(MENAFN - Arab Times) Kuwait stocks edged higher Sunday as it resumed the rally after the slight pullback in the last session. The index rose 11.42 points in volatile trade to close at 6,744.38 pts.
The trading floor was markedly mixed as speculative interest pulled the counters in both directions. The bourse , after rallying strongly in February has been upbeat so far during the month.
The KSX 15 benchmark climbed 5.55 points to 1,033.26 pts and is up almost 24 points from start of the year while weighted index edged 1.66 pts higher. The volume fell sharply after receding in the day before. 613.52 million shares changed hands - a 35.03 percent drop from Thursday.
The sectors swayed in both directions. Technology outshone the rest with 2.27 percent rally whereas parallel market shed 1.26 percent, the biggest loser of the day. Volume wise, real estate accounted for the highest market share of 48.53 percent while financial services stood next with 35.41 percent. Industrials was a distant third with 4.89 percent share.
United Projects Co spiked 100 fils, the highest possible single day gain, and closed at KD 0.860 while PAPCO added 10 fils extending an identical rise in the earlier session. Automated Systems Co was up 10 fils at KD 0.560 with thin trading and Hilal Cement followed suit.
ALAFCO gained 5 fils to end at KD 0.340 and Jazeera Airways climbed 25 fils on back of 3.73 million shares. The carrier has chalked a net profit of KD 13.94 million and earnings per share of 38.37 fils in 2012, up from KD 10.55 million profit and 29.24 fils EPS last year 90. RISCO ticked 2 fils up.
Wataniya Telecom advanced 20 fils to KD 2.400 whereas Zain slipped 10 fils after trading 1.5 million shares. Zain has earned KD 252.14 mln and clocked earnings per share of 65 fils in 2012. The Board of Directors has recommended a cash dividend of 50 percent. Agility was down 10 fils at KD 0.560 after stagnating in the previous session.
The market opened firm and rose briefly in early trade. The index slipped below the red before clawing back into the positive territory amid buying in select counters. It peaked at 6,758.12 points almost half way into the session but retreated again to bottom at 6708.37 points before bouncing back to close with modest gains.
Top gainer of the day, Kuwait Gypsum Manufacturing and Trading Co rallied 15.38 percent to 150 fils while UPAC jumped 13.16 percent to stand next. Equipment Holding Co slid 7.69 percent, the steepest decliner of the day, and Abyaar Holding Co topped the volume with 109.26 million shares.
Despite the day's rise, losers outnumbered the winners. 46 stocks advanced whereas 61 closed lower. Of the 140 counters active on Sunday, 33 closed flat. 8572 deals worth KD 45.74 million were transacted - a 29.76 percent drop in value from the day before.
"People are already forecasting Q2 and if the trend continues, we will have another bullish rally," Reuters quoted Fouad Darwish, head of brokerage at Global Investment House earlier in the month. "There are things coming together in Kuwait. The biggest stimulant will be government projects."
On the downside, Boubyan Petrochemical Co dropped 10 fils while ACICO Industries eased 2 fils with thin trading. The company's earnings in January-September period spiked 51.3 percent to KD 2.33 million from KD 1.54 million in the prior-year period.
Kuwait Pipes fell 2 fils and Kuwait Cement Co was down 5 fils at KD 0.400. National Industries Group held the ground unchanged at KD 0.224 after gyrating in tight range and the counter saw 2.32 million shares change hands.
Gulf Cables too moved range bound before closing unchanged at KD 1.020 and Kuwait Portland Cement followed suit to end at KD 1.140. Metal and Recycling Co took in 2 fils to wind up at KD 0.132.
In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.920 recouping the fall in the previous session whereas Gulf Bank erased 15 fils to close at KD 0.395. The stock has retreated 15 fils from start of the month while year-to-date it has shed 25 fils.
Al Ahli Bank fell 10 fils and Ahli United Bank was flat at KD 0.830 off early highs. 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. Commercial Bank of Kuwait and Burgan Bank were not traded during the session.
Kuwait Finance climbed 10 fils on back of 2.22 million shares while Boubyan Bank held steady at KD 0.640. Kuwait International Bank rose 5 fils. The bank has recorded a net profit of KD 13.16 million and earnings per share of 14.1 fils in 2012 and the Board of Directors has recommended a cash dividend payout of 7 percent.
International Financial Advisors flunked 1 fils and National Investment Co edged 2 fils lower to KD 0.154. The company has earned KD 5.65 million and 6 fils EPS in the January-September period. KIPCO was down 5 fils at KD 0.435.
Securities Group Co fell 2 fils whereas International Finance Co ticked 2 fils lower. Noor Financial Investment Co inched 1 fils up with a volume of 2.89 million shares.
Securities Group Co took in 2 fils whereas International Finance Co eased 2 fils to 70 fils. Bayan Investment Co climbed 4 fils whereas Ekttitab Holding Co closed 1 fils lower. The company has completed the subscription for increasing its capital on March 6, 2013.
The bourse has been buoyant during last week. It closed higher in four of the five sessions and gained 158 points week-on-week. The index has rallied 280.98 points so far during the month and is trading over 13.65 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Kuwait China Investment Co has recorded a net profit of KD 5.19 million and earnings per share of 6.69 fils in 2012 rebounding from KD 9,279,458 loss and 11.94 fils loss per share last year.
Arkan Al-Kuwait Real Estate Co has logged net profit of KD 585,927 and earnings per share of 2.6 fils in the three months ending 31 Dec 2012. This compares with KD 301,823 earnings and 1.3 fils EPS in the same period last year.
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 percent.