(MENAFN- Arab Times) Kuwait stocks scaled more ground on Monday adding to the strong gains in the previous session. The index recovered from steep early losses to close 71.36 pts higher at 8393.35 pts.
Some of the large caps paced and brisk buying was also seen in select mid and small caps. The bourse has been markedly bullish since April amid optimism over government spending and easing of political tensions. The KSX 15 benchmark spiked to a fresh high of 1108.02 pts while weighted index rose 3.02 pts to settle at 475.89 pts. The volume turnover ticked higher after easing slightly on Sunday. 1,166.55 million shares changed hands - an increase of 1.08 percent from day before. The sectors the in green zone barring healthcare. Technology outpaced the rest with 3.51 percent spike whereas healthcare eased 0.39 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 37.37 percent while real estate and industrials followed with 28.78 percent and 15 percent respectively.
Equipment Holding Co jumped 25 fils to KD 0.315 and Al Kout Industrial Projects Co gained 20 fils. Kuwait Packing Materials Manufacturing Co climbed 15 fils to KD 0.385 and Kuwait Food Co (Americana) rallied 40 fils to KD 2.300. Automated Systems Co added 10 fils with thin trading volume. RISCO rose 10 fils and National Industries Group took in 5 fils on back of 1.91 million shares. The stock has climbed 7 fils so far during the month while year-to-date, it has soared 49 fils. IFA Hotels and Resorts Co rose 5 fils to KD 0.420. Among the heavyweights Zain climbed 10 fils to KD 0.710 with a volume of over 2 million and Wataniya Telecom held the ground unchanged at KD 2.200. Agility too was flat at KD 0.770 after posting strong gains in the day before.
Slumped
The market opened flat and moved sideways in early trade. The index slumped briefly to hit the day's lowest level of 8286.74 pts and recovered sharply before drifting slightly higher as investors eyed select counters. It peaked at 8400.86 pts and pared some of the gains at close. Top gainer of the day, Safat Real Estate Co surged 8.77 percent to 62 fils and Equipment Holding Co climbed 8.62 percent to stand next. Future Communication Co Global slid 6.58 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 208.71 million shares. Mirroring the day's upswing, the winners outnumbered the losers. 71 stocks advanced whereas 41 closed lower. Of the 151 counters active on Monday, 40 closed flat. 18,748 deals worth KD 108.4 million were transacted - down 4.45 percent in value from the day before.
"Despite the volatile performance, positive sentiments and optimism overwhelm the market complemented by unprecedented traded values averaging in excess of 100 million dinars ($348.86 million)," Reuters quoted Fouad Darwish, head of brokerage at Global Investment House. On the downside, ALAFCO fell 5 fils and Kuwait Hotels Co shed 8 fils to close at KD 0.142. Aref Energy Holding Co slipped 4 fils. The company has incurred a net loss of KD 655,432 and loss per share of 0.9 fils in first quarter of 2013, narrowing from KD 9.19 mln loss and 12.3 fils LPS in the Q1 of 2012. Kuwait Foundry Co dropped 10 fils to KD 0.475 whereas Jazeera Airways added 5 fils to wind up at KD 0.490. Gulf Cables shed 20 fils. The company has posted KD 2.35 million profit and earnings per share of 11 fils in the January-March quarter, falling sharply from KD 8.67 million profit and earnings per share of 41 fils in the year before period.
Burgan Well Drilling Co eased 2 fils to KD 0.190 and Kuwait Gulf Links followed suit. The company has incurred a net loss of KD 881,469 and loss per share of 3.34 fils in the quarter ending March 31, 2013, narrowing from KD 1.98 million loss and loss per share of 7.52 fils in the same period last year. In the banking sector, Gulf Bank was unchanged at KD 0.410 off early highs and Commercial Bank of Kuwait too did not move in either direction. Ahli United Bank stagnated at KD 0.750 whereas Al Ahli Bank was not traded during the day.
Climbed
National Bank of Kuwait climbed 10 fils to KD 0.980. The central bank has approved the bank's request to extend permission to buy back or sell up to 10% of own issued shares over an additional period of 6 months commencing from expiry of current permit on May 23, 2013. Burgan Bank was up 10 fils at KD 0.630. Kuwait Finance House paused at KD 0.790 after trading in red in early session and Boubyan Bank followed suit. Kuwait International Bank was flat at KD 0.330. The bank's first quarter profit rose to KD 4.24 million and earnings per share climbed to 4.55 fils in the January-March quarter. Kuwait Investment Co fell 2 fils to KD 0.132 and National Investment Co closed flat at KD 0.168. International Financial Advisors was up 3 fils at 90 fils with a volume of 25.9 million. The company has earned KD 1.69 million and chalked earnings per share of 2.53 fils in the first quarter of 2013. KIPCO rallied 15 fils to KD 0.510 and KAMCO pulled 4 fils lower.
The bourse has been positive so far during the week and has gained 239.16 points in last two sessions. The index has spiked 962.81 points from start of the month and is trading over 38 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Gulf Glass Manufacturing Co has posted net profit of KD 278,063 and earnings per share of 6.57 fils in the January-March period, falling from KD 586,602 profit and earnings per share 13.87 fils in the year before period. Gulf Insurance announced has earned KD 2.28 million and clocked earnings per share of 12.48 fils in the three-month period ending March 31, 2013. This compares with net profit of KD 2.24 million and earnings per share of 12.23 fils in the same period last year.
Kuwait Stock Exchange suspended shares of the following companies for failing to publish the financial results in the stipulated time: Alimtiaz Investment Group Co, Al-Safwa Group Co, Securities House Company, Industrial and Financial Inv. Co, Housing Finance Co, Al Madina for Finance and Investment Company, Kwt. Commercial Markets Complex Co, Al Maal Investment Co. Aayan Leasing and Investment Company, Global Investment House Co, Kuwait Bahrain International Exchange Co, Al Mudon International Real Estate Co, Kwt. Pipes Industries and Oil Services Co and Flex Resorts & Real Estate.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.