Kuwait bourse resumes uptrend, gains 34.22 pts
Hilal Cement climbs 20 fils; Wataniya Telecom retreats
KUWAIT CITY, Feb 27 : Kuwait stocks revved up Wednesday as the bourse resumed trading after the 5day break.
The index rallied 34.22 points in volatile trading to 6,443.26 - the highest level in over nine-months. The trading was centered around the low and mid-caps even as the heavyweights closed mostly muted.
The KSX 15 benchmark dropped 3 points to 1,033.01 pts and has shed over 13 points from start of the month while weighted index edged 0.36 pts lower to 430.36 pts. The volume turnover meanwhile surged after receding sharply in the last session. 354.7 million shares changed hands - a 38.32 percent jump from last trading day. It had soared past the 800 million mark earlier in the month propelled by speculative interest in select positions.
The sector closed mixed. Oil and gas outpaced the rest with 2.67 percent rise whereas telecom clipped 0.31 percent, the biggest loser of the day. In terms of volume turnover, financial services dominated with 45.19 percent market share while real estate and telecommunication followed with 32.31 percent and 8.62 percent respectively.
Hilal Cement Co climbed 20 fils to wind up at KD 0.910 and Gulf Glass Manufacturing Co was up 10 fils with thin trading. Gulf Petroleum Investment Co too added 10 fils and Contracting and Marine Services Co followed suit. NAPESCO rose 5 fils and Burgan Well Drilling Co edged 2 fils higher.
Bourse heavyweight Zain gyrated in a tight range before closing unchanged at KD 0.790 whereas Wataniya Telecom retreated 20 fils after stagnating in the previous session. Agility was flat at KD 0.570 off early lows. The stock has rallied 80 fils from start of the month while year-to-date it has gained 60 fils.
The market opened on a firm note and crept higher in early trade. The index continued moved sideways briefly before pulling lower almost half way into the session. It slipped into red to hit the day’s lowest level of 6405.71 pts and clawed back thereafter as buying picked up at lower levels and managed to close with modest gains.
Rallied
Top gainer of the day, Hilal Cement Co rallied 10.53 percent to 210 fils whereas GPI climbed 8.62 percent to stand next. Kuwait Financial Investment Co slid 7.81 percent, the biggest loser of the day, and Gulf Finance House topped the volume with 45.47 million shares changing hands.
Mirroring the day’s upswing, the market spread was biased towards the winners. 60 stocks advanced whereas 39 closed lower. Of the 140 counters active on Wednesday, 41 closed flat. 5961 deals worth KD 25.74 million were transacted — up 3.21 percent in value from the day before. Kuwait Pipes took in 2 fils and National Industries Group was up by same measure to close at KD 0.218. United Industries Co dialed up 2 fils with a volume of over 1 million shares. UIC has chalked a net profit of KD 3.34 million and earnings per share of 7.07 fils in 2012. The Board of Directors has recommended a 5 percent cash dividend payout
On the downside, Automated Systems Co dropped 20 fils to KD 2.380 and Kuwait Portland Cement was down by same measure to end at KD 1.140. Metal and Recycling Co knocked off 6 fils while Kuwait Gulf Links erased 4 fils after trading 2.22 million shares. The stock has added 1 fils so far during the month and has rallied 23 fils from start of the year.
Kuwait Cement Co fell 5 fils while ACICO and Shuaiba Industrial Co rose 2 fils each. Aref Energy Holding Co fell 2 fils and ALAFCO slipped 5 fils. Jazeera Airways was down 5 fils erasing the gains in the previous session. The carrier has chalked a net profit of KD 13.94 million and earnings per share of 38.37 fils in 2012, up from KD 10.55 million prof- it and 29.24 fils EPS last year.
In the banking sector, National Bank of Kuwait was flat at KD 1.000 off early lows whereas Gulf Bank pulled 5 fils lower to KD 0.410. The stock is unchanged from start of the month while year-to-date, it has eased 10 fils. Al Ahli Bank retreated 10 fils extending an identical fall in the previous session.
Kuwait International Bank held the ground steady at KD 0.300 and Ahli United Bank too did not budge from its earlier close. The bank has recorded a net profit of KD 4.36 million and earnings per share of 60 fils in 2012 , up from KD 4.08 million profit and 56 fils EPS in the year before. The Board of Directors has recommended a cash dividend payout of 16% plus 5% bonus shares.
Stagnated
Burgan Bank stagnated at KD 0.560 and Kuwait Finance House followed suit to wind up at KD 0.820 . The counter saw 1.84 million shares change hands during the session. Commercial Bank of Kuwait was not traded during the session. The bank has logged a profit of KD 1.119 million and earnings per share of 0.9 fils in 2012.
International Financial Advisors stagnated at 54 fils after trading 3.46 million shares while National Investment Co added 2 fils to end at KD 0.150. KIPCO erased 5 fils. The conglomerate has posted a net profit of KD 31.28 million and earnings per share of 24.23 fils in 2012 and The Board of Directors has recommended a dividend payout of cash 20% plus 5% bonus shares.
National Real Estate Co was unchanged at KD 0.134 and Mabanee Co slid 20 fils to KD 1.200. United Real Estate Co ticked 2 fils higher. UREC has logged a net profit of KD 2.74 million and earnings per share of 14.78 fils as against KD 1.45 million earnings and 7.85 fils EPS in the year before. The Board of Directors has recommended a cash dividend of 7 percent.
The bourse was mixed during last week. It closed higher in 3 of the 5 sessions and added 11.4 pts week-on-week. The index has rallied 198.15 pts from start of the month and is trading 8.53 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Real Estate Asset Management Co. (REAM) has logged net profit of KD 673,099 and earnings per share of 6.47 fils in 2012 as against earnings of KD 520,904 and 5.01 fils EPS in the 2011. The Board of Directors recommended a cash dividend payout of 5% or 5 fils per share.
Strategia Investment Co has registered a net profit of KD 10,514 and earnings per share of 0.07 fils as against KD 19,631 profit and 0.13 fils EPS in the year before. Securities Group Co has chalked a net loss of KD 5.87 million and loss per share of 23.05 fils in the nine-month period ending Dec 31, 2012 . This compares with KD 7.79 million loss and loss per share of 30.56 fils in the same period last year.