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Kuwait bourse gains 31 pts; volume drops Automated Systems up 25 fils; Wataniya Telecom slips

KUWAIT CITY, Feb 10: Kuwait stocks swung higher Sunday extending the gains to second consecutive session. The index closed 31 points higher at 7863 pts after trading briefly in red earlier in the day. The mid and low caps attracted some buying interest whereas the heavyweights closed mixed. The bourse has been seesawing since start of the month even as the investors digested the financial results. The KSX 15 benchmark spiked 13.23 pts to 1088.37 points taking the month’s gains to 11 pts whereas the weighted index rose 3.46 points. The volume turnover meanwhile tapered for the third consecutive day to hit the month’s lowest mark. 289.18 million shares changed hands - a 3.41 pct fall from Thursday. All sectors closed in the positive territory. The technology sector outshone the rest with 1.95 percent jump whereas basic materials ticked 0.10 pct up, the least gainer of the day. In terms of volume, financial services accounted for the highest market share of 49.61 pct while real estate and industrials followed with 27.17 pct and 8 percent respectively.

Among notable gainers, Automated Systems climbed 25 fils to KD 0.440 and ALAFCO rose 15 fils to KD 0.270 on back of 2.87 million shares . Kuwait Portland Cement gained 20 fils while Kuwait Hotels Co was up 8 fils at KD 0.148. Gulf Cables added 10 fils to wind up at KD 0.790 and Zima Holding Co followed suit to end at KD 0.176.  Kuwait Food Co ( Americana) swung 20 fils higher to KD 2.500 trimming the year-to-date loss to 20 fils and Kuwait Resorts Co climbed 7 fils with a volume of 5.49 million shares. Kuwait Foundry Co added 5 fils and Kuwait Cement Co too was up by same measure.

Dived
Telecom major Zain rose 20 fils to KD 680 on back of 1.17 million shares whereas Wataniya Telecom dived 60 fils. Agility was up 10 fils at KD 0.650 recouping the loss in the last session.  The market opened firm and edged higher in early trade. The index move sideways for over an hour and slipped briefly below the red half way into the session as sentiment weakened. It clawed back thereafter and managed to end with impressive gains. Top gainer of the day, Muntazahat spiked 7.22 percent to KD 0.104 and National International Holding Co climbed 7.14 pct to stand next. Kuwait Company For Process Plant Construction and Contracting tumbled 7.46 pct - the steepest decliner of the day and Al Deera Holding Co topped the volume with 67.9 million shares.

IFA Hotels and Resorts gained 5 fils and Gulf Franchising Holding Co followed suit. United Industries Co closed flat. The company has announced has posted a net profit of KD 28.08 million and earnings per share of 62.70 fils in the year ending Jan 31, 2013 surging from KD 3,34 million profit and 7.07 fils EPS in the year before. The Board of Directors has recommended a cash dividend of 25 %.  Jazeera Airways closed flat at KD 0.495 and Independent Petroleum Group followed suit. The company has posted a net profit of KD 6.075 million and earnings per share of 42 fils in the year ending 2013, up from KD 5.836 million profit and earnings per share of 40.35 fils in the year before period.  The Board of Directors has recommended a cash dividend of cash 30 %.

On the downside, National Industries Group fell 2 fils after clocking a volume of 2.52 million and Equipment Holding Co dropped 10 fils to KD 0.168. Safwan Trading and Contracting Co and Kuwait Co For Process Plant Construction and Contracting Co were down 25 fils each.  In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.940 and Commercial Bank of Kuwait followed suit. The bank has recorded a net profit of KD 23.53 million and earnings per share of 18.5 fils in 2013 and the Board of Directors has recommended a cash dividend of 7 % plus 11 % bonus shares.  Gulf Bank was unchanged at KD 0.370 and Al Ahli Bank followed suit. Ahli United Bank too paused at KD 0.740 whereas Kuwait International Bank gained 5 fils . Burgan Bank and Kuwait Finance House climbed 10 fils each while Boubyan Bank took in 2 fils.

Approval
Kuwait Investment Co took in 2 fils whereas International Financial Advisors closed flat at 86 fils. The company has obtained the approval of Capital Markets Authority to buy back or sell up to a maximum of 10% of its shares over a period of 6 months commencing the date of the approval.
National Investment Co edged 2 fils lower to KD 0.154 while KIPCO gained 20 fils and the stock has added 50 fils from start of the year. Bayan Investment and Osoul Investment Co took in 1 fils each whereas KAMCO shed 10 fils. A Al Tamdeen Real Estate Co rose 10 fils and Al-Mazaya Holding was up 4 fils at KD 0.128. The company has logged a net profit of over KD 6 million and earnings per share of 10.27 fils in the year 2013 The Board of Directors has recommended a dividend of 6 % bonus shares National Real Estate Co added 4 fils and Salhia Real Estate Co soared 25 fils to KD 0.395. Mabanee Co pulled 20 fils lower to KD 1.160 The bourse charted a mixed trend during last week. It closed higher in 2 of the five sessions and climbed 77 points week-on-week. The price index is up 107 points from start of the month and is trading 4.15 pct higher year-to-date. . KSE, with 213 listed companies, is the second largest bourse in the region.


In the bourse related news, Mashaer Holding has posted a net profit of KD 3.64 million and earnings per share of 20 fils during 2013 as against KD 4.31 million profit and earnings per share of 25 fils in the year before. The Board of Directors has recommended a cash dividend of 15 %. Kuwait Building Materials Mfg. has recorded a net profit of KD 581,231 and earnings per share of 19.17 fils in the year ending December 31, 2013, up from KD 411,453 profit and earnings per share of 13.57 fils in 2012. The Board of Directors has recommended 10 percent cash dividend. Gulf Glass Manufacturing has posted a net profit of KD 2.005 million and earnings per share of 47.40 fils in the year ending Dec 31, 2013 as compared to KD 2.606 million profit and earnings per share of 61.61 fils in 2012. The Board of Directors has recommended a cash dividend of 30 % plus 5 % bonus shares Refrigeration Ind. and Storage Co The company has announced a net profit of KD 2.72 million and earnings per share of 30.80 fils in 2013 as against KD 2.41 million profit and earnings per share of 27.30 fils the year before. The Board of Directors has recommended a cash dividend of 10 %.
 

By John Mathews
Arab Times Staff


By: John Mathews

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