Agility Gains 20 Fils; Gulf Cables Slumps

KUWAIT CITY, May 21

Kuwait stocks continued the winning streak on Tuesday, as it rallied for the fourth straight session.  The index climbed 116.33 pts to 8242.31 pts -- fresh multi-year high, as investors piled on to select mid and low caps. The heavyweights however, were subdued during the session. The market has posted more than 100 pts gains each of the last three sessions, underscoring the bullish sentiment.  The KSX 15 measure, rose 2.87 pts to a record high of 1103.92 points and has climbed over 23 pts so far during the month, while weighted index ticked 1.38 pts higher. The volume turnover meanwhile receded slightly during the session. 1166.47 million shares changed hands, down 7.30 percent from the day before.

The sectors ended mostly in the positive territory. Technology outpaced the rest with 4.22 percent surge whereas insurance shed 0.55 percent, the worst performer of the day. Volume wise, real estate garnered the highest market share of 34.52 percent, while financial services and industrial sector followed with 31.11 percent and 12.10 percent respectively.  The IFA Hotels and Resorts rallied 25 fils to KD 0.350 while Automated Systems Co added 10 fils. Kuwait Portland Cement added 20 fils recouping the loss in the day before and United Industries Co took in 6 fils at settle at KD 0.142.

United Projects Group rose 10 fils with thin trading and Kuwait Cable Vision Co dialed up 3 fils. Equipment Holding Co gained 20 fils. The company has recorded a profit of KD 2.52 million and earnings per share of 18.49 fils in the January-March quarter, up from KD 183,627 profit and earnings per share of 1.35 fils in the year ago period. Among the heavyweights, sector bellwether Zain was unchanged at KD 0.720 off early lows and Wataniya Telecom too did not budge from the previous close of KD 2.180 after trading in red earlier in the day. Agility gained 20 fils on back of 1.32 million shares.

Flat
The market opened flat but revved up in early trading. The index rose steadily amid brisk buying in select counters and hit the day's highest level of 8259.5 pts and in the final minutes before paring some of the gains at close.  Top gainer of the day, Injazzat spiked 9.8 percent to KD 0.112 and Danah was up by same measure. Aref Energy dived 6.06 percent, the steepest decliner of the day, and Abyaar Real Estate topped the volume with 98.8 million shares. Aref has incurred net loss of KD 655,432 and loss per share of 0.9 fils in first quarter of 2013, narrowing from KD 9.19 mln loss and 12.3 fils LPS in the Q1 of 2012.
"We expect the market to continue its positive performance and maintain above the 8,000 points level mainly driven by the positive sentiment and the new liquidity channelled to the market," Reuters quoted Fouad Darwish, head of brokerage at Global Investment House earlier in the week.

The market spread was skewed towards the gainers. 67 stocks advanced whereas 41 closed lower. Of the 148 counters active on Tuesday, 40 closed flat. 19,446 deals worth KD 116.8 million were transacted -- up 4.86 percent in value from the day before. Equipment Holding Co climbed 20 fils to KD 0.270 and National Industries Co rose 5 fils to KD 0.310.

Kuwait Gulf Links gained 6 fils on back of 13.25 million shares. The company has incurred a net loss of KD 881,469 and loss per share of 3.34 fils in the quarter ending March 31, 2013, narrowing from KD 1.98 million loss and loss per share of 7.52 fils in the same period last year.  On the downside, Burgan Well Drilling Co eased 2 fils while Contracting and Marine Services Co was down 10 fils at KD 0.190. National Industries Group fell 5 fils after trading 5.52 million shares. The company has earned KD 4.73 million and logged earnings per share of 4 fils in the quarter ending March 2013.
Kuwait Foundry Co dropped 20 fil to KD 0.465 and Gulf Cables slid 40 fils to KD 1.100. NAPESCO eased 5 fils and ALAFCO followed suit to wind up at KD 0.310. 
 

Paused
ACICO Industries Co was flat at KD 0.300 off early highs and Jazeera Airways followed suit. Kuwait Food Co (Americana) paused at KD 2.300 and the stock has rallied 380 fils so far during the month while Metal and Recycling Co added 4 fils. The company has incurred a net loss of KD 35,285 and loss per share of 0.72 fils in the first three months of 2013. 
In the banking sector, National Bank of Kuwait was steady at KD 0.980 and Gulf Bank too did not budge from its earlier close of KD 0.405. The bank has recorded a net profit of KD 7.93 million and earnings per share of 3 fils in the quarter ending March 2013, up from KD 7.37 million profit and earnings per share of 3 fils in the same period last year.
Commercial Bank of Kuwait fell 10 fils to KD 0.710 whereas Al Ahli Bank was not traded during the session. Ahli United Bank stagnated at KD 0.760 and Kuwait International Bank rose 5 fils on back of 2.86 million shares.


Burgan Bank was flat and KD 0.610 whereas Kuwait Finance House added 10 fils on back of 6.98 million shares. Boubyan Bank recovered from early losses to close unchanged at KD 0.650.
Kuwait Investment Co stagnated at 136 fils and International Financial Advisors rose 5 fils on back of 19.2 million shares. National Investment Co paused at KD 0.174 and KIPCO gained 10 fils to close at KD 0.490. 
The bourse has been buoyant so far during the week and has jumped 340.13 points in last three sessions. The index has soared 811.77 points from start of the month and is trading almost 39 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Kuwait Real Estate has recorded a net profit of KD 1.62 million and earnings per share of 1.8 fils in the first quarter of 201, up from KD 1.24 million profit and 1.37 fils EPS in the year before period.

Osoul Investment has logged net profit of KD 149,222 and earnings per share 0.79 fils in the January-March quarter of 2013, down from KD 220,494 profit and 1 fils EPS in the year before period.
Kuwait Stock Exchange suspended shares of the following companies for failing to publish the financial results in the stipulated time: Alimtiaz Investment Group Co, Al-Safwa Group Co, Securities House Company, Industrial and Financial Inv Co, Housing Finance Co, Al Madina for Finance and Investment Company, Kwt Commercial Markets Complex Co, Al Maal Investment Co. Aayan Leasing and Investment Company, Global Investment House Co, Kuwait Bahrain International Exchange Co, Al Mudon International Real Estate Co, Kwt. Pipes Industries and Oil Services Co and Flex Resorts & Real Estate Co. 

© Arab Times 2013