Mabanee Co climbs 20 fils; Agility stagnates
KUWAIT CITY: Kuwait kicked of the month on a strong note. The index rose 31.1 points in volatile trade, extending the gains from the previous session. Zain and some of the mid-caps led the day's upswing while banks mostly retreated. The sentiment was fickle even as speculative trade dominated the trading floor. The bourse, after trading in red earlier in the session, wound up at 6399.70 points while the weighted index slipped 1 points to settle at 416.47. The volume turnover soared to highest level in more than five-weeks boosted by brisk trading in some of the low priced stocks. 785.88 million shares changed hands, a 60 percent jump from Monday.
Zain rose 10 fils adding to an identical rise in the previous session. It closed at KD 0.750 and saw a volume turnover of 1.06 million shares. Wataniya Telecom dived 40 fils after stagnating in the day before and closed at KD 2.380. The stock had rallied to hit a record high last week ahead of quarterly results announcement by the telco. Agility held the ground unchanged at KD 0.420 off early lows and posted a volume turnover of 1.1 million shares. The logistics major said earlier in April that it has filed a suit against the US Defense Logistics Agency for alleged breach of terms of contract. Among other notable advancers, Mabanee Co gained 20 fils and Combined Group Contracting Co followed suit to close at KD 1.700. Kuwait Company For Process Plant Construction and Contracting climbed 15 fils and KGL Logistics Co was up 5 fils at KD 0.275.
Higher
The market opened firm and edged higher in early trade. The index however retreated almost half hour into the session and slipped into red as selling dragged select stocks. It bottomed at 6370.3 points and moved sideways before clawing back above the opening mark. The market continued its upswing and closed with moderate gains. Top gainer of the day, Al Safwa spiked 11.11 percent to 20 fils while Al Dar National Real Estate Co climbed 8.7 percent to stand next. Gulf Glass Manufacturing Co dived 9.09 percent and Abyaar Real Estate topped the volume with 112.32 million shares. Reflecting the day's gain, the market spread was skewed towards the winners. 49 stocks advanced while 24 closed lower.
Of the 98 counters active on Tuesday, 34 closed flat. 6598 deals worth KD 36.07 million were transacted - a 19.5 percent increase in value from Monday. In the banking sector, National Bank of Kuwait dropped 20 fils after stagnating in the previous session and wound up at KD 1.040. Gulf Bank eased 10 fils and Commercial Bank was down by same measure to close at KD 0.770. Ahli United Bank fell 10 fils whereas Kuwait International Bank added 5 fils. KIB has won the approval of the Central Bank of Kuwait to extend buying back or selling a maximum of 10% of its own issued shares for another six months. Al Ahli Bank of Kuwait was not traded during the day. Burgan Bank closed flat at KD 0.435 and Kuwait Finance House too did not budge from its earlier close of KD 0.730.
KFH has won the central bank approval to sell or repurchase 10% maximum of its issued shares for additional six months ending on 19/4/2012. Boubyan Bank was unchanged at KD 0.590. Investment major KIPCO stagnated at KD 0.325 and National Investment Co followed suit. International Finance Co slipped 2 fils. The company has incurred a net loss of KD 14,973,124 and loss per share of 21.15 fils in 2011 and the Board of Directors has recommended no dividend payout for the fiscal year.
Extend
Bayan Investment ticked 1 fils lower whereas KAMCO gained 5 fils. The company has won approval of Capital Markets Authority for its request to extend the approval of buying a maximum of 10% of its shares for another 6 months. Al Deera Holding and Al Tamdeen Investment Co closed flat. National Real Estate Co was up 2 fils at KD 0.134 while Salhiya Real Estate edged 2 fils lower. Gulf Cables slid 20 fils whereas National Industries Group closed flat at KD 0.224 after trading 2.22 million shares. NIG has incurred net losses of KD 28.76 million for 2011 - almost 50% year-on-year jump from KD 19.2 million while loss per share rose to 23 fils from 8 fils in the previous year.
The bourse has been upbeat so far during the week and has added 62.7 points in last three sessions. The index had rallied 203.6 points during the whole of April and is trading 10 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Noor Financial Investment has posted a net profit of KD 5,125,485 and earnings per share of 6.98 fils in the January- March quarter as compared to earning of KD 694,646 and EPS of 0.95 fils in the same period last year.
Al-Ahleia Holding Co has incurred a net loss of KD 5,597,941 and loss per share of 6.76 fils in 2011 as compared to net loss last of KD 24,689,255 and loss per share of 29.81 fils in the year before. The Board of Directors recommended no dividend payout for the year. Kuwait Building Materials Mfg. has logged a net profit of KD 130,870 and earnings per share of 4.5 fils as against net profit of KD 30,879 and earnings per share of 1 fils in the previous year Al Maal Investment Co has posted a net loss of KD 31,015,440 and loss per share of 58.71 fils in 2011 as compared to net profit of KD 12,016,616 and earnings per share of 22.75 fils in the year before.
Kuwait Pipes Industries and Oil Services Co has incurred net loss of KD 10,590,490 and loss per share of 47 fils in 2011 as against net profit of KD 387,069 and earnings per share of 1.72 fils in previous year. The Board of Directors recommended no dividend payout. Bayan Investment Co. announced has net loss of KD 5,367,284 and loss per share of 15.02 fils in whole of 2011 narrowing from last year's loss of KD 12,763,984 and loss per share of 35.69 fils in the year before.
© Arab Times 2012
