(MENAFN- Arab Times) Kuwait stocks pulled higher Sunday extending the gains to fourth straight session.
The index rose 28.19 pts in choppy trade helped by strong buying in mid and low caps whereas the blue chips closed mostly flat. The sentiment was cautiously positive even as the investors await tangible cues. The KSX 15 benchmark edged 0.36 pts higher to 1,038.53 pts whereas weighted index slipped 0.53 pts to 431.81 points. The volume turnover rose further to hit a fresh multi-month high. 682.83 million shares changed hands - up 7.71 percent from the day before. The bourse had rallied over 5 percent during January buoyed by better than expected earnings and hopes of government spending.
The sectors closed mostly in the positive region. Technology outshone the peers with 4.01 percent surge whereas healthcare slipped 0.44 percent, the biggest loser of the day. In terms of volume, real estate topped with 47.42 percent market share while financial services and industrials followed with 26.56 percent and 16.04 percent respectively. Gulf Glass Manufacturing Co spiked 50 fils to KD 0.860 while Automated Systems Co climbed 25 fils to KD 0.455. Gulf Petroleum Investment Co added 10 fils on back of 12.11 million shares and Boubyan Petrochemical Co was up by same measure. Zain was unchanged at KD 0.81 off early highs and Wataniya Telecom followed suit. Agility too stagnated at KD 0.570 after posting modest gains in the day before. The stock eased 20 fils during the whole of January and is trading 80 fils higher year-to-date. The market opened on tame note and moved sideways in early trade. The index hit the day's lowest of 6308 points and continued to hover close to the opening mark. It picked up momentum in the second half and closed with strong gains.
Soared
Top gainer of the day, Investors Holding Group soared 12.2 percent to 23 fils and Kuwait Business Town rose 8.47 percent to stand next. Al Salam tumbled 8.15 percent, the steepest decliner of the day, and Investors Holding Co also topped the volume with 123.46 million shares. The market spread was skewed towards the winners. 56 stocks advanced whereas 34 closed lower. Of the 147 counters active on Tuesday, 48 closed flat. 9,290 deals worth KD 44.77 million were transacted - down 12.2 percent in value from the day before. "We suspected a bit of government activity yesterday on a few stocks but today the trading is mainly retail," Reuters quoted Kuwait-based trader who asked not to be identified.
"The government doesn't seem to be holding back anything but we're looking for a proper spending plan to tackle the macro situation." The government has allocated 30 billion dinars for industrial and infrastructure projects, under a four-year plan which is due to end in 2014.
On the downside, Gulf Cables slumped 100 fils to KD 1.180. National Industries Group fell 2 fils to KD 0.224 after trading 1.41 million shares and Kuwait Pipes followed suit. Kuwait Cement Co was slipped 5 fils to KD 0.435 and Kuwait Foundry Co too was down by same measure. Kuwait Portland Cement Co dropped 20 fils and Hilal Cement knocked off 10 fils with thin trading. In the banking sector, National Bank of Kuwait was flat at KD 0.980 with a volume of 2.10 million shares. The lender has posted a net profit of KD 305.1 million in full year 2012 compared with KD 302.4 million in the year before and the Group's total assets reached KD 16.4 billion by end of 2012. Gulf Bank closed flat at KD 0.410.
Gulf Bank eased 5 fils to KD 0.405 after trading 2.37 million shares and Commercial Bank shed 20 fils to end at KD 0.690. Ahli United Bank stagnated at KD 0.840. AUB has sold 37,374,000 shares of Al-Ahli Bank of Qatar's shares at 60 Rials/ share with a total value of QAR 2,242,440,000. The company has realized a profit of QAR 775,227,154. Al Ahli Bank climbed 20 fils to KD 0.600 after stagnating on Monday and Kuwait International Bank was flat at KD 0.305 and the counter saw over 1 million shares change hands. Burgan Bank too was unchanged at KD 0.560 off early lows.
Steady
Kuwait Finance House held the ground steady at KD 0.830 whereas Boubyan Bank added 10 fils. The bank has recorded KD 10.05 million net profit and earnings per share 5.75 fils in the full year 2012 and the Board of Directors have recommended a dividend payout of 5 % bonus shares. Commercial Facilities Co rose 5 fils while International Financial Advisors inched 1 fils higher on m back of 5.57 million shares. National Investment Co fell 2 fils to KD 0.158 whereas KIPCO was unchanged at KD 0.405. Securities House Co eased 2 fils after trading 13.31 million shares.
First Investment Co slipped 2 fils to KD 0.120 and Al Maal Investment inched 1 fils lower. KAMCO dropped 6 fils whereas Noor Financial Investment Co closed flat. The company has posted a net profit of KD 3.1 million and during the first nine months of 2012 while earnings per share came in at 9 fils.
Sokouk Holding took in 5 fils whereas Ektitab Holding Co was down 5 fils at 82 fils. Warba Insurance Co edged 2 fils lower. Standard and Poor's has affirmed Warba Insurance Company's 'BBB' rating with stable outlook.
IFA Hotels and Resorts shed 20 fils and Burgan Well Drilling Co stagnated at KD 0.188. ALAFCO pulled 5 fils lower and Jazeera Airways followed suit. The carrier has announced a 74 percent capital rise to KD 42 million which will help the firm to exchange its annual high-cost loans for lower-costing loans.
The bourse has been buoyant so far during the week and has soared 92.94 pts in last three sessions. The index had rallied 310.86 points during whole of January and is trading 6.33 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, City Group has logged a net profit of KD 3.57 million and earnings per share of 31.67 fils in the full year 2012 rebounding from a net loss of KD 5.49 million and loss per share of 48.63 fils in the year before. The Board of Directors has recommended a cash dividend of 35%.
Kuwait Building Materials Mfg. Co registered a net profit KD 411,453 and earnings per share of 14.2 fils in the full year ending 31/12/2012 as against KD 183,142 earnings and 6.3 fils EPS in the year before.
The Board of Directors has recommended dividend payout of cash 5 % or 5 fils plus 5 % bonus shares.
Aref Energy Holding Company has incurred a net loss of KD 9.96 million and loss per share of 13.3 fils in the 2012 as a against loss of KD 5.11 million and loss per share last year 6.8 fils. The Board of Directors has recommended no dividend payout for the Fiscal Year.
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