(MENAFN - Arab Times) Kuwait stocks revved up Tuesday after eking modest gains in the previous session. The index rallied 52.26 points - the highest single day gain of the month, to end at 5,839.45 points.
Buying was seen mostly in mid and small -caps even as trading floor sentiment showed signs of improvement. The bourse has closed higher in eight of the last nine sessions.
The KSX 15 benchmark rose 1.01 points to 952.24 points whereas the weighted index added 1.75 points. The volume turnover surged to hit the highest level in 15 weeks. 430.05 million shares changed hands - a 43.84 percent spike from the day before. KSE, after a wobbly start as been upbeat in the second half of the month. Sector wise, telecommunication outshone the rest with 1.87 percent gain whereas healthcare posted the biggest decline of 2.04 percent. In terms of volume, financials sector accounted for the highest market share of 50.55 million shares while real estate came next with 30.35 percent contribution.
Wataniya Telecom continued to rally albeit at a slower pace. The stock rose 20 fils on back of 0.41 million shares adding to the robust gains after it recommence trading in the bourse on 22nd Aug. Zain fluctuated in narrow range before closing unchanged at KD 0.700 and the counter saw 1.18 million shares change hands.
Agility was up 10 fils at KD 0.420 after slipping into red in the previous session. The stock has added 35 fils from the start of the month and is up 45 fils year-to-date. The logistics major has posted KD 7.82 million in the April- June quarter while earnings per share clocked 7.85 fils.
Among other movers, Gulf Glass Manufacturing Co climbed 40 fils and Kuwait National Cinema Co followed suit to wind up at KD 0.890. The company has registered net profit of KD 3.30 million and earnings per share of 33.11 fils in the first six months of 2012
City Group Company rose 25 fils to KD 0.495 and Contracting and Marine Services Co was up 10 fils. Gulf Cables climbed 20 fils to KD 1.080 and Kuwait Food Co (Americana) too was up by same measure. The stock has rallied 40 fils from start of the month whereas year-to-date it has erased 200 fils.
The bourse opened on positive note and edged higher in early trade. The index continued to trend higher as investors took positions across the board amid positive sentiments. It moved sideways in the second half before pulling up to close at the day's highest level of 5,839.45 points.
Top gainer of the day, Al Masaken Real Estate Development Co spiked 55.56 percent to 28 fils while Amar For Finance and Leasing Co rose 9.8 percent to stand next. Taiba dived over 9 percent, the steepest decliner of the day, whereas Gulf Finance House topped the volume with 63.91 million shares.
Reflecting the day's robust gains, the winner vastly out led the losers. 73 stocks advanced whereas 24 closed lower. Of the 121 counters active on Tuesday, 24 closed flat. 6,317 deals worth KD 22.98 million were transacted - a 22.75 percent increase in value from the previous session.
"The smaller stocks continue to dominate the market - you have inter-funds buying stocks again," Reuters quoted Fouad Darwish, head of brokerage at Global Investment House. "People were waiting and minimizing risk due to fears of suspension on stocks but after the deadline when almost every single company reported their financials, it gave a huge boost to the market."
On the downside, Boubyan Petrochemical Co fell 10 fils to KD 0.550 and RISCO was down 4 fils extending the decline from previous session. Jazeera Airways pulled 5 fils lower to settle at KD 0.551. The carrier's Q2 net profit jumped 23.5 percent to KD 2.6 million while in the first half net earnings climbed 21.6 percent to KD 3.8 million.
In the banking sector, National Bank of Kuwait was flat at KD 0.980 after edging lower on Tuesday and Gulf Bank too did not budge from its earlier close of KD 0.395. Commercial Bank stagnated at KD 0.720 whereas Al Ahli Bank and Ahli United Bank were not traded during the day.
Kuwait International Bank rose 2 fils on back of 1.34 million shares and Burgan Bank gained 5 fils to end at KD 0.480. The stock has added 5 fils from start of the month and is trading higher by same measure year-to-date.
Kuwait Finance House climbed 10 fils to KD 0.610 and Boubyan Bank rose 3 fils to KD 0.102. Boubyan Bank has logged net profit of KD 4.8 million in the first half of 2012 - a 9.9% increase from -ago period while revenue climbed 23.7. The lender's provisions surged 99.5% year-on-year to KD 10.5 million.
International Financial Advisors inched 0.5 fils with a volume of whopping 35.6 million shares whereas National Investment Co closed flat. KMEFIC was up 1 fils and KIPCO held the ground steady at KD 0.365. The company has posted a net profit of KD 17.1 million or 13.12 fils per share for the first six months of 2012 while the second quarter earnings chalked KD 8.6 million.
Al Maal Investment Co rose 0.5 fils on back of 1.06 million shares while Osoul Investment climbed 5 fils to end at 65 fils. Bayan Investment closed 1 fils higher at 35 fils. The company has logged H1 Net Loss of KD 3,948,426 and loss per share of 11.02 fils.
United Industries Co ticked 1 fils higher to 90 fils and Kuwait Gulf Links followed suit with thin trading. The company has posted a 55 percent year-on-year decline in losses to KD 3.85 million during the first half of 2012 while in the second-quarter, losses narrowed by 52.2 percent year-on-year to KD 1.86 million.
The bourse has been upbeat so far during the week and has climbed 59.26 points up in last three sessions. It has gained 119.08 points from start of the month and is trading 0.82 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Al Madina for Finance and Investment has logged a net loss of KD 614,242 and loss per share of 1.6 fils in the first siex months of the year as compared to loss of KD 1,597,043 and 4.16 fils LPS in the same period last year.
Noor Financial Investment Co has logged a net profit of KD 1.462.757 and earnings per share of 4 fils in January-June period rebounding from KD 4.899.448 loss and 13 fils loss per share in the same period last year.
Global Investment House has posted a net loss of KD 20,576,000 and Loss per share of 17 fils in the first half, narrowing from KD 38,693,000 and loss per share of 32 fils in 2011 H1.
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.