Agility gains 20 fils; Mabanee dives
KUWAIT CITY: Kuwait stocks pulled higher Wednesday, extending the gains to second straight session. The index rose 22.89 pts to 7,918.74 points paring steeper gains earlier in the day. The trading was focused on mid and low caps even as the blue chips remained subdued. After posting modest gains during October, the bourse has retreated slightly in the last week owing to lack of catalysts. The KSX 15 measure eased 2.21 points to 1093.35 pts and is up 84 points so far during 2013 while weighted index inched 0.18 pts lower to 463.92 points. The volume turnover meanwhile ticked higher, stemming the three-day decline. 339.90 million shares changed hands -- a 6.46 pct rise from last session.
The sectors closed mostly in the green zone. Consumer goods outshone the rest with 1.24 percent gain whereas financial services fell 0.13 percent lower. In terms of volume, financial services garnered the highest market share of 49.14 pct while real estate and industrials followed with 26.97 percent and 12.95 pct respectively. Among notable movers, City Group vaulted 25 fils to KD 0.475 with thin volume while Future Communication Co Global and ALAFCO were up 10 fils each. Kuwait United Poultry Co gained 6 fils while Credit Rating and Collection Co nudged 5 fils higher. Mashaer Holding Co climbed 8 fils to KD 0.240 and Burgan Well Drilling Co followed suit to close at KD 0.240. The company has obtained the approval of Capital Markets Authority to buy back or sell up to a maximum of 10% of its own shares for 6 months commencing on Oct 29, 2013.
Budge
Bourse heavyweight, Zain was unchanged at KD 0.710 after clocking 1.27 million in volume and Wataniya Telecom too did not budge from its earlier close of KD 1.900. Agility gained 20 fils on back of 1.27 million shares after slipping into red in the previous session. The market opened firm and edged higher in early trading. The index continued to edge higher and peaked at 7945.85 pts almost half way into the session. It retreated thereafter amid profit taking and traded sideways before closing with modest gains. Top gainer of the day, Pearl of Kuwait rallied 8.93 pct to 61 fils while Future Communication Co Global climbed 7.81 percent to stand next. Al Deera Holding dived 6.94 6.94 pct, the steepest decliner of the day, and International Financial Advisers topped the volume with over 33 million share trading hands during the session.
Mirroring the day's upswing, the winners outled the losers. 50 stocks advanced whereas 29 closed lower. Of the 143 counters active on Wednesday, 64 closed flat. 9133 deals worth KD 37.13 million were transacted - a 25.6 pct rise in value from the day before. On the downside, United Industries Co fell 4 fils to KD 0.158 and NICBM followed suit to wind up at KD 0.244. ACICO was down 5 fils trimming the gains in the previous session. The company has won the approval of Capital Markets Authority to buy back up to a maximum of 10% of its own shares for 6 months commencing date of approval.
IFA Hotels and Resorts eased 5 fils to KD 0.355 and Gulf Franchising Holding Co was down by same measure. The Energy House ticked 2 fils lower to KD 0.110 and Kuwait Foundry Co held steady at KD 0.405. The company has posted a net profit of KD 2.13 million and earnings per share of 13.90 fils in the nine-month period ending Sep 30, 2013. National Industries Group was flat at KD 0.260 off early highs and Kuwait Cement Co followed suit. The company has earned a net profit of KD 13.09 million and earnings per share of 20.17 fils in the first nine-months of 2013 as against KD 11.26 million earnings and EPS of 18.05 fils in the year ago period.
Paused
Gulf Cable stagnated at KD 0.950 and Kuwait Gulf Links too paused at KD 0.112 giving up slight early gains. Independent Petroleum Group held steady at KD 0.390. The company has posted a net profit of KD 4.35 million in the first nine months of 2013 while earnings per share came in at 30.10 fils. This compares with KD 5.07 million net profit and earnings per share of 35.10 fils in the same period last year. In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.900 adding to losses in the 2013. Gulf Bank eased paused at KD 0.390. The lender has recorded a net profit of KD 24.06 million and earnings per share of 9 fils in the nine-month period ending September 30, up from KD 22.417 million and 8 fils EPS in the year before period.
Al Ahli Bank rose 10 fils to KD 0.490 while Ahli United Bank and Kuwait International Bank closed flat at KD 0.730 and KD 0.310 respectively. Commercial Bank of Kuwait was not traded during the session.
Burgan Bank was unchanged at KD 0.570 and Kuwait Finance House followed suit to end at KD 0.820 and the stock is up 10 fils year-to-date. Boubyan Bank was flat at KD 0.600. Kuwait Investment Co flunked 2 fils whereas National Investment Co took in 2 fils to close at KD 0.162. KIPCO paused at KD 0.590 and International Finance Co took in 2 fils. KMEFIC rose 2 fils whereas Al Mal gave up slight early gains to close flat at 62 fils. National Real Esrare Co stagnated at KD 0.158 whereas Mabanee Company plunged 60 fils . The company has recorded a net profit of KD 38.77 million and earnings per share of 55.41 fils in the January-September period. Al Mazaya Holding ticked 2 fils lower.
The bourse has been mixed so far during the week and has retreated 28 points in last three sessions. The index had gained 180 points during whole of October and is trading over 32 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Refrigeration Ind. and Storage has posted a net profit of KD 2.50 million and clocked an earnings per share of 28.25 fils in the nine month period ending Sept 30, 2013. This compares with KD 2.24 million profit and earnings per share of 25.39 fils in the same period last year.
Gulf Glass Manufacturing has notched a net profit of KD 1.71 million and earnings per share of 40.54 fils in the January-September period, down from KD 2,19 million profit and earnings per share of 54.44 fils in the same period last year. KSE has suspended trading of the shares of the following companies for failing to announce their results in the stipulated period :-Housing Finance Company (Iskan), Al-Imtiaz Investment Group Co (Al- Imtiaz) , Industrial and Financial Investments Company (IIC), Flex Resorts & Real Estate (Flex), Kuwait Pipe Industries and Oil Services Company (Pipe) , Safwa Group Holding Company (Safwa) and Jeeran Holding Co (Jeeran).
© Arab Times 2013
