(MENAFN - Arab Times) Kuwait stocks rallied Sunday to kick-off the week on a firm note. The index climbed 38.3 points helped by strong gains in select blue chips and some of the mid-caps even as investors await more earnings before taking up fresh positions. KSE has closed higher in seven of the last nine sessions. The bourse wound up at 6,264.60 points after trading flat for most part of the session while the weighted index climbed 3.19 points to 420.
The volume turnover was almost stagnant after falling sharply in the day before. 460.27 million shares changed hands - down a marginal 0.2 percent from the day before. The volume turnover, after spiking above the 1,000 million mark in February, has tapered sharply and slipped below the 200 million mark on April 11.
National Bank of Kuwait rose 20 fils on back of 1.61 million shares to end at KD 1.080 and Kuwait Finance House was up 10 fils at KD 0.760. Gulf Bank crept 5 fils higher adding to an identical rise in the previous session. The stock has shed 20 fils from start of the month and is trading 60 fils lower year-to-date. Wataniya Telecom gained 40 fils after pausing on Thursday and closed at a record high of KD 2.440.
Zain held the ground unchanged at KD 0.740 off early lows while Agility rose 5 fils. It closed at KD 0.405 after stagnating in the previous session. Among other notable gainers, Sultan Centre Food Co rose 6 fils to wind up at KD 0.116. National Real Estate Co added 10 fils on back of 3.3 million shares. The company has piled up KD 40.85 million losses in 2011 and the Board of Directors recommended no dividend payout for the year
On the downside, Gulf Cables dropped 20 fils to KD 1.240 with thin trading while Kuwait Cement Co eased 10 fils. KIPCO edged 2 fils lower whereas National Industries Group crept up from early lows to close flat at KD 0.230. The stock has added 2 fils from start of the month but is down 30 fils year-to-date. The bourse opened positive and gained ground in early trade as investors eyed select stocks.
The index moved sideways as sentiment turned brittle and picked up momentum well past the mid-session. It continued to climb amid renewed buying and managed to close with moderate gains.
Top gainer of the day, Investors Holding Group spiked 15.6 percent to 18.5 fils and the counter also topped the volume with 55.84 million shares. Al Dar National Real Estate Co climbed 13.5 percent to stand next while Safat Real Estate Co, the day's worst performer slid 11.3 percent. Mirroring the day's gain, the winners outled the losers. 43 stocks advanced while 25 closed lower. Of the 105 counters active on Sunday, 36 closed flat. 4558 deals worth KD 30.14 million were transacted - down 14.8 percent in value from the day before.
In the banking sector, Al Ahli Bank closed flat whereas Commercial Bank of Kuwait was not traded during the day. Kuwait International Bank stagnated at KD 0.280. KIB has won the approval of the Central Bank of Kuwait to extend buying back or selling a maximum of 10% of its own issued shares for another six months. Boubyan Bank fell 10 fils after trading 2.97 million shares to end at KD 0.590 whereas Burgan Bank was unchanged at KD 0.425.
The bank has recorded KD 50.6 million net profit in 2011, a ten-fold increase from the same period last year. The Board of Directors has recommended a cash dividend of 10 fils and 5 percent as bonus shares. Investment major KIPCO rose 5 fils on back of 1.45 million shares while KAMCO eased 5 fils. The company has won approval of Capital Markets Authority for its request to extend the approval of buying a maximum of 10% of its shares for another 6 months.
International Finance Co fell 2 fls while First Investment Co rose 4 fils with a volume of 5.28 million shares. Al Maal Investment gained 4 fils and Al Tamdeen Investment Co was up 2 fils. Kuwait Gulf Links ticked 2 fils higher whereas Jazeera Airways and Kuwait Food Co both closed flat.
United Industries Co was up 4 fils at 89 fils. UIC has posted annual net profit of KD 1,210,449 for 2011. The earnings per share clocked 2.46 fils and the Board of Directors have recommended no dividend payout. Kuwait Gulf Links fell 4 fils to KD 0.114. The bourse was upbeat during last week.
It closed higher in three of the five sessions and climbed 75.7 points week-on-week. The index has rallied 137.9 points from start of the month and is trading 8 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Al Maal Investment Co has posted a net loss of KD 31,015,440 and loss per share of 58.71 fils in 2011 as compared to net profit of KD 12,016,616 and earnings per share of 22.75 fils in the year before.
Kuwait Pipes Industries and Oil Services Co has incurred net loss of KD 10,590,490 and loss per share of 47 fils in 2011 as against net profit of KD 387,069 and earnings per share of 1.72 fils in previous year.
The Board of Directors recommended no dividend payout. Bayan Investment Co announced has net loss of KD 5,367,284 and loss per share of 15.02 fils in whole of 2011 narrowing from last year's loss of KD 12,763,984 and loss per share of 35.69 fils in the year before. Kuwait Stock Exchange earlier in the month has announced the suspension of trading of shares of 29 companies with effect from April 1, 2012 due to failure to announce the financial results of 2011 in the stipulated time.
They include International Financial Advisors Co, Al-Ahlia Holding Co, Coast Investment and Development, International Investor Co, The Securities House Co, Industrial Investments Co, International Finance Corporation, Aref Investment Co, Al-Aman Investment Company, Aayan Leasing & Investment Company, Global Investment House Co, Kuwait Finance & Investment Company.