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Kuwait- KSE creeps 11.61 pts higher in lackluster trade  Join our daily free Newsletter

MENAFN - Arab Times - 11/06/2012

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(MENAFN - Arab Times) Kuwait stocks eked modest gains Sunday, adding to the rise in the previous session. The index climbed 11.61 points in lackluster trade to wind up at 6,110.87 points even as the investors remained wary of the market direction. KSE, after shedding over 2.74 percent in May, has been largely downbeat so far during the month.

KSX 15 slipped 4.39 points whereas weighted index inched 0.39 points higher to 401.14. The volume turnover rose a slight 7.5 percent to 333.52 million. Sectorwise, healthcare topped the peers with 16.46 points gains whereas insurance slipped 11.62 points - the worst performer of the day.
Zain eased 10 fils to KD 0.690 after stagnating in the previous session while Wataniya Telecom was down 20 fils at KD 2.040. The stock has knocked off 20 fils from start of the month while year-to-date, it has added 200 fils.

Agility held the ground unchanged at KD 0.375 paring slight early gains. The logistics major has logged a net profit of KD 7.1million in first quarter while revenues and EBITDA stood at KD 321.8 million and KD 16.1million respectively. National Industries Group was unchanged at KD 0.216.

IFA Hotels and Resorts shed 20 fils after trading 1.05 million shares whereas Yiaco Medicals climbed 20 fils to KD 0.450. Gulf Cables dropped 20 fils to KD 1.180 and Kuwait Pipes ticked 2 fils higher.

City Group was down 20 fils at KD 0.430 and Kuwait Gulf Links stagnated at KD 0.106. The company has incurred KD 1.986 million losses or 7.52 fils loss per share in Q1, narrowing from KD 4.639 million or 17.56 fils LPS in same period last year.

Kuwait Food Co (Americana) gained 20 fils. The company has logged a net profit of KD 16.119 million and earnings per share of 41.2 fils in the first quarter of 2012. RISCO added 4 fils to close at KD 0.168.

The market opened high and spiked to the day's highest mark of 6118.78 points in early trade. The index eased thereafter and moved sideways in the vicinity of the opening mark as investors toed caution. It slipped to the day's lowest level of 6093.78 points in the final minutes before pulling up to close with modest gains.

Top gainers of the day, National International Holding Co and Al Dar National Investment Co climbed 9.62 percent each whereas Dulaqan Real Estate Co slid 8.15 percent - the biggest decliner of the day. Gulf Finance House continued to top the volume with 83.69 million shares.

The market spread was skewed towards the gainers. 47 stocks advanced whereas 39 closed lower. Of the 123 counters active on Sunday, 36 closed lower. 4835 deals worth KD 25.4 million were transacted - a 19.2 percent increase in value from the day before.

In the banking sector, National Bank of Kuwait was flat at KD 1.040 off early lows and Gulf Bank too did not budge from its previous close of KD 0.405. The stock has slipped 35 fils from the start of month while year-to-date it is down 105 fils.

Commercial Bank fell 10 fils to KD 0.740 with thin trading. The lender has posted a 75-percent drop in first-quarter net profit. The earnings in the three-month period came in at KD 329,000 as compared with KD 1.33 million in the same period of 2011. Al Ahli Bank rose 10 fils to KD 0.550.

Ahli United Bank gained 10 fils to close at KD 0.880 and Kuwait International Bank slipped 5 fils after trading over 1.5 million shares. Boubyan Bank drifted 10 fils lower to KD 0.600 after stagnating in the previous session.

Burgan Bank was up 10 fils at KD 0.435 and Kuwait Finance House closed 10 fils lower. KFH has recorded net profit of KD 20 million in the first quarter, a 11.5 per cent fall from the year earlier period.

Investment major KIPCO rose 5 fils to KD 0.325 whereas National Investment Co slipped 4 fils. International Financial Advisers inched 0.5 fils lower to 39.5 fils whereas Securities Group Co was down 2 fils at KD 0.114.
International Finance Co erased 2 fils and Al Maal Investment edged 1 fils lower to 43.5 fils. First Investment Co climbed 4 fils on back of over 8 million shares.

Bayan Investment Co slipped 0.5 fils whereas KAMCO added 8 fils on thin trading. The company has recorded a net profit of KD 0.40 million and earnings-per-share of 1.68 fils in January-March quarter while total revenues came in at KD 2.61 million.

National Real Estate Co gained 2 fils while Salhiya Real Estate retreated 5 fils. Mabanee Co was not traded during the day. The company's first quarter net profit rose to KD 6,017,316 from KD 5,776,462 in the year before while earning per shares came in at 9.9 fils. Jazeera Airways closed flat at KD 0.400

The bourse had been mixed during last week. It closed lower in 3 of the 5 sessions and shed 94.56 points week-on-week. The index has lost 82.95 points so far during the month and is trading 6 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Noor Financial Investment Co has posted a net loss of KD 15,153,392 and loss per share of 21 fils in the first quarter as against net loss of KD 30,623,757 and loss per share same of 42 fils in the same period last year.

Al Madina for Finance and Investment Co has incurred a Q1 net loss of KD 585,684 and loss per share Fils 1.52 and net loss of KD 429,972 and loss per share of 1.12 fils in 2011 first quarter.

KSE has suspended 31 listed companies from trading for failing to publish their financial results in stipulated time. The majority of the suspended firms where in the investment sector,.

National Petroleum Services logged net profit of KD 392,730 and earnings per share of 7.48 fils in the January-February period - down from KD 725,806 and 13.83 fils in the year before.

Qurain Petrochemical Industries Co has registered net profit of KD 33,015,699 and earnings per share of 30.14 fils in the first three months of 2012. The Board of Directors recommended a dividend payout of cash 15 percent.


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