(MENAFN - Arab Times) Kuwait stocks saw strong rally Monday after eking modest gains in the previous session. The index climbed 43.18 points in broad advance led by select blue chips. Some of the mid and low caps however sagged on profit taking. The bourse has closed higher in 15 of the last 16 sessions helped by optimism of increased state spending. The KSX 15 measure rose 2.38 points to 1,035.64 points while the weighted index inched 0.69 pts higher to settle at 436.03 points. The volume turnover meanwhile swelled after receding in the last two sessions. 688.59 million shares changed hands - a 22.82 percent rise from Sunday. It had soared past the 1000 million mark during last week on back of speculative trading.
The sectors closed mostly in the positive zone. Oil and gas outperformed the peers with 2.75 percent gain whereas technology slipped 1.29 percent, the worst performer of the day. In terms of volume, real estate garnered the highest market volume of 39.38 percent and financial services came next with 38.81 percent.
United Projects Co climbed 30 fils extending the strong gains from the previous session while Contracting and Marine services Co was up 12 fils with thin trading. KGL Logistics Co rose 10 fils on back of 1.17 million shares and Jazeera Airways followed suit to end at KD 0.435. The stock has rallied 45 fils so far during the month.
National Industries Co climbed 5 fils to KD 0.310 and NAPESCO was up by same measure. Kuwait Cement Co too added 5 fils and Hilal Cement Co dialed up 8 fils. The company registered a net profit of KD 500,513 and earnings per share of 7 fils in 2012 and the Board of Directors recommended a cash dividend of 15 percent or 15 fils per share. Bourse heavyweight Zain rose 10 fils to KD 0.790 recouping the loss in the previous session whereas Wataniya Telecom held the ground unchanged at KD 2.400 off early highs. The stock has retreated 40 fils from start of the month while year-to-date, it has rallied 70 fils. Agility gained 10 fils on back of 2.12 million shares.
The market opened weak and slipped into red in early trade. The index troughed at 6741.69 pts and clawed back thereafter as buying picked up in select counters. It continued to rise steadily and wound up at the day's highest level of 6787.56 pts.
Top gainer of the day, Bayan Investment Co rallied 9.43 percent to 58 fils while Gulf Investment House jumped 8.77 percent to stand next. Securities House Co slid 7.81 percent, the steepest decliner of the day, and Investors Holding Co topped the volume with 142.09 million shares.
Reflecting the day's gains, the market spread was skewed towards the losers. 62 stocks advanced whereas 41 closed lower. Of the 147 counters active on Monday, 44 closed flat. 10,528 deals worth KD 53.95 million were transacted - a 17.96 percent rise in value from the previous session.
"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 earlier last week.
On the downside, Automated Systems Co dropped 20 fils and Kuwait Food Co (Americana) was down by same measure. The stock has shed 60 fils from start of the month while year-to-date, it has gained 40 fils. Metal and Recycling Co was down 5 fils at KD 0.405.
Gulf Cables slid 30 fils to KD 0.990 and ALAFCO eased 5 fils erasing the gains in the previous session. Kuwait Portland Cement Co slipped 20 fils to KD 1.120 whereas Kuwait Foundry Co gained 10 fils. The company has notched a net profit of KD 173,477 and earnings per share 0.920 fils in 2012 , down from KD 178,348 profit and 0.945 fils EPS in the year before.
In the banking sector, National Bank of Kuwait was flat at KD 0.920 while Gulf Bank was up 5 fil at KD 0.400 after trading 2.34 million shares. The lender's income before provisions amounted to KD 121.4 million, up 13 percent from the year before while net profit was almost flat at KD 30.9 million. The Board has recommended distribution of 5 percent bonus shares.
Commercial Bank of Kuwait was flat at KD 0.680 and Al Ahli Bank followed suit to end at KD 0.580 off early lows. Ahli United Bank plunged 90 fils to KD 0.740 and Kuwait International Bank stagnated at KD 0.300. Burgan Bank too clawed back slight early loses to close unchanged at KD 0.540.
Kuwait Finance House fell 10 fils after trading 2.8 million shares whereas Boubyan Bank climbed 10 fils to end at 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 percent bonus shares.
Kuwait Investment Co rose 2 fils with a volume of 2.11 million shares and International Financial Advisers gyrated in a tight range before closing flat at 56 fils. The company has announced selling 4,450,000 of Kuwait Clearing Co. shares to International Finance Co for KD 3,471,000 generating a profit of KD 267,049 profit , which will be reflected in fourth quarter results.
National Investment Co eased 2 fils to KD 0.152 and KIPCO was flat at KD 0.435 after trading 2.5 million shares. Bayan Investment Co gained 5 fils and Al Mal ticked 2 fils higher. Noor Financials added 5 fils and Sokouk Holding took in 2 fils.
National Industries Group held the ground unchanged at KD 0.224 with a volume of 3.3 million shares and Kuwait Pipes followed suit. ACICO Industries too was flat at KD 0.220 and United Industries Co nudged 2 fils higher. The bourse has positive so far during the week and has gained 54.6 pts in last two sessions. The index has soared 323.86 points so far during the month and is trading almost 14 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. 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 percent.