(MENAFN- Arab Times) Kuwait stocks nudged higher on Tuesday, stemming the four-day decline. The main index, after a weak start, rose 7.28 pts to 6202.95 pts helped by speculative buying in select counters. The banks and other heavyweights diverged while some of the real estate shares eked modest gains.
The KSX 15 benchmark fell 5.31 pts to 1017.02 point trimming the month's gains to a meager 1 point and weighted index inched 0.99 pts lower. The volume turnover meanwhile surged close to the 100 million mark. 96.05 million shares changed hands € a 27.9 pct jump from the last session.
The sectors closed mixed during the session. Consumer services outshone the rest with 1.29 percent gain and healthcare shed 1.22 pct, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 56.65 pct and real estate stood next with 21.43 percent. Industrials was a distant third with 6.43 pct contribution.
Among the individual shares, Humansoft Holding Co climbed 30 fils to KD 0.830 while City Group Company and Future Kid Entertainment and Real Estate Co gained 20 fils each. RISCO too added 20 fils and Kuwait Cement Co closed 10 fils up at KD 0.380.
Sector bellwether Zain eased 8 fils after trading 1.9 million shares whereas Wataniya Telecom rose 20 fils to KD 1.200 paring the month's losses to 140 fils. Kuwait Telecommunications Co ( VIVA) was unchanged at KD 0.930 and Agility gave up 10 fils to close at KD 0.720 after stagnating in the last session.
Slipped
Kuwait Finance House slipped 10 fils after trading 1.59 million shares and Al Ahli Bank of Kuwait fell 5 fils. The bank has won the approval 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 December 10, 2015.
The market opened weak and slipped further in early trading. The key measure hit the day's lowest level of 6165.63 points before bouncing back to the opening level as buying picked up in select counters. It peaked at 6206.24 points almost half way into the session and drifted sideways before closing in the green territory.
Top gainer of the day, Future Kid and Entertainment Holding Co vaulted 22.22 pct to 110 fils and Securities House Co rallied 9.43 pct to stand next. Al Aqaria dived 7.14 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with over 11 million shares.
Despite the day's uptick, the losers outnumbered the winners. 40 stocks advanced whereas 53 closed lower. Of the 136 counters active on Tuesday, 43 closed flat. 2516 deals worth KD 10.99 million were transacted € a 39.62 pct surge in value from the day before.
National Industries Group fell 4 fils to KD 0.162 while Gulf Cable and Kuwait Portland Cement shed 20 fils each to close at KD 0.590 and KD 1.160 respectively. Shuaiba Industrial Co added 5 fils whereas Kuwait Foundry Co held the ground steady at KD 0.265.
Equipment Holding Co dialed down 1 fils whereas Educational Holding Group was flat at 200 fils. The company has posted net profit of KD 4.62 million and earnings per share of 18.9 fils in nine months ended May 31, 2015 as compared to net profit of KD 3.26 million and earnings per share of 13.4 fils in the same period last year.
Automated Systems Co was unchanged at KD 0.495 and Energy House fell 5 fils. ALAFCO held steady at KD 0.214 and Jazeera Airways closed 5 fils higher at KD 0.214.
Kuwait Food Co ( Americana) paused at KD 2.700 after retreating from early highs and the newly listed Mezzan Holding Co too did not budge from its previous close of KD 1.040.
Investment major KIPCO stagnated at KD 0.630 and National Investment Co dialed up 2 fils on back of 2.76 million shares. Arzan Financial Group clipped 2 fils and KFIC followed suit to end at 54 fils. Kuwait Financial Centre took in 2 fils and Bayan Investment Co inched 0.5 fils lower.
Housing Finance Co eased 2 fils whereas Sokouk Holding Co closed flat 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.
Steady
In the banking sector, National Bank of Kuwait was steady at KD 0.860 with a volume of 1.37 million and Gulf Bank gave up 5 fils. Commercial Bank of Kuwait gained 10 fils and Ahli United Bank followed suit to end at KD 0.570.
Kuwait International Bank and Burgan Bank were flat at KD 0.242 and KD 0.425 respectively and Boubyan Bank dialed down 5 fils. Mabanee Co and Salhia Real Estate Co added 10 fils each whereas Mazaya Holding Co closed flat.
The bourse has been mixed so far during the week and has slipped 9 points in last three sessions. It has shed 90 points so far during the month and is trading 5.09 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Boubyan Petrochemicals Co. has won the approval of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for 6 months.
Aqar Real Estate Investments Co. has got the nod of Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months.
Privatization Holding Co. has received the approval of Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months.
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.
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.
By John Mathews
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