(MENAFN- Arab Times) Kuwait stocks pulled higher on Wednesday extending the gains from the previous session. The key index climbed 11.81 pts in volatile trade to 6,379.14 points led by some of mid and small caps even as frontline stocks remained mostly subdued. The bourse has been downbeat so far in the month as the first quarter results failed to impress the investors.
The KSX 15 benchmark slipped 7.22 points to 1,021.05 pts taking the month's losses to 39 points while weighted index edged over 2 points lower. The volume turnover meanwhile was flat after rebounding in the last session. 139.57 million shares changed hands € a 0.68 pct fall from Tuesday.
The sectors closed mostly in the green turf. Insurance outperformed the rest with 1.62 percent jump whereas basic materials shed 0.49 pct, the worst performer of the day. In terms of volume, real estate notched the highest market share of 37.78 pct while financial services and parallel market followed with 30.92 percent and 21.86 pct contributions respectively.
In the individual shares, Securities Group Co gained 8 fils and Independent Petroleum Group Co added 10 fils to settle at KD 0.365. NAPESCO climbed 20 fils and Shuaiba Industrial Co swung 15 fils higher to KD 0.365. ACICO Industries Co rose 5 fils to KD 0.300 and NICBM took in 2 fils
Sector bellwether Zain was unchanged at KD 0.455 off early highs after trading 4.47 million shares and Wataniya Telecom was down 20 fils at KD 1.400 extending an identical gain in the last session. Logistics major Agility gave up 10 fils to settle at KD 0.75.
Added
Kuwait Telecommunications Co (VIVA) added 10 fils to end at KD 0.910 The company has posted a net profit of KD 10.4 million in the quarter ending March 31, 2015 € an increase of 21 pct from same period last year while earnings per share clocked 21 fils.
The market opened flat but slipped briefly in early trade. The main index pulled higher and hit the day's highest level of 6,382.8 points amid buying in select counters. It retreated again and troughed at 6,356.34 pts almost halfway into the session before clawing back in the second half and closing with modest gains.
Top gainer of the day, Gulf Insurance Group vaulted 10.34 pct to KD 0.640 while Munshaat Real Estate Co climbed 8.62 percent to stand next. Contracting and Marine Services Co slid 8.33 pct, the steepest decliner of the day and Ajwan topped the volume with over 21 million shares.
Mirroring the day's upswing, the winners slightly outnumbered the losers. 40 stocks advanced whereas 38 closed lower. Of the 121 counters active on Wednesday, 43 closed flat. 3935 deals worth KD 19.23 million were transacted € a 27.23 pct jump in value from the day before.
National Industries Group dialed up 2 fils to close at KD 0.190 and is unchanged year-to-date while Heavy Engineering Industries and Shipbuilding Co gained 10 fils. Kuwait Portland Cement was unchanged at KD 1.200 and Kuwait Foundry Co followed suit.
Gulf Glass Manufacturing Co shed 10 fils whereas Equipment Holding Co and Boubyan Petrochemicals Co held steady at KD 0.630. Qurain Petrochemical Industries Co fell 4 fils and Salbookh Trading Co was down 10 fils at KD 0.198.
Combined Group stagnated at KD 0.900 and Energy House fell 3 fils. The company has logged a net loss of KD 1.024 million and loss per share of 1.366 fils in the three months of the year ending March 31, as against a net profit of KD 234,309 earnings per share of 0.312 fils in the same period last year.
Jazeera Airways slipped 10 fils with a volume of 1.57 million shares and ALAFCO held steady at KD 0.220 after gyrating in a tight range. Kuwait and Gulf Link Transport Co inched 1 fils up and KGL Logistics Co took in 2 fils. Kuwait Food Co ( Americana) slid 40 fils to KD 2.660 and is down 140 fils from start of the year.
Mabanee Co was flat at KD 0.950 off early highs and Al Mazaya Holding Company dialed down 2 fils. The company has posted a net profit of KD1.71 million in the first quarter of 2015 and earnings per share clocked 2.77 fils, as compared to 2.37 fils in same period of 2014.
Flat
Kuwait Financial Centre (Markaz) edged 2 fils up and Al Aman Investment Co clipped 2 fils. KIPCO closed flat The company has posted a net profit of KD 12 million for the first three months of 2015 € an increase of 17 per cent from the same period last year and earnings per share grew by 24% to 8.84 fils.
In the banking sector, National Bank of Kuwait was unchanged at KD 0.830 and Gulf Bank too did not budge from its earlier close of KD 0.620. Ahli United Bank paused at KD 0.570 and Al Ahli Bank of Kuwait was not traded during the session.
Kuwait International Bank clipped 2 fils to settle at KD 0.244 and Kuwait Finance House shed 20 fils to wind up at KD 0.640. Boubyan Bank paused at KD 0.425
The bourse has been largely positive so far during the week and has gained 22 points in last four sessions. It has retreated 13 points from start of the month and is trading 2.4 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Gulf Insurance Group (GIG) The company has registered a net profit of KD 3.7 million or 20.86 fils per share, for the financial period ended March 31, 2015 € an increase of 22.8 percent from the same period last year. Shareholder equity reached KD 82.5 million € a growth of 3.7 percent.
Tamdeen Investment Co has recorded 18.5 pct rise in its earnings of the first quarter, It stood at KD 7.25 million compared to KD 6.12 million in the Q1 of 2014 while earnings per share came in at 25.75 fils.
Gulf Glass Manufacturing Co has posted a net profit KD 629,298 and earnings per share of 14.17 fils in the January March period of 2015 as against net profit of KD 281,177 and earnings per share of 6.33 fils in Q1 of 2014.
Sokouk Holding has clocked a net profit of KD 5.012 million and earnings per share of 9 fils in the year ending Dec 31, 2014 and the Board of Directors recommended 5 percent bonus shares.
Kuwait Foundry Co has logged a net profit of KD 2.26 million and earnings per share of 14.74 fils in the first nine-months of 2014, as against KD 2.13 million profit and earnings per share 13.9 fils in the 9M of 2013. 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.
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