(MENAFN- Arab Times) Kuwait stocks swung higher on Wednesday stemming the four-day fall buoyed by an uptick in oil prices. The bourse climbed 24.28 points to 5376.28 points amid renewed buying in select counters.
The KSX 15 benchmark rose 1.79 points to 850.27 pts paring the month's decline to 13 points while weighted index edged 1.75 pts higher. The volume turnover meanwhile rose further extending the rise in the last session. 146.77 million shares changed hands € a 38.02 pct surge from Tuesday.
The sectors closed mostly in the green turf. Telecommunications outshone the rest with 2.44 pct gain whereas real estate slipped 0.29 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 36.3 pct while real estate stood next with 27.8 percent. Basic materials was a distant third with 9.5 pct contribution.
Among the standout performers, Kuwait Food Co (Americana) vaulted 40 fils to KD 2.380 taking the year's gains to 380 fils while United Projects Group soared 50 fils. Wataniya Telecom (Ooredoo) vaulted 100 fils to KD 1.220 and is up 80 fils during the month.
Bourse heavyweight Zain was unchanged at 345 fils whereas Kuwait Telecommunications Co (VIVA) rose 10 fils to KD 0.980 partly paring the drop in previous session. Logistics major Agility was down 10 fils at KD 0.500 with a volume of 1.3 million.
Investment conglomerate KIPCO was flat at KD 0.530 while National Investments Company climbed 6 fils on back of 1.4 million shares. The company has logged a first quarter net profit of KD 1.11 million and earnings per share of 1.3 fils as compared to net profit of over KD 2 million and 2.3 fils in 2015 Q1.
The market opened very flat and then moved sideways in early trade.
The key index continued to drift listlessly as stocks diverged in a tight range and ticked up half way into the session. It pulled back to the opening level in the final minutes before closing with modest gains.
Top gainer of the day, Ooredoo rallied 8.93 pct to KD 1.220 while Automated Systems Co climbed 8.2 pct to stand next. Kuwait Cable Vision Co slid 9.6 percent, the steepest decliner of the day and Gulf Petroleum Investment Co topped the volume with over 10 million shares.
Reflecting the day's upswing, the market spread was skewed towards the losers. 56 stocks advanced whereas 33 closed lower. Of the 130 counters active on Wednesday, 41 closed flat. 3414 deals worth KD 12.9 million were transacted , a 40.7 percent surge in value from the day before.
National Industries Group was unchanged at 124 fils and RISCO followed suit to end at 305 fils. Gulf Cable jumped 25 fils to KD 0.400 while HEISC was up 10 fils on back of over 1 million shares. Kuwait Portland Cement stood pat at KD 1.020.
Jazeera Airways was flat at KD 0.870 whereas ALAFCO gave up 4 fils after trading over 1 million shares. Combined Group Contracting Co slipped 10 fils to KD 0.780 while Zima Holding and Jeeran Holding Co paused at 43 fils and 72 fils respectively.
Slipped
PAPCO slipped 9 fils to 99 fils whereas Yiaco Medical Co added 8 fils. The company has logged a net profit of KD 277,732 and earnings per share of 1.53 fils in the first quarter of 2016 as against net profit of KD 611,126 and earnings per share of 3.36 fils in the same period last year.
Kuwait and Gulf Link Transport Co inched 1 fils into green and Mashaer Holding clipped 2 fils to settle at 78 fils.
Boubyan Petrochemical Co gained 10 fils whereas Gulf Glass Manufacturing Co was down 15 fils at KD 0.410. Mezzan Holding stagnated at KD 1.080.
In the banking sector, National Bank of Kuwait was unchanged at KD 0.236 and Gulf Bank too did not budge from the earlier close of KD 0.236.
Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session.
Kuwait Finance House gained 5 fils on back of 1.6 million shares and Burgan Bank paused at KD 0.345. The bank has registered a net profit of KD 14.28 million and earnings per share of 4.4 fils in the first quarter of 2016 as compared to net profit of KD 17,53 million and earnings per share of 6.0 fils in Q1 of 2015.
Kuwait International Bank took in 2 fils whereas Boubyan Bank held steady at KD 0.405. Warba Bank rose 2 fils to 176 fils on back of 1.6 million shares. Warba Insurance Co gave up 2 fils to end at 104 fils.
Kuwait Investment Co and Al Mal Investment Co inched 1 fils up each while Al Deera Holding Co dialed up 2 fils. Bayan Investment Co and Securities House Co were flat at 35 fils and 45 fils respectively whereas Sokouk Holding Co closed 1 fils up.
Salhia Real Estate Co gained 10 fils and Mabanee Company pulled 10 fils lower.
The company has posted a net profit of over KD 12 million and earnings per share of 13.54 fils as against a net profit of KD 11.94 million and earnings per share of 13.46 fils in the same period last year.
The market has been mixed so far during the week and is up 2 points in last four sessions. It has dropped 16 points so far during the month and is down 4.25 pct year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.
In the bourse related news , Hilal Cement Company has registered a net profit of KD 415,000 and earnings per share of 5.4 fils in the first quarter of 2016 rebounding from a net loss of KD 78,685 and losses per share of 1.0 fils in 2015 Q1.
Advanced Technology Company has registered a net profit of KD 1.53 million and earnings per share of 10.25 fils in the three-month period ending March 31, 2016 as against a net profit of KD 1.15 million and earnings per share of 7.69 fils in the same period last year.
Shuaiba Industrial Co. has posted a net profit of KD 629,557 and earnings per share of 7.93 f ils in the first quarter of 2016 as compared tonet profit of KD 444,921 and Earnings per share 5.65 fils in the same period last year.
Aqar Real Estate Investments Co as penciled a net profit of KD 278,860 and earnings per share 1.30 fils in the first three months of 2016 as against a net profit of KD 506,241 and earnings per share of 2.22 fils in the same period last year.
Mezzan Holding Co has reported a net profit of KD 5.19 million and earnings per share of 16.68 fils in the quarter ending March 31, 2016 as against net profit of KD 5.45 million and earnings per share of 17.52 fils in the same period last year.
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