MENAFN - Arab Times
Kuwait bourse climbs 9 pts in volatile trade
(MENAFN - Arab Times) Kuwait stocks edged higher on Monday after the hefty rise in the previous session. The index rose 9 points in volatile trade led by some of the large and mid-caps while the banks mostly retreated on profit taking. The heavyweights were largely muted even as investors toed caution. The benchmark had slipped below the 6000 mark on Aug 7 and hit a severn- year low on Aug 21 amid weak regional and global cues. The market wound up at 5,852.90 points after trading in red for most part of the second half while weighted index eased 0.79 points. The volume turnover swelled further after surging sharply in the previous session. 137.14 million shares changed hands - a 29.6 percent rise from Sunday.
Among prominent gainers, Wataniya Telecom climbed 20 fils after stagnating in the previous session and ended at KD 1.980. Investment major KIPCO rose 10 fils on back of 0.49 million shares to KD 0.335.
The stock had shed 9.86 percent during whole of August and is trading 100 fils lower since start of the year. Global Investment House ticked 2.5 fils higher to wind up at 33 fils.
Kuwait Food Co (Americana) was up 20 fils at KD 0.1.500 recouping the loss in the previous session and Combined Group Contracting Co jumped 60 fils to close at KD 1.460. Kuwait Company For Process Plant Construction and Contracting climbed 25 fils.
National Industries Group crept 2 fils higher to KD 0.204. The stock had eroded 7.41 percent during Aug and retreated 141 points year-to-date.
Gulf Cables soared 40 fils to close at KD 1.540 and Kuwait Pipes followed suit to wind up at KD 0.152. The firm has recorded a first half net loss of KD 4,591,910 and loss per share of 20.39 fils.
Bourse heavyweight Zain stagnated at KD 0.940 after trading lower earlier in the session and Agility eased 5 fils to close at KD 0.265 .The company has posted a 57 percent drop in second-quarter net profit and has attributed the drop to fall in defense and government business.
The bourse opened positive and crept higher in early trade. The index peaked at 5,856.3 points and moved narrowly lower as investors locked in profits in select counters. It hit the day's low of 5,837.2 points and clawed back briefly before sagging again. However it managed to end in green helped by an uptick in buying.
"Kuwait volumes are thin and the market has been hit hard for the past two months - there's now a little pick up after August's low," Reuters quoted a Kuwait trader who asked not to be identified.
" The economy is at a standstill, with little major government or private sector projects, so banks are unlikely to achieve much loan growth, but they remain the best assets on the stock market, " he added.
Top gainer of the day, Ajial Real Estate and Entertainment Co spiked 17.52 percent to KD 0.114 while Gulf Finance Co climbed 13.33 percent to stand next. Gulf Petroleum Investment Co slid 6.25 percent, the steepest decliner of the day, while Al Safwa topped the volume with 23.84 million shares.
The market spread was almost evenly poised. 31 stocks advanced while 30 closed lower. Of the 88 counters active on Monday, 28 closed flat. 1853 deals worth KD 11.39 million were transacted - a 24.6 percent rise in value from previous session.
In the banking sector, Al Ahli Bank dropped 20 fils with thin trading while Ahli United Bank slid 30 fils to wind up at KD 0.890. Gulf Bank eased 5 fils to KD 0.495 after closing higher on Sunday. Noor Financial Investment has inked a deal with Gulf Bank to reschedule its credit debts amounting to KD 62.5 million for 6 years ending June 30, 2017.
National Bank of Kuwait continued to stagnate at KD 1.060 whereas Commercial Bank was not traded during the session. CBK has reported a 91 percent drop in the second-quarter net profit which came in at KD 198,000 .
Burgan Bank rose 5 fils on back of 1.17 million shares whereas Kuwait International Bank slipped 5 fils. Kuwait Finance House shed 10 fils reversing the gain on Sunday while Boubyan Bank closed flat. Boubyan The bank has announced holding a General meeting on Sept 15, 2011 to elect a complementary Board Member to replace the resigned one.
