(MENAFN - Arab Times) Kuwait stocks bounced on Tuesday as it continues to seesaw amid mixed sentiment. The price index, after soggy start, climbed 23.83 points to end at 7,810.55 pts. The day's advance was led by Wataniya Telecom and some of the banking shares even as the mid and low caps closed mixed.
The KSX 15 gauge edged 0.37 pts lower to 1,080.22 points shrinking the year's gains to 28 pts while the weighted index ticked 1.59 pts higher to 462.71 points. The volume turnover meanwhile rebounded past the 400 million mark for the first time during the month. 406.27 million shares changed hands - a 23.88 pct rise from the day before
The sectors closed mostly in the green. Telecommunication outshone the peers with 1.61 pct gain whereas oil and gas shed 0.72 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 33.41 pct while real estate and industrials followed with 29.31 pct and 22.93 percent respectively
Among the prime movers, Kout Food Group vaulted 60 fils to KD 0.790 while ACICO Industries Co added 15 fils with thin trading. Kuwait Food Co (Americana) climbed 20 fils to KD 2.520 and Kuwait Portland Cement Co followed suit to end at KD 1.340
Yiaco Medical Co gained 15 fils and Zima Holding Co was up 10 fils at KD 0.156. Boubyan Petrochemical and Hilal Cement rose 10 fils each while Future Communications Co Global was up 6 fils at KD 1.000.
Telecom major, Zain slipped 10 fils to KD 0.670 after clocking 1.51 million shares and Wataniya Telecom surged 100 fils to KD 1.940. Zain has earned KD 216.44 million and chalked an earnings per share of 56 fils in 2013 and the Board of Directors has recommended a cash dividend of 50 percent. Agility fell 10 fils to KD 0.670 and the counter saw over 1 million shares change hands.
The market opened weak and slipped into a trough in early trading. The index hit the day's lowest level of 7,723.98 pts and drifted higher amid buying in select counters. It picked up momentum in the second half to peak at 7,811.75 pts and closed with modest gains
Top gainer of the day, Kout Food Group Co leapt 8.22 percent to KD 0.790 and Zimah climbed 6.85 percent to stand next. KMEFIC tumbled 7.14 percent, the steepest decliner of the day and Gulf Finance House topped the volume with 65.65 million shares.
Reflecting the day's upswing, the market spread was skewed towards the winners. 53 stocks advanced whereas 36 closed lower. Of 144 counters active on Tuesday, 55 closed flat. 6,754 deals worth KD 40.65 million were transacted - a 21.3 percent increase in value from the day before.
The investors remain wary of the market direction as the state's implementation of the big ticket infrastructure projects failed to meet the expectations
"We expected the market sentiment to change in light of expectations of better earnings for the financial sector, which is the biggest sector, but investors are still not confident," Reuters quoted Fouad Darwish, head of brokerage at Global Investment House earlier last month.
Burgan Well Drilling Co took in 2 fils and City Group added 5 fils to close at KD 0.445. The company has logged a net profit of KD 5.46 million and chalked an earnings per share of 48 fils in the year endig Dec 31, 2013, up from KD 3.57 million profit and earnings per share of 32 fils in the year before. The Board of Directors have recommended cash dividend of 35 percent
On the downside, Combined Group Contracting Co dropped 10 fils to KD 1.240 while PAPCO pulled 4 fils lower. Independent Petroleum Group skidded 15 fils to KD 0.405 and Kuwait Gulf Links inched 2 fils lower while Gulf Franchising Holding Company retreated 4 fils.
National Industries Group held the ground unchanged at KD 0.228 and Gulf Cables too did not budge from its earlier close of KD 0.780. United Industries Co was flat at KD 0.160 and Jazeera Airways too held steady at KD 0.495. ALAFCO stagnated at KD 0.260 off early lows
In the banking sector, National Bank of Kuwait was flat at KD 0.940 after trading 1.63 million shares and Gulf Bank was steady at KD 0.365. Commercial Bank climbed 20 fils to KD 0.780 with thin volume
Ahli United Bank rose 10 fils to KD 0.750 while Al-Ahli Bank of Kuwait held steady at KD 0.425. The bank has recorded a net profit of KD 35.42 million and earnings per share of 22 fils in the year ending Dec 31, 2013 as compared to KD 30.027 million profit and earnings per share of 19 fils in 2012. The Board of Directors has recommended a cash dividend of 13 percent
Burgan Bank was unchanged at KD 0.550 whereas Kuwait Finance House rallied 10 fils on back of 10.60 even as the lender posted impressive profit for the year 2013. Kuwait International Bank paused at KD 0.300 and Boubyan Bank followed suit to wind up at KD 0.550
Kuwait Investment Co fell 4 fils to KD 0.166 whereas International Financial Advisors was unchanged at 86 fils. National Investment Co eased 2 fils whereas KIPCO gained 10 fils on back of 1.12 million shares. Securities House Co took in 2 fils whereas Securities Group Co edged 2 fils lower. Bayan Investment Co and Osoul Investment rose 1 fil each whereas Noor Financial Investment shed 4 fils. Sokouk Holding climbed 4 fils to KD 0.122 with a volume of 5.8 million shares whereas Alsalam Group Holding Co slipped 4 fils. National Real Estate Co fell 2 fils whereas Mabanee Co closed flat.
The bourse has been vacillating so far during the week and has gained 55 points in the last three sessions. The price index had rallied 205 points during whole of January after dropping 185 points in December. KSE, with 213 listed companies, is the second largest bourse in the region
In the bourse related news, Mashaer Holding has posted a net profit of KD 3.64 million and earnings per share of 20 fils during 2013 as against KD 4.31 million profit and earnings per share of 25 fils in the year before. The Board of Directors has recommended cash dividend of 15 percent
Refrigeration Ind and Storage Co has announced a net profit of KD 2.72 million and earnings per share of 30.80 fils in 2013 as against KD 2.41 million profit and earnings per share of 27.30 fils the year before. The Board of Directors has recommended a cash dividend of 10 percent
Kuwait Building Materials Mfg has recorded a net profit of KD 581,231 and earnings per share of 19.17 fils in the year ending Dec 31, 2013, up from KD 411,453 profit and earnings per share of 13.57 fils in 2012. The Board of Directors has recommended 10 percent cash dividend