(MENAFN- Arab Times) Kuwait stocks pulled higher on Tuesday, stemming the three-day retreat. The main gauge rose 13.15 pts in choppy trade to 6,298.29 points led by some of the mid and small caps. The banks and other blue chips however closed mixed.
The KSX 15 benchmark climbed over 7 points to 1,029.91 pts trimming the year's losses to 32 points and weighted index inched 0.85 points higher. The volume turnover meanwhile receded after bouncing on Monday. 214.81 million shares changed hands € a 18.63 pct drop from the last session.
The sector closed mixed. Oil and gas outshone the rest with 1.29 pct gain whereas insurance shed 1.18 percent, the biggest loser of the day. Volume wise, real estate accounted for the highest market share of 35.82 percent and financial services followed with over 33 pct. Industrials trailed way behind with 19 pct contribution.
Among the day's prime movers, Kuwait Food Co (Americana) climbed 20 fils to KD 2.720 extending an identical gain in the last session and Independent Petroleum Group was up by same measure to close at KD 0.300. United Projects Group soared 50 fils and Mabanee Co was up 20 fils at KD 0.116.
Telecom major Zain rose 5 fils to KD 0.445 on back of over 2 million shares and Wataniya Telecom slid 40 fils to KD 1.320. Kuwait Telecommunications Co (VIVA) was flat at KD 0.940 while Agility gave up 10 fils to settle at KD 0.730 and is down 10 fils from start of the year.
Banking sector bellwether National Bank of Kuwait added 10 fils after stagnating in the last session whereas Al-Ahli Bank of Kuwait was not traded during the session. The bank has won the nod of Central Bank of Kuwait to extend its request to buy back or sell a maximum of 10 percent of its shares for 6 months ending on Dec 10, 2015.
Nudged
The market opened on a tame note and moved sideways in early trade. The price index nudged higher to crest at 6,300.67 points almost half way into the session and retreated again. It slipped below the red to bottom at 6,273.87 points in the final minutes before clawing back to close in the positive territory.
Top gainer of the day, Contracting and Marine Services vaulted 10 percent to KD 0.110 and National Consumer Holding Company climbed over 8 percent to stand next. Ras Al Khaimah For White Cement Co slumped 6.7 pct, the steepest decliner of the day and National Ranges Co (Mayadeen) topped the volume with 24.68 million shares.
Reflecting the day's upswing, the winners marginally out led the losers. 45 stocks advanced whereas 40 closed lower. Of the 130 counters active on Tuesday, 45 closed flat. 4,350 deals worth KD 17.12 million were transacted - a 15.7 pct drop in value from the day before.
National Industries Group was flat at KD 0.172 and Kuwait Portland Cement Co too did not budge from its earlier close of KD 1.180 off early lows. Gulf Cables slipped 10 fils to KD 0.570 and Boubyan Petrochemical Co was down 10 fils at KD 0.640.
ACICO Industries stagnated at KD 0.325 and Equipment Holding Co followed suit. Kuwait National Cinema Co too held steady at KD 1.020 whereas City Group closed 5 fils higher. Safwan Trading and Contracting Co dipped 25 fils whereas Combined Group Co was flat at KD 0.870.
Jazeera Airways dialed up 5 fils to close at 470 fils and is up 30 fils from start of the year while ALAFCO took in 2 fils. KGL Logistics Co fell 5 fils and Mashaer Holding Co was unchanged at KD 0.126. Humansoft Holding Co paused at KD 0.690 off early lows.
National Real Estate Co was unchanged at 98 fils and Al Mazaya Holding Company followed suit. 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.
In the investment sector, National Investment Co was flat at KD 0.128 and KIPCO too stagnated 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 percent from the same period last year and earnings per share grew by 24 percent to 8.84 fils.
Clipped
Securities Group Co and Kuwait Financial Centre (Markaz) clipped 2 fils each. Markaz The company 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.
Sokouk Holding Co paused at 65 fils while Noor Financial Investment Co added 4 fils to end at 87 fils. Tamdeen Investment Co gained 15 fils and Gulf Insurance Group tumbled 40 fils. Al Deera Holding Co inched 1 fils up and Bayan Investment Co rose by same measure.
Among the banks, Gulf Bank was flat at KD 0.275 and Commercial Bank shed 20 fils, Ahli United bank paused at KD 0.560 and Kuwait International Bank edged 2 fils lower. Kuwait Finance House closed 10 fils up and Boubyan Bank paused at KD 0.435.
The bourse has been mixed so far during the week and has dropped 29 points in last three sessions. It had slid 85 points during the whole of May and is trading 3.83 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) 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 of 2015. 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 of 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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