National Industries Co gains 290 fils; NBK stagnates
KUWAIT CITY: Kuwait Stocks scaled 15.12 points upwards to a green finish at 5,868.2 points. The weighted index eased 0.33 points to stand at 403.99 points as the market breadth closed on a mixed note.
The KSE 15 benchmark shed 3.39 points to 976. 91. The total trades of the day amounted to 3,596 with a value of KD11.9 million exchanged over 177,205,191 shares. A total of 134 counters remained active today with 44 winners and 40 losers while the rest closed flat even as the bourse slipped early into the red with languid efforts to stay afloat but managed a rebound in afternoon trade. City Group clawed out 50 points to finish at 550 fils marking a 10 percent change. Gulf Glass Manufacturing Company followed next with a 30 point upturn to 700 fils while Humansoft Holding Co gained 25 points to swell by 10 per cent and stand next in terms of percentage. Among other top gainers, National Industries Company with a 9.43 per cent increment moved to 290 fils and Warba Insurance Company building up 8.93 per cent to 122 fils records a positive 11 per cent year to date change.
Meanwhile, Boubyan International Industries Holding Company tumbled 5 points and 8.33 percent downwards to 55 fils becoming the top loser in terms of proportion. While Commercial Bank took a 40 point dive to 730 fils, about 5 percent lower from the previous session as well as on a year to date basis.
Mabanee Co truncated by 1.76 percent over a 20 point drop to KD 1.120 after trading a volume of 353,341 for KD 395,744. Al Aman Investment Co clipped 5 points to mark a 7.69 percent change while selling a 19,224,662 in volume for KD 1.16 million. Yiaco Medical Co diminished 3.57 percent with a 15 point drag down to a 405 fils finish, trading a low volume of 200 shares and Kuwait National Cinema Company drained 10 points to 880 fils. Other losers include Flex Resorts & Real Estate Co with a 7 point dip to 97 fils, Credit Rating and Collection Co closing with a 6.41 percent change and Jeeran Holding Co losing 5 points to finish at 74 fils.
Financial Services closed at 848.9 point with a 0.61 percent trim even as its volume increased by 44.36 percent to 105,363 shares and value rose 24.12 per cent higher. Al Aman Investment Co dropped 5 points and traded 19,224,662 shares that amounted to the highest value of the day of KD 1.16 million.
Gulf Finance House exchanged the highest volume of the day with 25 million shares and closed 2 points lower at 36.5 fils. Kuwait Projects Company (KIPCO) went up by 5 points after opening at 350 fils and Coast Investment & Development Co finished at 41.5 fils and no change from the previous day. The banking sector peeled 2.61 points lower to close at 964.11 points with a volume of over 26 million changing hands for KD 2.58 million.
Gulf Bank rose by 5 points and traded 218,080 to close at 420 fils. National Bank of Kuwait and Kuwait Finance House remained unchanged at KD 1.040 and 710 fils respectively. Commercial Bank dropped 40 points as Burgan Bank increased to 460 fils marking a 10 point rise from the day before. Al-Ahli Bank of Kuwait surged by 30 points to 680 fils. Telecommunications closed 0.50 percent lower at 893.5 points and 43.57 per cent fall in value with a 60.75 percent rise in volume. Mobile Telecommunications Company (Zain) pared 10 points, closing at 700 fils, after trading 577,930 shares for KD 404,592. Hits Telecom Holding Co traded 2,907,915 shares at an unchanged 73 fils.
Oil and gas fell by 3.8 points to 920.36 points down 0.41 percent from the previous day trading 552,665 shares for KD 31,581 and 8 percent lower year to date. Contracting & Marine Services Co opened at 154 and held its ground during trade, 4 points higher than the previous session while Ikarus Petroleum Industries Co and Independent Petroleum Group noted no change. Gulf Petroleum Investment eased 1 point to close at 54 fils after 540,350 shares were traded for the amount of KD 28,058, Burgan Co for Well Drilling shed 10 points. Sokouk Holding Co eased 0.5 points lower and traded 9.7 million shares at 19.5 fils. United Real Estate Company rose by 4 points and closed at 112 fils and National Real Estate Company at 124 with a 2 point climb.
In bourse related news, Kuwait Stock Exchange announced that Alimtiaz Investment Co. (k.s.c.c) finalized procedures to change company name into Alimtiaz Investment Group. The name will be adjusted in the market effective from July 12, 2012. Al-Arabiya Real Estate Co clambered 0.5 points higher 33.5 fils, Al Dar National Real Estate Co scrambled 1 point lower to 28 fils and Commercial Real Estate Co closed at 73 fils after 353,341 shares changed hands for KD 395,743. Heavy Engineering Ind. and Shipbuilding Co announced signing a previously-awarded contract from Kuwait Gulf Oil Co. The KD 998,932 contract is for reducing gas flares for 9 months as of July 4, 2012. Manager of Markaz Real Estate Fund recommended the distribution of 5.833 Fils / unit for June 2012 over registered unit holders as of July 15, 2012.
Gulf North Africa Holding Co announced its subsidiary bought a KD 1.6 million real estate in Al Salmiya with a total area of 753 square meters and the expected profit will be 7.3 percent. Al-Mowasat Health Care Co. announced the results of its Ordinary General Assembly Meeting held on July 10, 2012 in which it approved distributing 10 percent cash dividends at 10 Fils/ share for the shareholders registered on the date of the assembly. A Reuters poll of analysis on Tuesday showed the immediate economic outlook for most of the Gulf's wealthy Arab oil exporters has improved in the last several months despite the sharp drop in global oil prices that plunged by $40 since March to $88 per barrel amid speculation of global slowdown. Kuwait is projected to post the largest surplus of 22.3 percent of GDP among the GCC countries for the fiscal year started in April. This is partly due to the political stand off between the Cabinet and opposition members of Parliament is delaying expenditure on big infrastructure projects.
© Arab Times 2012
