(MENAFN- Arab Times) Kuwait stocks eked a modest rise on Tuesday as it continued its mixed trend. The market climbed 15.35 pts to 7,857.04 points paring higher early gains. The market was buoyed by the news that government has given approval for the bids to execute multi-billion upgrade of refineries. Some of the mid and low caps shined whereas banks closed mixed. The KSX 15 benchmark eased 0.61 pts to 1,094.15 points and is up 17 points from start of the month while weighted index inched 0.12 pts higher. The volume turnover meanwhile bounced back after the 4-day slide. 318.57 million shares changed hands - a 42.49 pct jump from the day before. The sectors closed mixed. Insurance outpaced the rest with 0.92 percent gain whereas banks pulled 0.23 percent, the worst performer of the day. In terms of volume, real estate clocked the highest market share of 36.26 percent and financial services stood close behind with 35.10 pct contribution.
Among the movers, Kuwait National Cinema Co climbed 20 fils to KD 1.160 and Gulf Cable too was up by same measure to wind up at KD 0.810. Burgan Well Drilling Co added 10 fils and Boubyan Petrochemical followed suit. National Industries Group climbed 8 fils and Contracting and Marine Services Co followed suit. Kuwait Portland Cement rallied 20 fils to KD 1.400 while Credit Rating and Collection Co rose 8 fils to KD 0.110. Kuwait Foundry Co was up 5 fils at KD 0.400. Telecom major Zain was flat at KD 0.680 off earlier lows and the counter saw 2.44 million shares change hands while Wataniya Telecom held the ground unchanged at KD 1.142. The stock has been trending lower and is down over 660 fils from start of the month. Agility eased 10 fils to KD 0.640
Fla
The market opened flat and ticked slightly higher in early trade. The index eased briefly before revving to peak at 7,871.88 pts almost half way into the session amid buying in select counters. It however gave up some of the gains in the second half and closed with modest uptick. Top gainer of the day, Tahsillat rallied 7.84 pct to KD 0.110 and United Real Estate Co climbed 7.69 pct to stand next. Kuwait Finance and Investment Co slid 5.62 pct, the steepest decliner of the day and Gulf Finance House topped the volume with 35.37 million shares. Reflecting the day's uptick, the winners outnumbered the losers. 56 stocks advanced whereas 48 closed lower. Of the 151 counters active on Tuesday, 47 closed flat. 6,351 deals worth KD 50.82 million were transacted - a 86.34 pct surge in value from the day before.
On the downside, Kuwait Cement Co shed 10 fils and RISCO was down 5 fils at KD 0.320. The Energy House Co eased 4 fils and Gulf Franchising Holding Co gave up 5 fils to close at 86 fils. City Group retreated 5 fils to KD 0.450. Equipment Holding Co flunked 2 fils and United Industries Co was down 6 fils. The company has posted a net profit of KD 28.08 million and earnings per share of 62.70 fils in the year ending Jan 31, 2013. The Board of Directors has recommended a cash dividend of 25%. Jazeera Airways closed flat at KD 0.495 and Aviation Lease and Finance Co followed suit. The company has posted a net profit of KD 4.35 million and earnings per share of 5.58 fils in the quarter ending 31/12/2013, down from KD 11.14 million profit and earnings per share of 14.30 fils in the same period of 2014.
In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.960 on back of 9.2 million shares whereas Gulf Bank shed 10 fils extending the loss in the day before. The stock has slipped 11 fils so far during the month and is trading 20 fils lower year-to-date. Commercial Bank of Kuwait was unchanged at KD 0.760 whereas Al Ahli Bank gained 10 fils. Ahli United Bank fell 10 fils and Burgan Bank pulled 10 fils lower to settle at KD 0.560. Boubyan Bank closed flat at KD 0.560.
Highe
Kuwait Finance House was unchanged at KD 0.840 after clocking a volume of 6.6 million whereas Kuwait International Bank closed 5 fils higher. The bank has chalked a net profit of KD 13.20 million and earnings per share of 14.15 fils in the year ending Dec 31, 2013. The Board of Directors has recommended a dividend payout of 7% bonus shares Kuwait Investment Co ticked 2 fils higher to KD 0.170 and International Financial Advisors inched 1 fil up. The company has obtained the approval of Capital Markets Authority to buy back or sell up to a maximum of 10% of its shares over a period of 6 months commencing the date of the approval. National Investment Co clawed back slight early losses to close flat at KD 0.154 whereas KIPCO skidded 20 fils. Kuwait Financial Centre rose 4 fils to KD 0.154 and Al Mal Investment Co was up 1 fil. Bayan Investment Co gained 5 fils whereas KFIC slipped 5 fils to settle at 84 fils. Noor Financial Investment and Al Tamdeen Investment Co fell 2 fils each whereas Al Deera Holding ticked 1 fil up. Mabanee Co rallied 20 fils and Gulf Insurance Co lost 20 fils to end at KD 0.530. The bourse has been mixed so far during the week and has gained 25 pts in last three sessions. The price index is up 102 points from start of the month and is trading over 4 pct higher year-to-date. 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 a cash dividend of 15%. 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. Gulf Glass Manufacturing has posted a net profit of KD 2.005 million and earnings per share of 47.40 fils in the year ending Dec 31, 2013 as compared to KD 2.606 million profit and earnings per share of 61.61 fils in 2012. The Board of Directors has recommended a cash dividend of 30% plus 5% bonus shares, 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%
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.