KSE Climbs 8.26 Pts As Volume Contracts

(MENAFN- Arab Times) Kuwait stocks pulled higher on Wednesday after closing lower in the last session. The key measure climbed 8.26 pts in choppy trade to 6,266.95 points paced by select counters even as volume turned anemic ahead of the holy month of Ramadan. The KSX 15 benchmark dropped 4.21 pts to 1025.14 points paring the month's gains to 9 points while weighted index edged 0.92 pts lower. The volume turnover meanwhile shrank further to hit a multi-month low as investors toed caution. 94.83 million shares changed hands € a 3.34 pct drop from Tuesday. The sectors closed mostly in the green. Consumer services outshone the rest with 0.64 pct gain whereas financial services fell 0.22 pct, the worst performer of the day.

In terms of volume, financial services clocked the highest market share of 49.31 pct while real estate and telecommunications trailed far behind with 23.94 pct and 9.41 percent contributions respectively. Among individual movers, United Projects Group climbed 20 fils to KD 0.640 and the newly listed Mezzan Holding Co too was up by same measure to end at KD 1.040. Educational Holding Group added 10 fils and Independent Petroleum Group followed suit to settle at KD 0.295. Sector bellwether Zain slipped 10 fils to KD 0.425 after trading over 6 million shares and is down 105 fils from start of the year while Wataniya Telecom pulled 20 fils lower to KD 1.240. Kuwait Telecommunications Co (VIVA) climbed 20 fils on back of over 1 million shares and logistics major Agility closed 10 fils lower.

Extend

Sector heavyweight National Bank of Kuwait skidded 10 fils to KD 0.850 whereas Al-Ahli Bank of Kuwait was up 5 fils at KD 0.380. The bank has got the nod of Central Bank of Kuwait to extend its approval to buy back or sell a maximum of 10% of its shares for 6 months ending on Dec 10, 2015. The market opened flat but slipped into red in early trade. The price index drifted lower before nudging up to the opening mark past the mid-session. It retreated again to plumb the day's lowest level of 6,241.12 pts in the final minutes before clawing back into the green turf and closed with modest uptick. Top gainer of the day, Al Rai Media Group vaulted 7.81 pct to 138 fils while Future Kid Entertainment and Real Estate Co dived 5.88 pct to stand next. Massaleh Real Estate Co slid 6.15 pct to 61 fils, the steepest decliner of the day and Manazel Trading Co topped the volume with over 17 million shares. Despite the day's uptick, the losers outnumbered the winners. 34 stock advanced while 38 closed lower. Of the 124 counters active on Wednesday, 52 closed flat. 2571 deals worth KD 10.47 million were transacted € a 19.86 percent drop in value from the day before.

National Industries Group was flat at KD 0.170 off early lows while Kuwait Cement Co added 5 fils to end at KD 0.365. Gulf Cable was unchanged at KD 0.560 and Kuwait Portland Cement Co too did not budge from its earlier close of KD 1.180. ALAFCO took in 2 fils and Jazeera Airways slipped 5 fils to KD 0.470. Boubyan Petrochemicals Co held steady at KD 0.640 while Equipment Holding Co and Ikarus Petroleum Industries Co were up 2 fils at 74 fils and 142 filsExtend Sector heavyweight National Bank of Kuwait skidded 10 fils to KD 0.850 whereas Al-Ahli Bank of Kuwait was up 5 fils at KD 0.380. The bank has got the nod of Central Bank of Kuwait to extend its approval to buy back or sell a maximum of 10% of its shares for 6 months ending on Dec 10, 2015. The market opened flat but slipped into red in early trade. The price index drifted lower before nudging up to the opening mark past the mid-session. It retreated again to plumb the day's lowest level of 6,241.12 pts in the final minutes before clawing back into the green turf and closed with modest uptick.

Top gainer of the day, Al Rai Media Group vaulted 7.81 pct to 138 fils while Future Kid Entertainment and Real Estate Co dived 5.88 pct to stand next. Massaleh Real Estate Co slid 6.15 pct to 61 fils, the steepest decliner of the day and Manazel Trading Co topped the volume with over 17 million shares. Despite the day's uptick, the losers outnumbered the winners. 34 stock advanced while 38 closed lower. Of the 124 counters active on Wednesday, 52 closed flat. 2571 deals worth KD 10.47 million were transacted € a 19.86 percent drop in value from the day before. National Industries Group was flat at KD 0.170 off early lows while Kuwait Cement Co added 5 fils to end at KD 0.365. Gulf Cable was unchanged at KD 0.560 and Kuwait Portland Cement Co too did not budge from its earlier close of KD 1.180. ALAFCO took in 2 fils and Jazeera Airways slipped 5 fils to KD 0.470.

Boubyan Petrochemicals Co held steady at KD 0.640 while Equipment Holding Co and Ikarus Petroleum Industries Co were up 2 fils at 74 fils and 142 fils respectively. Mashaer Holding Co was unchanged at KD 0.128 and Kuwait National Cinema Co pulled 20 fils lower. 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. National Investment Co and Kuwait Investment Co fell 4 fils each whereas KIPCO closed flat. The company has posted a net profit of KD 12 million for the first three months of 2015. Securities Group Co dialed down 2 fils whereas Sokouk Holding Co inched 1 fils higher to 59 fils. 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. Kuwait Financial Centre edged 2 fils up to KD 0.110 whereas Bayan Investment Co and Al Deera Holding Co clipped 1 fils each. Noor Financial Investment Co gave up 3 fils to end at 73 fils and KMEFIC inched 1 fils higher to 41 fils. Tamdeen Investment Co was unchanged at KD 0.335.

Steady

In the banking sector, Gulf Bank fell 5 fils to KD 0.275 while Commercial Bank of Kuwait and Ahli United Bank were steady at KD 0.610 and KD 0.570 respectively. Kuwait International Bank eased 2 fils to KD 0.242. Kuwait Finance House stagnated at KD 0.650 and is up 10 fils from start of the month whereas Burgan Bank dropped 5 fils to KD 0.430. Boubyan Bank held steady at KD 0.430. Mabanee Co climbed 10 fils to KD 0.980 whereas National Real Estate Co dialed up 2 fils. Al Mazaya Holding Co clipped 2 fils to wind up at KD 0.116. Kuwait and Gulf Links Transport Co stood pat at 51 fils and Energy House followed suit. The bourse has been mixed so far during the week and has shed 16 points in last four sessions. The price index has dropped 26 points so far during the month and is trading 4.11 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 grew 3.7 pct to KD 82.5 million.

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 ninemonths 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.