(MENAFN- Arab Times) Kuwait stocks saw robust gains Wednesday extending the advance to third day in row. The index climbed 48.78 points to 5883.12 points in a broad rally led by banks. The mid and low priced stocks too had a solid up-day tracking the positive regional cues. KSE has closed higher in four of the last six sessions.
The KSX 15 measure jumped 13.48 points whereas the weighted index added 5.02 points to settle at 404.33 points. The volume turnover meanwhile surged past the 300 million mark to hit the month's highest level. 375.52 million shares changed hands - a 35.19 percent increase from Tuesday.
Sector-wise, banks outpaced the rest with 1.64 percent increase whereas telecom slipped 0.79 percent, the biggest decliner of the day. In terms of volume, financial services chalked the highest market share of 50.34 percent while real estate stood next with 21.51 percent.
Kuwait Food Co (Americana) rallied 60 fils adding to an identical rise in the previous session and wound up at KD 1.520 while ALAFCO added 15 fils on back of 2.23 million shares.
National Industries Group rose 10 fils with a volume of 5.72 million shares and Kuwait Cement Co gained 15 fils to end at KD 0.415. Gulf Cables climbed 20 fils to KD 1.060 after stagnating in the previous session. IFA Hotels and Resorts was up 10 fils at KD 0.280 and Kuwait Portland Cement Co followed suit.
Bellwether Zain gave up early gains to close flat at KD 0.690 and Wataniya Telecom too did not budge from its previous close of KD 0.2560. The company's Board of Directors earlier in the month approved Qtel's offer to acquire remaining shares for KD 2.600 per share.
Soared
Agility rose 10 fils on back of 1.26 million shares after stagnating on Tuesday. The stock has soared 60 fils from start of the month while year-to-date, it has gained 105 fils. Kuwait Gulf Links inched 1 fils higher.
The market opened firm and pulled higher in early trade. The index sagged
thereafter to hit a shallow trough as brief bout of profit taking kicked in. It drifted sideways in the second half and ended with strong gains.
Top gainer of the day, FTI spiked 20 percent to 60 fils whereas Noor Financial Co rallied 9.62 percent to stand next. Noor had resumed trading on 13th Sep after remaining suspended for a long period. Cables TV slid 7.55 percent, the steepest decliner of the day, whereas GIH topped the volume with 37.75 million.
Mirroring the day's gain, the market spread was heavily skewed towards the winners. 83 stocks advanced whereas 27 closed lower. Of the 143 counters active on Wednesday, 33 closed flat. 6658 deals worth KD 34.42 million were transacted - a 17.13 percent rise in value from the previous session.
"There's a short rally from here until resistance at 5,910 - that's what everyone is looking at," Reuters quoted a Kuwait-based trader who asked not to be identified. "Market volumes picked up this week - retail traders are back, but large investors are still on the sidelines."
In the banking sector, National Bank of Kuwait rose 10 fils on back of 3.74 million shares and Gulf Bank followed suit to end at KD 0.405. Commercial Bank jumped 30 fils adding to the strong gains on Tuesday whereas Boubyan Bank slipped 10 fils to KD 0.600.
Ahli United Bank was up 10 fils whereas Al Ahli Bank of Kuwait was not traded during the session. Kuwait International Bank added 10 fils. The bank has obtained Central Bank of Kuwait's approval to buy back or sell up to 10 percent of own shares for an additional period of 6 months.
Climbed
Burgan Bank rose 10 fils and Kuwait Finance House climbed 20 fils extending the gains from previous session. The lender has recorded a net profit of KD 42,134,326 in the first six months of 2012 while earnings per share stood at 14.8 fils. This compares with net profit of KD 45,469,470 and earnings per share of 15.8 fils in the same period last year.
Kuwait Investment Co took in 4 fils and Commercial Facilities Co added 5 fils to KD 0.320. International Financial Advisors edged 1 fils higher while National Investment Co rose 4 fils. The company has logged a KD 2.2 million profit and earnings per share of 3 fils in the first half of 2012.
Securities Group Co gained 10 fils and International Finance Co ticked 2 fils up on back of 3.23 million shares. KIPCO gained 5 fils to end at KD 0.385. The stock has risen 20 fils from start of the month and is trading 80 fils higher year-to-date.
First Investment Co slipped 2 fils to KD 0.122 and KMEFIC eased 2.5 fils. Al Maal Investment stagnated at 36 fils. The company has sold 11.46 percent share in Al Dorra Petroleum Service Co at KD 3 million resulting in a loss of KD 1.488 million.
National Real Estate Co rose 5 fils whereas Tamdeen Real Estate Co edged 2 fils higher. Mabanee Co rallied 20 fils and Mazaya Holding Co took in 2 fils. RISCO closed 2 fils lower at KD 0.202. The company has posted a 190 percent surge in first half earnings to KD 1.6 million, against while the second-quarter profit soared 163.2 percent year-over-year to KD 1.22 million.
The bourse has been upbeat so far during the week and has gained 90.41 points in last four sessions. It has added 20.56 points so far during the month and has climbed 1.58 percent year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Securities House Co announced has chalked a net loss of KD 699,328 and loss per share of 1.1 fils in the first quarter of 2012 narrowing from net loss of KD 7,188,905 and loss per share of 11.3 fils in the same period last year.
Burgan Well Drilling Co posted a net profit of KD 359,071 and earnings per share of 1.71 fils in quarter ending June 30 as against profit of KD 253,359 and earnings per share of 1,21 fils in the same period last year.
Al-Madar Finance and Investment Co has incurred net loss of KD 527.29 and loss per share of 1.48 fils in the first quarter of 2012. This compares with KD 3.117.832 loss and 8.77 fils LPS in 2011 Q1.
International Finance announced its has logged net profit of KD 432,656 and earnings per share of 0.54 fils in the first half of the year rebounding from KD 4,609,831 loss and loss per share of year 7 fils in the same period last year.
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