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MENAFN - Arab Times - 11/09/2011

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(MENAFN - Arab Times) Kuwait stocks scaled more ground Thursday to hit a month-high amid strong buying in Zain. The index climbed 54.3 points after a shaky start led by banks and select industrials scrips. Some of the mid-caps too found support during the session even as trading floor sentiments remained markedly positive.

The bourse has gained 195 points so far in the 8-day gaining streak. The bourse wound up at 5,962.50 points while weighted index rose 6.32 points. The volume turnover surged 64.2 percent to hit a multi-month high of 266.88 million after slipping slightly in the previous session.

The trading volume had been anemic during last month and had hit a multi-year low of 36.4 million on Aug 24.

National Bank of Kuwait rose 20 fils on back of 1.48 million shares adding to the gains in the previous session and closed at KD 1.100. Goldman Sachs earlier in the week had slashed its price target on the bank's stock to 1.39 dinars from 1.53 dinars.

Ahli United Bank jumped 40 fils to close at KD 0.970 and Burgan Bank added 20 fils. It ended at KD 0.485 and saw a volume turnover of 2.45 million shares. The stock had added 35 fils so far during the month but is trading 45 fils lower since start of the year.

Zain rallied 40 fils on back of 8.87 million shares on rumors that the telecom firm is making progress in selling its stake in Zain Saudi. "Market rumours have started again that they (Zain) have made progress in selling their stake in Zain Saudi," Reuters quoted Shahid Hameed, Global Investment House head of asset management for the Gulf region. "This is boosting their shares."


Zain, after calling off stake sale talks with Etisalat earlier in the year, had provisionally agreed to sell its quarter-stake in affiliate Zain Saudi to joint bidders Kingdom Holding and Bahrain Telecommunications.

Agility was flat at KD 0.270 after closing higher in the previous session and Wataniya Telecom too followed suit to close at KD 1.980. The telecom service provider has posted a net profit of KD 23.3 million in the second quarter, up from KD 19.6 million in the previous year.

Among other notable gainers National Industries Group added 6 fils to end at KD 0.212 on back of 5.04 million while Kuwait Pipes was up 8 fils at KD 0.168. The firm has recorded a first half net loss of KD 4,591,910 and loss per share of 20.39 fils.

Gulf Cables and Electricals Industries Co jumped 8 fils to close at KD 1.600 and Kuwait Portland Cement soared 60 fils. Safwan Trading and Contracting Co gained 50 fils and United Projects Co rose 20 fils to wind up at KD 0.325. Kuwait Food Co (Americana) climbed 20 fils to KD 1.520.

The market opened weak and hit a low of 5,901.3 points almost half way into the session. The index spiked thereafter as buying picked up in some of heavyweight counters and peaked at 5,963.6 points.

It eased slightly in the final minutes but managed to close with robust gains.

Top gainer of the day, Al Deera Holding spiked 10 percent to 27.5 fils while Al Safwa climbed 8.82 percent to stand next. Munshaat Real Estate Projects Co slid 9.4 percent, the steepest decliner of the day, and Investors Holding Group topped the volume with 28.32 million shares.

Reflecting the day's gain, the winners outled the losers with a high margin. 65 stocks advanced while 21 closed lower. Of the109 counters active on Thursday, 24 closed flat. 4,044 deals worth KD 36.104 million were transacted - a 106.4 percent surge in value from the day before.


In the banking sector, Gulf Bank rose 10 fils to close at KD 0.510 whereas Al Ahli Bank and Commercial Bank were not traded during the day. Meanwhile Moody's earlier in August had affirmed the D standalone bank financial strength rating (BFSR) and A2/Prime-1 local and foreign-currency deposit ratings to CBK.

Kuwait International Bank gained 10 fils whereas Kuwait Finance House held the ground unchanged at KD 0.280 after trading 6.57 million shares. Boubyan Bank eased 10 fils to settle at KD 0.600.

Investment major KIPCO rose 10 fils to KD 0.350 on back of 2.09 million shares and National Investment Co followed suit. International Financial Advisers ticked 2.5 fils higher.

The company has posted a first half net loss of KD 3,822,539 and loss per share of 5.70 fils as against net loss of KD 11,688,074 and loss per share of 17.86 fils in the same period last year.

Kuwait Financial Centre Co was unchanged at KD 0.104 while Global Investment House inched 1 fil lower to 36 fils. Bayan Investment House rose 1.5 fils to 27.5 fils. Central Bank of Kuwait earlier in August had rejected Bayan's request to renew its offer to buyback up to 10% of own shares.

National Real Estate Co was stagnant at KD 0.071 while Mabanee Co and Tamdeen Real Estate Co rose 10 fils and 4 fils respectively. ACICO Industries Co rose 10 fils and Equipment Holding Co was up 4 fils. Kuwait Gulf Links gained 6 fils after eking modest gains in the previous session.

On the downside, Advanced Technology Company dived 50 fils while Combined Group Contracting Co shed 40 fils to wind up at KD 1.420.

The bourse had been buoyant during the week. It closed higher in all five sessions and has soared 171 points week-on-week. The benchmark had shed 239 points during whole of last month and is 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.

Strategia Investment Co has posted a net profit of KD 441,289 and earnings per share of 2.94 fils in the first half of 2011 as against net loss of KD 122,613 and loss per share of 8.2 fils in same period last year.
Jeeran Holding Co has logged KD 754.365 earnings in the 3 months ended May 31, 2011 and earnings 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 earlier in August 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.


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