(MENAFN- Arab Times) Kuwait stocks clawed back on Monday after nose diving in the previous session. The price index rose 27.37 pts in volatile trading to 6,302.12 points helped by bargain buying in select counters. The mid-caps led the day's gain whereas most of the frontline stocks continued to trend lower. KSE has been spiraling downwards since last month as the oil price collapse rattled the investor sentiment.
The KSX 15 benchmark inched 0.16 pts higher after logging the biggest single loss on Sunday while weighted index ticked a marginal 0.1 pct up. The volume turnover meanwhile swelled to hit the second highest level of the month. 217.49 million shares changed hands - a 45.17 percent surge from the day before.
The sectors closed mixed. Technology outshone the rest with 3.17 pct upswing whereas consumer goods slid 3.57 percent, the biggest loser of the day. Volume wise financial services notched the highest market share of 55.47 pct while real estate and banks followed with 16.29 percent and 9.48 pct contributions respectively.
Among the prime movers, Kuwait Finance House climbed 20 fils to KD 0.680 on back of 3.89 million shares and Kuwait Food Co (Americana) was up by same measure to end at KD 2.600. Kuwait National Cinema Co soared 80 fils to KD 1.200 extending the strong gains in the previous session.
Boubyan Petrochemicals Co climbed 20 fils to KD 0.620 and Qurain Petrochemical Industries Co was up 8 fils at KD 0.196. The company has won the approval of Capital Markets Authority for the company's request to buy back or sell up to 10 percent of own shares over a period of 6 months.
Slipped
Bourse heavyweight Zain slipped 10 fils to KD 0.510 after trading 4.25 million shares and Wataniya Telecom was down 20 fils at KD 1.380. Agility shed 20 fils to wind up at KD 0.700 and the counter logged volume turnover of 3.94 million.
The market opened weak and edged lower in early trading. The index bottomed at 6,215.9 pts and rebounded sharply amid buying in select counters before pulling lower. It moved sideways thereafter before clawing back into the green in the final minutes.
Top gainer of the day, Al Deera Holding leapt 13.64 pct to 12.5 fils while Al Qurain Holding climbed 12.5 pct to stand close behind. Sanam Real Estate Co slumped 8.33 pct, the steepest decliner of the day, and Gulf Finance House topped the volume with 54.48 million shares.
Reflecting the day's gains, the winners outnumbered the losers. 57stocks advanced whereas 43 closed lower. Of the 132 counters active on Monday, 32 closed flat. 3318 deals worth KD 32.35 million were transacted - a 32.98 pct drop ion value from the last session.
Gulf Cable rose 20 fils to KD 0.590 partly recouping the losses on Sunday while Kuwait Cement Co was up 5 fils at KD 0.370. Equipment Holding Co added 4 fils and Heavy Engineering Industries and Shipbuilding Co gained 10 fils.
KGL Logistics Co climbed 4fils to 99 fils whereas Kuwait and Gulf Links Co closed flat. The company has clocked a net loss of KD 1.160 million and loss per share of 4.39 fils in the first six-months of the year as against net loss of KD 866,919 and loss per share of 3.28 fils in the first half of 2013.
Kuwait Portland Cement was flat at KD 1.280 whereas ALAFCO was up 4 fils at KD 0.240.
The company has clocked a net profit of KD 16.52 million and earnings per share of 21.19 fils in the January-September period as against KD 20.64 million profit and earnings per share of 26.48 fils in the first nine-months of 2013.
National Real Estate Co gained 5 fils whereas Aayan Real Estate Co closed flat.
The company has registered a net profit of KD 2.58 million and earnings per share of 6.5 fils in the January-September period as soaring from net profit of KD 1.77 million and earnings per share of 4.5 fils in the first nine months of 2013.
On the downside, National Industries Group clipped 2 fils after trading 1.33 million shares while Combined Group Contracting Co and Yiaco Medical fell 10 fils each while ACICO Industries Co fell 5 fils to KD 0.305.
Approval
Gulf Franchising Holding Co gave up 5 fils and IFA Hotels and Resorts Co eased 2 fils. The company has won the approval of Capital Markets Authority for the company's request to buy back or sell up to 10 percent of own shares over a period of 6 months.
In the banking sector, National Bank of Kuwait continued to retreat after posting steep losses in previous session and Gulf Bank shed 15 fils to end at KD 0.285. Commercial Bank of Kuwait and Al Ahli Bank closed flat at KD 0.610 and KD 0.400 respectively.
Ahli United Bank climbed 10 fils and Kuwait International Bank took in 2 fils on back of 1.63 million shares. Burgan Bank held steady at KD 0.445 and Boubyan Bank closed 5 fils higher at KD 0.400.
Kuwait Investment Co and National Investment Co were flat at KD 0.142 and KD 0.150 respectively and KIPCO too did not budge from its earlier close of KD 0.620.Securities House Co added 3 fils and Aayan Leasing and Investment Co followed suit.
The bourse has been weak from start of the week and has dived 16 points in last two sessions. It has slid 262 points from start of the month and is trading 16.25 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Investors Holding Group has logged a net loss of KD 4.55 million and loss per share of 4.26 fils in the nine-month period ending Sept 30, 2014 as against a net loss of KD 238,309 and loss per share of 0.22 fils in the same period last year.
Hilal Cement Co has recorded a net loss of KD 282,090 and loss per share of 4 fils in the January-September period as compared to net profit of KD 276,924 and earnings per share of 4 fils in the year before period.
Burgan Well Drilling has incurred a net loss of KD 579,377 and loss per share 2.76 fils in the six-month period ending Sept 30, 2014, narrowing from net loss of KD 1.11 million and earnings per share of 5.30 fils in the same period last year.
Al-Shamel International Holding has recorded a net profit of KD 131,963and earnings per share of 2.83 fils in the January-September period as against KD 626,750 profit and earnings per share of 9.32 fils in first nine-months of 2013.
Kuwait Building Materials Mfg has recorded a net profit of KD 491,332 and earnings per share of 16.2 fils in the first nine months of 2014 as compared to KD 408,953 profit and earnings per share of 13.5 fils in the same period of 2013.
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