Kuwait benchmark climbs 24.06 pts in volatile trade 

(MENAFN - Arab Times) Kuwait stocks covered more ground Monday after staging a robust rebound in the previous session.

The index climbed 24.06 points in volatile trade backed by strong buying in some of the mid-caps even as blue chips remained muted.

KSE had slumped 404.61 points in June and the trading floor is expected to remain guarded ahead of the second quarter results and the ongoing political uncertainty. The KSX 15 measure rose 1.31 points while the weighted index edged 0.96 points higher to 406.11 points.

The volume turnover rose for the second consecutive day. 299.36 million shares changed hands. 299.36 million shares changed hands - up 21.69 percent from the day before.

Sectorwise, parallel market rose 1.16 percent , the top gainer of the day, while consumer goods came in next with 1 percent rise. In terms of market volume share, financial services continued to top with 53.75 percent.

Gulf Cables rallied 40 fils after stagnating in the previous session whereas Mabanee Co soared 60 fils on back of 0.56 million shares. National Industries Group was up 6 fils with a volume turnover of 3.34 million shares. The stock added 18 fils during whole of June but has retreated 48 fils from start of the year.

Hits Telecom climbed 3 fils and ACICO Industries Co was up 4 fils at KD 0.228. Jazeera Airways gained 25 fils. The carrier has registered 17.8 percent jump in quarterly profit to KD 1.2 million and the company is planning to pay cash dividend of 50 percent to shareholders.

Bourse heavyweight Zain fell 10 fils to KD 0.730 whereas Agility held the ground unchanged at KD 0.385. Wataniya Telecom remains suspended from trading from pending Qtel's bid to hike its stake in Kuwait telco.

Slipped
The market opened weak and slipped below the red in early trade. The index rebounded off lows and nudged briefly above the opening mark before retreating again as sentiments turned sour. It bottomed at 5834.43 points almost half way into the session before clawing back on bargain buying in select counters. It continued to rise in the second half and wound up at the day's highest level of 5878.76 points.

Top gainer of the day, Hayat Communication Co climbed 9.62 percent to KD 0.114 whereas Al Rai Media Co was up 8.77 percent to stand next. AREEC slid 6.33 percent, the steepest decline of the day and Gulf Finance House topped the volume with 48.41 million shares.

The market spread was skewed towards the winners. 56 stocks advanced whereas 32 closed lower. Of the 123 counters active on Monday, 35 closed flat. 4972 deals worth KD 20.64 million were transacted - a 60.61 percent jump in value from the day before.

On the downside, Combined Group Contracting Co dropped 20 fils and Automated Systems Co pulled 25 fils lower to KD 0.495. Gulf Manufacturing Co slid 30 fils to KD 0.610.

In the banking sector, National Bank of Kuwait was flat at KD 1.040 and Gulf Bank followed suit after trading higher earlier in the day. Capital Intelligence, earlier in June had affirmed the ratings of Gulf Bank's Long-Term and Short-Term Foreign Currency Ratings at 'A' and 'A1', respectively.

Ahli United Bank was up 10 fils at KD 0.910 after vacillating in medium range whereas Commercial Bank and Al Ahli Bank were not traded during the session. Kuwait International Bank held steady at KD 0.255 after trading 1.05 million shares and Burgan Bank too did not budge from its earlier close of KD 0.430.

Kuwait Finance House was unchanged at KD 0.730 paring early gains. KFH has recorded net profit of KD 20 million in the first quarter, a 11.5 per cent fall from the year earlier period. Boubyan Bank closed flat at KD 0.620.

Stagnated
International Financial Advisors stagnated at 38 fils with a volume of 4.9 million shares and National Investment Co was up 4 fils at KD 0.108. KIPCO gained 5 fils . The stock was unchanged during June and is trading 20 fils higher year-to-date.

First Investment Co rose 4 fils and Al Maal Investment ticked 2.5 fils higher on back of 2.6 million shares. Securities Group was steady at KD 0.114.

Securities Group in June purchased 37,747,421 shares of Kuwait Saudi Pharmaceuticals Industries Co for a total value of KD 12.175.311 and thereby increased its equity in the pharma firm to 50 percent, or 38,525,000 shares.

Bayan Investment inched 0.5 fils up whereas KAMCO shed 10 fils with thin trading. KAMCO in June offloaded its full stake in an unlisted investment at a total value of KD 4 million and thereby generated KD 1.5 million earnings which will be recorded in financial statements for the period that ended on 30/6/2012.

Tamdeen Real Estate Co eased 4 fils while Salhiya Real Estate was down 4 fils at KD 0.265. National Real Estate Co took in 2 fils. The company has canceled its listing on Dubai Financial Market and he last date to trade its shares in Dubai market will be June 28, 2012

The bourse has been upbeat during the week . It closed higher in last two sessions gaining 89.55 points. It had plunged 404.61 points during whole of June and is trading 1.5 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Stock Exchange has announced that Wataniya Telecommunications Company and Gulf Cables and Electrical Industries Company will be replaced by Boubyan Petrochemical Company and Qurain Petrochemicals Industry Company in the KSX 15 index. Real Estate Commercial Company, United Real Estate Company and Aviation Lease and Finance Company ( ALAFCO) were added to substitute list.

Sokouk Holding Co. has incurred net loss of KD 10.170.323 and loss per share of 10.17 fils as compared with net loss of KD 26.080.147 and loss per share of 26.08 fils in the same period last year.

Securities House Co has posted first half net loss of KD 16,397,844 and loss per share of 25.7 fils as compared to net loss of KD 14,809,848 and loss per share of 23.2 fils in the same period last year.

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.