(MENAFN - Arab Times) Kuwait stocks nudged higher Wednesday, extending the gains to third consecutive session. The bourse, after trading in red for most part of the session, closed 10.63 points higher at 7592.04 pts. Banks paced the days advance whereas other heavyweights remained mostly muted. The KSX 15 gauge soared 17.73 pts to a fresh all time high of 1167.73 pts and is up 115 points during the year while weighted index climbed 4.53 pts. The volume turnover meanwhile receded below the 200 million mark. The day saw 199.26 million shares change hands a 20.80 percent drop from Tuesday. The bourse was upbeat during last week as investors reacted positively to the easing stance of CMA over implementation of the new corporate rules.
The sectors closed mostly in the green. Parallel market outshone the peers with 0.98 percent upswing whereas oil and gas shed 1.16 percent, the worst performer of the day. In terms of volume, real estate accounted for the highest market share of 33.58 percent while financial services came in next with 30.84 pct. Banks was a distant third with 13.67 percent contribution. National Bank of Kuwait rallied 20 fils on back of 2.93 million shares to KD 1.020 and Ahli United Bank followed suit to close at KD 0.780. Gulf Bank gained 15 fils with a volume of 4.7 million and Kuwait Finance House climbed 20 fils.
National Industries Group rose 4 fils after trading 5.4 million shares and Shuaiba Industrials was up by same measure. Egypt Kuwait Holding Co gained 10 fils and IFA Hotels and Resorts Co climbed 17 fils to end at KD 0.265. Kuwait Educational Services Co was up 10 fils at KD 0.158. Among frontline stocks Zain rose 10 fils to KD 0.680 and clocked a volume turnover of 3.42 million whereas Wataniya Telecom was not traded during the session. Agility held the ground steady at KD 0.750 . The company has recorded a net profit of KD 46.20 million and earnings per share of 44.28 fils, up from KD 33.69 million profit and earnings per share of 32.21 fils in the year before. The Board of Directors has recommended a cash dividend of: 40 % plus 5 % bonus shares
The market opened weak and slipped into red in early trade. The index hit the days lowest level of 7543.63 point and moved sideways thereafter as sentiment turned brittle. It revved up in the final hour and managed to close with modest gain. Top gainer of the day, National Consumer Holding Co spiked 8.7 percent to KD and IFA HR climbed 6.85 pct to stand next. PAPCO dived 7.25 percent, the steepest decliner of the day, and Investors Holding Group topped the volume with over 25 million shares. Among other gainers, Jazeera Airways rose 5 fils to KD 445 and ALAFCO too was up by same measure to wind up at KD 0.255. Jazeera has posted a net profit 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.
Mabanee Co gained 20 fils while Al-Mazaya Holding took in 2 fils to end at KD 0.134. The company has logged a net profit of over KD 6 million and earnings per share of 10.27 fils in the year 2013 surging from KD 290,553 million profit and earnings per share of 0.50 fils during last year. The Board of Directors has recommended a dividend of 6 % bonus shares. On the downside, Gulf Cables shed 20 fils and Kuwait Foundry Co gave up 5 fils to settle at KD 0.345. Burgan Well Drilling edged 2 fils lower. The firm has recorded a net profit of KD 1.89 million in the 9-month period ending Dec 31, 2013. City Group pulled 25 fils lower to KD 0.420. Kuwait Foundry Co was unchanged at KD 0.345 and Kuwait Food Co (Americana) too was steady at KD 2.500 off early highs. RISCO was flat at KD 0.320 and Kuwait Portland Cement followed suit.
In the banking sector, Al Ahli Bank retreated 15 fils erasing the gains in the previous session while Kuwait International Bank added 5 fils . 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 rose 10 fils on back of 2.73 million shares to close at KD 0.560 whereas Boubyan Bank paused at KD 0.510 after trading higher earlier in the session. Commercial Bank was not traded during the session. International Financial Advisors and National Investment Co were flat at 73 fils and KD 0.152 respectively and KIPCO too pulled up from early lows to close flat at KD 0.700 after clocking a volume of 1.4 million shares. Securities Group Company and Kuwait Financial Centre gained 4 fils each whereas KFIC slipped 5 fils
Bayan Investment Co took in 2 fils and Noor Financial Investment Co followed suit. Sokouk Holding Co and Al Tamdeen Investment Co gave up 2fils each whereas National Real Estate Co gained 6 fils on back of 10.4 million shares. The bourse has been largely positive so far during the week and has climbed 35 points during last four sessions. The price index has shed 101 pts from start of the month and is up 0.56 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Kuwait and Middle East Finance Investment Company edged 2 fils lower. The company has logged a net profit of KD 1.160 million and earnings per share of 4.4 fils in 2013, as compared to KD 1.164 million loss and loss per share of 4.5 fils in the previous year.
Al Madar Finance and Investment has recorded a net profit of KD 3.58 million and earnings per share of 17.34 fils in 2013, rebounding from KD 7,60 million loss and loss per share of 36.73 fils in the previous year. Strategia Investment has posted a net rofit 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 %