(MENAFN - Arab Times) Kuwait stocks gained momentum on Sunday, extending the rally to the fourth consecutive day. The index soared 109.8 points - the year's biggest single day advance since the start of the year.
Zain and the Kharafi Group linked shares shined amid newspaper reports that Saudi based Kingdom Holding and Bahrain's Batleco have made a joint bid to acquire Zain's Saudi assets.
The bank stocks were largely muted after posting the strong gains during last week.
The benchmark wound up at 6,396.40 points while weighted index climbed 8.49 points to 454.23 points.
The volume turnover swelled to the month's highest level. 295 million shares changed hands during the session - a 38.7 percent surge from the day before.
The volume, after slipping below the 100 million mark on 7th, had been ticking up in the last four sessions.
Zain soared 60 fils adding to the modest rise in the previous session as investors chased the stocks on renewed hopes of the Zain-Etisalat deal coming through. It closed at KD 1.420 and saw a volume turnover of 7.44 million shares.
The deal has been beset by a number of hindrances and the last due diligence date of February 28 passed without either side making any comment.
National Investment Co, a Kharafi Group unit, rallied 25 fils on back of 2.28 million shares adding to an identical rise on Thursday. It wound up at KD 0.320.
The company's Board of Directors earlier in the month had recommended retaining earnings for the year 2010.
Among other notable gainers, Agility rose 25 fils to settle at KD 0.390 and saw 1.29 million shares change hands whereas Wataniya Telecom held the ground unchanged at KD 1.700 after giving up modest early gains.
The company has posted a net profit of KD 78,020,000 and earnings per share of 155.68 fils in 2010 and the Board of Directors has recommended a cash dividend of 50 fils.
National Industries Group climbed 20 fils on back of 12.26 million shares and wound up at KD 0.280 while Kuwait Cement Co rose 30 fils. Heavy Engineering Industries and Shipbuilding Co added 25 fils while Contracting and Marine Services Co closed 15 fils higher at KD 0.275.
Kuwait Portland Cement was up 20 fils at KD 1.640 with a volume of 1.50 million shares and United Industries Co edged 6 fils higher.
Boubyan Petrochemical rallied 30 fils on back of 2.16 million shares whereas Kuwait Gulf Links was flat at KD 0.136. Kuwait Food Co (Americana) leapt 100 fils, the highest permitted single day gain, and settled at KD 1.560.
Investment conglomerate KIPCO eased 5 fils to KD 0.430 partly erasing the gains in the previous session while International Financial Advisers nudged 2 fils higher.
Kuwait Financial Centre (Markaz) rose 6 fils to end at KD 0.156. The company has has posted a net profit of KD 8,123,000 and earnings per share of 18 fils in 2010.
The market opened strong and rose steadily in early trade as investors chased select blue chips and some of the mid-caps.
The index plateaued briefly before peaking at 6399.1 points well past the mid-session. It sagged slightly on brief bout of profit taking but clawed back in the final minutes to end with robust gains.
The top gainer of the day, Safat Real Estate Co spiked 11.42 percent to 19.5 FILS while Safwan Trading and Contracting Co climbed 10 percent to stand next.
Tijara and Real Estate Company dropped 3.9 percent, the biggest loser of the day, while National Ranges Co ( Mayadeen) topped the volume with 25.76 million shares changing hands.
Mirroring the day's strong gains, the market spread was skewed towards the winners. 92 stocks advanced while 13 closed lower. Of the 128 counters active on Sunday, 13 closed flat. 5428 deals worth KD 52.38 million were transacted -a 34.6 percent rise in value over previous session.
The sectoral indices all swung higher. Banking sector rose 0.7 percent while investment climbed 1.8 percent. Insurance and real estate gained 0.8 percent and 1.7 percent respectively while industrials climbed 2.6 percent.
Services sector gained 1.8 percent and food outshined with 2.8 percent rise. Non-Kuwaiti rose 1.4 percent.
In the banking sector National Bank of Kuwait was flat at KD 1.200 after vacillating in a 20 fils range. The counter saw 3.58 million shares change hands.
Kuwait Finance House followed suit to close at KD 1.180 after swaying in broad 40 fils range. The lender has logged a net profit of KD 106 million in whole of 2010 and the board has recommended a 20 percent dividend and bonus of 8 free shares for every 100 held.
Burgan Bank climbed 20 fils adding to the gains in the previous session. It ended at KD 0.510 and saw 1.19 million shares change hands.
The stock had shed 60 fils during February and is down 20 fils since start of the year. Al Ahli Bank however dropped 20 fils reversing the gains on Thursday.
Global Investment House edged 2 fils higher while Bayan Investment was up 2.5 fils. Al Tamdeen Investment Co rose 10 fils.
The company has chalked a net profit KD 3,440,249 earnings per share 11.36 fils in the full year 2010 as against a net profit of last KD 2,266,116 and earnings per share of 7.31 in 2009. The Board of Directors recommended a dividend payout of cash 6 percent.
National Real Estate Co and Tamdeen Investment Co added 10 fils each while Mabanee Co jumped 50 fils. It closed at KD 0.730 and saw volume turnover of 1.88 million shares, Mazaya Holding Co was up 6 fils at KD 0.110.
The bourse had been upbeat during last week. It closed higher in 4 of the 5 sessions and climbed 139 points week-on-week. However it has plunged 85 points since start of the month and is trading 8 percent lower year-to-date. KSE, with 215 listed companies, is the second largest bourse in the region.
The market got a fillip last week as state funds intervened to boost buying amid weakness in the regional markets, according to analysts. The buying was however restricted to banks and blue chips.
In the bourse related news, Abyaar Real Estate Development Co incurred a net loss of KD 4,996,913 and loss per share of 4.77 fils in full year 2010 as against net loss of KD 29,247,558 and loss per share of 37.26 fils in the year before.
The Board of Directors recommended no dividend payout for the fiscal Year Salhiya Real Estate Co has posted a net profit of KD 10,203,837 and earnings per share of 26 fils as against a net profit of KD 7,248,686 and earnings per share of 9 fils during last year.
The Board of Directors has recommended a cash dividend payout of 20 percent.
Meanwhile, Kuwait Stock Exchange has suspended the following companies from trading for failing to publish the financial results within the stipulated time period: Al Safat Global Holding Company, Al Dar Investment Company, International Leasing and Investment Company, Villa Moda Lifestyle Company, International Investment Group, Network Holding Company, Securities House Company, Gulf International Investment Company, International Investor Company, Aayan Leasing and Investment Company, Al Dar National Real Estate Company and Educational Group Holding Company.
By: John Mathews