(MENAFN- Arab Times) Kuwait stocks notched robust gains Tuesday amid brisk buying in select counters. The index rallied 49.29 points to 6,714.78 points extending the rally to the 13th consecutive session.
The trading floor mood remained upbeat even as investors chased mid and low priced stocks. However even as some of the heavyweights sagged on profit taking. The KSX 15 gauge climbed 1.24 points to 1,034.87 points and is down by almost 3 points from start of the month while weighted index edged 0.65 points higher. The volume turnover meanwhile rose further to breach the 1,000 million mark for the first time during the year. 1001.68 million shares changed hands - up 9.97 percent from Monday.
The sectors closed mostly in the green turf. Telecommunications outshone the rest with 1.29 percent upswing whereas healthcare dropped 1.94 percent, the worst performer of the day. Volume wise, financial sector topped with 38.40 percent market share while real estate and industrials followed with 26.54 percent and 17.77 percent respectively. United Projects Co rose 20 fils to KD 0.710 and Boubyan Petrochemical Co was by up same measure to close at KD 0.610.
NAPESCO rallied 25 fils to KD 0.485 and Kuwait Food Co (Americana) vaulted 40 fils to KD 1.840 recouping the loss in the previous session. Gulf Cables gained 10 fils to touch KD 1.000 while National Industries Group was up 4 fils on back of 4.7 million shares to end at KD 0.222. The stock has added 6 fils from start of the month while year-to-date, it has climbed 8 fils. Contracting and Marine Services Co rose 10 fils.
Erased
Bourse heavyweight Zain held the ground unchanged at KD 0.800 off early lows whereas Wataniya Telecom erased 20 fils after stagnating in the previous session. Agility added 10 fils on back of 1.58 million shares to end at KD 0.550. The stock has retreated 10 fils from the start of the month while year-to-date, it has shed 40 fils.
The market opened flat but revved up in early trade amid strong buying in some of the counters. The index drifted higher in choppy trading and peaked at 6720.79 points past the mid-session. It eased slightly in the final lap and closed with hefty gains.
Top gainers of the day, Gulf North Africa Holding Co rallied 9.8 percent and Amar Financing Co too was up by same measure. Al Masaken International Real Estate Development Co tumbled 6.67 percent, the steepest decliner of the day, and Mayadeen topped the volume with 107.27 million shares.
Mirroring the day's upswing, the market spread was skewed towards the winners. 76 stocks advanced whereas 34 closed lower. Of the 149 counters active on Tuesday, 76 closed flat. 14,146 deals worth KD 75.16 million were transacted - a 20.96 percent increase in value from the day before.
"We expect the market to continue its cautious uptrend rally - the market is in need of a healthy fundamental correction after the continuous increase in 10 consecutive trading sessions in order for new entrants in the market," Reuters quoted Fouad Darwish, head of brokerage at Global Investment House on Monday.
On the downside, Kuwait Gulf Links fell 4 fils to KD 0.134 offsetting the strong gains on Monday while Combined Group Co pulled 20 fils lower.Burgan Well Drilling Co clipped 10 fils and Jazeera Airways was down 5 fils with a volume of 2.03 million shares. The stock has climbed 15 fils so far during the month while year-to-date, it has soared 85 fils.
In the banking sector, National Bank of Kuwait shed 10 fils after stagnating in the earlier session whereas Gulf Bank gained 5 fils on back of 4.1 million shares. Commercial Bank of Kuwait was flat at KD 0.670 and Al Ahli Bank of Kuwait followed suit.
Steady
Kuwait International Bank closed unchanged at KD 0.290 and. Ahli United Bank too held steady at KD 0.820. AUB earlier in the year 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.
Kuwait Finance House slipped 10 fils to KD 0.820 and Burgan Bank did not budge from the previous close of KD 0.560. Boubyan Bank climbed 10 fils to KD 0.650. 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.
Kuwait Investment Co fell 4 fils to KD 0.112 whereas Commercial Facilities was flat at KD 0.335. National Investment Co added 2 fils to end at KD 0.158 and International Financial Advisors followed suit. KIPCO stagnated at KD 0.420 paring slight early highs.
Securities House Co slipped 4 fils after trading 7.73 million shares whereas Kuwait Financial Centre Co took in 2 fils. Ekttitab Holding Co was up 3 fils at 88 fils. The company has completed the subscription for increasing its capital on March 6, 2013. The remaining unsubscribed shares will be offered for the new shareholders during March 7-23, 2013 at the company's headquarter.
Osoul Investment Co rose 5 fils to 95 fils while Kuwait Financing and Investment Co dialed up 4 fils. KAMCO ticked 2 fils higher with thin trading whereas Sokouk Holding clipped 4 fils. Noor Financial Investment Co inched 1 fils up and Al Tamdeen Investment Co gained 2 fils.
The bourse has been upbeat so during the week and has jumped 140 pts in last three days. The index has spiked 251.37 points so far during the month and is trading over 13 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Kuwait China Investment Co has recorded a net profit of KD 5.19 million and earnings per share of 6.69 fils in 2012 rebounding from KD 9,279,458 loss and 11.94 fils loss per share last year.
Arkan Al-Kuwait Real Estate Co. has logged net profit of KD 585,927 and earnings per share of 2.6 fils in the three months ending 31 Dec 2012. This compares with KD 301,823 earnings and 1.3 fils EPS in the same period last year.
Privatization Holding has chalked net profit KD 4.13 million earnings per share 5.7 fils net profit in 2012 as against KD 4.17 million and 5.7 EPS in the year before.
The Board of Directors recommended a cash dividend of 6 % or 6 fils per share.
Egypt Kuwait Holding has earned KD 18.92 million in 2012 while earnings per share 22.54 fils. This compares with net profit of KD 37.63 million and earnings per share of 44.84 fils during 2013. The Board of Directors has recommended a cash dividend of cash 10%.
By John Mathews
Arab Times Staff
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