(MENAFN - Arab Times) Kuwait stocks scaled more grounds on Monday to hit three-months high. The index climbed 35.32 points in a broad rally led by bank to wind up at 5972.75 points. The sentiment was upbeat even as some of the mid-caps sagged on profit taking.
The KSX 15 measure soared 25 points to 991.5 points - the biggest single day gain since its introduction in mid-April while weighted index rose 7.62 points. The volume turnover receded slightly after hitting the month's high on Sunday. 315.44 million shares changed hands - down 17.66 percent from the previous session. KSE has closed higher in five of the last six sessions.
Sector wise, telecom outshone with 2.26 percent rally whereas the technology, the biggest decliner slid 1.97 percent. In terms of volume, financial services dominated with 38.83 percent market share while real estate and banks followed with 28.39 percent and 12.44 percent respectively.
Bourse heavyweight Zain rallied 30 fils on back of 4.8 million shares extending the gains from the previous session whereas Wataniya Telecom held the ground unchanged at KD 2.560. The stock was boosted in late August following the Qtel's bid acquire stake in the Kuwait telco.
Agility rose 15 fils to KD 0.510 on back on 8.36 million shares while National Industries Group gained 5 fils to end at KD 0.208. The stock has climbed 12 fils from start of the month while year-to-date, it has shed 52 fils.
Combined Group Contracting Co rallied 40 fils to KD 1.380 extending an identical gain in the previous session while National Industries Co was up 25 fils. Kuwait Pipes added 4 fils to close at KD 0.108 and ACICO Industries followed suit.
The market opened firm but fell sharply in early trade. The bourse bottomed at 5,879.60 points and rebounded thereafter before trading sideways past the mid-session. It revved up in the final hour as buying picked up across the board and closed with strong gains.
Top gainer of the day, United Food Industries Group spiked 21.5 percent to 100 fils and NICBM climbed 7.81 percent to stand next. FTI tumbled 7.58 percent, the biggest loser of the day, while Munshaat topped the volume with 33.51 million shares.
Mirroring the day's robust upswing, the winner vastly out led the losers. 73 stocks advanced whereas 39 closed lower. Of the 144 counters active on Monday, 32 closed flat. 6239 deals worth KD 44.42 million were transacted - a 32.09 percent surge in value from the day before.
The bourse got a fillip earlier last week on government plans to increase the allocation of state revenue into the future generation fund to 25 percent in move to utilize the state money more efficiently.
"People are optimistic about the steps the government has been taking to boost the economy," Reuters quoted Safaa Zbib, head of research at Kuwait and Middle East Financial Investment Co. "There are serious plans to help the economy and it will impact the stock market positively, but we are waiting because these are for the long-term."
On the downside, Gulf Glass Manufacturing Co slid 40 fils to KD 0.670 and Gulf Cables shed 20 fils erasing the gains on Sunday. Automated Systems Co fell 10 fils and ALAFCO followed suit to wind up at KD 0.345.
In the banking sector, National Bank of Kuwait rose 20 fils to KD 0.990 and Gulf Bank too was up by same measure to close at KD 0.425. Commercial Bank of Kuwait was unchanged at KD 0.670 after trading over 12 million shares. The stock has retreated 40 fils so far during the month and is down 120 fils year-to-date.
Ahli United Bank stagnated at KD 0.890 whereas Al Ahli Bank was not traded during the day. ABK 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. Kuwait International Bank was up 5 fils at KD 0.260.
Boubyan Bank rose 10 fils and Burgan Bank followed suit to close at KD 0.520.The lender has obtained the approval of Central Bank of Kuwait to renew the approval for buying back or selling a maximum of 10% of its issued shares for 6 months from the expiration of previous approval. Kuwait Finance House climbed 30 fils on back of 2.78 million shares.
Commercial Facilities Co gained 15 fils while International Financial Advisers inched 1 fils higher. National Investment Co rose 8 fils to KD 0.118 after stagnating in the previous session. KIPCO was up 5 fils at KD 0.385.
Al Maal Investment took in 1.5 fils and Securities Group Company climbed 10 fils. The company has obtained Capital Market Authority approval to sell and buy back up to 10% of own shares during the period from September 17, 2012 till March 17, 2013.
Kuwait Food Co (Americana) was flat at KD 1.600 after swaying in both directions and Jazeera Airways too did not budge from its earlier close of KD 0.440.
Kuwait Gulf Links added 2 fils paring stronger gains earlier in the session and RISCO rose 8 fils to KD 0.208. The company has posted a 190% surge in first half earnings to KD 1.6 million, against while the second-quarter profit soared 163.2% year-over-year to KD 1.22 million.
The bourse has been positive so far during the week and has gained 47.93 points in last two sessions. It has rallied 65.19 points so far during the month and has climbed 2.35 percent year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, 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.
KSE earlier in the month suspended the shares of the following companies for failing to submit the financial results within stipulated time: Al-Safat Investment Co, Al-Qurain Holding Co, Kwt Commercial Markets Complex Co, Securities House Company, Industrial and Financial Inv Co, Housing Finance Co, Al Madar Finance and Investment Co, Alimtiaz Investment Group Co, Kuwait Business Town Real Estate Co, Kuwait Slaughter House Co and Jeeran Holding Co. Meanwhile, Global Investment House Co, Al-Ahleia Holding Company, Al-Safwa Group Co remains barred from trading for carrying forward losses equal to or exceeding 75% of capital.