Agility ends flat; Americana up 20 fils
KUWAIT CITY: Kuwait stocks pulled higher Monday to wind up the month on a solid note.
The index climbed 32.1 points in volatile trade led by select heavyweights and mid-caps while banks remained largely muted. The trading floor sentiment was skittish even as investors await tangible cues.
The bourse wound up at 6368.60 after trading briefly in red earlier in the session while weighted index edged 1.44 points higher to 417.47.
The volume turnover receded after surging past the 600 million mark on Sunday. 491.16 million shares changed hands - down 19.8 percent from day before. The bourse has closed higher in 7 of last 8 sessions.
Zain rose 10 fils to KD 0.740 on back of 1.25 million shares and Agility followed suit to end at KD 0.4200.
The stock has gained 20 fils during whole of the month and is trading 45 fils higher year-to-date.
Wataniya Telecom held the ground steady at KD 2.420 off early lows. The telecom service provider has posted a profit of KD 28.3 million in the three months to March 31 - down from KD 285.1 million in the year-earlier period.
Gulf Cables climbed 40 fils to KD 1.300. Kuwait Food Co (Americana) rose 20 fils recouping the fall in the day before and Yiaco Medical Co followed suit to close at KD 0.380. Kuwait Food Co (Americana) gained 20 fils.
On the downside, Kuwait Portland Cement was up 20 fils at KD 0.860 whereas Kuwait Foundry Co shed 15 fils. KGL Logistics slipped 5 fils and Gulf Finance House was down 4 fils at 58 fils.
Positive
The market opened on positive note and edged higher in early trade. The index slipped briefly into a trough but clawed back amid buying in select counters. It continued to trend higher to peak at 6368.9 points past the mid-session and managed to close with modest gains.
Top gainer of the day, Al Dar National Real Estate Co spiked 9.6 percent to 28.5 fils and Manazel climbed 8.6 percent. Gulf Finance House slid 6.4 percent, the worst performer of the day, while National Ranges Co (Mayadeen) topped the volume with over 84 million shares.
Mirroring the day's gain, the winners out led the losers. 47 stocks advanced while 21 closed lower. Of the 99 counters active on Monday, 40 closed flat. 5211 deals worth KD 36.07 million were transacted - down 15.4 percent in value from Sunday.
"A lot of smaller stocks are being traded aggressively and are demanding high valuations - from that perspective, the market is bubbling," Reuters quoted Jasem al-Zeraei, head of institutional sales at NBK Capital.
"We're seeing some local liquidity come back from last year but institutional and foreign investors are still playing a neutral role", he added.
In the banking sector, National Bank of Kuwait surrendered early gains to close flat at KD 1.060 and Gulf Bank followed suit to end at KD 0.440. The stock has shed 20 fils during the month and is trading 70 fils lower from start of the year.
Commercial Bank eased 10 fils as it commenced trading after the bourse lifted its suspension following the announcement of annual results. Al Ahli Bank fell 10 fils whereas Ahli United Bank was unchanged at KD 0.890. The lender has logged a first quarter net profit of KD 22,870,862 and earnings per share 4.4 fils.
Kuwait International Bank was up 5 fils on back of 1.93 million shares. Burgan Bank was flat at KD 0.435 and Kuwait Finance House too did not budge from its previous close of KD 0.730. The stock has retreated 50 fils during the month and has slid 170 fils from start of the year. Boubyan Bank stagnated at KD 0.590.
Steady
Investment major KIPCO rose 5 fils to KD 0.325 whereas National Investment Co held the ground steady at KD 0.146. International Finance Co was flat at KD 0.108 after trading 19.18 million shares. The company has incurred a net loss of KD 14,973,124 and loss per share of 21.15 fils in 2011.
Kuwait Financial Centre ( Markaz) stagnated at KD 0.118 whereas First investment Co added 4 fils. Bayan Investment ticked 2 fils higher while KAMCO gained 5 fils . The company has won approval of Capital Markets Authority for its request to extend the approval of buying a maximum of 10% of its shares for another 6 months.
National Real Estate Co rose 4 fils and Salhiya Real Estate Co was up 2 fils at KD 0.248. Tamdeen Real Estate climbed 6 fils and Mazaya Holding Co was unchanged at 87 fils. Mabanee Co stagnated at KD 1.000.
The bourse has been mixed so far during the week and has added 31.6 points in last two sessions. The index has rallied 203.6 points during the whole month and is trading 9 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Noor Financial Investment has posted a net profit of KD 5,125,485 and earnings per share of 6.98 fils in the January- March quarter as compared to earning of KD 694,646 and EPS of 0.95 fils in the same period last year.
Al-Ahleia Holding Co has incurred a net loss of KD 5,597,941 and loss per share of 6.76 fils in 2011 as compared to net loss last of KD 24,689,255 and loss per share of 29.81 fils in the year before. The Board of Directors recommended no dividend payout for the year.
Kuwait Building Materials Mfg. has logged a net profit of KD 130,870 and earnings per share of 4.5 fils as against net profit of KD 30,879 and earnings per share of 1 fils in the previous year.
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.
© Arab Times 2012