In the investment sector, National Investment Co edged 2 fils lower after trading 4.54 million shares while Kuwiat Financial Centre and Al Maal eased 2 fils and 1 fils respectively. Al Maal has incurred loss of KD 8,919,361 and loss per share of 16.88 fils in the first six months of 2011 as against net loss of KD 3,932,791 and loss per share of 7.44 fils in the year before.
Al Tamdeen Investment Co ticked 2 fils lower and Al Madina For Finance and Investment Co slipped 1.5 fils. Bayan Investment was not traded during the session. Central Bank of Kuwait earlier in August had rejected Bayan's request to renew its offer to buyback up to 10 percent of own shares.
The bourse has been positive so far during the week and has climbed 61 points from last week's close. The benchmark had shed 239 points in August and is s trading 16 percent lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Gulf Finance House has posted KD 193,670 net profit in the first half of 2011 while earnings per share chalked 1 fil. This compares with a net loss of 13,115,943 and loss per share of 29 fils in the same period.
Jeeran Holding Co. has logged KD 754.365 earning in the for the 3 Months ended 31 May 2011 and earning per share stood at 5.51 fils as against net profit of KD 469,187 and earnings per share of 3.43 fils in the same period in 2010.
Meanwhile KSE has announced the suspension of shares of 38 companies with effect from Aug 16, 2011 for failing to submit the financial results in the stipulated time. They include, International Financial Advisors, Coast Investment and Development Company, International Investor Company, Securities House Company Industrial and Financial Inv Co, Securities Group Company, International Finance Company, Kuwait and Middle East Fin Inv Company, International Investment Group, Aref Investment Group, Investment Dar Company, Al Aman Investment Co, First Investment Co, Aayan Leasing and Investment Company, GulfInvest International Co., Kuwait Financing and Investment Co, International Leasing and Investment Co, Al Madar Finance and Investment Co, Al-Safat Investment Co, Noor Financial Investment, Al-Qurain Holding Co, Strategia Investment Co. Al-Masar Leasing and Investment Co, Al Dar National Real Estate Co, Grand Real Estate Projects Co and Safat Global Holding besides other cos.
MENA News Headlines
|Mar 12 2014||Getafe confirm Contra as new coach ,Kora|
|(MENAFN - Kora) Garcia lost his job after a run of 12 La Liga matches without a win left the side precariously placed just one point above the bottom three.
A matter of hours after announcing his ...|
|Mar 12 2014||Dubai's Arabtec to build million home in Egypt ,MENAFN|
|(MENAFN) Dubai-based Arabtec plans to build one million homes in Egypt in a USD40 billion deal that is expected to open the doors to a politically-inspired Gulf investment, according to Arabian ...|
|Mar 12 2014||La Liga Wrap: Strugglers Rayo, Malaga pick up valuable away wins ,Kora|
|(MENAFN - Kora)
In an action-packed affair at Anoeta, the hosts took the lead after just two minutes when Inigo Martinez headed home a dangerous inswinging delivery from Ruben Pardo.
Their lead ...|
|Mar 12 2014||Seedorf upbeat over Milan chances ,Kora|
|(MENAFN - Kora) Seedorf's men face a stiff task at Vicente Calderon on Tuesday after suffering a 1-0 defeat in the first leg of their last-16 tie at San Siro last month.
Milan occupy a mid-table ...|
|Mar 12 2014||UEFA Europa League Preview: AZ v Anzhi ,Kora|
|(MENAFN - Kora) Owner Suleyman Kerimov withdrew the majority of his funding from Anzhi last year, leading to a mass exodus of players that saw them slide down the Russian Premier League table.
|Mar 12 2014||JD.com valued at USD20 b in IPO ,MENAFN|
|(MENAFN) An initial public offering (IPO) has been proposed for JD.com, the Chinese ecommerce site backed by Saudi Arabia's Prince Alwaleed bin Talal, at USD20 billion worth in the second quarter of ...|
|Mar 12 2014||Championship Wrap: Reading stun Leeds, Blackpool end barren streak ,Kora|
|(MENAFN - Kora) Exactly a year to the day since his departure from Reading, McDermott watched his Leeds side follow up Saturday's 5-1 home thrashing at the hands of Bolton Wanderers with another poor ...|
|Mar 12 2014||Schumacher showing 'small, encouraging' signs ,Kora|
|(MENAFN - Kora) The seven-time Formula One world champion has been in a medically induced coma for over two months after suffering head trauma in a skiing accident on December 29.
