Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait bourse gains 14.28 pts after wobbly start  Join our daily free Newsletter

MENAFN - Arab Times - 16/10/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab Times) Kuwait stocks pulled higher Monday, extending the gains from the previous session.

The index, after a wobbly start, closed 14.28 points higher at 5997.07 points. The day's gain was paced by select blue chips amid speculative trading. The sentiment however remains shaky as investors await more earnings results.

The KSX 15 benchmark crept 3.02 points higher to 997.51 points while the weighted index added 1.53 points. The volume turnover was almost flat after receding in the last three days. 334.64 million shares changed hands " up 0.97 percent from Sunday. It has surged to a multi-month high of 557.5 million on Oct 9.

In terms of sectors, basic materials outshone the peers with 4.84 percent rally whereas technology eased 0.62 percent, the worst performer of the day. Volume wise, financial services garnered the highest market share of 56.26 percent and real estate followed with 27.9 percent. Bourse heavyweight Zain rose 10 fils to KD 0.740 while Wataniya Telecom bucked the 4-day decline with strong a 60 fils rebound. Agility however held the ground unchanged at KD 0.530 off early lows. The company had issued a statement last week saying it had no news to explain the advance seen in its stock prices in last two months.

Among other advancers, Al Kout Industrial Projects Co spiked 50 fils to KD 0.465 and Kuwait Foundry Co climbed 25 fils. United Projects Co rose 110 fils and Kuwait Portland Cement Co followed suit. Gulf Cables gained 20 fils recouping the loss in the previous session while Jazeera Airways took in 5 fils. The market opened firm but faltered thereafter as selling pressure weighed on select counters. The index hit the day's lowest level of 5969.27 points and clawed back thereafter as sentiments improved. It moved sideways along the opening mark and nudged higher in the final minutes.


Rallied
Top gainer of the day, Al Kout rallied over 12 percent to KD 0.465 while KAMCO came in next with 9.09 percent rise. Kuwait Bahrain International Exchange Co retreated 7.69 percent, the steepest decliner of the day, and Gulf Investment House topped the volume with 39.57 million shares.
The market spread was skewed towards the gainers. 47 stocks advanced whereas 37 closed lower. Of the 134 counters active on Monday, 50 closed flat. 5840 deals worth KD 24.51 million were transacted " down 8.10 percent in value from day before.


KSE eked modest gains in September on hopes of a resolution of the political impasse. "The opposition are likely to perform strongly in the next parliamentary elections, leading to a continued difficult relationship between the National Assembly and the cabinet," EFG Hermes said in a note earlier in the month. On the downside, Gulf Glass Manufacturing Co dived 40 fils erasing the gains in the previous session while Burgan Well Drilling Co slipped 8 fils to KD 0.178. National Industries Group fell 4 fils to KD 0.218 after trading 4.79 million shares and Kuwait Cement Co was down 5 fils. Kuwait Food Co ( Americana) gave up slight early gains to close unchanged at KD 1.620.


In the banking sector, National Bank of Kuwait pulled up from lows to close steady at KD 0.990 and Gulf Bank followed suit with a volume of 1.76 million shares. NBK has posted a 37-percent rise in third-quarter net profit to KD 108.10 million compared with KD 78.9 million a year ago. Al Ahli Bank of Kuwait climbed 10 fils with thin trading volume whereas Commercial Bank of Kuwait stagnated at KD 1.000. Ahli United Bank was flat at KD 0.860 off early lows. Fitch Ratings has affirmed the AUB's long term Issuer Default Rating (IDR) at 'BBB' with a stable outlook. The short term IDR and support rating is affirmed at 'F2'and '2' respectively. Kuwait International Bank was unchanged at KD 0.265 and Burgan Bank too did not budge from its previous close of KD 0.520. The stock has added 10 fils from start of the month while year-to-date, it has gained 45 fils. Boubyan Bank rose 10 fils.

Flat
Kuwait Finance House gyrated in narrow range before closing flat at KD 0.770 and saw volume turnover of 1.78 million. lender has obtained the approval of Central Bank of Kuwait to extend the approval of buying back or selling a maximum of 10% of its issued shares for 6 months from the expiration of current approval. International Financial Advisors eased 1 fils after trading 14.5 million shares whereas National Investment Co climbed 10 fil on back of 8.7 million shares. KIPCO stagnated at KD 0.390 and Noor Financial Investment Co followed suit. The company has slashed its capital by 49.9% from KD 75 million to KD 37.56 million.

Securities House Co slipped 3 fils to 77 fils and KIPCO was flat at KD 0.390 after pulling lower on Sunday. Bayan Investment Co inched 0.5 fils into the red. The company has posted a KD 3.95 million losses and loss per share of 11.02 fils in the January-June period as compared with KD 6.37 million and 17.81 fils per share in year-earlier period. Al Maal Investment Co rose 2 fils on back of over 20 million shares and Al Aman Investment Co was up by same measure. KAMCO gained 10 fils with thin trading volume and Sokouk Holding Co was up 2 fils at 65 fils.

National Real Estate Co rose 2 fils to KD 0.136 and Mazaya Holding followed suit to end at 76 fils. Mabanee Co stagnated at KD 1.160 after posting modest gains in the previous session. The bourse has been upbeat so far during the week and climbed 28.18 pts in last two sessions. It has added 14.38 points so far during the month and is up 3.55 percent year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Burgan Well Drilling Co. posted a net profit of KD 359,071 and earnings per share of 1.71 fils in quarter ending June 30 as against profit of KD 253,359 and earnings per share of 1,21 fils in the same period last year.


Al-Madar Finance and Investment Co. has recorded a loss of KD 4.6 million and loss per share of 22.51 fils in the first six months of 2012 rising sharply from KD 2.6 million and 13.08 fils LPS in 2011 H1. In the . second quarter, the losses amounted to KD 4 million. Boubyan Petrochemicals Co., has posted profit of KD 101,000 or 0.21 fils per share in the 3-month period ending 31 July 2012, falling 88.1% from KD 850.5 thousand and EPS of 1.76 fils in the same period last year. 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.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help