Jazeera Airways Rallies 25 Fils; Wataniya Telecom Dives

KUWAIT CITY, April 1

Kuwait stocks pulled higher on Monday, to start off the month on a positive note. 
The index rose 14.9 pts in choppy trade led mostly by small caps even as the heavyweights closed mixed. The trading was cautiously positive as the bourse suspended 17 firms following the end of deadline for earnings disclosure.  The KSX 15 index inched 0.28 pts higher to 1031.21 pts and is up over 22 pts from start of the year whereas the weighted index eased 0.03 points. The volume turnover meanwhile receded further to slip below the 500 million mark for the first time in a month. 495.82 million shares changed hands -- down 14.7 percent from the day before.

The sectors swayed marginally in both directions. Technology outpaced the rest with 2.95 percent rally whereas oil and gas shed 1.98 percent, the worst performer of the day. Volume wise, financial services topped with 42.74 percent market share and real estate came in next with 36.66 percent. Banks was a distant third with 6.47 percent contribution.
Kuwait Portland Cement Co climbed 20 fils to KD 1.120 more than recouping the fall in the previous session while Kuwait Foundry Co rose 10 fils. Jazeera Airways rallied 25 fils on back of 2.53 million shares. The stock has jumped 45 fils during whole of March and is trading 140 fils higher year-to-date.
ALAFCO gained 10 fils with a volume of 1.99 million shares and United Projects Co too was up by same measure. Automated Systems Co climbed 25 fils to KD 0.480. The company has recorded a net profit of KD 4.047 million and earnings per share of 101.08 fils and the Board of Directors has recommended a cash dividend payout of 50 percent or 50 fils per share.

Erased
Bourse heavyweight Zain erased 10 fils after trading 3.61 million shares whereas Wataniya Telecom plunged 100 fils to KD 2.100. Agility added 10 fils extending an identical rise in the previous session. The logistics major has logged KD 9.65 million net profit in the final quarter of 2012. 
The market opened wavy and slipped into red in early trade. The index bottomed at 6710.25 pts and clawed back into the green zone amid speculative buying in select counters. It hovered in tight range above the opening mark and managed to end with modest gains. 
Top gainer of the day, Salbookh spiked 8.93 percent to KD 0.122 and Ithmar Bank climbed 8.47 percent to stand next. Salhiya Real Estate Co dived 7.58 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 113.75 million shares. 
Mirroring the day's upswing, the market spread was skewed towards the winners. 59 stocks advanced whereas 43 closed lower. Of the 135 counters active on Monday, 33 closed flat. 8271 deals worth KD 51.7 million were transacted -- down 13.90 percent in value from the day before. On the downside, Gulf Glass Manufacturing Co tanked 130 fils to KD 0.610 with razor thin trading while Gulf Cables was down 10 fils. The company has logged a net profit of KD 11.41 million during whole of 2012 while the EPS and price to earnings ratio came in at 54.4 fils and 23.17 respectively. In the 4th quarter it earned KD 872,000. 
 National Industries Co shed 20 fils and IFA Hotels and Resorts followed suit to end at KD 0.360. Burgan Well Drilling Co dropped 4 fils and Kuwait Gulf Links was down by same measure . The stock has added 4 fils during whole of March while year-to-date, it has gained 36 fils.  National Industries Group held the ground unchanged at KD 0.226 off early lows and Kuwait Food Co (Americana) too did not budge from its earlier close of KD 1.760. Metal and Recycling Co too was unchanged at KD 0.124. National Real Estate Co slipped 6 fils to KD 0.148 and Tamdeen Real Estate Co flunked 2 fils. Mabanee Co soared 40 fils to KD 1.220. The company has logged KD 33.27 profit in 2012 while in the earnings per share and PE ratio came in at 53.3 fils and 22.68 respectively. In the last quarter it chalked KD 11.9 million profit.

Loss
United Industries Co took in 2 fils and Hilal Cement was up 4 fils at KD 0.250. Equipment Holding Co however eased 5 fils. The company has recorded a loss of KD 1.56 million and loss per share of 11.50 fils in 2012 as compared to KD 1.008 million loss and 7.40 fils loss per share in 201. In the banking sector, National Bank of Kuwait was flat at KD 0.900 and Gulf Bank rose 5 fils to KD 0.410. The lender's income before provisions amounted to KD 121.4 million, up 13 percent from the year before while net profit was almost flat at KD 30.9 million. The Board has recommended distribution of 5 percent bonus shares. Commercial Bank of Kuwait clipped 10 fils and Kuwait International Bank pulled 5 fils lower after trading 1.29 million shares. Ahli United Bank stagnated at KD 0.730 while Burgan Bank rose 10 fils to KD 0.550. Al Ahli Bank was not traded during the session.  Boubyan Bank gained 10 fils and Kuwait Finance House followed suit . The lender has posted a KD 86.67 million net profit for whole of 2012 while in fourth quarter it earned KD 11.80 million. The price to earnings ratio came in at 26.83 in 2012 while in last quarter it is 26.26.  National Investment Co rose 2 fils and International Financial Advisors dialed up 3 fils. KIPCO plunged 40 fils to KD 0.410 and Securities Group Co was down 8 fils. International Finance Co ticked 1 fils up. KAMCO added 2 fils and Ekttitab Holding Co gained 5 fils.

The bourse has been cautiously upbeat so far during the week and has added over 16 points last two sessions. The index rallied 314.10 points during whole of March and is trading 3.6 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Humansoft Holding has announced a net profit of KD 2.43 million and earnings per share of 21.32 fils as compared to KD 2.38 million and earnings per share of 21.05 fils in the year before.

Egypt Kuwait Holding has earned KD 18.92 million in 2012 while earnings per share 22.54 fils. This compares with net profit of KD 37.63 million and earnings per share of 44.84 fils during 2013. The Board of Directors has recommended a cash dividend of cash 10 Advanced Technology Co. has earned KD 4.10 million and chalked an earnings per share of 27.34 fils during whole of 2012 as compared to net profit of KD 3.619 million and earnings per share 24.13 fils in the previous year.  The Board of Directors has recommended a cash dividend payout of 15 percent plus 5 percent bonus shares.

© Arab Times 2013