(MENAFN - Arab Times) Kuwait stocks resumed the uptrend Wednesday after slipping into a trough in the day before. The index climbed 88.87 points in a slightly volatile trade helped by renewed buying in some of the mid and lows caps. The market sentiment was cautiously positive even as the blue chips remained mostly muted. The KSX 15 benchmark rose 1.69 pts to 1,084.66 points and has 75 pts from start of the year while weighted index edged 1.33 pts higher. The volume turnover meanwhile receded below the 700 million mark from the multi-month high reached in the previous session. 631.83 million shares changed hands - a 16.47 percent drop from Tuesday.
The sectors closed mostly higher. Healthcare outled the rest with 2.89 percent rally whereas basic materials slipped 0.57 pct- the worst performer of the day. Volume wise, real estate accounted for the highest market share of 40.28 pct while financial services and industrials followed with 31.65 percent and 17.84 percent respectively. IFA Hotels and Resorts spiked 50 fils with thin trading while Kuwait National Cinema Co climbed 20 fils to KD 1.020 extending the gains from the previous session. Automated Systems rose 10 fils and National Industries Co followed suit to wind up at KD 0.270. National Industries Group rallied 10 fils on back of over 2 million shares and RISCO was up by same measure to end at KD 0.310. Kuwait Cement Co added 5 fils and Equipment Holding Co notched an identical gain. ALAFCO too rose 5 fils and the counter saw 0.74 million shares change hands.
Bourse bellwether Zain was unchanged at KD 0.700 after gyrating in a tight range and the stock has added 20 fils from start of the month. Wataniya Telecom stagnated at KD 1.920 off early highs and Agility too gave up slight early gains to close flat at KD 0.700. The stock is trading 190 fils higher year-to-date.
The market opened flat and edged higher in early trading. The index retreated and moved sideways past the mid-session as investors toed caution. It however revved up in the final minutes amid brisk buying in select counters and closed with hefty gains. Top gainer of the day, Al Deera Holding spiked 9.26 pct to 59 fils while IFA Hotels and Resorts soared 8.77 percent to stand next. Al Deera has posted a first half net profit of KD 2.83 million and earnings per share of 3.81 fils. Al Alaqaria slid 8.47 pct, the steepest decliner of the day and Mayadeen topped the volume with over 96 million shares.
Mirroring the day's upswing, the winners widely outnumbered the losers. 77 stocks advanced whereas 25 closed lower. Of the 149 counters active on Wednesday, 47 closed flat. 11645 deals worth KD 48.15 million were transacted - down 16.14 percent in value from the day before. Among other movers, Kuwait Cables Vision Co rose 3 fils while Gulf Petroleum Investment Co gained 10 fils with razor thin trading. The company is planning to increase its capital through issuing 100 million cash shares at 100 fils/ share with no premium fees. Metal and Recycling Co took in 2 fils and Combined Group Contracting Co rallied 20 fils to KD 1.240. The company has made a net profit of KD 3.88 million and earnings per share of 36.56 fils, falling from KD 4.08 million profit and 38.45 EPS in the year earlier period.
Jazeera Airways held the ground steady at KD 0.530 and Gulf Cables too did not budge from its earlier close of KD 1.020. The firm has earned KD 8.46 million and chalked earnings per share of 40 fils in 2013 H1 as compared with KD 9.83 million profit and earnings per share of 47 fils in the year earlier period. Kuwait Foundry Co was unchanged at KD 0.365 and Kuwait Portland Cement followed suit. The company has registered a net profit of KD 4.89 million and earnings per share of 53.82 fils in the first half of 2013, rising slightly from KD 4.74 million and 52.18 fils in the year before period.
In the banking sector, National Bank of Kuwait was flat at KD 0.910 after trading 1.67 million shares and Gulf Bank followed suit. The lender has won Central Bank of Kuwait's approval to buy back or sell up to 10 percent of own issued shares over an additional period of 6 months. Al Ahli Bank stagnated at KD 0.490 and Ahli United Bank pulled up from early lows to end steady at KD 0.720. Kuwait International Bank took in 5 fils. Burgan Bank paused at KD 0.800 and Kuwait Finance House too clawed back from shallow trough to end flat at KD 0.800. The stock has rallied 90 fils from start of the month while year-to-date, it has added a meager 10 fils. Boubyan Bank was down 10 fils. Kuwait Investment Co eased 2 fils to KD 0.126 whereas International Financial Advisers rallied 5 fils on back of 21.69 million shares. National Investment Co took in 2 fils whereas KIPCO gave up early gains to stagnate at KD 0.550.
Securities Group climbed 5 fils to KD 0.122 and KMEFIC too was up by same measure. Bayan Investment Co rose 3 fils with a volume of 4.8 million whereas KAMCO retreated 4 fils. Kuwait Financial Centre (Markaz) was unchanged at KD 0.152. The bourse has been buoyant so far during the week and has rallied 222 pts in last four sessions. The index has gained 177 points so far during the month and is trading over 21.8 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Al Safat Real Estate has earned KD 153,821 while earning per share stood at 0.64 fils. This compares with KD 796,533 net loss and loss per share of 3.32 fils in the year ago period.
Al-Enmaa Real Estate has posted a net profit of KD 1.21 million and chalked earnings per share of 2.7 fils in the 9 month period ending July 31, 2013. This compares with KD 740,814 earnings and 1.6 fils EPS in the year before period. Boubyan Petrochemicals has earned KD 385,295 in the quarter ending 31 July 2013 and chalked earning per share of 0.81 fils, as compared to KD 101,000 profit and 0.21 fils EPS in the year ago period. Securities Group has earned KD 155,245 in the quarter ending June 30, 2013 and earnings per share of 0.61 fils rebounding from KD 1.88 million net loss and loss per share of 7.39 fils in 2012 Q2.
Kuwait Stock Exchange earlier in August has suspended the trading of the following companies earlier last month for failing to submit the financial results in the stipulated time. Al Iskan Finance Co, Kuwait Commercial Markets Complex Co, Al Safwa Holding Group , Alimtiaz Investment Group Co, Industrial & Financial Investments Co., Flex Resorts & Real Estate Co, Securities Group Co, Wethaq Takaful Insurance Co, Kuwait Pipes Industries & Oil Services Co, Al Shamel International Holding Co and Jeeran Holding Co.