NBK climbs 20 fils; Americana falls
KUWAIT CITY: Kuwait stocks nudged up on Sunday snapping the three-day decline. The index rose 8.1 points in choppy trade helped by select banks and mid-caps while other heavyweights closed mixed. The trading floor sentiment remained largely tepid even as investors await fresh indicators.
The bourse wound up 6,153.6 points after trading in narrow range while the weighted index inched 0.11 points lower. The volume turnover rebounded after slipping below the 300 million mark in the previous session. 323.60 million shares changed hands -- a 37.5 percent surge from Thursday. The volume turnover, after hitting a multi-year high in February has tapered sharply in the last week of March.
Sector bellwether National Bank of Kuwait climbed 20 fils on back of 1.66 million shares after stagnating in the day before while Gulf Bank was up 5 fils at KD 0.430. The stock has shed 30 fils from start of the month and has slid 80 fils year-to-date.
Mabanee Co posted strong gains after slipping into red in the previous session. The counter soared 60 fils on back of 1.27 million shares. Mazaya Holding Co ticked 2 fils higher to settle at 86 fils.
Market heavyweight Zain held the ground unchanged at KD 0.700 after trading 4.16 million shares while Agility eased 5 fils to KD 0.400. Wataniya Telecom dropped 20 fils . The stock has added 20 fils from start of the month and has gained 260 fils year-to-date.
On the downside, Kuwait Food Co (Americana) slipped 20 fils to KD 1.380 adding to an identical loss in the previous session. National Real Estate Co fell 6 fils after swaying in moderate range. The company has chalked KD 40.85 million losses and loss per share of 52.72 fils in 2011 and the Board of Directors recommended no dividend payout for the Fiscal Year
Positive
The market opened on positive note and ticked higher in early trade. The index continued to climb gradually as speculative buying boosted select counters and peaked at 6161.4 points past the mid-session. However, it eased slightly in final hour but managed to close in the green.
Top gainer of the day, Mayadeen (National Ranges Co) spiked 16.67 percent to 17.5 fils while National International Holding climbed over 7 percent to stand next. Manafae tumbled 8.9 percent, steepest decliner of the day, while International Resorts Co topped the volume with 35.12 million shares.
Despite the day's gain, the market spread was biased towards the losers. 29 stocks advanced while 41 closed lower. Of the 83 counters active on Sunday, 35 closed flat. 4536 deals worth KD 33.43 million were transacted -- up 13.6 percent from the day before.
In the banking sector, Kuwait International Bank fell 5 fils and Burgan Bank followed suit to end at KD 0.410. The bank has recorded KD 50.6 million net profit in 2011, a ten-fold increase from the same period last year and the Board of Directors has recommended a cash dividend of 10 fils and 5 percent as bonus shares.
Ahli United Bank added 10 fils to end at KD 0.820 whereas Gulf Bank and Commercial Bank were not traded during the session. Kuwait Finance House shed 30 fils after trading 2.85 million shares. Boubyan Bank eased 10 fils.
Approved
In the investments sector, National Investment Co closed flat at KD 0.160 and the sector major KIPCO too did not budge from its earlier close of KD 0.340Kuwait Stock Exchange's Capital Market Authority (CMA) has approved NIC's request to buy back 10% of its shares for six months till July.
National Industries Group shed 8 fils to end at KD 0.226 and saw a volume of 2.32 million shares. The firm has incurred net loss of KD 28,757,000 and loss per share of 23 fils in and the Board of Directors recommended no dividend payout for the fiscal year.
Kuwait Pipes closed flat at KD 0.118 whereas Kuwait Cement edged 5 fils lower. RISCO eased 2 fils and Kuwait Portland Cement was steady at KD 0.890. United Industries Co inched 1 fils lower. UIC has posted annual net profit of KD 1,210,449 for 2011. The earnings per share clocked 2.46 fils and the Board of Directors have recommended no dividend payout.
KGL was unchanged at KD 0.112 whereas Hits Telecom added 4 fils. IFA Hotels and Resort Co gained 20 fils. The stock has logged a net profit of KD 1,480,980 and earnings per share of 3.43 fils in 2011.
Combined Group Contracting Co climbed 40 fils to KD 1.680 whereas ALAFCO fell 5 fils. Jazeera Airways was unchanged at KD 0.460.
The bourse had been trending lower during last week and has shed 20.5 points week-on-week. It had gained 38.1 pts in whole of March and is trading 7 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, United Real Estate Co has logged a net profit of KD 3,619,442 and earnings per share of 24.13 fils in 2011 as compared to net earning of KD 4,627,596 30.85 fils EPS in 2010. The Board of Directors has recommended cash dividend of 15 %.
Aref Energy Holding Company has incurred net loss of KD 5,113,572 and loss per share 6.8 fils in 2011 as compared to net profit of KD 10,798,282 and earnings per share of 14.4 fils in the previous year.
Kuwait National Cinema Co. has posted a annual net profit of KD 5,385,373 and earnings per share of 53.89 fils as against KD 5,016,833 net profit and earnings per share of 50.21 fils in 2010. The Board of Directors recommended a cash dividend payout of 42 %.
Mazaya holding Co has incurred a net loss of KD 15,842,218 and loss per share of 28.24 fils in 2011.
This compares with net loss of KD 9,629,112 and loss per share of 20.64 fils in the year before.
Al-Tamdeen Investment Co. has posted a 2011 net profit of KD 3,124,247 and earnings per share of 10.45 fils as against KD 3,440,249 net profit and 11.36 fils EPS in the year before.
© Arab Times 2012
