(MENAFN - Arab Times) Kuwait stocks saw robust gains Tuesday after closing higher in previous six days in row. The index rallied 51.34 points to 6,538.47 pts helped by brisk buying in the second half of the session. The trading floor sentiment was lifted by retail investors who eyed some of the mid and low caps even as the blue chips remained largely tepid. The KSX 15 gauge slipped 3.15 points to 1,028.48 pts while the weighted index eased 0.43 pts. The volume turnover meanwhile rose further to breach the 700 million mark helped by surge in speculative trading. 755.31 million shares changed hands - a 8.32 percent increase from Monday. The sectors closed mostly in the green. Oil and gas outpaced the rest with 2.83 percent upswing whereas insurance slid 3.15 percent, the worst performer of the day. Volume wise, real estate accounted for 41.05 percent market share while financial services and industrials followed with 29.84 percent and 18.25 percent respectively.
Gulf Petroleum Investment Co rose 20 fils on back of 9.6 million shares and Safwan Trading and Contracting Co was up by same measure to end at KD 0.510. Aref Energy Holding Co gained 8 fils and Burgan Well Drilling Co followed suit. Gulf Cables rallied 20 fils while Contracting and Marine Services Co was up 10 fils at KD 0.160. United Industries Co added 8 fils and Kuwait Gulf Links gained 10 fils on back of 11.76 million shares. Metal and Recycling Co rose 4 fils partly recouping the losses on Monday.
Bourse heavyweight Zain dropped 10 fils to KD 0.790 after trading 1.34 million shares whereas Wataniya Telecom was flat at KD 2.380. The telco has chalked a net profit of KD 75.50 million and earnings per share of 150.66 fils in 2012 and the Board of Directors has recommended a cash dividend of 125 percent. Agility to hold the ground steady at KD 0.550 off early highs.
The market opened firm and spiked briefly in early trade. The index retreated thereafter below the red amid selling in select counters and drifted sideways before hitting the day's lowest level of 6482.88 pts almost half way into the session. It bounced back to rally strongly in the second half and managed to wind up with hefty gains.
Top gainer of the day, Investors Holding Group darted 12.2 percent to 23 fils while Salbookh Trading Co climbed 8.62 percent to stand next. Wethaq Takaful tumbled 16.13 percent, the steepest decliner of the day and Investors Holding also topped the volume with 211.62 million shares.
Mirroring the day's gains the market spread was biased towards the winners. 58 stocks advanced whereas 39 closed lower. Of the 143 counters active on Tuesday, 46 closed flat. 10,484 deals worth KD 51.72 million were transacted - a 6.64 percent rise in value from the day before.
"We're seeing a continuation of performance in smaller stocks - and a migration from Kuwait 15 (bluechip) stocks," Reuters quoted Fouad Darwish, head of brokerage at Global Investment House.
"There is no sign of the state-owned National Portfolio Fund buying in the market. This time last year and the year before, investors were hesitant to put new money on fears of financial results - that fear factor is now non-existent," he added.
On the downside, RISCO slipped 6 fils and Shuaiba Industrial Co pulled 4 fils down. NAPESCO fell 5 fils while Hits Telecom ticked 2 fils lower. National Industries Group however was unchanged at KD 0.216 off slight early lows. The stock had retreated 10 fils during whole of February while year-to-date, it has eased 2 fils.
In the banking sector National Bank of Kuwait trimmed early gains to close at KD 0.990 while Gulf Bank clipped 5 fils after trading 4.2 million shares. Commercial Bank was unchanged at KD 0.690. The stock had shed 40 fils during whole of February while year-to-date, it has erased 20 fils.
Al Ahli Bank gained 10 fils whereas Ahli United Bank was unchanged at KD 0.830. The bank has recorded a net profit of KD 4.36 million and earnings per share of 60 fils in 2012, up from KD 4.08 million profit and 56 fils EPS in the year before. The Board of Directors has recommended a cash dividend payout of 16% plus 5% bonus shares.
Kuwait International Bank slipped 5 fils and Burgan Bank was down 10 fils at KD 0.540 after trading 1.93 million shares. The lender has obtained the approval of Central Bank of Kuwait to extend permission to buyback or sell up to 10% of own issued shares over a period of 6 months commencing from Feb 5.
Kuwait Finance House pared slight early losses to wind up unchanged at KD 0.820 and the counter saw 1.24 million shares change hands. Boubyan Bank too did not budge from its earlier close of KD 0.650.
National Investment Co added 2 fils and KIPCO gained 5 fils. The conglomerate has posted a net profit of KD 31.28 million and earnings per share of 24.23 fils in 2012 and The Board of Directors has recommended a dividend payout of cash 20% plus 5% bonus shares.
Kuwait Investment Co took in 2 fils whereas International Financial Advisors inched 1 fils lower with a volume of 3.69 million shares. Securities House Co rose 5 fils while Kuwait Financial Centre Co ( Markaz) flunked 2 fils . KAMCO took in 2 fils and Sokouk Holding Co climbed 5 fils on back of 10.9 million shares.
The bourse has been upbeat so far during the week and has gained 75 pts in last three sessions. The index had rallied 218.36 pts during whole of February and is trading 10.5 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Privatization Holding has chalked net profit KD 4.13 million earnings per share 5.7 fils net profit in 2012 as against KD 4.17 million and 5.7 EPS in the year before. The Board of Directors recommended
a cash dividend of 6 % or 6 fils per share.
Amar For Finance And Leasing has incurred a net loss of KD 217,040 and chalked loss per share of 1.1 fils in 2012 narrowing from KD 181,434 loss and loss per share of 0.9 fils in the year before.
Egypt Kuwait Holding has earned KD 18.92 million in 2012 while earnings per share 22.54 fils.
This compares with net profit of KD 37.63 million and earnings per share of 44.84 fils during 2013. The Board of Directors has recommended a cash dividend of cash 10%.
Strategia Investment Co has registered a net profit of KD 10,514 and earnings per share of 0.07 fils as against KD 19,631 profit and 0.13 fils EPS in the year before.
By John Mathews
Arab Times Staff