(MENAFN- Arab Times) Kuwait stocks pulled higher on Thursday to end the week on a firm note. The price index, after a soggy start, climbed 31.47 pts to 6,295.75 points led by banks and some of the mid and small caps. The market mood was cautiously upbeat even as investors await more first quarter results.
The KSX 15 benchmark rallied 13.18 pts to 1,054.7 points taking the month's gain to 33 points while weighted index nudged 3.95 points higher. The volume turnover meanwhile surged past the 300 million mark to hit a multi-month high. 305.86 million shares changed hands - a 34.72 pct jump from the day before.
The sectors closed mostly in the green turf. Technology outled the rest with 2.77 percent gain whereas technology shed 2.2 pct, the biggest loser of the day. Financial services garnered the highest market share of 40.8 million while real estate and industrials trailed far behind with 26.01 percent and 17.22 pct contributions respectively.
Among the prime movers, KIPCO rose 10 fils to KD 0.610 on back of 6.8 million shares and Kuwait Food Co (Americana) rallied 60 fils to KD 2.560 recouping most of the losses on Wednesday. ACICO Industries Co added 20 fils to settle at KD 0.330 after pulling lower in the previous session.
Bourse heavyweight Zain rose 10 fils to KD 0.500 on back of 1.77 million shares while Wataniya Telecom did not budge from its earlier close of KD 1.420 and is trading 20 fils down year-to-date.
Kuwait Telecommunications Co (VIVA) climbed 20 fils to KD 0.900 after pulling slightly lower on Wednesday, and logistics major Agility gained 30 fils after trading 1.8 million shares.
Flat
Kuwait Finance House was flat at KD 0.690 and National Bank of Kuwait closed 10 fils higher at KD 0.860. NBK has posted a net profits of KD 96.5 million for the first quarter of 2015 compared with KD 83.9 million for the same period in 2014.
The market opened weak and moved sideways in early trade. The price index plumbed the day's lowest level of 6255.98 points and clawed back into green territory after almost and hour into the session. It peaked at 6295.97 points amid buying in select counters and range trade again before paring some of the gains at close.
Top gainer of the day, Al Madina For Finance and Investment vaulted 9.26 pct to 59 fils and National Ranges Co ( Mayadeen) climbed 8.62 percent to stand next. Kuwait Medical Sciences Co slumped 18.75 pct, the steepest decliner of the day, and Mayadeen also topped the volume with 41.39 million shares.
Reflecting the day's upswing, the winners outnumbered the losers. 59 stocks advanced whereas 25 closed lower. Of the 137 counters active on Thursday, 53 closed flat. 6141 deals worth KD 30.69 million were transacted - a 59.13 percent jump in value from the day before.
National Industries Group held steady at KD 0.192 and RISCO too was muted at KD 0.355. Kuwait Portland Cement Company stagnated at KD 1.380 and Kuwait Cement Co too did not budge from its earlier close of KD 0.360.
ALAFCO took in 2 fils and extending an identical rise in the previous session while Jazeera Airways closed flat. The company has logged a net profit of KD 12.95 million and earnings per share of 30.84 fils in the nine-month period ending September 30, 2014 as compared to net profit of KD 14,066 million and EPS of 33.49 fils in the same period of 2013.
Advanced Technology Co climbed 10 fils whereas United Projects Group shed 20 fils. Kuwait and Gulf Links Transport Co flunked 1 fils and KGL Logistics Co nudged 2 fils up to 80 fils. Automated Systems Co climbed 15 fils to KD 0.490.
KAMCC clipped 2 fils and National Investments Company was unchanged at KD 0.126. The company has won the approval of Capital Markets Authority approved for the company's request to buy back or sell up to 10% of own shares over a period of 6 months.
Kuwait Investment Co took in 2 fils and Sokouk Holding eased 2 fils. The company has clocked a net profit of KD 5.012 million and earnings per share of 9 fils in the year ending Dec 31, 2014 down from net profit of KD 18.22 million and earnings per share of 35 fils in the year before. The Board of Directors recommended 5 percent bonus shares.
Gained
KFIC and KMEFIC inched 1 fils higher each whereas Bayan Investment Co fell 1 fils. Ekittab Holding rose 3 fils on back of 12.4 million shares while Al Madina For Finance and Investment Co dialed up 5 fils . Tamdeen Investment Co gained 10 fils.
National Real Estate Co rose 4 fils to KD 0.116 whereas Al-Mazaya Holding closed flat. In the banking sector, Gulf Bank gained 5 fils on back of 1.4 million shares and Commercial Bank was up 10 fils at KD 0.650. Al Ahli United Bank and Al Ahli Bank of Kuwait paused at KD 0.550 and KD 0.375 respectively.
Kuwait International Bank dialed up 4 fils while Burgan Bank and added 5 fils on back of 1.4 million shares. Boubyan Bank pulled 5 fils higher to KD 0.435. Mabanee Co paused at KD 1.060.
The bourse was mixed during the week. It closed higher in 3 of the 5 sessions and climbed 18 pts week-on-week. It has added 13 points from start of the month and is trading 3.67 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, The Capital Markets Authority has approved the listing of Mizan Holding Company in Kuwait Stock Exchange main market subject to fulfillment of some conditions.
Kuwait Gypsum Manufacturing and Trading has logged a net profit of KD 336,262 and earnings per share of 11.25 fils in 2014, rebounding from net loss of KD 329 and loss per share of 0.01 fils in the year before. The Board of Directors recommended a cash dividend of cash 10 %.
Warba Bank has recorded a net profit of KD 115,000 and earnings per share of 0.12 fils in 2014, rebounding from net loss of KD 3.709 million and loss per share of 3.71 fils in 2013.
Educational Holding Group has posted a net profit of KD 1.593 million earnings per share 6.5 fils in the three-month period ending November 30, 2014 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 %.
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