(MENAFN- Arab Times) Kuwait stocks headed north on Wednesday extending the gains to third straight session. The price index climbed 14.75 points in lackluster trade to 6,313.04 pts helped by some of the mid and small caps. The bourse, after posting losses during May has been trending higher so far during the month.
The KSX 15 measure rose 4.17 points to 1,034.08 points paring the year's losses to 25 points while weighted index edged 1.21 pts higher. The volume turnover meanwhile was almost stagnant after seesawing in the last sessions. 216.68 points changed hands - a 0.87 pct uptick from Tuesday.
The sectors closed mixed. Insurance outpaced the rest with 1.99 percent gain whereas technology shed 0.55 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 37.77 pct and real estate stood next with 31.41 percent. Industrials was a distant third with 20.14 pct contribution.
Among the individual shares, Gulf Insurance Group spiked 40 fils to KD 0.640 with thin trading and Mabanee Co rose 20 fils to KD 1.000. Tamdeen Real Estate Co pulled 5 fils lower.
Bourse heavyweight Zain added 5 fils to close at KD 0.450 on back of 1.35 million shares and is down 80 fils from start of the year while Wataniya Telecom held the ground unchanged at KD 1.320 off early lows. Kuwait Telecommunications Co climbed 20 fils to KD 0.960 with a volume of 1.26 million and logistics major Agility paused at KD 0.730.
ALAFCO clipped 2 fils to close at KD 0.218 and Jazeera Airways pulled 5 fils higher. 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.
Drift
The market opened flat and edged lower in early trade. The price index continued to drift into red and hit the day's lowest level of 6,282.23 points almost half way into the session as sentiment turned weak. It however clawed back in the second half and managed to close with modest gains.
Top gainer of the day, GIG climbed 6.67 pct to KD 0.640 and Hilal Cement Co was up 6.41 pct to stand next. Kuwait Cable Vision Co tumbled 7.69 pct, the steepest decliner of the day, and National Ranges Co ( Mayadeen) topped the volume with 20.98 million shares.
Mirroring the day's uptick, the market spread was skewed towards the losers. 49 stocks advanced whereas 32 closed lower. Of the 124 counters active on Wednesday, 43 closed lower. 4,395 deals worth KD 18.2 million was transacted - a 6.32 pct rise in value from the day before.
National Industries Group continued to stagnated at KD 0.172 off early highs and Gulf Cable too did not budge from the earlier close of KD 0.570. Kuwait Portland Cement and Kuwait Foundry Co paused at KD 1.180 and KD 0.270 respectively and ACICO Industries slipped 10 fils.
Combined Group Contracting Co shed 10 fils and Kuwait Food Co (Americana) bucked the trend to gain 40 fils. 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.
Humansoft Holding Co held steady at KD 0.690 and Energy House inched 1 fil lower. 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.
Boubyan Petrochemicals Co dropped 10 fils and Burgan Well Drilling Co dialed up 2 fils to settle at KD 0.140. KGL Logistics Co rose 4 fils and NICBM closed 4 fils up. Equipment Holding Co inched 1 fil lower.
Investment major KIPCO was flat at KD 0.620 and National Investment Co ticked 2 fils lower to KD 0.126. Kuwait Financial Centre ( Markaz) took in 2 fils and First Investment Co followed suit. KAMCO dialed up 2 fils whereas Noor Financial Investment edged 2 fils down.
Higher
National Real Estate Co inched 1 fil higher and Al Mazaya Holding Company added 2 fils to close at KD 0.118. The company has posted a net profit of KD 1.71 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 banking sector, National Bank of Kuwait was flat at KD 0.850 with a volume of 2.55 million and Gulf Bank too did not moved in either direction. Commercial Bank slipped 10 fils and Ahli United Bank gained 10 fils.
Kuwait International Bank held steady at KD 0.246 and Burgan Bank closed 5 fils higher. Kuwait Finance House held the ground unchanged at KD 0.660 after eking modest gains on Tuesday and Boubyan Bank followe suit to end at KD 0.440. Al-Ahli Bank of Kuwait gave up 5 fils to wind up at KD 0.355. The bourse has been mixed so far during the week and is almost unchanged from points in last three sessions. It had slid 85 points during the whole of May and is trading 3.41 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 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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