(MENAFN - Arab Times) Kuwait stocks gained more ground Tuesday after posting a marginal rise in the previous session.
The index rose 11.27 points in slightly volatile trade driven by select heavyweights and some of the mid-caps. The bourse, which hit an eight-year low earlier in the week, was cautiously positive amid speculative trading .
The KSX15 benchmark climbed 19.11 points to 953.11 points while the weighted index added 5.2 points. The volume turnover receded after rising past the 100 million mark on Tuesday. 99.06 million shares changed hands - down 13.04 percent from the day before.
Among the sectors, oil and gas outperformed the rest rallying 1.56 percent whereas insurance slid 1.97 percent to emerge as the worst performer. Volume wise, financial services logged the highest market share of over 40 percent and real estate came in next with 27.9 percent.
National Bank of Kuwait jumped 30 fils on back of 3.2 million shares to end at KD 0.990 and Kuwait Finance House was up 10 fils at KD 0.610. The stock has eroded 80 fils so far during the month and has plunged 290 fils year-to-date.
Bourse heavyweight Zain rose 20 fils to KD 0.680 more than recouping the fall in the previous session and saw over 1.9 million shares change hands while Agility was up 10 fils on back of 1.57 million shares. The logistics major has posted KD 7.82 million in the April- June quarter as against KD 7.83 million in the year-ago period. The earnings per share clocked 7.85 fils.
United Projects Group climbed 25 fils to KD 0.490 and Yiaco Medical Co followed suit to close at KD 0.405. Jazeera Airways was up 10 fils at KD 0.410. The stock is unchanged from start of the month and has shed 45 fils from start of the year. Automated Systems Co gained 25 fils with thin volume.
National Industries Group, the Kharafi Group's flagship company, rose 10 fils on back of 4.09 million shares after the company said that it will repay its 475 million Islamic bond, or sukuk, maturing on August 16. NIG has logged a net profit of KD 10.48 million and earnings per share of 8 fils in the first six months of the year.
The market opened on positive note and edged higher in early trade. The index however retreated thereafter as sentiments weakened and slipped below the red before the mid-session. It continued to erode and hit the day's lowest level of 5678.91 points before clawing back in the final minutes to close with modest gains.
Top gainer of the day, Contracting and Marine Services Co rallied 10.17 percent to KD 0.130 while Independent Petroleum Group climbed 6.94 percent to stand next. Marakez slid 12.33 percent, the steepest decliner of the day, while Gulf Finance House topped the volume with 13.9 million shares.
Reflecting the day's upswing, the gainers outled the losers. 49 stocks advanced whereas 35 closed lower. Of the 117 counters active on Tuesday, 33 closed flat. 2379 deals worth KD 13.39 million were transacted - a 14.54 percent rise in value from the previous session.
On the downside, Gulf Glass Manufacturing Co shed 30 fils to KD 0.660 while Safwan Trading and Contracting Co and Burgan Well Drilling Co slipped 10 fils each. United Foodstuff Industries Group too was down 10 fils whereas Kuwait Food Co stagnated at KD 1.300. The firm has posted a 14.6% decline in net earnings to KD 25.043 million.
In the banking sector, Kuwait International Bank rose 8 fils to KD 0.244 while Gulf Bank held the ground unchanged at KD 0.400 after closing higher on Monday. Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session.
Ahli United Bank ended steady at KD 0.880 and Burgan Bank was up 20 fils at KD 0.690. Moody's has downgraded the lender's global local currency (GLC) deposit and foreign currency deposit ratings to A3/Prime-2 from A2/Prime-1. The bank's standalone bank financial strength rating (BFSR) was affirmed at D. Boubyan Bank edged 2 fils lower.
Kuwait Investment Co rose 2 fils and National Investment Co was up 4 fils on back of 1.36 million shares. KIPCO ended flat at KD 0.365 and Kuwait Financial Centre followed suit to wind up at KD 0.118.
Al Maal Investment Co and Bayan Investment Co both inched 0.5 fils higher whereas KAMCO pulled 10 fils lower to KD 0.200. The company has suffered a net loss of KD 2.902.183 and loss per share of 12.14 fils in H1.
Al Salam Group Holding Co fell 5 fils after trading 0.78 million shares. Alimitiaz Investment Group added 2 fils and Sokouk Holding was up by same measure. The company has incurred a loss of KD 286,087 loss per share of 0.53 fils in the January-June period versus KD 2,099,393 loss and 3.90 fils LPS in the same period last year. National Real Estate Co and Mabanee Co ended flat whereas Mazaya Holding eased 3 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.
The bourse has been mixed so far during the week and has edged 1.15 points up in last three sessions. It has slumped 19.86 points from start of the month and is trading 1.57 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 fils 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.