(MENAFN - Arab Times) Kuwait stocks pulled higher Sunday after ending last week on a tepid note. The index crept 7.28 points higher in volatile trade to close at 5,937.56 pts as investors continued to toe caution ahead of the opening of the post-election parliament session.
The focus was primarily on the small and mid priced scrips even as the heavyweights remained muted. The KSX 15 benchmark eased 1.95 points to 1009.41 pts and has shed over 25 points from start of the month while the weighted index edged 0.71 pts lower to settle at 416.46 pts. The volume turnover receded, extending the decline from the previous session. 307.46 million shares changed hands - down 22.26 percent from Thursday.
The sectors swayed marginally in both directions. Parallel market, the top performer, jumped 2.58 percent whereas basic materials slipped 0.96 percent, the biggest decliner of the day. Volume wise, financial services dominated with 59.79 percent and real estate came next with 29.67 percent.
Safwan Trading and Contracting Co climbed 20 fils to KD 0.520 and Burgan Well Drilling Co was up 10 fils adding to an identical gain in the previous session. ALAFCO rose 5 fils and Kuwait Hotels climbed 10 fils to 190 fils. Bourse heavyweight Zain held the ground unchanged at KD 0.800 off early lows and saw a volume turnover of 0.90 million shares spread over 38 deals. Wataniya Telecom shed 20 fils erasing the gains in the previous session and Agility edged 5 fils lower to KD 0.495. The stock has slipped 15 fils from start of the month while year-to-date, it has rallied 120 fils.
The market opened on tame note and moved sideways in early trade. The index continued to drift along the opening mark as investors toed the sidelines and slipped into trough past the mid-session. It hit the day's lowest level of 5,921.41 points but managed to claw back into the positive territory at close.
Top gainer of the day, AFAQ Educational Services Co spiked 15.79 percent to KD 0.110 and Securities House Co rallied 7.81 percent to stand next with the highest volume turnover of 49.85 million. Wethaq Takaful slid 5.56 percent, the steepest decliner of the day.
Reflecting the day's gain, the market spread was skewed towards the winners. 49 stocks advanced whereas 39 closed lower. Of the 137 counters active on Sunday, 49 closed flat. 5085 deals worth KD 26.28 million were transacted - down 16.81 percent in value from the day before.
On the downside, Kuwait National Cinema shed 20 fils and Combined Group Contracting Co slid 60 fils to KD 1.420. National Industries Group eased 2 fils to 212 fils and Gulf Cables dropped 20 fils. The company has earned KD 10.54 million and chalked an EPS of 50 fils in first nine months of 2012.
In the banking sector, National Bank of Kuwait was flat at KD 0.970 off early highs and Gulf Bank too was unchanged at KD 0.425. The stock has retreated 5 fils from start of the month while year-to-date, it has tumbled 85 fils. Commercial Bank of Kuwait was not traded during the session.
Kuwait International Bank rose 5 fils to KD 0.300 on back of 3.9 million shares spread over 37 deals and Burgan Bank stagnated at KD 0.520. Al Ahli Bank was steady at KD 0.590.The lender has won approval of Kuwait Central Bank to extend the approval to buy back or sell up to 10% of its issued shares for 6 months ending on June 12, 2013.
Boubyan Bank slipped 10 fils to KD 0.640 and Ahli United Bank did not budge from its earlier close of KD 0.850 after trading in red earlier in the session. AUB has recorded KD 8.45 million net profit in July-September period while in the first nine-months it reached KD 29 million. Kuwait Finance House was flat at KD 0.800.
International Financial Advisors inched 0.5 fils up with a volume of 6.6 million shares and National Investment Co edged 2 fils lower. KIPCO stagnated at KD 0.390. The company has registered 0.4 percent year-on-year increase in profit to KD 23.7 million in the first nine months of 2012 while in Q3 its earned KD 6.6 million. Kuwait Financial Centre (Markaz) rose 2 fils and KMEFIC was up by same measure. Al Maal Investment Co took in 0.5 fils. The company has incurred a net loss of KD 4,443,525 and loss per share of 8.41 fils in the January-September period.
RISCO fell 2 fils to KD 0.238 and Contracting and Marines Services Co followed suit to end at KD 0.158. Kuwait Food Co (Americana) eased 5 fils. The company has recorded KD 31.31 million profit in the 9-month period ending September 2012 while in the third quarter, it reached KD 6.27 million.
ACICO Industries slipped 4 fils and Gulf Glass Manufacturing Co pulled 10 fils lower to KD 0.630. IFA Hotels and Resorts Co slip 5 fils with thin volume. The company has posted KD 4 million loss and earnings per share of 9.37 fils per share in the 9-month period ending September 2012, a 342% jump in losses from same period in 2011.
Bayan Investment Co rose 1 fils to 36 fils and Noor Financial Investment Co inched 1 fils lower. Jazeera Airways Co pulled 5 fils lower. The company is planning to increase its capital through offering 178,000,000 shares with a nominal value of 100 Fils/ share without premium fees from Dec 17-31, 2012.
The bourse has been positive during last week. It closed higher in 4 of the 5 sessions and added 51.3 points week-on-week. The index has eased 6.38 points from start of the month and is trading 2.52 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, 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.
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 Stock Exchange has suspended shares of the following of companies for failing to submit the financial results in the stipulated time: Al-Safat Investment Co, Kwt Commercial Markets Complex Co, Industrial and Financial Inv Co, Alimtiaz Investment Group Co, Jeeran Holding Co. Meanwhile Global Investment House Co, Al-Ahleia Holding Company and Al-Safwa Group Co are barred for posting losses exceeding 75% of capital.
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.