(MENAFN- Arab Times) Kuwait stocks bounced back on Tuesday after pulling lower in the previous session. The index, after a wobbly start, climbed 28.3 pts to settle at 7520.16 pts helped by Zain and Wataniya Telecom. Some of the mid and small caps too shined whereas banks were mostly subdued. The KSX 15 benchmark rallied 14.95 pts to 1095.6 points, taking the year's gains to 43 points whereas the weighed index rose 3.9 pts. The volume turnover meanwhile rose for the second consecutive day but fell short of the 200 million mark. The session saw 190.45 million shares change hands, a 16 percent rise from the day before
The sectors closed mixed. Telecommunications outperformed the rest with 3.51 percent rally whereas consumer good dipped 1.55 pct, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 53.02 percent while real estate and basic materials followed with 26.92 percent and 6.75 percent respectively. Among the prime movers, Wataniya Telecom soared 100 fils to KD 1.880 and Zain climbed 30 fils on back of 5.56 million shares after pulling slightly lower in the previous session.
"Local funds are building inventory in Zain, which has an improving client base, scheduled loans and pays among the highest dividends in Kuwait," Reuters quoted Fouad Darwish, head of brokerage services at Global Investment House. " Agility rose 10 fils to KD 660 and KGL Logistics Co added 4 fils. IFA Hotels and Resorts gained 12 fils while Kuwait Hotels and was up 4 fils at KD 0.114. Jeeran Holding added 5 fils.
Ros
National Industries Group took in 2 fils on back of over 2 million shares and Gulf Cable rose 10 fils. The company. has posted a net profit of KD 9.96 million and earnings per share of 47 fils in 2013, down from KD 11.41 million profit and earnings per share of 54 fils in the year before. The Board of Directors has recommended a cash dividend of 30 fils. The market opened weak and moved sideways in early trade. The index hit the day's lowest level of 7520.16 pts and revved up to rise past the opening mark as investors chased select counters. It drifted listlessly thereafter and managed to close with modest gains.
Top gainer of the day, Jeeran Holding spiked 9.62 percent to 57 fils and EK Holding climbed 8.93 pct to stand next. The company has registered a net profit of KD 20.167 million and earnings per share of 24.02 fils in the year ending December 31, 2013, up from KD 18,9 million profit and earnings per share of 22.54 fils in the year before. Manafae dropped 6.15 pct, the steepest decliner of the day and Gulf Finance House topped the volume with 26.39 million shares changing hands.
Mirroring the day's upswing, the market spread was skewed towards the losers. 61 stocks advanced whereas 28 closed lower. Of the 148 counters active on Tuesday, 59 closed flat. 4683 deals worth KD 23.41 million were transacted - a 34.96 percent fall in value from the day before. Among others Equipment Holding took in 2fils and Equipment Holding too was up by same measure. Contracting and Marine Services Co rose 4 fils to close at KD 0.174.
ALAFCO was unchanged at KD 0.255 and Jazeera Airways followed suit. The company has posted a net profit of KD 16.67 million and earnings per share of 39.70 fils in the year 2013 and the Board of Directors has recommended a cash dividend of 15 percent. On the downside, Independent Group Co dived 45 fils to KD 0.375 and Kuwait Food Co (Americana) skidded 100 fils, the biggest permitted single day rise. The stock has retreated 100 fils from start of the month and has shed 120 fils from start of the year.
Slippe
Among the banks, National Bank of Kuwait rose 10 fils on back of 1.993 million shares while Gulf Bank held the ground unchanged at KD 0.350. Commercial Bank slipped 10 fils to KD 0.730 taking the month's losses to 20 fils. Al Ahli Bank and Ahli United Bank were both unchanged at KD 0.415 and KD 0.720 respectively 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, up from net profit of KD 13.16 million and earnings per share 14.10 fils during same period last year. Burgan Bank recouped slight early losses to close at 0.530 and Kuwait Finance House too did not budge from its earlier close of KD 0.850. Boubyan Bank paused at KD 0.530
Kuwait Investment Co retreated 6 fils to KD 0.146 after trading 3.9 million shares whereas National Investment Co took in 2 fils. KIPCO rallied 20 fils recouping the loss in the previous session and the stock has gained 70 fils so far during the year. Securities House Co rose 1 fils while Securities Group and Noor Financial Investment took in 2 fils each. Bayan Investment nudged 2 fils lower whereas Al Deera Holding Co was unchanged at 58 fils. The bourse has been seesawing so far during the week and has added over 5 pts in last three sessions. The main index has retreated 173 pts from start of the month and is down 0.39 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region
In the bourse related news, Kuwait National Cinema has logged a net profit of KD 7.94 million earnings per share of 80 fils in the year ending 2013 as compared to KD 5.54 million profit and earnings per share 55.55 fils in the year before. The Board of Directors recommended a cash dividend of 49 fils. Kuwait Food Co (Americana) The company has logged a net profit of KD 50.59 million and earnings per share of 129 fils in 2013, up from KD 45,90 million profit and 117 fils EPS in the year before. The Board of Directors has recommended a cash dividend of 85 %
Strategia Investment has posted a net profit KD 3.36 million and earnings per share of 13.75 fils in 2013, rebounding sharply from KD 10,514 profit and earnings per share of 0.07 fils in the year before. Kuwait Pipes Industries and Oil Services has incurred a net loss of KD 10.16 million and loss per share of 45.10 fils in the nine-month period ending 30 Sept 2013, widening from KD 3.21 million loss and loss per share of 14.25 fils in the same period last year. 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 %
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.