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Apr 19 2009

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Kuwaiti benchmark climbs 1.5% as frontline banking scrips rally

National Bank of Kuwait saw an increase of 3.3 percent after taking in 40 fils to close at KD 1.240. National Bank is expected to post a 10 percent rise in first-quarter operating profit, a source informed local media. Gulf Bank of Kuwait saw its share price rising steadily as trading progressed. During initial trading Gulf Bank rose 5.8 percent, which was further improved upon when the bank closed at KD 460 fils after taking in 25 fils. Gulf Bank's stocks went up after it received permission to buy back up to a tenth of its shares. The lender's shares fell 9 percent last week after resuming trading on Tuesday following a six-month suspension to allow for a capital restructuring. Kuwait Finance House gained 40 fils, 3.5 percent, to close KD 1180. Commercial Bank of Kuwait closed at KD 1.020 adding 20 fils to its last week's closing figure. Al Ahli Bank climbed 1.9 percent after it added 10 fils to its share value to close 520 fils.
The banking sector sold a total of 109.4 million shares worth KD 78.4 million. However, compared to last week's closing, the sector sold 3.6 percent lesser volume.

The investment sector's gain was paced by mid level scrips as all the heavyweights had suspended trading. The Investment Dar and Global Investment House have been suspended from trading by Kuwait Stock Exchange for not presenting their financial results within the given time frame. KIPCO Asset Management Company did not trade on Sunday.
The investment sector sold the market's biggest volume of 281.2 million shares for KD 33.6 million. The sector's volume was 25 percent up compared to last week's closing. The value was up 23.8 percent.
Meanwhile, the Kuwait Stock Exchange announced that it will continue to suspend 17 firms after they failed to submit their 2008 results on time.
According to the announcement placed on a bourse website, based on the decision No. 16 of the Market Committee for the year 1987 which requires all listed companies and funds to present their annual financial statements within three months of the end of the financial year, the following 17 companies have been suspended from trading: Coast Development and Investment Company, Industrial Investments Company, Aref Investment Group, Investment Dar Company - Global Investment House, Osoul Leasing and Financing Company - GulfInvest International Company, International Leasing and Investment Company, Noor Financial Investment Company, Grand Real Estate Projects Company, Safat Global Holding Company, Salbookh Trading Company , Arabi Group Holding Company, Mushrif Trading and Contracting Company, Al Mowasat Holding Company, Villa Moda Life Style Company and Network Holding Company.
Finance Minister Mustapha al-Shamali said that he hopes the cabinet would approve a decree to set up a market regulator in the next few days.
The Public Warehousing Company (Agility) added 20 fils to take its share price up to 780 fils. Agility climbed 2.6 percent after Sunday's trading. Agility sold 11.1 million shares.
Mobile Telecommunications Company (Zain) moved 3.7 percent up after it gained 30 fils to close 840 fils on the back of 12.7 million shares. Wataniya Telecom Company moved sideways without making any changes to its last week's closing price. Al Safat Holding Company was the biggest seller in the services sector pushing 19.6 million shares. Sultan Center Food sold 19.2 million shares and came close to the sector's highest figure. The services sector a total of 192.4 million shares worth KD 38.7 million. This was the market's second biggest sectoral volume, which accounted for 19 percent of the total market volume. The sector's value was up 75 percent.
In other developments, EYAS For Higher and Technical Education Company announced its BOD approved the company's financial statements for the periods ended on February 28, 2009. The company's net loss was KD 51,765 and loss per share was 0.47 fils compared to a net profit of KD 588,877 and Earnings per Share of 5.35 fils for the same period in 2008.
Haj & Umrah Services Consortium Company (Mashaer) announced that it inked a debt settlement contract for the amount of KD 6 million through rescheduling it with a Kuwaiti investment company that is a creditor of MASHAER.
Among individual shares, the day's biggest winner was Masaleh Real Estate Company that gained 11.3 percent. Al Dar National Real Estate Company moved up 9.8 percent, followed on the heels by Manazel Holding Company at 9.6 percent.
Al Madar Finance and Investment Company was up 9.4 percent, while at fifth place Strategia Investment Company rallied 8.3 percent.
On the flip side, Humansoft Holding Company suffered the disgrace of being the worst loser of the day shedding 9 percent. Educational Holding Group Company fell 8.7 percent, while Commercial Facilities Company fell 7 percent. Ahli United Bank fell 5.4 percent, and Kuwait Hotels Company slid 5.1 percent.
In terms of fils, Kuwait National Cinema made the best gain of 50 fils, while National Bank of Kuwait, Kuwait Finance House, gulf Cables and Electrical Industries Company, all took in 40 fils apiece. Mena Holding Company took the fifth place at 30 fils.

Ekttitab Holding Company managed to sell the biggest volume of the day of 67.7 million shares, followed by Gulf Finance House at 61 million shares. In the third place, International Resorts Company pushed 52.9 million shares, while International Financial Advisors sold 47.7 million shares. Al Safwa Group Company sold 44.7 million shares.
National Bank of Kuwait was the day's best earner making KD 28.4 million. Kuwait Finance House made KD 25.9 million, followed by Gulf Finance House at KD 17.3 million. Mobile Telecommunications Company sold KD 10.5 million, while National Industries Group Company Holding made KD 10.2 million.

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