Americana Rallies 60 Fils; Zain Stagnates

KUWAIT CITY, May 13

Kuwait stocks pulled higher Monday, extending the gains to third straight session. 
The index climbed 19.3 pts amid brisk trading to 7846.87 points, the highest level since first week of September 2009. Some of the banks and heavyweights paced the advance and heavy buying was also seen in  select small caps. 

The KSX 15 benchmark jumped 8.36 pts to 1090.96 points  and has  gained over 10 points from start of the month while  weighted index edged 2.83 pts higher to settle at 464.87 points. The volume turnover meanwhile surged 35.26 percent to 1.27 million- the highest level of the month. KSE chalked impressive gains in April helped by sharp spurt in speculative trading as political fears eased and better-than-expected earnings lifted the sentiments.

The sectors closed mostly in the positive zone. Technology outshone the rest with 3.83 percent rally whereas insurance slumped 1.14 percent, the worst performer of the day. Volume wise, financial services garnered the highest market share of 38.37 percent while real estate came in next with 37.32 percent. 
Kuwait Foundry Co climbed 25 fils to KD 0.420 and Kuwait Packaging Materials Manufacturing Co gained 20 fils on back of over 5 million shares. Gulf Petroleum Investment Co added 10 fils and Boubyan Petrochemical followed suit to end at KD 0.148. 

Burgan Well Drilling Co dialed up 4 fils and Kuwait Food Co (Americana) rallied 60 fils to wind up at KD 2.160. The company has posted KD 16.39 million profit in first quarter while earnings per share clocked 41 fils. RISCO was up 10 fils extending an identical rise in the previous session.  Among the blue chips, Wataniya Telecom jumped 20 fils to KD 2.200 whereas Zain held the ground steady at KD 0.720. The telco has posted a first quarter net profit of over KD 52 million and earnings per share of 13 fils. Agility rose 10 fils to KD 0.720.

Selling
The market opened firm and ticked higher in early trade. The index fell sharply amid brief bout of selling in select counters and bottomed at 7778.25 pts. It clawed back thereafter and hovered around the opening mark before closing with modest gains.

Top gainer of the day, Pearl of Kuwait spiked 9.26 percent to 59 fils while Investors Holding Group rose 8.7 percent to stand next. Burgan International Industries Holding Co tumbled 8.2 percent, the steepest decliner of the day and Investors Holding Group also topped the volume with 155.97 million shares.

Reflecting the day's gains, the winners vastly out led the losers. 72 stocks advanced whereas 49 closed lower. Of the 147 counters active on Monday, 72 closed flat. 17,021 deals worth KD 97.98 million were transacted - a 26.76 percent increase in value from the day before.

Other gainers include,  Jazeera Airways which  rose 10 fils while ALAFCO dialed up 5 fils to close at KD 0.305. The company has earned KD 13.18 million and with earnings per share of 16.91 fils in the six month period ending March 2013.

Aref Energy Co took in 4 fils extending the gains in the previous session while Contracting and Marine Services Co climbed 10 fils. The company's shareholders approved the distribution of 5% cash dividends or 5 fils per share and 5% bonus or 5 shares per 100 share. National Industries Group rallied 9 fils on back of 12.21 million shares. 

On the downside, Kuwait Cement Co slipped 10 fils and Kuwait Portland Cement dived 40 fils to KD 1.120. The company has registered a net profit of KD 3.15 million and earnings per share of 34.69 fils in the January-March period, rising from KD 2.25 million with earnings per share of 24.81 fils in the same period last year. 

Automated Systems Co shed 30 fils while Combined Group erased 20 fils to end at KD 1.380. NAPESCO dropped 25 fils to KD 0.460. The company has earned KD 902,238 and chalked earnings per share of 16.27 fils in the three-month period ending March, 31. 

Equipment Holding Co eased 5 fils to KD 0.275 whereas ACICO Industries Co was unchanged at KD 0.275. Kuwait Pipes inched 2 fils lower. The company has incurred a net loss of KD 6.93 million and loss per share of 31 fils in the January-March period.

Added
In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.970 while Gulf Bank was up 5 fils at KD 0.400. The stock has added 5 fils so far during the month while year-to-date, it has shed 20 fils. Commercial Bank of Kuwait was flat at KD 0.700 and Al Ahli Bank followed suit to wind up at KD 0.540.

Ahli United Bank held steady at KD 0.760 off early lows and Kuwait International Bank followed suit. The bank's first quarter profit rose to KD 4.24 million and earnings per share climbed to 4.55 fils in the January-March quarter from KD 4.01 million and 4.3 fils respectively in the same period last year. 

Burgan Bank rose 10 fils to KD 0.590 and Boubyan Bank too was up by same measure. Kuwait Finance House paused at KD 0.790 after trading over 1 million shares. The stock has eased 10 fils from start of the month and has retreated 20 fils YTD. 

Kuwait Investment Co climbed 4 fils to KD 0.124 whereas International Financial Advisors inched 1 fils lower after trading 16.98 million shares. National Investment Co was flat at KD 0.168 and KIPCO too did not budge from the previous close of KD 0.168. 

Gulf Investment House and Aayan Leasing and Investment Co both slipped 5 fils and Bayan Investment dropped 6 fils to KD 0.102. KAMCO gained 8 fils. The company has logged a first quarter net profit KD 703,398 while earnings per share came in at 2.95 fils.

The bourse has been largely positive and has gained 77.41 points in last four sessions. The index has vaulted 416.33 pts so far during the month and is trading 32   percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, United Industries announced has posted a net profit of KD 3.61 million and earnings per share of 8 fils in the first three months of 2013, rising from KD 2.64 million profit and 5.45 fils EPS in the same period last year. 

Gulf Glass Manufacturing Co has posted net profit of KD 278,063 and earnings per share of 6.57 fils in the January-March period, falling from  KD 586,602 profit and earnings per share 13.87 fils in the year before period. 

Gulf Insurance announced has earned KD 2.28 million and clocked earnings per share of 12.48 fils in the three-month period ending March 31, 2013. This compares with net profit of KD 2.24 million and earnings per share of 12.23 fils in the same period last year.

© Arab Times 2013