(MENAFN- Arab Times) Kuwait stocks rebounded on Tuesday, stemming the threeday decline. The price index gained 26.42 pts in a tame session helped by bargain buying in select counters. The banks and other blue chips closed mixed even as investors remained cautious of the market direction. The KSX 15 benchmark jumped over 8 pts to 1024.4 points while weighted index nudged 2.13 pts higher. The volume turnover meanwhile bounced back after receding in last 7 sessions to hit a multi-month low on Monday. 89.40 million shares changed hands € a 41.36 pct surge from the day before. The sectors closed mostly in the green turf. Parallel market outpaced the rest with 2.68 pct gain whereas healthcare shed 1.18 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 38.59 percent while real estate stood close behind with 36.8 percent. Banking sector was a distant third with 6.9 percent contributions. Among notable movers, United Projects Group climbed 30 fils to KD 0.700 while Independent Petroleum Group and Combined Group Contracting Co were up 10 fils each. The recently listed Mezzan Holding Co gained 20 fils recouping the fall in the last session. Bourse heavyweight Zain rose 5 fils to KD 0.425 on back of 4.9 million shares whereas Wataniya Telecom held the ground steady at KD 1.240 off early lows and is down 100 fils so far during the month. Kuwait Telecommunications Co (VIVA) added 10 fils and sector major Agility was up by same measure to close at KD 0.730.
Profit
Kout Food Group soared 50 fils whereas Kuwait Food Co (Americana) tumbled 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. The market opened firm and edged up in early trading. The key gauge moved sideways well past the mid-session as sentiment remained brittle and pulled higher in the final minutes to wind up with modest gains. Top gainer of the day, Dalqan Real Estate Co vaulted 10 percent to 275 fils while Kout Food stood next with 7.94 pct upswing. Safwan Trading and Contracting Co dropped 5.71 percent, the steepest decliner of the day, and Al Dar National Real Estate Co topped the volume with 15.51 million shares. Mirroring the day's gains, the market spread was skewed towards the winners. 56 stocks advanced whereas 30 closed lower. Of the 127 counters active on Tuesday, 41 closed flat. 2234 deals worth KD 9.79 million were transacted € a 17.39 pct drop in value from the day before. National Industries Group was flat at KD 0.165 and Kuwait Cement Co was down 10 fils at KD 0.270. Kuwait Foundry Co and AC ICO Industries Co gave up 5 fils each whereas NICBM closed 4 fils higher. Kuwait Portland Cement paused at KD 1.180. Equipment Holding Co clipped 2 fils whereas Kuwait and Gulf Link Transport Co held the ground unchanged at 50 fils. Kuwait Cable Vision Co dialed up 1 fils whereas The Energy House was unchanged at 72 fils. ALAFCO stagnated at KD 0.218 and Jazeera Airways followed suit. The airline has posted a net profit of KD 3 million in the first quarter of 2015, an increase of 44.6% from the same quarter last year. The operating profit came in at KD 2.4 million. Gulf Cable gained 10 fils and Shuaiba Industrial Co was up by same measure. Kuwait National Cinema Company 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. Kuwait Investment Co clipped 2 fils whereas KIPCO climbed 10 fils to KD 0.640. National Investment Co paused at KD 0.122 whereas Securities House Co inched 1 fils up. Securities Group Co dialed up 2 fils and Kuwait Financial Centre (Markaz) followed suit. The company has posted a net profit of KD 12 million for the first three months of 2015 € an increase of 17 per cent from the same period last year .
Higher
Gulf Investment House added 2 fils on back of 1.25 million shares and Sokouk Holding Co was up by same measure. Noor Financial Investment and Ektittab fell 1 fils each while KFIC and Al Deera Holding Co inched 1 fils higher each. In the banking sector, National Bank of Kuwait was flat at KD 0.850 and Gulf Bank continued to stagnate at KD 0.270. Al Ahli Bank gave up 5 fils and Ahli United Bank was down 10 fils at KD 0.570. Commercial Bank of Kuwait was not traded during the session. Kuwait International Bank took in 2 fils while Burgan Bank pulled 5 fils lower to KD 0.425. Kuwait Finance House bounced 20 fils to KD 0.650 whereas Boubyan Bank closed flat. National Real Estate Co rose 3 fils to KD 0.100 and Ajial Real Estate was up 2 fils. Mabanee Co climbed 20 fils to KD 1.000 and Al Mazaya Holding paused at KD 0.114. The bourse has been mixed so far during the week and has slipped 3 points in last three sessions. It has shed 58 points so far during the month and is trading 4.61 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.
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