KSE rallies to breach 7000 points mark

20/04/2013 08:46 AST

Kuwait stocks rallied strongly to breach the 7000 point mark on Tuesday, after closing in red in last two sessions. The index soared 91.49 points, the biggest single day gain of the month, to wind up at 7043.84 pts — the highest level since November 2010. The day’s advance was paced by select blue chips and some of the small caps even as the banks sagged on profit taking.

The KSX 15 rose 2.22 points to the highest ever level of 1060.96 points and has gained over 51 points from start of the year, while weighted index ticked 1.85 pts higher to 445.86 points.

Meanwhile, the volume turnover swelled 22.22 percent to the month’s highest level of 770.67 million. The sectors closed mostly in the green zone. Oil and gas outpaced the rest with 3.26 percent jump whereas industrials eased 0.81 percent, the biggest loser of the day. In terms of volume, real estate garnered the highest market share of 45.14 percent and financial services came in next with 34.91 percent.

Combined Group Contracting Co rose 20 fils to KD 1.380 and Jazeera Airways added 5 fils on back of 1.26 million shares extending an identical gain in the previous session. Kuwait Food Co (Americana) gained 20 fils to end at KD 1.940. The stock has rallied 180 fils so far during the month and is trading 200 fils higher year-to-date.

Aref Energy rose 4 fils to KD 0.120 while Gulf Petroleum Investment Co climbed 8 fils. Equipment Holding Co added 20 fils on back of 12.20 million shares.

The company has recorded a loss of KD 1.56 million and loss per share of 11.50 fils in 2012 as compared to KD 1.008 million loss and 7.40 fils loss per share in 2011.

Zain rose 20 fils to KD 0.730 and Wataniya Telecom was up by same measure after falling sharply on Monday. Agility too was up 20 fils with a volume of over 3 million shares. The company obtained the approval of Capital Markets Authority to buy back or sell up to a maximum of 10 percent of its shares for 6 months. The market opened firm and edged higher in early trade.

The index continued to rise steadily on moderate buying in select counters and peaked at 7045.35 points in the final minutes before easing slightly at close.

Top gainer of the day, Themar International Holding Co spiked 11.83 percent to 104 fils and Boubyan International Industries Holding Co soared 10 percent to stand next. Kuwait United Poultry Co dived 7.58 percent and Abyaar topped the volume with 92.17 million shares.

Mirroring the day’s robust gain, the winners vastly outnumbered the losers. 86 stocks advanced whereas 23 closed lower. Of the 144 counters active on Tuesday, 35 closed flat. 11,273 deals worth KD 62.56 million were transacted - a 19.30 percent increase in value from the day before.

On the downside, Gulf Glass Manufacturing Co slid 40 fils to KD 0.620 and Kuwait Portland Cement shed 20 fils extending the steep decline in the previous session. United Projects plunged 190 fils to KD 0.720 after closing lower on Monday and Automated Systems erased 15 fils with thin volume turnover. United Industries ticked 2 fils higher to KD 0.114 and Kuwait Cement Co gained 15 fils. Contracting and Marine Services Co added 10 fils.

The company has earned KD 1.81 million and clocked earnings per share of 8.77 fils in 2012 and the Board of Directors recommended a cash dividend of 5 percent plus 5 percent bonus shares.

For more on this:

http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/195224/reftab/73/t/KSE-rallies-to-breach-7000-points-mark/Default.aspx

Arab Times