(MENAFN - Arab Times) Kuwait stocks covered more ground Tuesday, after eking modest rise in the previous session. The index climbed 26.57 points in choppy trade as investors chased select counters.
The trading floor sentiment was cautiously positive. The KSX 15 benchmark rose 1.04 points to 995.35 pts while the weighted index was up 1.16 pts at 409.51. The volume turnover swelled for the second consecutive day. 441.11 million share changed hands - a 47.27 percent surge from Monday. KSE had slumped 3.61 percent during October on political fears. The sectors closed mixed. Telecom outpaced the rest with 3.76 percent rally whereas oil and gas slumped 2.36 percent, the biggest loser of the day. Volume wise, financial services accounted for the highest market share of 44.88 percent while real estate and telecom followed with 38.26 percent and 7.01 percent respectively.
Wataniya Telecom soared 100 fils, the highest permitted single day gain, and wound up at KD 2.260 while Zain held the ground unchanged at KD 0.760 after trading 2.4 million shares. Agility stagnated at KD 0.520 off early lows. The stock has gained 25 fils from start of the month while year-to-date, it has climbed 145 fils.
Kuwait Portland Cement Co surged 40 fils to KD 1.020 and Kout Food Group climbed 50 fils with thin trading. Automated Systems Co added 10 fils to wind up at KD 0.470 and Yiaco Medicals followed suit. Kuwait Gulf Links ticked 1 fils higher to 90 fils. Egypt Kuwait Holding Co rallied 25 fils to KD 0.365 and Kuwait Cement Co rose 10 fils. The company has earned KD 11,266,301 and earnings per share of 18.25 fils. Kuwait Food Co (Americana) gained 20 fils to end at KD 1.620 after stagnating in the previous session.
The market opened on firm note and edged higher in early trade. The index retreated thereafter to bottom at 5783.66 pts and clawed back amid spurt in buying interest in select counters. It sagged slightly in the final minutes before managing to end well above the opening mark. Top gainer of the day, Kout Food Co spiked 10 percent to KD 0.550 and Kuwait Business Town climbed 8.62 percent to stand next. Aayan Real Estate Co slid 10.53 percent, the steepest decliner of the day, and Gulf Investment House topped the volume with 58.20 million shares. Reflecting the day's gain, the market spread was biased towards the winners. 60 stocks advanced whereas 43 closed lower. Of the 144 counters active on Tuesday, 41 closed flat. 7,000 deals worth KD 34.70 million were transacted - a 70.9 percent surge in value from day before.
"The market is absorbing the political instability...there is continued support from the emir's comments on improving the economy," Reuters quoted Fouad Darwish, head of brokerage at Global Investment House.
On the downside, Burgan Well Drilling Co slipped 10 fils to KD 0.176 and ACICO Industries Co was down 4 fils. Kuwait Foundry Co fell 5 fils to KD 0.305 after stagnating on Monday. National Industries Group edged 2 fils lower. The stock has added 10 fils from start of the month and has retreated 44 fils YTD. In the banking sector, National Bank of Kuwait was unchanged at KD 0.960 after trading 1.03 million shares and Gulf Bank took in 5 fils to end at KD 0.420. Al Ahli Bank pulled 10 fils lower. ABK has posted net profit of KD 30,353,000 and earnings per share of 20 fils in the nine months to September 2012.
Kuwait International Bank rose 5 fils on back of 1.14 million shares and Ahli United Bank was unchanged at KD 0.840. Commercial Bank closed flat at KD 0.660. CBK has won the approval of central bank to extend permission to buy back or sell up to 10% of own issued shares over a period of six months ending May 21, 2013. Burgan Bank dropped 10 fils to KD 0.510 whereas Kuwait Finance House held steady at KD 0.780. The stock has gained 30 fils so far during the month while year-to-date, it has lost 220 fils. Boubyan Bank was up 10 fils at KD 0.630.
National Investment Co took in 2 fils with a volume of 1.77 million shares and KIPCO stagnated at KD 0.385. Sokouk Holding Co gained 5 fils with brisk trading. The company has posted a net profit of KD 2.010 million and earnings per share of 3.74 fils in January-Sept period. Bayan Investment slipped 5 fils to 36 fils and Al Mal ended flat at 36 fils after trading over 3 million shares. Al Tamdeen Investment Co stagnated at KD 0.158. Capital Market Authority approved Al-Tamdeen Investment Co. request to buyback or sell up to 10% of own shares over a period of 6 months.
Kuwait Pipes closed flat at KD 0.114 and Gulf Cables too was steady at KD 1.100. Jazeera Airways rose 5 fils to KD 0.460 after stagnating in the previous session. KGL Logistics Co pulled 5 fils lower. National Real Estate Co added 2 fils on back of 1.6 million shares and Salhiya Real estate shed 15 fils. Mabanee Co was steady at KD 1.260. The company has earned KD 21,364,685 and earnings per share of 34.43 fils in the first nine months of 2012. ALAFCO stagnated at KD 0.320 and Combined Group Contracting Co too did not budge from its previous close of KD 1.460. Gulf Glass Manufacturing Co climbed 10 fils. The company has recorded a net profit of KD 2,193,509 and earnings per share of 51.11 fils in the first nine months of 2012.
The bourse has been mixed so far during the week and has gained 9.43 pts in last three sessions. The index has jumped 42.94 points from start of the month and is up 0.31 percent year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, International Finance has logged a net profit of KD 174,952 and earnings per share of 0.22 fils in the first nine months of 2012 after chalking a net loss of KD 9.32 million and LPS of 13.71 fils in the same period last year. Aayan Leasing and Investment has recorded a nine months net profit KD 17.62 million and earnings per share of 38.26 fils in the January-September period as against net loss of KD 7.22 million and loss per share of 21.90 fils in 9M 2011.
Abyaar Real Estate Development has announced a net loss KD 1.24 million and loss per share of 1.15 in the first nine months of 2012 as against earnings of KD 821,618 and EPS of 0.78 fils in the same period last year. Kuwait Real Estate has registered a net profit KD 1.733 million and EPS of 1.91 fils in the January-Sept period as against earnings of KD 877,467 and earnings per share of 0.97 fils in the same period last year.
Gulf Finance House has registered a net profit of KD 2,128,445 and earnings per share of 2 fils in the January-September period as compared to profit of KD 1,129,260 and earnings per share of 1 fils in same period last year. ACICO Industries has logged a nine-month profit of KD 2,333,808 and earnings per share 9.42 fils, up from KD 1,540,986 profit and EPS of 6.22 fils in the same period in the previous year.