(MENAFN- Arab Times) Kuwait stocks trod water on Wednesday after charting a modest rebound in the previous session. The index inched 2.7 points up in listless trading. The scrips moved in a tight range even as investors remained wary of taking up fresh positions.
The bourse wound up at 6278.70 points after hovering around the opening mark during the session while the weighted index ticked 0.71 points lower to 436.87. The volume turnover rose sharply for the second consecutive day helped by speculative trading in some of the low and mid priced stocks. 147.62 million shares changed hands - a 57.6 percent surge from the day before.
National Bank of Kuwait, the sector bellwether shed 20 fils erasing the gains on Tuesday. It closed at KD 1.160 after trading 0.64 million shares. The Moody's have affirmed stable outlook to the lender and assigned a standalone BFSR of "C". Boubyan Bank was down 10 fils at KD 0.600 reversing the rise in the day before.
The other heavyweights were largely muted. Zain stagnated at KD 1.040 trimming modest gains earlier in the session. The counter saw a volume turnover of 1.105 million shares. Wataniya Telecom held the ground steady at KD 1.960 while Agility edged 5 fils lower to KD 0.320.
Among other movers, Burgan Well Drilling Co climbed 25 fils to KD 0.390 and City Group Co gained 20 fils to wind up at KD 0.600. United Gulf Bank was up 10 fils whereas Jazeera Airways eased 4 fils to settle at KD 0.200. The stock had rallied 72 fils during May and has climbed 8 fils so far during the month.
Kuwait Food Co soared 40 fils on thin trading to close at KD 1.620. The company has recorded KD 15.9 million in Q1 profits and earnings per shares of 41 fils compared to KD 13.8 million and EPS of 35 fils per share in the same period last year.
Positive
The market opened on positive note and rose cautiously in early trading. The index hit the day's highest level of 6285.9 points and drifted lower amid subdued sentiments. It moved sideways thereafter and slipped into red in final minutes. However it pulled up to close almost flat.
Top gainer of the day, Commercial Real Estate Co climbed 7.14 percent to 75 fils while Burgan Well Drilling Co rose 6.8 percent to stand next. Housing Finance Co slid 10.1 percent - the steepest decliner of the day, while Kuwait International Bank topped the volume with 46.16 million shares.
The market spread was almost evenly poised with 26 stocks advancing and 27 closing lower. Of the 95 counters active on Wednesday, 41 closed flat. 1686 deals worth KD 33.44 million were transacted - a 95.9 percent surge in value over previous session.
Yiaco Medicals slipped 15 fils to KD 0.450 and Aref Energy ticked 2 fils lower to KD 0.110. Kuwait Gulf Links closed unchanged at KD 0.136. The company has posted a net profit of KD 1,906,196 and earning per share of 7.21 fils in the January-March period.
National Industries Group edged 2 fils lower to KD 0.248 while Kuwait Pipes and Gulf Cables stagnated at KD 0.186 and KD 1.220 respectively. Kuwait Portland Cement soared 40 fils to KD 1.220 whereas Kuwait Foundry Co retreated 10 fils. Qurain Petrochemical Industries Co rose 2 fils while Boubyan Petrochemicals Co was flat at KD 0.570 with a volume of 1.04 million shares.
In the banking sector, Gulf Bank was unchanged at KD 0.540 while Commercial Bank was not traded during the session. Al Ahli Bank too was steady at KD 0.650 and Ahli United Bank followed suit. ABK last month had won the Central Bank of Kuwait approval for the bank's extension request to buy back or sell up to 10% of its issued shares over a six-month period ending on Dec 12, 2011.
Unchanged
Burgan Bank stagnated at KD 0.510 and Kuwait International Bank followed suit to close at KD 0.325. Kuwait Finance House was unchanged at KD 1.020 pulling up from early loss. The Islamic lender's earnings in the January - March period stood at KD 39.3 million while earning per share clocked 17 fils.
Investment major KIPCO was flat at KD 0.380 whereas National Investment Co edged 2 fils higher to KD 0.232 on back of 4 million shares. International Finance Co was unchanged at KD 0.122. The 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.
First Investment Co gained 5 fils while Bayan Investment held the ground steady at 30.5 fils. Global Investment House inched 0.5 fils lower.
The company 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.Housing Finance Co eased 5 fils and Tamdeen Investment Co closed 2 fils lower.
National Real Estate Co took in 1 fils and Salhiya Real Estate rose 2 fils to wind up at KD 0.222. Pearl of Kuwait Real Estate Co stagnated at 20 fils whereas Mabanee Co added 5 fils. Mazaya Holding Co fell 1 fils and Kuwait Remal Real Estate Co dropped 15 fils to end at KD 0.315 after trading 5.4 million shares.
The bourse has been weak so far during the week and has dropped 58 points from last week's closing mark.
It has dived 100 points since start of the month and is trading 10 percent lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
Meanwhile Kuwait Stock Exchange has selected 15 firms for its new Kuwait 15 Index. They are:- Mobile Telecommunications Co (Zain), National Mobile Telecommunications (Wataniya), National Bank of Kuwait, Kuwait Finance House, Gulf Bank, Boubyan Bank, Ahli United Bank, Burgan Bank, Kuwait Projects Co Mabanee Co, Kuwait International Bank, Agility Public Warehousing Co, National Industries Group Holding, Gulf Cable & Electrical Industries Co, Boubyan Petrochemical Co. The list is to be reviewed every six months.
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.
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