(MENAFN - Arab Times) Kuwait stocks kicked off the week on a positive note. The index pulled 9.38 points higher to 5,732.99 points in slightly volatile trade extending the gains to the third straight session.
The day's gain was led by some of the mid-caps even as most of the blue chips remained subdued. The trading floor sentiment was guarded owing to the bearish undercurrent.
KSX 15 slipped 2.88 points to 947.62 points while the weighted index inched 0.6 points lower. The volume turnover dropped 15.32 percent to 80.36 million - the lowest level so far during the month. It had slipped below the 100 million mark in the last week of July partly owing to the start of the Ramadan and the summer lull.
Sectorwise, healthcare outperformed the rest with 2.15 percent gain while technology shed 2.21 percent, the biggest loser of the day. Volumewise, real estate garnered the highest share of 41.13 percent and financial services stood next clocking 37.54 percent. The bourse had shed 1.19 percent in July amid anemic trading.
Ahli United Bank climbed 20 fils to KD 0.900 with thin trading and KIPCO was up 5 fils on back of 0.69 million shares. The stock had gained 10.7 percent during July and is trading 40 fils higher from start of the month. Yiaco Medical Co jumped 25 fils and Kuwait Food Co ( Americana) climbed 20 fils to KD 1.340.
Bourse heavyweight Zain eased 10 fils to KD 0.680 after stagnating in the previous session.. The Zain Group earlier in July had stepped in to save a 1.6 billion rights issue by Zain Saudi which had elicited a dull response from the market. The group has hiked its stake in the Saudi unit to 37 per cent.
Agility held the ground unchanged at KD 0.385 while Kuwait Gulf Links inched 1 fils lower to 90 fils. The stock had eased 2 fils in July and is trading 12 fils lower year-to-date.
Among other gainers, Kuwait Remal Real Estate Co rallied 25 fils on back of 10.8 million shares and RISCO was up 10 fils. NAPESCO rose 5 fils to KD 0.330 and Kuwait Pipes ticked 2 fils higher. KMEFIC took in 1 fils.
On the downside, Gulf Glass Manufacturing Co dived 40 fils to KD 0.670 and Automated Systems Co erased 25 fils to close at KD 0.400. Combined Group Contracting Co tumbled 60 fils to KD 1.24 and Mabanee Co dropped 20 fils.
The market opened on positive note and rose slightly in early trade. The index crested at 5734.18 points and retreated thereafter as sentiments turned weak. It continued to erode and bottomed at 5712.98 points well past the mid-session and managed to pare the losses in the final minutes before closing in the green.
Top performer of the day, Kuwait Clinic spiked 10 percent to KD 0.110 while Munatazahat rallied 7.84 percent to stand next. Marin tumbled 7.94 percent, the steepest decliner of the day, and Abyaar topped the volume with 15.24 million shares.
The market spread was skewed towards the winners. 42 stocks advanced while 33 closed lower. Of the 110 counters active on Sunday, 35 closed flat. 1928 deals worth KD 13.8 million were transacted - a 22.79 percent rise in value from the previous session.
In the banking sector, National Bank of Kuwait stagnated at KD 0.990 after trading 2.19 million shares and Gulf Bank followed suit. Commercial Bank dropped 20 fils to KD 0.730 whereas Ahli United Bank added 20 fils with thin trading. Al Ahli Bank was flat at KD 0.650. The lender has registered a 25.8 per cent year-on-year drop in net profit to KD 28.44 million during the first half of 2012 while earnings per share came in at 14 fils. Burgan Bank eased 5 fils and Burgan Bank held the ground unchanged at KD 0.600
Kuwait Finance House fell 5 fils to KD 0.680.The Capital Intelligence has affirmed KFH's Foreign Currency Long and Short term ratings at 'A' and 'A1' respectively, while its Financial Strength Rating is placed at 'BBB'. The agency has cited lender's strong financial status, due to the support of the government and the shareholders.
National Industries Group slipped 2 fils and Gulf Cables shed 20 fils to close at KD 1.060. Kuwait Portland Cement Co was down 10 fils and Jazeera Airways added 5 fils. The carrier's second quarter net profit jumped 23.5 percent to KD 2.6 million and operating profit surged 49.2 percent year-on-year to KD 4.2 million. In the first half operating profit soared 39.9 percent y-o-y to KD 6.4 million while net earnings climbed 21.6 percent to KD 3.8 million.
In the bourse related news, Madina For Finance & Investment has inked a final contract with a creditor to repay a debt amounting to AED 25,691,651 through assets in kind. This will lead to a decline in the company's debts by KD 1,939, 745.
City Group's first half earnings soared 150 percent to KD 1.65 million. In the second quarter, the profit stood at KD 742,300 a 68 percent jump from the year-earlier period.
National Petroleum Services Co has posted a 43.3 percent drop in earnings to KD 907,000 during the H1. In the second-quarter, the profit dropped 41.2 percent year-over-year to KD 514,2 000 .
United Industries Company (UIC), a unit of Kuwait Projects Company Group has incurred a second quarter loss of KD 134,116 . Company's net profit for the first half surged KD 2.51 million while earnings per share stood at 5.21 fils per share. Income from associates reached KD 4.96 million and
investment in associates was up 5 per cent to KD 152.6 million.
Noor Financial Investment has signed an agreement with Burgan Bank to roll over KD 2.7 million debts maturing in 2018. The investment firm had earlier rescheduled KD 117.5 million debts with Gulf Bank, Commercial Bank of Kuwait and Kuwait Finance House.
The Capital Market Authority (CMA) earlier in July has announced delisting five of the eight stocks suspended from trading on Kuwait Stock Exchange (KSE) for more than six months. The delisted companies are The International Investor Co, Al Masar Leasing and Investment Co, A'ayan Leasing and Investment Co, Aref Investment Group, and Grand Real Estate Projects Co.