(MENAFN- Arab Times) Kuwait stocks staged a feeble claw-back Monday after declining in the previous three sessions. The index rose 9.98 points in lackluster trading to 5,689.24 points backed by buying in some of the mid and small caps while heavyweights closed mixed. The market mood was largely cautious even as investors eye further developments in the political arena.
The KSX 15 benchmark slipped 8.47 points to 934 points whereas weighted index eased 2.11 points. The volume turnover rose above the 100 million mark for the first time in the month helped mostly by speculative trading. 113.87 million shares changed hands - a 20.11 percent increase from Sunday. KSE had hit a eight-year low on Sunday.
Sector-wise, healthcare outshone the rest with 2.15 percent gain whereas technology sector pulled 0.83 percent lower, the worst performer of the day. In terms of volume, financial sector accounted for 61.41 percent market share and real estate stood a distant second with 19 percent contribution.
Gulf Glass Manufacturing Co climbed 40 fils on thin trading recouping most of the losses in the previous session while Independent Petroleum Group Co rose 15 fils to KD 0.330. Burgan Well Drilling Co added 10 fils while United Foodstuff Industries Co gained 20 fils.
United Projects Group jumped 25 fils and Yiaco Medical Co followed suit to end at KD 0.380. Kuwait Gulf Links was up 3 fils at 88 fils reversing the loss on Sunday. The stock has edged 3 fils higher from start of the month and is trading 14 fils lower year-to-date.
Bourse heavyweight Zain fell 10 fils to KD 0.660 after stagnating in the previous session whereas Agility was off 5 fils at KD 0.395. The company last has recently secured 2-year contract valued at $238 million to offer logistics support for Gorgon natural gas project in Western Australia.
Positive
The market opened on positive note and edged higher in early trade. The index moved range bound and hit the day's high of 5,692.7 points in the first half. It drifted lower thereafter on selling in select counters and bottomed at 5,672.53 points. However, it pulled up in the final minutes and managed to close in the green.
Top gainer of the day, United Foodstuff Industries Group vaulted 9.9 percent to KD 0.326 whereas Securities Group rose 8.7 percent to stand next. City Group dived 7.55 percent, the steepest decliner of the day, while Gulf Finance House topped the volume with 32.31 million shares.
On the downside, National Bank of Kuwait dropped 20 fils after trading 2.38 million shares and wound up at KD 0.960 while Kuwait Finance House pulled 10 fils lower. The Capital Intelligence earlier in July had affirmed KFH's Foreign Currency Long and Short term ratings at 'A+' and 'A1' respectively, while its Financial Strength Rating is placed at 'BBB+.'
Automated Systems Co shed 25 fils and Combined Group Contracting Co knocked off 20 fils. The company has posted a H1 net profit of KD 4,083,345 and earnings per share of 38.45 fils.
National Industries Group slipped 2 fils after trading 0.33 million shares and Kuwait Pipes was down 3 fils at 99 fils. Gulf Cables slumped 20 fils to KD 1.020 whereas Kuwait Portland Cement Co ended flat at KD 0.850 off early lows.
In the banking sector, Gulf Bank climbed 15 fils after trading over 1 million shares and wound up at KD 0.400 whereas Al Ahli Bank and Commercial Bank were not traded during the session. CBK has posted a 5.4-percent drop in Q2 earnings to KD 1.22 million owing to heavy provisioning once again wiped out earnings growth. In the first half, the net profit clocked KD 0.451 millionKuwait International Bank lost 6 fils with a volume turnover of 1.09 million shares and Burgan Bank held the ground unchanged at KD 0.475. The stock is unchanged from start of the month and also year-to-date.
Stagnant
International Financial Advisors inched 1 fil up on back of 3.66 million shares whereas National Investment Co and KIPCO were stagnant at KD 0.102 and KD 0.365 respectively. Kuwait Financial Centre Co pulled up from early lows to close flat at KD 0.118 and Al Maal Investment Co too did not budge from its previous close.
Bayan Investment Co flunked 1 fil whereas Al-Madar Finance and Investment Co rose 2 fils with a volume of 4.19 million shares. The company has earned KD 1.475 and clocked an earning per share of 4.15 fils in the year ended Dec 31, 2011.
Mabanee Co shed 20 fils whereas National Real Estate Co stagnated at KD 0.120. Mazaya Holding rose 5 fils to 66 fils. The firm has logged a net profit of KD 1,596,891 and earnings per share of 2.73 fils in the first half of 2012 as compared to KD 15,804,867 profit and 28.49 fils EPS in the same period last year.
The bourse has been mixed so far during the week and has eroded 10.12 points in last two sessions. It has wiped off 31.13 points from start of the month and is trading 1.77 percent lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, IFA Hotels and Resorts Co has incurred a net loss of KD 1,805,454 and loss per share of 4.19 fils as compared to KD 5,170,290 earning and 11.99 fils EPS in the same period last year.
Humansoft Holding has logged a net profit of KD 1,328,514 and earnings per share of 11.63 fils in H1 as against net profit of KD 425,634 and earnings per share of 3.77 fils in first half of 2011.
Alsalam Group Holding announced has earned KD 238,729 in the first six months of the year while earnings per share chalked 1.03 fils. This compares with net loss of KD 21,578 and loss per share of 0.09 fil in the same period last year.
Kuwait National Cinema has registered net profit of KD 3.30 million and earnings per share of 33.11 fils in the first six months of 2012 as against KD 3,453,847 earning and 34.56 fils EPS in the same period last year.
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 514,200.
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.
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