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Kuwait benchmark ekes modest gains Advanced Technology spikes 30 fils, Zain flat

KUWAIT CITY, Jan 9: Kuwait stocks chalked modest gains Thursday to end the week on a high note. The price index climbed 11.25 points in volatile trade to settle at 7668.82 pts led by industrial and investment shares. The banks were mostly muted even as the investors await the  quarterly results.
The KSX 15 gauge  rose 4.59 pts to 1071.64 pts taking  the month’s gains to  19 pts while weighted index edged 0.76 pts higher to 454.83 points. The volume turnover meanwhile soared past the 400 million mark — a one-month high. 448.45 million shares changed hands — a 20.52 pct rise from Wednesday.
The sectors closed mostly in the positive zone. Technology outshone the peers with 3.54 percent rally whereas parallel market shed 0.90 pct, the  biggest loser of the day. Volume wise, financial services garnered the highest market share of 33.60 percent while real estate came in next with 35.38 pct. Industrials stood a distant third with 20.35 pct contribution.


Among the gainers, Zima Holding Co climbed 10 fils to KD 0.126 and Al Nawadi Holding Co Jazeera Airways added 5 fils  to close at KD 0.500 while National Industries Group, the flagship company of the Kharafi Group,  took in 2 fils. NICBM was up 4 fils at KD 0.200.
Real Estate Asset Management  Co rose 8 fils and Advanced Technology spiked 30 fils to KD 0.0.940. The company  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.  
Among the frontline stocks, Zain was unchanged at KD 0.680 and has shed 10 fils from the start of January while Wataniya Telecom slipped 20 fils to KD 1.800  partly shaving of the solid gains in the day before. Agility gained 10 fils on back of over 1 million shares.

Choppy
The market opened firm and edged higher in early trade. The  index continued to gain in a choppy session and peaked at  7707.42 pts past the mid-session . It retreated thereafter and  troughed briefly at 7648.04 pts in the final minutes before clawing back into green zone at close.
Top gainers of the day, KAMCO and Zimah rallied 8.62 percent each  whereas Thuraya tumbled 10.96 percent, the steepest decliner of the day Investors Holding Group topped the volume with over 90 million shares changing hands during the session.  The market spread was even . 58 stocks advanced and same number of shares closed lower. Of the 178 counters active on Thursday, 62 closed flat. 7536 deals worth KD 30.57 million were transacted — a 0.57 pct rise in value from the day before.
United Industries Co was flat at KD 0.156 and Automated Systems Co jumped 25 fils. The company  has earned KD 1.45 million in the nine-month period ending Sep 30, 2013  while earnings per share stood at 36.27 fils. This compares with KD 4.01 million net profit and 100.26 fils EPS in the same period last year.
Hilal Cement stagnated at KD 0.238 and Kuwait Cement Company was up 5 fils at KD 0.370. The company has completed the 2nd phase of subscription in increasing its capital by 7%, which was fully covered . The company’s  capital after the increase stands at KD 73,330,387  spread over 733,303,870 shares.


Burgan Well Driling Co was unchanged at KD 0.220 whereas RISCO rallied 25 fils. 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 .
KGL Logistics Co held steady at KD 0.265 and Kuwait & Gulf Link Transport followed suit. 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.
On the down side, Safwan Trading and Contracting Co slid 25 fils and Equipment Holding Co. Metal and Recycling Co and Contracting and Marine Services Co took in 2 fils each. Gulf Cable slid 20 fils taking the week’s losses to 25 fils and ACICO Industries was down 10 fils at KD 0.285.
Burgan Well Drilling Co fell 10 fils and Kuwait Building Materials Manufacturing Co shaved off 5 fils. Humansoft added 8 fils to close at KD 0.248.


In the banking sector, National Bank of Kuwait was flat at KD 0.900 off early lows and Gulf Bank too gave up slight early gains to wind up at KD 0.370. Commercial Bank of Kuwait paused at KD 0.720 and is down 20 fils during the week. Boubyan Bank slipped 10 fils to KD 0.560
Al Ahli Bank of Kuwait stagnated at KD 0.440 and Ahli United Bank too was muted at KD 0.710.Kuwait International Bank and Burgan Bank were flat at KD 0.290 and KD 0.560 respectively whereas Kuwait Finance House gained 10 fils recouping the loss in the day before.
Kuwait Investment Co  rose 2 fils to KD 0.138 whereas International Financial Advisors retreated 6 fils. National Investment Co eased 2 fils whereas KIPCO was unchanged at KD 0.630. NIC has won the approval of Capital Markets Authority to the company’s request to buy back or sell up to 10% of own shares over a period of 6 months.


Al Mal Investment fell 4 fiols to 49 fils  after clocking a volume of 11.75 million whereas Osoul Investment added 5 fils. KAMCO gained 10 fils while Securities House Co and KMEFIC were down 3 fils each.
The bourse  has been buoyant during the week. It closed higher in 4 of the 5 sessions and has gained 120 pts week-on-week.  The index  had  tanked 185  points in December  but has gained   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.


National Petroleum Services has posted a net profit of KD 2.64 million and earnings per share of  47.50 fils in the nine-months period ending September 30, 2013.
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

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