Wataniya Telecom jumps 40 fils; KIPCO eases
KUWAIT CITY: Kuwait stocks rose Sunday, extending the gains to the fourth consecutive session. The index climbed 28.4 points helped by buying in select large and mid-caps whereas blue chips saw muted movement. The trading floor sentiment was cautiously positive even as investors eye tangible indicators. The bourse, after a tepid start, ended at 6,217.3 points while weighted index inched 0.63 points higher. The volume turnover was almost flat after rebounding from multi-months low in the previous session. 325.6 million shares changed hands - a marginal 0.4 percent rise from Thursday. After hitting multi-year highs in February, the volume receded towards end of March and hovered around the 300 million mark in the first week of April. Wataniya Telecom rallied 40 fils to KD 2.280 adding to the strong gains in the previous session. Zain moved in narrow range before closing flat at KD 0.730 with volume of 2.68 million shares and Agility too did not budge from its early close of KD 0.400.
Among other advancers, Kuwait Portland Cement Co rose 10 fils to KD 0.890 and Metal and Recycling Co followed suit to wind up at KD 0.116. Kuwait Foundry Co climbed 15 fils and Equipment Holding Co was up 10 fils at KD 0.124 after trading 7.64 million shares.
Kuwait Gulf Links rose 4 fils on back of 3.98 million shares to end at KD 0.118. The stock has added 10 fils so far during the month and is up 16 fils from start of the year. Jazeera Airways rose 5 fils to KD 0.455 and ALAFCO too was up by same measure to close at KD 0.295.
On the downside, National Industries Group fell 6 fils to KD 0.224 and the counter saw 2.34 million shares change hands while KIPCO eased 5 fils to KD 0.305 after stagnating on Thursday. Alsalam Group Holding Co dropped 8 fils and Ektittab Holding Co dropped 4 fils.
Slipped
The market opened weak and slipped into a trough in early trade. The index clawed back and rose above the red almost an hour into trading as buying picked up in select counters.
It moved sideways thereafter and ticked higher to peak at 6,217.5 points in the final minutes before closing with moderate gains.
Top gainer of the day Metal and Recycling Co spiked 9.4 percent to KD 0.116 while Coast Investment and Development Co climbed over 9 percent to stand next. Arkan Al Kuwait Real Estate Co slid 6.25 percent, the steepest decliner of the day, while National Ranges Co (Mayadeen) topped the volume with 56.56 million shares.
Reflecting the day's gain, the market spread was skewed towards the winners. 44 stocks advanced while 24 closed lower. Of the 100 counters active on Sunday, 31 closed flat. 4316 deals worth KD 30.97 million shares were transacted - down 8.6 percent in value from the Thursday.
In the banking sector, National Bank of Kuwait closed flat at KD 1.060 whereas Gulf Bank eased 5 fils to KD 0.425. The stock has shed 35 fils so far during the month and has retreated 85 fils year-to-date.
Ahli United Bank was up 10 fils at KD 0.860 whereas Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session. Kuwait International Bank held steady at KD 0.275 after trading 4.15 million shares. KIB has won the approval of the Central Bank of Kuwait to extend buying back or selling a maximum of 10% of its own issued shares for another six months.
Kuwait Finance House slipped 10 fils to KD 0.750 while Burgan Bank closed flat at KD 0.425. The bank has recorded KD 50.6 million net profit in 2011, a ten-fold increase from the same period last year and the Board of Directors has recommended a cash dividend of 10 fils and 5 percent as bonus shares. Boubyan Bank gained 10 fils.
National Investment Co rose 6 fils on back of 5.1 million shares and Al Mal Investment ticked 2 fils higher to 52 fils and the counter saw 12.4 million shares change hands. Kuwait Financial Centre ( Markaz) was unchanged at KD 0.112.
Higher
National Real Estate Co stagnated at KD 0.124 and Salhiya Real Estate Co gained 8 fils to end at KD 0.234. Tamdeen Real Estate Co edged 2 fils higher whereas Mabanee Co closed flat at KD 0.234.
The bourse was upbeat during last week. It closed higher in four of the five sessions and gained 43.4 points week-on-week.
The index has added climbed 52.3 points so far during the month and is trading 6 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Al Maal Investment Co has posted a net loss of KD 31,015,440 and loss per share of 58.71 fils in 2011 as compared to net profit of KD 12,016,616 and earnings per share of 22.75 fils in the year before.
Kuwait Pipes Industries and Oil Services Co has incurred net loss of KD 10,590,490 and loss per share of 47 fils in 2011 as against net profit of KD 387,069 and earnings per share of 1.72 fils in previous year. The Board of Directors recommended no dividend payout.
Bayan Investment Co announced has net loss of KD 5,367,284 and loss per share of 15.02 fils in whole of 2011 narrowing from last year's loss of KD 12,763,984 and loss per share of 35.69 fils in the year before. The Board of Directors recommended no dividend payout for the Fiscal Year.
Kuwait Stock Exchange earlier in the month has announced the suspension of trading of shares of 29 companies with effect from April 1, 2012 due to failure to announce the financial results of 2011 in the stipulated time. They are: International Financial Advisors Co, Al-Ahlia Holding Co, Coast Investment and Development, International Investor Co, The Securities House Co (suspended), Industrial Investments Co, International Finance Corporation, Aref Investment Co, Al-Aman investment Company, Aayan Leasing & Investment Company, Global Investment House Co, Kuwait Finance & Investment Company.
The list also includes, Housing Finance Company, Al-Madar Finance & Investment Company, Al Safat Investment Co, Qurain Holding Co, Sokouk Holding Company, Noor Financial Investment Company and Amwal International Investment Co, Al Masar Leasing & Investment Company, Investors Group Holding Co, Grand Real Estate Projects Co, Munshaat Real Estate Projects Co, Kuwait Business Town Real Estate Co, MENA Holding Company, Salbookh Trading Co, Kuwait Commercial Markets Complex Co, National Ranges Co and Alshamel International Holding Co.
© Arab Times 2012
