(MENAFN- Arab Times) Kuwait stocks headed north on Tuesday as it resumed its uptrend following the pull back in the last session. The key index rose 18.28 points in lackluster trade to 6,291.08 points helped by some of banking heavyweights. Other blue chips were mostly subdued even as the investors await the second quarter results.
The KSX 15 benchmark climbed 9.59 points to 1,029 pts taking the month's gains to 10 points while weighted index nudged 2.55 pts higher. The volume turnover meanwhile ebbed after rising in the last session. 217.32 million shares changed hands - a 14.95 percent drop from Monday.
The sectors closed mostly in the green turf. Technology outshone the rest with 1.43 pct jump whereas healthcare dropped 1.11 percent, the biggest loser of the day. In terms of volume, financial services clocked the highest market share of 46.69 pct and real estate stood next with 43.5 percent. Bank trailed far behind with over 3 percent contribution.
Among the prime movers, National Bank of Kuwait rallied 20 fils on back of 2.7 million shares and is down 60 fils from start of the year while Kuwait Finance House was up 10 fils at KD 0.620. Commercial Bank of Kuwait too added 10 fils recouping the losses in the day before.
Volume
Telecom major Zain rose 5 fils to KD 0.445 with a volume of 1.3 million whereas Wataniya Telecom was not traded during the day. Kuwait Telecommunications Co (VIVA) held steady at KD 0.970 off early lows and Agility followed suit to close at KD 0.730.
Humansoft Holding Co climbed 20 fils extending the gains in the previous session while Kuwait Food Co (Americana) was down 20 fils to settle at KD 2.760. The company has posted a 4.3 percent fall in Q1 net profit which stood at KD 17.3 million.
The market opened flat and charted a linear course along the opening mark. The main index slipped thereafter amid selling in select counters and bottomed at 6,265.85 pts ahead of the mid-session. It bounced back in the second half and managed to close with modest gains.
Top gainer of the day, Future Communications Co Global vaulted 7.41 pct to 116 fils while Manazel Holding Co climbed 5.43 percent to stand next. YIACO Medicals Co dipped 7.94 percent, the steepest decliner of the day, and Al Dar National Real Estate Co topped the volume with over 69 million shares.
Reflecting the day's upswing, the markets spread was skewed towards the winners. 52 stocks advanced whereas 32 closed lower. Of the 123 counters active on Tuesday, 39 closed flat. 4,104 deals worth KD 17.6 million were transacted - a 14.95 pct drop in value from the day before.
National Industries Group, the flagship company of Kharafi Group, was unchanged at KD 0.170 whereas Kuwait Cement Co closed 5 fils higher. Kuwait Portland Cement climbed 20 fils whereas Gulf Cable gave up 10 fils to close at KD 0.560.
Kuwait Foundry Co slipped 5 fils to 255 fils and Kuwait National Cinema Company shed 20 fils. The company has received the permission of Capital Markets Authority to its request to buy back or sell up to 10% of own shares over a period of 6 months.
Equipment Holding Co and The Energy House fell 3 fils each whereas ACICO Industries Co gained 10 fils to close at KD 0.320. Boubyan Petrochemicals Co slipped 10 fils whereas Safwan Trading and Contracting Co was up 10 fils at KD 0.385.
Jazeera Airways rose 5 fils to KD 0.480 while ALAFCO clipped 2 fils. The Energy House dialed down 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.
Steady
Mabanee Co was flat at KD 0.980 whereas Salhia Real Estate Co was steady at KD 0.340. The company has won the approval of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for 6 months as of the date of the approval.
In the banking sector, Gulf Bank was flat at KD 0.280 off slight early lows and Al Ahli Bank gave up 5 fils to end at KD 0.340. Kuwait International Bank paused at KD 0.244 whereas Ahli United Bank was not traded during the session.
Burgan Bank stagnated at KD 0.430 and is down 5 0 fils from start of the year and Boubyan Bank followed suit to close at KD 0.435.
Investment heavyweight, KIPCO was unchanged at KD 0.620 and National Investment Co too did not budge from its earlier close of KD 0.128. Sokouk Holding Co inched 1 fils down . The company has been granted the permission by Capital Markets Authority to buy back or sell up to 10% of own shares over a period of 6 months.
Bayan Investment Co dialed up 1 fils and Kuwait Finance and Investment Co took in 2 fils to close 60 fils. Tamdeen Investment Co shed 10 fils. Noor Financial Investment Co inched 1 fils up and Kuwait Financial Centre took in 2 fils.
The bourse has been mixed so far during the week and has shed 19 points in last three sessions.
The price index is almost unchanged from the start of the month and is trading 3.74 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 of 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.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.