(MENAFN - Arab Times) Kuwait stocks covered more grounds on Wednesday, extending the gains to the third day in row. The index rose 15.6 points in choppy trade led by Zain. Some of the mid and low priced stocks too saw moderate buying interest even as the sentiments remained cautiously positive.
The bourse wound up at 6,330.40 points while the weighted index inched 1.22 points higher to settle at 444.08. The volume turnover swelled 19.4 percent to 131.81 million. It had slipped twice below the 100 million mark so far during the month indicating elevated investors' wariness.
Zain rose 20 fils on back after stagnating on Tuesday. It closed at KD 1.060 after trading 1.18 million shares.
The stock opened the week on a low note after the telecom major said that the due diligence is yet to start on its stake sale in Saudi unit. In March, Zain had given its nod to sell its stake in affiliate Zain Saudi to joint bidders Bahrain Telecommunications (Batelco) and Kingdom Holding.
Among other gainers, National Investment Co rose 4 fils on back of 1.91 million shares and KIPCO climbed 5 fils to KD 0.390. The counter saw 1.22 million shares change hands. The stock had shed 40 fils during whole of May and is trading 10 fils higher since start of the month.
International Finance Co and Kuwait Financial Centre rose 2 fils each to end at while First Investment Co followed suit to wind up at KD 0.108. International Finance Company has won Central Bank of Kuwait's approval for the company's request to buy back up to 10% of its issued shares for a six-month period.
The market opened flat and moved narrowly higher in early trade. The index slipped briefly into red almost half way into session and bottomed at 6328.7 points amid moderate selling in select counters. It rebounded thereafter and peaked at 6346 points in the final minutes as bargain buying picked up.
Top gainer of the day, United Food Industries Group spiked 19.6 percent while Gulf North Africa Company climbed 8.1 percent to stand next. Pearl of Kuwait Real Estate Co dived 9.09 percent, the steepest decliner of the day, while Oula Fuel topped the volume with 11.27 million shares.
Mirroring the day's gain, the winners outled the losers. 35 stocks advanced while 21 closed flat. Of the active 95 stocks active on Wednesday, 38 closed flat. 2270 deals worth KD 20.65 million were transacted - a 25.4 percent surge in value from the previous session.
Global Investment House inched 0.5 fils up to KD 0.044 with a volume of 2 million shares while Bayan Investment Co held the ground unchanged at 31.5 fils. Kuwait Remal Real Estate Co jumped 25 fils on back of 5.73 million shares and United Foodstuff Industries Co soared 50 fils. Jazeera Airways added 4 fils while Egypt Kuwait Holding and United Gulf Bank rose 5 fils each. The lender has posted a net profit of 4.8 million for the first quarter of 2011, down from 7.5 million profit in the same period lat year. The bank has made provisions of 3.2 million for the quarter.
On the downside, Agility eased 5 fils to KD 0.335 while Wataniya Telecom was unchanged at KD 1.980. The stock had slid 60 fils during whole of May but has added 20 fils so far during the week.
Aref Energy Holding Co rose 4 fils to settle at KD 0.116 whereas Kuwait Gulf Links closed flat at KD 0.142. KGL has posted a net profit of KD 1,906,196 and earning per share 7.21 fils in the January-March period - higher than KD 1,281.849 and earning per share 4.87 fils in same period of 2010.
Slipped In the banking sector, National Bank of Kuwait was unchanged at KD 1.200 after trading 2.02 million shares whereas Gulf Bank slipped 10 fils to KD 0.550. The counter saw 2.21 million shares change hands. Al Ahli Bank and Ahli United Bank were not traded during the day.
Burgan Bank ended flat at KD 0.520 after trading in red earlier in the day and Commercial Bank of Kuwait held the ground unchanged at KD 0.890. The lender has won Central Bank's approval for its extension request to buy back or sell up to 10% of its issued shares over a six-month period. Kuwait Finance House was stagnant at KD 1.020. The stock had slid 40 fils during May and is trading 20 fils lower since start of the month. Boubyan Bank too did not budge from its earlier close of KD 0.600.
Mazaya Holding edged 1 fils higher whereas Al Enma Real Estate eased 4 fils to KD 0.265. National Real Estate Co and Mabanee Co closed flat. NREC has posted a net profit of KD 886,034 in the first three months of the year and an EPS of 1.14 fils as against KD 5,982,016 earnings and EPS of 7.72 fils in same period last year National Industries Group was unchanged at KD 0.255 after trading 1.68 million shares while Kuwait Pipes added 6 fils to wind up at KD 0.200. Gulf Cables was unchanged at KD 1.560 and Kuwait Portland Cement dropped 20 fils.
The bourse has been upbeat so far during the week and has gained 40 points from last week's closing mark. However it is down 32 points since start of the month and is trading 9 percent lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Bayan Investment Co. has incurred a net loss of KD 3,792,933 and loss per share of 10.61 fils in the three-month period ending March 31, 2011 as compared to a net loss of KD 1,862,004 and loss per share of 5.23 fils in the same period last year.
National Industries Group has registered a first quarter net profit of KD 1,941,000 and earning per share of 2 fils as compared to profit of KD 4,712,000 - in same period last year.
Qurain Petrochemical has earned KD 18.16 million in Q1 - a 459 percent spike from same period last year. Earnings per share worked out at 16.58 fils, compared with 2.97 fils in Q1 of 2010.
Meanwhile Kuwait Stock Exchange earlier in May has suspended shares of 37 companies for failing to submit financial results of first quarter in the stipulated time. They are: Kuwait Investment Company, International Financial Advisors, International Investor Company, Securities House Company, Industrial and Financial Inv. Co, International Investment Group, Aref Investment Group, Investment Dar Company, Al Aman Investment Co, First Investment Co, Al Maal Investment Co, Aayan Leasing and Investment Company, GulfInvest International Co, Kuwait Financing and Investment Co, International Leasing and Investment Co.
Housing Finance Co Al Madar Finance and Investment Co, Al-Safat Investment Co, Al-Qurain Holding Co, Sokouk Holding Co, Noor Financial Investment Strategia Investment Co, Amwal International Investment Co, Al-Masar Leasing and Investment Co, Al Dar National Real Estate Co, Safat Global Holding, Munshaat Real Estate Projects Co, Gulf Rocks Co, Mena Holding Co, National Ranges Co, Al-Safat Tech Holding Co, Villa Moda Life Style, Network Holding Co, Kuwait National Airways Co, Gulf Finance House, Al-Shamel International Holding Co. and Ajwan Gulf Real Estate Co.