NBK up 910 fils; technology sector falls 3%
KUWAIT CITY: Kuwait Stocks closed up Tuesday inching closer to the 8,000 mark with a 0.2% change. The index climbed to 7,954.9 points. A total of 318.4 million shares changed hands. The market began with a dip Tuesday, as profit bookings continued from previous days' selling sentiments. However, the index strengthened paced by mid caps and continued to tread water. The blue chips were largely muted. National Bank of Kuwait closed up 910 fils while Gulf Bank closed 395 fils sideways. Mobile Telecommunication Company picked up 10 fils to close 710 fils. National Mobile Company remained at KD 1.920. Nine sectors closed in red on Tuesday. Basic Materials led the list of winning sectors at 1.27 %, while industrials, banks and financial services climbed in the range of 0.50 %. Technology suffered the worst fall at 3%. Oil and Gas slid 0.4 %.
Selling was most active in the financial services sector, which pushed out a total of 153 million shares marking a 13% increase from the previous day's selling. Realtors sold 107 millions shares, which was still 22% short of Monday's volume. Industrial sector sold 39.6 million shares.
The market opened weak and treaded water in early trade. As buying strengthened in certain counters, the index rose to break the red at close.
In terms of increase in volume, Basic materials sector showed an increase of 612 %, becoming the top winner by volume Tuesday.
Kuwait International Bank was the best seller among the banks at 3.2 million and gained 5 fils. Boubyan Bank gained 10 fils to make up for the previous day's loss.
Kuwait Finance House went up by 10 fils to close at 810 fils. The bank has won the approval of Central Bank of Kuwait for its request to extend permission to buy back or sell up to 10 % of own issued shares for an additional period of 6 months.
Burgan Bank at 1 million volume was also a heavy seller. The bank closed 580 fils shedding 10 fils.
National Investments Company took in 2 fils to close 158 fils. And Securities Group and International Financial Advisor were also up by the same measure.
The bourse has been mixed so far during the week. Two straight days of losses before Tuesday caused it to shed 16 points. The index has rallied 172 points from the start of the month and is trading over 33 percent higher year-to-date. KSE, with 213 listed companies is the second largest bourse in the region.
Top gainers of the day, ACICO climbed 7.1 %. Bayan Investment Company was close on heel at 6.3 %. GFC, Future Kid and NAFAIS were within striking distance of one another at 5.8 %, 5.17 % and 5.15 % in the same order.
Among the top losers, Taameer and Poult fell the heaviest at 6.6%. ASC, Massalaeh and Marin fell in the range of 5.5 %. The biggest seller of the day was Aldeera, moving a volume of 60.2 million shares. The second best seller, GFH, was miles behind at 20.5 million.
IFA sold 19.2 million recording a climb of 1.9 % in volume. Mayadeen and Taameer sold over 17 million shares apiece.
Shuaiba Industrial also announced its results Tuesday for the 9 months ended on Sep 30. The net profit was KD 1.1 million and earnings per share was 10.5 fils. The net Profit for the same period last year was below KD 1 million.
Tijara and Real Estate Investment has logged a net loss of KD 360,544 in the first nine months of the year, while loss per share came in at 0.94 fils.
The Energy House has registered a net profit of KD 154,893 and earnings per share of 0.207 fils in January-Sep period, rebounding from KD 9.4 million net loss and 12.6 fils loss per share in the same period.
Boubyan Petrochemicals Company spiked 30 fils, followed by Mabanee Company at 20. ACICO Industries Company and Combined Group Contracting Company gained 20 fils each. Ahli United Bank picked up 10 fils.
Kout Food Group, on the other hand, shed 30 fils to become the day's biggest loser in terms of fils. Automated Systems Company fell 25 fils. Jazeera Airways Company drew level. Gulf Cable and Electrical Industries Company and Contracting and Marine Services Company fell 10 fils apiece.
KSE has suspended trading of the shares of the following companies for failing to announce their results in the stipulated period. The companies are Housing Finance Company (Iskan), Al Imtiaz Investment Group Company (Al Imtiaz), Industrial and Financial Investments Company (IIC), Flex Pipe Industries and Oil Services Company (PIPE), Safwa Group Holding Company (Safwa) and Jeeran Holding Company (Jeeran).
© Arab Times 2013
