Americana Rallies 100 Fils; Zain Pulls Lower

KUWAIT CITY, May 14

Kuwait stocks eked modest gains on Tuesday extending the winning streak to fourth day in a row. The index rose 16.02 pts in volatile trade to 7862.89 pts - a 44-month high. The investors sentiment was skittish as market looks primed for a consolidation after the long rally. The heavyweights were subdued whereas some of the mid and low caps shined. The KSX 15 measure retreated 4.44 points to 1086.52 pts and is up 6 points from start of the month while the weighted index edged 0.93 points lower. The volume turnover receded from the multi-month high reached in the day before. 1202.7 million shares changed hands - down 5.83 percent from Monday.

The sectors closed mixed during the session. Healthcare outperformed the rest with 2.13 percent rally whereas insurance slid 1.75 percent, the biggest loser of the day. In terms of volume, real estate chalked the highest market share of 32.35 percent while financial services and industrials chalked 31.76 and 25.96 percent respectively. IFA Hotels and climbed 25 fils to KD 0.325 and Gulf Petroleum Investment Co added 10 fils on back of 2.45 million. ACICO Industries Co rose 5 fils and National Investment Co followed suit. Kuwait Gulf Links took in 4 fils with a volume of 7.7 million. The stock has climbed 18 fils so far during the month while year-to-date, it has vaulted 50 fils. Metal and Recycling Co dialed up 2 fils while Kuwait Portland Cement jumped 20 fils to KD 1.140. Kuwait Food Co ( Americana) soared 100 fils to KD 0.2260. The company has earned KD 16.39 million and in first three months of 2013 while earnings per share stood at 41.9 fils.

Flat 
Among the blue chips, Wataniya Telecom closed flat at KD 2.200 off early lows while Zain shed 20 fils after trading over 2 million shares. The telco has posted a first quarter net profit of over KD 52 million and earnings per share of 13 fils. Agility eased 10 fils to KD 0.710 erasing the gains on Monday.  The market opened firm and crept higher in early trade. The index however failed to keep up the momentum and retreated to hit the day's lowest level of 7846.03 pts. It clawed back thereafter amid speculative buying in select counters to peak at 7911.64 pts but reversed most of the gains in the final hour. Top gainer of the day, Investors Holding Co spiked 10 percent to 27.5 fils while United Food Industries Group surged 9.91 percent to stand close behind. First Dubai dived 7.94 percent, the steepest decliner of the day, and Mayadeen topped the volume with 222.58 million shares.

The market spread was almost even. 62 stocks advanced whereas 60 closed lower. Of the 152 counters active on Tuesday, 30 closed flat. 16,797 deals worth KD 88.04 million were transacted - down 10.14 percent from the day before.  "The increase in value traded should serve to induce more confidence in the market and add to the stimulants fuelling the rally," Reuters quoted Fouad Darwish, head of brokerage at Global Investment House earlier in the week.  On the flipside, Hilal Cement Co fell 10 fils and Kuwait Packing Materials Manufacturing Co was down by same measure to settle at KD 0.310. Aref Energy Holding Co shaved off 4 fils. The company 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.

Gulf Glass Manufacturing slumped 30 fils whereas Automated Systems Co shed 15 fils. National Industries Group fell 5 fils after trading 5.57 million shares. The stock has added 2 fils from start of the month while year-to-date, it has rallied 36 fils.  Privatization Holding Co eased 5 fils and Humansoft Holding Co slipped 8 fils to KD 0.238. Jazeera Airways pulled 10 fils lower wiping off the gains in the day before. The airline has registered a net profit of KD 3.57 million and earnings per share of 8.52 fils in the three-month period ending March 2013 rising sharply from net profit of KD 1.21 million and 3.33 fils EPS in 2012 first quarter.

Dropped
In the banking sector, National Bank of Kuwait was unchanged at KD 0.970 off early lows while Gulf Bank dropped 5 fils to KD 0.395. Commercial Bank of Kuwait held the ground unchanged at KD 0.700 whereas Al Ahli Bank was not traded during the session.  Ahli United Bank held steady at KD 0.760 and Kuwait International Bank edged 5 fils lower. 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 vacillated in a tight range before closing flat at KD 0.590 and Kuwait Finance House followed suit. Boubyan Bank paused at KD 0.650. The lender has obtained the approval of Central Bank of Kuwait to extend the approval of buying back and selling a maximum of 10% of its issued shares for another 6 months ending on October 14, 2013.

Kuwait Investment Co fell 2 fils to KD 0.122 and National Investment Co was unchanged at KD 0.168 with a volume of 2.48 million. KIPCO rose 5 fils The conglomerate has posted net profit of KD 8.56 million and earnings per share of 6.34 fils in the first quarter of 2013, up from KD 8.48 million profit and 6.2 fils EPS in 2012 Q1.  Sokouk Holding Co slipped 8 fils to KD 0.140 whereas KAMCO climbed 4 fils. KFIC fell 3 fils to 78 fils and Noor Financial Investment Co flunked 1 fils. Mabanee Co slid 20 fils. 
The bourse has been positive so far during the week and has added 93.43 points in last three sessions. The index has spiked 432.35 pts so far during the month and is trading over 32 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, 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. 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