 respectively.  Kuwait International Co gained 4 fils while Commercial Facilities Co added 5 fils to settle at KD 0.280. International Financial Advisors took in 2 fils.. The company has posted a net profit of KD 3.005 million and earnings per share of 4.48 fils in the nine-month period ending Sept 30, 2013. KIPCO climbed 10 fils on back of over 1 million shares and Security Group Cp nudged 2 fils higher. KMEFIC inched 1 fils higher whereas Al Aman Investment and Alyan were up 3 fils each,.

The bourse has been positive so far during the week and has rallied 110 points in last three sessions. The index had tumbled 185 points in whole of December but has gains 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 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 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 Sep 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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