(MENAFN - Arab Times) Kuwait stocks pulled higher Tuesday, extending the gains to the third consecutive day. The index rose 15.57 points in choppy trade, led by select mid-caps even as the heavyweights continued to be muted.
The sentiment was largely skittish in absence of positive indicators. The bourse has closed higher in 4 of the last 6 sessions.
The KSX 15 benchmark eased 3.67 points to 986 points while the weighted index edged 1.7 pts lower. The volume turnover ticked slightly lower stemming the two-advance. 292.9 million shares changed hands - down 2.14 percent from the day before. KSE had slumped 6.53 points during whole of June amid political turmoil.
Mabanee Co rose 20 fils adding to the solid gains on Monday and wound up at KD 1.160 while Salhiya Real Estate rose 5 fils to KD 0.270. Automated Systems Co too was up 5 fils with thin trading and Kuwait Gulf Links took in 2 fils after stagnating in the previous session. The stock had shed 21 fils during whole of June and is trading. 4 fils higher from start of the month.
Zain eased 10 fils extending an identical fall in the previous session while Agility held the ground unchanged at KD 0.385. Wataniya Telecom remains suspended from the bourse awaiting the outcome of the Qtel's bid to hike its stake in the Kuwait based telco.
On the downside, Gulf Cables shed 20 fils and Kuwait Foundry Co followed suit to close at KD 0.305. Gulf Glass Manufacturing Co tumbled 50 fils while Combined Group Contracting Co was down 20 fils at KD 1.200.
The market opened flat but slipped below the red in early trade. The index drifted range bound as sentiments turned cautious and hit the day's lowest level of 5,853.89 points well past the mid-session. It clawed back thereafter as buying picked up in select counters and managed to climb past the opening mark in the final minutes.
Top gainer of the day, Investors Holding Group Co rallied 8.33 percent to 19.5 fils while Gypsum Manufacturing and Trading Co climbed 8.2 percent to stand next. Kuwait Syrian Holding Co slid 8.47 percent, the biggest loser of the day and Ithmar Bank topped the volume with 26.27 million shares.
Reflecting the day's gain, the winners outnumbered the losers. 49 stocks advanced whereas 40 closed lower. Of the 130 counters active on Tuesday, 41 closed flat. 5,094 deals worth KD 21.14 million were transacted - up 2.42 percent in value from the day before.
In the banking sector, National Bank of Kuwait vacillated before closing flat at KD 1.040 and Gulf Bank followed suit to wind up at KD 0.435. The lender's net profit stood at KD 7.4 million in Q1. Total assets reached KD 4,907 million even as the bank hiked its general reserve by KD 14 million to KD 104 million.
Commercial Bank of Kuwait shed 20 fils after stagnating on Monday while Ahli United Bank eased 10 fils with thin trading. Kuwait International Bank was unchanged at KD 0.255 and Burgan Bank too did not move in either direction. The stock had added 5 fils during whole of June and is trading 45 fils lower year-to-date.
Kuwait Finance House stagnated at KD 0.730 whereas Al Ahli Bank dived 40 fils. The lender has won Central Bank's approval to extend the period to buy back or sell up to 10% of own issued shares over an additional six-month period. Boubyan Bank was steady at KD 0.620.
Investment major KIPCO closed flat at KD 0.330 off early lows and National Investment Co followed suit. Securities Group Co edged 2 fils higher. The company in June purchased 37,747,421 shares of Kuwait Saudi Pharmaceuticals Industries Co for a total value of KD 12,175,311 and thereby increased its equity to 50%, or 38,525,000 shares.
Al Maal Investment inched 0.5 fils lower to 39 fils after trading 2.13 million shares whereas Bayan Investment closed flat at 34 fils. KAMCO rose 6 fils partly reversing the loss in the previous session. KAMCO in June offloaded its full stake in an unlisted investment at a total value of KD 4 million and thereby generated KD 1.5 million earnings.
Salhiya Real Estate gained 5 fils whereas Tamdeen Real Estate closed flat. National Real Estate Co was not traded during the day. The stock had slipped 8 fils during June and is trading 8 fils lower YTD.
National Industries Group held the ground unchanged at KD 0.212 after trading 2.09 million shares and Kuwait Pipes too did not budge from its earlier close. Burgan Well Drilling Co slipped 6 fils. The company has earned KD 1,325,638 and earnings per share of 6.32 fils in fiscal year ending March 2012.
The bourse has been positive so far during the week and gained 105.12 points in last three sessions. It had tanked 404.61 points during whole of June and is trading 1.77 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Money Markets Authority has said that it is planning to delist shares of Global Investment House Co unless the company fully writes off accumulated losses as of Dec 31, 2011 before Sept 30, 2012. The authority further stated that, the company's capital should exceed KD 15 ml after excluding treasury bills and effect of change in Fair Value Reserves as well as Foreign Exchange Reserve.
Kuwait Stock Exchange has announced that Wataniya Telecommunications Company and Gulf Cables and Electrical Industries Company will be replaced by Boubyan Petrochemical Company and Qurain Petrochemicals Industry Company in the KSX 15 index. Real Estate Commercial Company, United Real Estate Company and Aviation Lease and Finance Company (ALAFCO) were added to substitute list.
Sokouk Holding Co has incurred net loss of KD 10,170,323 and loss per share of 10.17 fils as compared with net loss of KD 26,080,147 and loss per share of 26.08 fils in the same period last year.
Securities House Co has posted first half net loss of KD 16,397,844 and loss per share of 25.7 fils as compared to net loss of KD 14,809,848 and loss per share of 23.2 fils in the same period last year.
Noor Financial Investment Co has posted a net loss of KD 15,153,392 and loss per share of 21 fils in the first quarter as against net loss of KD 30,623,757 and loss per share same of 42 fils in the same period last year.