(MENAFN- Arab Times) Kuwait stocks pulled higher on Wednesday extending the gains to second straight session. The price index rose 12.27 points in a tame session to end at 6,303.35 pts. Some of the telecom majors shone whereas banking and financial shares were mostly subdued.
The KSX 15 benchmark climbed 2.79 points to 1,032.79 pts taking the month's advance to 16 points while weighted index edged 1.53 pts higher. The volume turnover meanwhile nudged slightly up after receding in the last session. 224.70 million shares changed hands- a 3.40 pct uptick from Tuesday.
The sectors closed mostly in the green turf. Healthcare outled the peers with 1.13 percent gain whereas consumer goods slipped 0.51 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 48.86 pct and real estate came next with 37.32 percent. Banking sector was distant third with a 4.69 percent contribution.
Among the notable gainers, KIPCO rose 10 fils on back of 1.7 million shares to KD 0.630 after stagnating in the last session while National Investment Co ticked 2 fils higher. Humansoft extended its winning streak with a robust 50 fils gain. Bourse heavyweight Zain added 5 fils with a volume of 1.23 million and is trading 15 fils higher so far during the month while Wataniya Telecom climbed 20 fils to KD 1.260. Kuwait Telecommunications Co (VIVA) retreated 10 fils whereas Agility closed 10 fils up at KD 0.740 after standing pat in the last session.
Range
Sector bellwether National Bank of Kuwait vacillated in a tight range before closing flat at KD 0.850 and Al-Ahli Bank of Kuwait rose 10 fils to KD 0.350. The bank has got the nod of Central Bank of Kuwait to extend its approval to buy back or sell a maximum of 10 percent of its shares for 6 months ending on Dec 10, 2015. The market opened firm and nudged higher in early trade. The price index peaked at 6313.96 pts but failed to hold on to the gains as sentiment weakened. It drifted listlessly along the opening level and slipped briefly into red in the second half to trough at 6,286.96 pts. It however clawied back to close with marginal gains.
Top gainer of the day, YIACO Medical Co spiked 8.62 pct to 126 fils and Kuwait Insurance Co vaulted 8.47 percent to stand close behind. United Projects Group slumped 7.35 pct, the steepest decliner of the day, and Al Dar National Real Estate Co topped the volume with over 41 million shares.
Mirroring the day's uptick, the winners slightly outnumbered the losers. 43 stocks advanced whereas 38 closed lower. Of the 129 counters active on Sunday, 48 closed flat. 4465 deals worth over 18 million shares changed hands - a 26.9 pct surge in value from the day before.
National Industries Group rose 4 fils to KD 0.174 whereas Kuwait Cement Co and Gulf Cable was unchanged at KD 0.370 and KD 0.560 respectively. Contracting and Marine Services Co added 4 fils and Kuwait Portland Cement held steady at KD 1.180.
Kuwait Food Co (Americana) shed 20 fils with thin trading and Jazeera Airways closed 5 fils to wind up at KD 0.485. Gulf Petroleum Investment Co clipped 2 fils and ACICO Industries Co closed flat. Kuwait Packing Materials Manufacturing Co gave up 10 fils to settle at KD 0.400 and Equipment Holding Co inched 1 fil higher.
Gulf Glass Manufacturing Co shed 20 fils whereas Kuwait National Cinema Company was flat at KD 1.000. The company has received the permission of Capital Markets Authority to its request to buy back or sell up to 10 percent of own shares over a period of 6 months.
Mabanee Co climbed 10 fils to KD 0.990 whereas Salhia Real Estate Co was unchanged at KD 0.340. The company has won the approval of Capital Markets Authority to buy back or sell a maximum of 10 percent of its shares for 6 months as of the date of the approval.
National Real Estate Co inched 1 fil down and Al Mazaya Holding was unchanged at KD 0.116. Ajial Real Estate and Entertainment Co closed 6 fils higher.
Paused
National Investment Co took in 2 fils and Kuwait Financial Centre (Markaz) paused at KD 0.108. The company has logged a net profit attributable to shareholders of KD 1.31 million for the quarter ending March 31, 2015, 2014 and the earnings per share clocked 3 fils.
Bayan Investment Co and Osoul Investment Co were flat at 53 fils and 59 fils respectively whereas KAMCO dialed down 2 fils. KFIC and Sokouk Holding Co rose 1 fil each and Noor Financial Investment Co closed 2 fils higher.
Gulf Bank and Commercial Bank stood steady at KD 0.280 and KD 0.620 respectively while Kuwait International Bank dialed up 2 fils to settle at KD 0.242. Ahli United Bank was not traded during the session.
Burgan Bank rose 5 fils on back of over 1 million shares and has retreated 15 fils so far during the month whereas Kuwait Finance House and Boubyan Bank were flat at KD 0.650 and KD 0.435 respectively.
The bourse has been mixed so far during the week and is down 7 points I last four sessions. The main gauge has climbed 11 pts so far during the month and is trading 3.56 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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