(MENAFN- Arab Times) Kuwait stocks nudged higher on Tuesday stemming the three-day decline. The price index rose 5.53 points in lackluster trade to settle at 6,309.64 points even as shares closed mixed. The market mood was cautious in absence of strong cues.
The KSX 15 benchmark eased 1.76 pts to 1,008.33 points and is down 42 pts from start of the month while weighted index inched 0.26 pts down. The volume turnover meanwhile dipped below the 200 million mark after rebounding in the previous session. 166.52 million shares changed hands - a 23.6 percent drop from Monday.
The sectors diverged during the session. Telecommunications outshone the rest with 1.37 pct rise whereas technology dived 2.59 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 44.98 percent and real estate stood next with 36.12 pct. Parallel market trailed far behind with a meager 8.93 percent contribution.
Among the individual shares, Combined Group Contracting Co slid 30 fils to KD 0.870 and Automated Systems Co was down 15 fils at KD 0.475. Gulf Cable slipped 10 fils to KD 0.590 and National Industries Group extended the marginal losses on Monday with a 4 fils downtick.
Bourse heavyweight Zain was unchanged at KD 0.435 off early lows with a volume of 1.7 million while Wataniya Telecom climbed 20 fils recouping the drop in the day before. Kuwait Telecommunications Co (VIVA) swung 290 fils higher to KD 0.910 and Agility gave up 10 fils to end at KD 0.770.
Eased
ALAFCO dialed down 2 fils and Jazeera Airways eased 5 fils to close at KD 0.455. The airline has posted a net profit of KD 3 million in the first quarter of 2015, an increase of 44.6 percent from the same quarter last year. The operating profit came in at KD 2.4 million.
The market opened on a tame note and moved sideways in early trade. The key gauge continued to move flat along the opening mark and nudge slightly higher past the mid-session to crest at 6,312.05 pts.
It retreated thereafter to trough at 6,298.25 points before clawing back to close in the positive territory.
Top gainer of the day, Qurain Holding Co soared 20.83 pct to 14.5 fils while Coast Investment and Development Co stood next with 9.62 pct jump. Future Communications Co Global slumped 8.33 percent, the steepest decliner of the day, and Al Dar National Real Estate Co topped the volume with over 16 million shares.
Despite the day's uptick, the losers outled the winners. 40 stocks advanced whereas 49 closed lower. Of the 128 counters active on Tuesday, 39 closed flat. 3,787 deals worth KD 16.8 million were transacted € a 24.3 pct surge in value from the day before.
Kuwait Foundry Co rose 5 fils to KD 0.265 and Kuwait Food Co (Americana) gained 20 fils to settle at KD 2.680. The company has posted a 4.3 percent fall in Q1 net profit. The net profit stood at KD 17.3 million in the first three months of 2015, down from KD 18.1 million in the same period last year.
Kuwait and Gulf Link Transport Co dialed 1 fil down whereas KGL Logistics Co took in 2 fils to end at 78 fils. Equipment Holding Co flunked 1 fil whereas Qurain Petrochemical Industries Co was up 2 fils at KD 0.200. Eyas For Higher and Technical Education climbed 15 fils to KD 0.330.
Kuwait Financial Centre (Markaz) slipped 4 fils to KD 0.108 and KIPCO closed flat at KD 0.620.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. Earnings per share grew by 24 percent to 8.84 fils from first quarter of last year.
International Financial Advisors inched 1 fil up on back of over 10 million shares while Al Deera Holding and Bayan Investment clipped 1 fil each to close at 53 fils and 54 fils respectively. Tamdeen Investment Co was up 10 fils at KD 0.350.
Noor Financial Investment Co was unchanged at 90 fils and First Investment Co edged 2 fils lower to 75 fils. Warba Insurance Co gave up 2 fils to close at KD 0.106 erasing the gains in the previous session. NICBM rose 6 fils to KD 0.212.
Slipped
In the banking sector, National Bank of Kuwait was flat at KD 0.820 after trading 1.75 million shares and Gulf Bank of Kuwait slipped 5 fils to KD 0.275.
Burgan Bank and Kuwait Finance House paused at KD 0.425 and KD 0.630 respectively. The bank has posted a net profit of KD 29.9 million in the first three months of 2015 as compared to KD 26.1 million in the same period last year. Earnings per share increased by 1 percent to 6.12 fils over the same period last year.
Commercial Bank of Kuwait dropped 10 fils to KD 0.610 and has retreated 20 fils from start of the year whereas Ahli United Bank held steady at KD 0.570. Boubyan Bank stagnated at KD 0.430.
The bourse has been trending lower so far during the week and has shed 23 points in last three sessions. It has slid 67 points from start of the month and is trading 3.46 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Markaz has logged a net profit attributable to shareholders of KD 1.31 million for the quarter ending March 31, 2015 as compared to net profit of KD 2.5 million in the same period in 2014. The earnings per share clocked 3 fils.
Gulf Insurance Group 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.
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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