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MENAFN - Arab Times - 27/09/2012

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(MENAFN - Arab Times) Kuwait stocks resumed its uptrend on Wednesday after pausing in the previous session. The market climbed 18.26 points in volatile trade to hit a fresh 3-month high as investors piled on select counters amid positive sentiment. The small and mid-caps attracted speculative interest even as the heavyweights closed narrowly mixed.

The KSX 15 measure eased 2.4 points to 995.7 points stemming the strong rally earlier in the week while the weighted index was down 0.38 points. The volume turnover rose 3.35 percent to 425.12 million - the highest level of the month. KSE, after trading range bound in the first half of the month, has closed higher in 6 of the last 8 sessions.

Among the sectors, technology outshone with 3.18 percent gain whereas consumer goods pulled 1.29 percent lower , the worst performer of the day. Volume wise, financial services notched the highest market share of over 40 percent and real estate came in next with 27.13 percent.

Automated Systems Co rose 225 fils to KD 0.430 and Ahli Insurance Co spiked 25 fils. Kuwait Co For Process Plant Construction and Contracting Co added 15 fils on back of 1.85 million shares and Kuwait Portland Cement Co was up 10 fils at KD 0.910.

Bourse heavyweight Zain held the ground unchanged at KD 0.740 after rallying earlier in the week and Wataniya Telecom pulled up from early lows to close flat at KD 2.580. The stock has gained 20 fils from start of the month and is trading 640 fils higher year-to-date.

Agility climbed 10 fils to KD 0.530 while National Industries Group retreated 2 fils to KD 0.206 with a volume of 0.85 million shares. Kuwait Food Co (Americana) stagnated at KD 1.600. The stock has rallied 200 fils so far during the month.

The market opened wobbly and drifted lower in early trade. The index bottomed at 5894.94 points almost half way into the session and clawed back thereafter as buying picked up in select counters. It continued to rise in the second half and closed at the day's highest level.
Top gainer of the day, Injazzat spiked 9.43 percent to 58 fils while Equipment Holding Co climbed 8.2 percent to stand next. Zimah plunged 26.88 percent, the steepest decliner of the day, and Mayadeen topped the volume with 83.83 million shares.

Reflecting the day's gain, the winners out led the losers. 63 stocks advanced whereas 41 closed lower. Of the 154 counters active on Wednesday, 50 closed flat. 6,557 deals worth KD 30.62 million shares were transacted - down 37.62 percent in value from the day before.

The bourse was got an impetus following media reports that Amir held the meeting with crown prince, parliament speaker and interior minister and such a meeting is usually seen as prelude to imminent changes in government.
"The meeting was good for the market (as investors believe) that things will turn out for the best," Reuters quoted Jasem al-Zeraei, head of institutional sales at NBK Capital. "Sentiment is still weary and it's natural for the market to pull back, and we're waiting for that now," he added.
On the downside, Advanced Technology slipped 10 fils to KD 0.690 and Boubyan Petrochemicals Co followed suit. IFA Hotels and Resorts edged 5 fils lower with thin trading while Aref Energy Holding Co flunked 2 fils to settle at 83 fils.

In the banking sector, National Bank of Kuwait clawed back from a shallow trough before closing unchanged at KD 1.000 while Gulf Bank was up 5 fils on back of 2.16 million shares. Al Ahli Bank closed flat. ABK has registered a 25.8 per cent year-on-year drop in net profit to KD 28.44 million during the first half of 2012 while earnings per share came in at 14 fils
Commercial Bank of Kuwait stagnated at KD 0.700 and Ahli United Bank too did not budge from its earlier close of KD 0.890. Kuwait International Bank nudged 5 fils higher. The bank has obtained Central Bank of Kuwait's approval to buy back or sell up to 10% of own shares for an additional period of 6 months.

Burgan Bank slipped 10 fils to KD 0.610 and Kuwait Finance House too was up by same measure to close at KD 0.750. The stock has gained 60 fils so far during the month but is down 150 fils year-to-date. Boubyan Bank too shed 10 fils extending an identical fall in the previous session.
KIPCO closed flat at KD 0.385 and International Financial Advisers too was unchanged at 39 fils. The company has widened its losses in the first half of 2012 by 135.6% to KD 9 million and in the second-quarter, the losses clocked KD 4.23 million.

International Finance Co edged 1 fils lower and Al Maal Investment was down 0.5 fils after trading 1.3 million shares. Securities Group Company was steady at KD 0.140 . The company has obtained Capital Market Authority approval to sell or buy back up to 10% of own shares for 6 months period starting September 17, 2012.

Bayan Investment Co eased 0.5 fils to 38 fils and KFIC inched 1 fils lower. KAMCO closed flat. The company has obtained the Capital Market Authority approval to buy-back or sell up to 10% of own shares over the period starting Sept 17, 2012.

Gulf Cables was unchanged at KD 1.100 and Kuwait Foundry Co too was flat at KD 0.295. RISCO was not traded during the day. The company has posted a 190% surge in first half earnings to KD 1.6 million, against while the second-quarter profit soared 163.2% year-over-year to KD 1.22 million.
The bourse has been positive so far during the week and has rallied 65.66 points in last four sessions. It has gained 82.81 points so far during the month and is up 2.65 percent year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Securities House Co has posted net loss of KD 1,165,040 and loss per share of 1.8 fils in the January-June period as compared to net loss of KD 16,397,844 and loss per share of 25.7 fils in the same period last year.

Housing Finance Co has logged a net profit of KD 61.714 and earnings per share 0.21 fils in the first six months of 2012 as compared to net loss of KD 2.975.336 and loss per share of 10.15 fils in the 2011 H1.

International Finance announced its has logged net profit of KD 432,656 and earnings per share of 0.54 fils in the first half of the year rebounding from KD 4,609,831 loss and loss per share of year 7 fils in the same period last year.


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