(MENAFN- Arab Times) Kuwait stocks staged moderate rebound Wednesday stemming the 10-day decline. The index climbed 33.8 points in volatile trade led by select banks and some of the mid-caps to close at 6,241.42 points. The trading floor sentiment was skittish in absence of positive catalysts.
The KSX 15 benchmark rose 3.14 points and is trading over 21 points from its launch in the middle of the month while the weighted index edged 1.99 pts higher. The volume almost flatlined after rising in the last two sessions.
339.58 million shares changed hands - up 0.6 percent from Tuesday. Among the sectors, technology was the top performer gaining 24.95 pts whereas consumer services shed 10.74 pts, the steepest decliner of the day.
Sector bellwether National Bank of Kuwait gained 20 fils to end at KD 1.060 and Al Ahli Bank climbed 30 fils adding to the modest rise in the previous session. The bank recorded a 30.1 percent year-on-year drop in first quarter net profit. Gulf Bank was up 5 fils at KD 0.410.
Zain held the ground unchanged at KD 0.710 off early lows and Agility too did not budge from the earlier close of KD 0.400 with a volume of 1.54 million shares. Wataniya Telecom dived 40 fils after stagnating in the previous session.
Advanced Technology Co soared 50 fils recouping the fall on Tuesday while Automated Systems Co was up 25 fils at KD 0.490. Combined Group Contracting Co rallied 40 fils on back of 3.11 million shares while City Group Company added 10 fils with thin trading.
Among other advancers, Hilal Cement Co rose 5 fils and Jazeera Airways followed suit to wind up at KD 0.400. The stock has shed 35 fils from start of the month and is trading 55 fils lower year-to-date. ACICO Industries Co was up 4 fils at KD 0.242.
Choppy
The market opened choppy and swayed around the opening mark in early trade. The index retreated as selling dragged some of the counters lower and hit the day's lowest of 6,183.48 pts almost half way into the session. It clawed back thereafter and traded above the opening mark in the second half before closing with moderate gains.
Top gainer of the day, Kuwait Gypsum Manufacturing and Trading Co climbed 8.9 percent to KD 0.122 and Manazel Holding rose 8.2 percent to stand next. Kuwait Medical Services Co dived 8.33 percent, the worst performer of the day, while Gulf Finance House topped the volume with 61.88 million shares.
Reflecting the day's advance, winners outled the losers. 65 stocks advanced whereas 37 closed lower. Of the 128 counters active on Wednesday, 25 closed flat. 5,541 deals worth KD 24.91 million were transacted - up 10.4 percent in value from day before.
On the downside, United Projects Group shed 20 fils and IFA Hotels and Resorts was down 25 fils at KD 0.370. Gulf Glass Manufacturing Co slid 50 fils while Gulf Cables eased 10 fils to KD 1.220. National Industries Group ticked 2 fils higher on back of 2.6 million shares to end at KD 0.218.
In the banking sector, Commercial Bank of Kuwait was flat at KD 0.750 whereas Ahli United Bank eased 10 fils to KD 0.880. Kuwait International Bank fell 5 fils and Burgan Bank followed suit to close at KD 0.425. The stock has shed 10 fils from start of the month while year-to-date it slid 50 fils.
Kuwait Finance House stagnated at KD 0.750 off early lows. KFH has won the central bank approval to sell or repurchase 10% maximum of its issued shares for additional six months. Boubyan Bank was unchanged at KD 0.610.
Investment major KIPCO was flat at KD 0.325 whereas National Investment Co slipped 2 fils after trading 1.24 million shares. International Financial Advisers inched 0.5 fils up. IFA has logged a net loss of KD 4.765 million and loss per share of 7.09 fils in the first quarter of 2012.
Higher
Securities Group Co dropped 10 fils to KD 0.130 whereas International Finance Co ticked 2 fils higher. Bayan Investment Co was up 1 fils at 38 fils whereas KAMCO eased 10 fils. The company has recorded a net profit of KD 0.40 million and earnings-per-share of 1.68 fils in January-March quarter while total revenues came in at KD 2.61 million.
National Real Estate Co rose 2 fils to KD 0.128 whereas Salhiya Real Estate pulled 5 fils lower. Mabanee Co added 10 fils on back of over 1 million shares. The stock has shed 20 fils from start of the month while year-to-date it gained 120 fils.
Kuwait Food Co (Americana) closed flat at KD 1.300 after trading in red earlier in the day and Kuwait Gulf Links too was unchanged at KD 0.110. The company has incurred KD 1.986 million losses or 7.52 fils loss per share in Q1, narrowing from KD 4.639 million or 17.56 fils LPS in same period last year.
The bourse has been downbeat during most part of the week and has eroded 97.97 points in last four sessions. The index has shed 127.18 points so far during the month and is trading 7 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, KSE has suspended 31 listed companies from trading for failing to publish their financial results in stipulated time. The majority of the suspended firms where in the investment sector.
Qurain Petrochemical Industries Co has registered net profit of KD 33,015,699 and earnings per share of 30.14 fils in the first three months of 2012. The Board of Directors recommended a dividend payout of cash 15%.
Al Maal Investment has logged a first quarter net loss of KD 150,306 and loss per share of 0.28 fils as against KD 4,063,980 loss and 7.69 LPS in the 2011 Q1.
Tamdeen Real Estate has earned KD 2,216,894 in first quarter of 2012 while earnings per share clocked 6 fils. This compares with net profit of KD 1,718,908 and 4.6 fils EPS in 2011 Q1.
Noor Financial Investment signed an agreement with Kuwait Finance House to reschedule KD 44 million debt maturing in 2018 and represents 28% of the total debts. Earlier, Noor had rescheduled KD 73.5 million debts with Gulf Bank of Kuwait and Commercial Bank of Kuwait.
National Petroleum Services logged net profit of KD 392,730 and earnings per share of 7.48 fils in the January-February period - down from KD 725,806 and 13.83 fils in the year before.
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