(MENAFN- Arab Times) KUWAIT CITY, Jan 28: Kuwait stocks saw modest rebound on Wednesday after the 2-day retreat. The key index rose 21.15 points in choppy trade to close at 6636.59 points amid fresh buying in some of the banks and other heavyweights. The sentiment was guarded even as the investors await more earnings.
The KSX 15 gauge climbed 6.6 points to 1074.88 pts taking the month's gains to 13 points while weighted index edged 1.92 points higher. The volume turnover meanwhile ticked up after shrinking in last two sessions. 280.40 million shares changed hands - a 11.36 pct increase from the day before.
The sectors closed mostly in the green territory. Insurance sector outshone the rest with 1.50 pct rise whereas real estate slipped 0.06 pct, the only loser of the day. In terms of volume, financial services accounted for the highest market share of 48.56 pct while real estate and industrials trailed with 23.75 pct and 14.81 percent contributions respectively.
Among the notable gainers, Kuwait Finance House rose 10 fils on back of 1.17 million shares to KD 0.770 recouping the loss in the previous session and Gulf Bank was up by same measure to close at KD 0.305. Kuwait Food Co (Americana) climbed 20 fils to KD 2.680 and has shed 120 fils from start of the month.
Sector bellwether Zain rose 10 fils to KD 0.530 with a volume of 3.2 million shares whereas Wataniya Telecom shed 20 fils to settle at KD 1.420. Agility gained 20 fils on back of 2.73 million shares and has is up 50 fils during the month.
Flat
Jazeera Airways closed flat at KD 0.470 and City Group followed suit.. The company has logged a net profit of KD 5.96 million and earnings per share of 53 fils in the year ending December 2014, as compared to KD 5.466 mln net profit and earnings per share of 48 fils in the year before.
The Board of Directors has recommended a cash dividend of 45 pct.
The market opened weak but revved up in early trade. The main index moved sideways thereafter amid small rounds of selling and buying before ticking higher in the final minutes to close with modest gains.
Top gainer of the day, Kuwait Cable Vision Co climbed 7.94 pct to 34 fils while Gulf Insurance Group rose 7.14 pct to stand close behind. Burgan Well Drilling Co slid 10.1 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 44.29 million shares.
Reflecting the day's gains, the winners outnumbered the losers. 50 stocks advanced whereas 33 closed lower. Of the 137 counters active on Wednesday, 54 closed flat. 6009 deals worth KD 28.64 million were transacted - a 26.68 pct jump in value from the previous session.
Gulf Cable rose 10 fils to KD 0.670 and Kuwait Foundry Co followed suit to close at KD 0.315. ACICO Industries Co climbed 15 fils while Gulf Glass Manufacturing Co vaulted 30 fils to KD 0.510. Humansoft Holding Co was up 10 fils at KD 0.450 and Independent Petroleum Group Co was up by same measure.
National Industries was unchanged at KD 0.190 and Kuwait Cement too did not budge from its earlier close of KD 0.375. Kuwait Portland Cement Co stagnated at KD 1.360 and Kuwait Gulf Links followed suit. Combined Group Contracting Co paused at KD 0.910.
On the downside, Mashaer Holding Co slipped 8 fils to KD 0.130 while Zima Holding Co was down 6 fils at KD 0.110. KGL Logistics Co clipped 2 fils extending an identical fall in the day before.
In the banking sector, Ahli United Bank rose 10 fils to KD 0.660 whereas National Bank of Kuwait closed flat. The bank kicked off the earning seasons by posting a net profit of KD 261.809 million earnings per share of 56 fils in 2014 and the Board of Directors have recommended a cash dividend of 30 % plus 5 % bonus shares.
Ahli United Bank was unchanged at KD 0.660 whereas Commercial Bank of Kuwait and Kuwait International Bank were not traded during the session. Burgan Bank held the ground steady at KD 0.465 and is down 15 fils from start of the month.
Profit
Boubyan Bank paused at KD 0.445. The bank has clocked a net profit of KD 28.23 million and earnings per share of 14.39 fils in the year ending December 31, 2014 as against net profit of KD 13.408 million and earnings per share of 6.83 fils in the same period last year. The Board of Directors recommended a cash dividend of 5 pct plus 5 pct bonus shares.
Kuwait Investment Co eased 2 fils to KD 0.144 whereas National Investment Co and KIPCO were flat at KD 0.148 and KD 0.700 respectively. Securities House Co dialed down 2 fils after trading 4.8 million shares.
Kuwait Financial Centre was unchanged at KD 0.110 gyrating in tight range whereas Al Aman Investment Co and KFIC gave up 4 fils each. KMEFIC eased 2 fils and KAMCO followed suit. Bayan Investment Co and Noor Financial Investment Co closed flat.
Mabanee Co rose 10 fils to KD 0.980 and Al-Mazaya Holding followed suit. The company has earned KD 8.086 million and clocked earnings per share of 13.05 fils in the year ending Dec 31, 2014 as compared to net profit of KD 6.001 million and earnings per share of 9.69 fils in the year before. The Board of Directors has recommended a cash dividend of 6 %.
The bourse has been mixed so far during the week and has shed 26 points in last three sessions. The price index has gained 101 pts from start of the month after shedding 13.43 pct during whole of 2014. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Educational Holding Group has posted a net profit of KD 1.593 million earnings per share 6.5 fils as against net profit of KD 1.377 million and earnings per share of 5.6 fils in the same period last year.
Alsalam Group Holding has registered a net profit of KD 1.974 million and earnings per share of 7.69 fils in 2014, up from net profit of KD 188,238 and earnings per share of 0.73 fils last year. The Board of Directors has recommended 5 percent bonus shares.
Kuwait Building Materials has posted a net profit of KD 668,360 and earnings per share of 22.04 fils during 2014 and the Board of Directors has recommended a cash dividend of 15 %.
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.
Al Masaken Intl. Real Estate Dev. Co has won the approval of Capital Markets Authority to buy back or sell up to a maximum of 10% of its shares for 6 months.
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