KSE kicks off month with modest gains
Yiaco Medicals up 15 fils; Wataniya Telecom tumbles
KUWAIT CITY, March 3: Kuwait stocks eked modest gains Sunday after rallying in the previous week. The index, drifted between small gains and marginal losses before closing 10.61 points up at 6,474.08 points — the highest level since first week of May 2012.
Most of the blue chips closed flat whereas some of the mid and low caps attracted speculative interest.
The KSX 15 benchmark slipped 2.73 points to 1,034.91 pts and is up almost 25 points from start of the year while the weighted index eased 0.91 pts to settle at 430.84 pts.
The volume turnover meanwhile rose for the third consecutive day. 444.61 million shares changed hands — a 15.48 percent increase from Thursday.
The sectors swayed in both directions. Parallel market out led the rest with 2.13 percent upswing whereas consumer services knocked off 1.51 percent, the biggest loser of the day. In terms of volume, financial services topped with 46.77 percent market share and real estate stood next with 34.64 percent.
Yiaco Medicals climbed 15 fils to KD 0.440 and Gulf Petroleum Investment Co added 8 fils on back of 16.8 million shares. Hilal Cement Co gained 10 fils and Equipment Holding Co followed suit after trading 6.6 million shares. Metal and Recycling Co was up 8 fils recouping the loss in the previous session.
ALAFCO rose 5 fils and Jazeera Airways was up by same measure. 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 profit and 29.24 fils EPS last year. Aref Energy Co took in 2 fils with thin volume.
Bourse heavyweight Zain held the ground unchanged at KD 0.800 off early lows while Wataniya Telecom tumbled 60 fils erasing the gains in the last session. The telco has recorded a net profit of KD 75.50 million and earnings per share of 150.66 fils in 2012 and the Board of Directors has recommended a cash dividend of 125 percent.
Turned
The market opened choppy and hovered in tight range in early trade. It turned slightly volatile amid speculative trading in select positions and hit the day’s highest level of 6,482.22 points past the mid-session. It continued to oscillate above the opening mark and trimmed some of the gains in the final minutes.
Top gainer of the day, AFAQ spiked 10 percent to 110 fils whereas Al Eid climbed 8.33 percent to stand next. IFA Hotels and Resorts retreated 5.95 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 55.30 million shares.
Despite the day’s gains, the losers outpaced winners. 43 stocks advanced whereas 50 closed lower. Of the 138 counters active on Sunday, 45 closed flat. 7,312 deals worth 27.52 million were transacted — a 19.56 increase in value from the day before.
On the downside, Burgan Well Drilling Co dropped 6 fils and Soor Fuel Marketing Co was down by same measure. Gulf Glass Manufacturing Co shed 10 fils and Kuwait National Cinema Co followed suit to settle at KD 0.900. Kuwait Gulf Links edged 2 fils lower. The stock had added 4 fils during whole of last month while year-to-date, it has gained 26 fils.
ACICO Industries Co slipped 4 fils to KD 0.218 while Contracting and Marine Services Co was down 10 fils. Kuwait Pipes eased 2 fils and RISCO retreated 8 fils to close at KD 0.232.
Gulf Cables however as unchanged at KD 1.000 paring early gains and National Industries Group too did not budge from its earlier close of KD 0.216.
In the banking sector, National Bank of Kuwait pulled up from slight early session trough to close flat at KD 1.000 and Gulf Bank too did not move in either direction. The stock was unchanged during last month while year-to-date it has erased 10 fils.
Commercial Bank rose 10 fils to KD 0.690 and Al Ahli Bank held the ground steady at KD 0.580. Ahli United Bank dropped 10 fils. 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.
Down
Kuwait International Bank stagnated at KD 0.295 and Burgan Bank was down 10 fils at KD 0.550. Kuwait Finance House oscillated in tight range before settling unchanged at KD 0.820. Boubyan Bank eased 10 fils surrendering the gains on Thursday.
International Financial Advisors fell 1 fils to 59 fils whereas National Investment Co and KIPCO both held steady at their previous closes. KIPCO 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.
Securities House Co rose 5 fils on back of 3.66 million shares whereas International Finance Co inched 1 fils higher to 71 fils. KFIC took in 2 fils and Aayan Leasing and Investment Co rose 5 fils . Sokouk Holding added 3 fils whereas Al Tamdeen Investment Co was down 4 fils at KD 0.182.
National Real estate Co stagnated at KD 0.130 whereas United Real Estate Co was down 4 fils. 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 during the holidaycurtailed 2-day week. It closed higher in both sessions and rallied 54.43 points week-on-week.
The index has soared 218.36 during whole of February and is trading 9.1 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Privatization Holding has chalked net profit KD 4.13 million earnings per share 5.7 fils net profit in 2012 as against KD 4.17 million and 5.7 EPS in the year before. The Board of Directors recommended a cash dividend of 6 % or 6 fils per share.
Amar For Finance And Leasing has incurred a net loss of KD 217,040 and chalked loss per share of 1.1 fils in 2012 narrowing from KD 181,434 loss and loss per share of 0.9 fils in the year before.