Last week, it ...|
|Mar 12 2014||Pillay Urges Halt to Attacks Targeting Civilians ,Qatar News Agency|
|(MENAFN - Qatar News Agency) UN High Commissioner for Human Rights Navi Pillay expressed deep concern on Tuesday that civilians in South Darfur, Sudan, have been bearing the brunt of recent attacks. ...|
|Mar 12 2014||Libyan PM Zeidan Dismissed as Oil Tanker 'Breaks Blockade' ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Libya's parliament has dismissed Prime Minister Ali Zeidan after a tanker laden with oil from a rebel-held port reportedly broke through a naval blockade. MPs called a ...|
|Mar 12 2014||Bulgaria's President : Great Prospects for Further Cooperation with Qatar ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Bulgaria's President Rosen Plevneliev said that there is a great prospect for further cooperation between his country and the State of Qatar in various fields. Speaking ...|
|Mar 12 2014||Nsour:Israel Apologizes Over Zeiter Killing ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Israel has officially apologized for the killing of Jordanian judge Raed Zeiter who was shot dead by Israeli soldiers on Monday after he had crossed the King Hussein ...|
|Mar 12 2014||Israeli Airstrike Kills 3 Palestinians in Southern Gaza ,Qatar News Agency|
|(MENAFN - Qatar News Agency) An Israeli airstrike killed three Palestinians in the southern Gaza Strip on Tuesday, an official said.
Gaza Ministry of Health spokesman Ashraf al-Qidra said that ...|
|Mar 12 2014||Qatar - NHRC Secretary General Meets IRCS Secretary General ,Qatar News Agency|
|(MENAFN - Qatar News Agency) The National Human Rights Commission (NHRC) Secretary General Mrs. Maryam bint Abdullah Al Attiyah met here Tuesday with Dr. S P Aggarwal, the Secretary General, Indian ...|
|Mar 12 2014||Administrative Development Minister Returns To Doha From Muscat ,Qatar News Agency|
|(MENAFN - Qatar News Agency) HE Minister of Administrative Development Dr. Issa Saad Al-Jafali Al-Nuaimi returned to Doha on Tuesday coming from Muscat, wrapping up a few days' visit to Oman ...|
|Mar 12 2014||Qatar - QFPSR Celebrates International Women's Day ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Qatar Foundation for Protection and Social Rehabilitation (QFPSR) celebrated International Women's Day to fight violence against women, by organizing a mass programme at ...|
|Mar 12 2014||Qatar - QF Primary Health Care Center Implements Electronic HealthRecord System ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Qatar Foundation for Education, Science, and Community Development (QF) and Cerner Middle East (CME), health care information technology (HIT) solution provider, ...|
|Mar 12 2014||Qatar , Bulgaria Hold Talks ,Qatar News Agency|
|(MENAFN - Qatar News Agency) A round of official talks kicked off at the Emiri Diwan Premises here on Tuesday between HH the Emir Sheikh Tamim Bin Hamad Al Thani and visiting Bulgarian President ...|
|Mar 12 2014||Saudi to invest USD66 b in water sector ,MENAFN|
|(MENAFN) Saudi Arabia has announced its plan to invest USD66 billion in water sector in the following 10 years, according to Arab News.
The kingdom plans to improve its national security and ...|
|Mar 12 2014||Qatar Foundation Primary Health Center Implements New Initiative ,Qatar News Agency|
|(MENAFN - Qatar News Agency) Qatar Foundation (QF) for Education, Science, and Community Development and Cerner Middle East (CME) successfully delivered an ambulatory Electronic Health Record (EHR). ...|