(MENAFN - Arab Times) Kuwait stocks pulled higher Tuesday, extending the gains to third straight session. The index, after a wobbly start, rose 32.93 points to 6,820.49 points, the highest level in over 2 years. The trading was centered on mid and low caps even as the frontline stocks closed mixed.
The KSX 15 benchmark eased 2.13 points to 1,033.51 points and has shed almost 24 points from start of the year while weighted index inched 0.02 points lower. The volume turnover shrank slightly after rising in the day before. 658.97 million shares changed hands - down 4.30 percent from Monday. The bourse, after rallying strongly in February, has been buoyant so far during the month.
The sectors closed mostly in the positive zone. Healthcare outshone the rest with 4.05 percent surge whereas telecommunications slipped 0.61 percent, the worst performer of the day. Volume wise, financial services dominated with 45.69 percent market share whereas real estate and industrials followed with 28.67 percent and 12.16 percent respectively.
Kuwait National Cinema Co vaulted 50 fils to KD 0.920 and Equipment Holding Co climbed 15 fils to wind up at KD 0.340 with a volume turnover of 12.71 million. Yiaco Medicals gained 25 fils while National Industries Co added 10 fils.
Kuwait Cement Co climbed 15 fils and National Industries Group rose 10 fils on back of 20.56 million shares to close at KD 0.234. The stock has rallied 18 fils from start of the month while year-to-date, it is up 2 fils. ACICO Industries Co took in 2 fils after stagnating in the previous session.
Wataniya Telecom tumbled 40 fils to KD 0.2360 whereas bourse heavyweight Zain held the ground unchanged at KD 2.360. Agility erased 20 fils after trading 1.24 million shares and closed at KD 0.550. The stock has retreated 10 fils so far during the month.
The market opened weak and spiked briefly in early trade. The index fell sharply to the day's lowest level of 6775.23 points and moved sideways before clawing back amid buying in select counters.
It continued to rise steadily to peak at 6,821.76 points in the final minutes and closed with modest impressive gains.
Top gainer of the day, Al Massaleh Real Estate Co soared 10.59 percent to 94 fils and Bayan Investment climbed 8.62 percent to stand next. E K Holding Co dived 7.14 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 111.59 million shares.
Mirroring the day's gains, the market spread was heavily skewed towards the winners. 63 stocks advanced whereas 35 closed lower. Of the 146 counters active on Tuesday, 48 closed flat. 10.346 deals worth KD 54.12 million were transacted - up a slight 0.32 percent 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 negative side, Combined Group Contracting Co slumped 40 fils to KD 1.380 while United Projects Co dropped 20 fils after posting strong gains in the last two sessions. Egypt Kuwait Holding Co slid 25 fils and Kuwait Food Co (Americana) was down 20 fils at KD 1.760. The stock has wiped off 80 fils so far during the month while year-to-date, it has added 20 fils.
Boubyan Petrochemical Co fell 10 fils while Aref Energy Co pulled 4 fils lower to KD 0.130. Jazeera Airways was up 10 fils at KD 0.445 extending an identical rise in the previous session.
The carrier has chalked a net profit of KD 13.94 million and earnings per share of 38.37 fils in 2012 and the Board of Directors has recommended no dividend payout for the fiscal year.
Kuwait Foundry Co closed flat whereas Contracting and Marine Services rose 10 fils to 184 fils. The company has earned KD 1.81 million and clocked earnings per share of 8.77 fils in 2012 and the Board of Directors recommended a dividend payout of cash 5 percent plus 5 percent bonus shares.
In the banking sector, National Bank of Kuwait was flat at KD 0.920 and Gulf Bank followed suit to end at KD 0.400 with a volume of 1.27 million shares. Commercial Bank of Kuwait rose 10 fils whereas Al Ahli Bank was not traded during the session.
Ahli United Bank paused at KD 0.740 off early lows whereas Kuwait International Bank fell 5 fils. The bank has recorded a net profit of KD 13.16 million and earnings per share of 14.1 fils in 2012. The Board of Directors has recommended a cash dividend payout of 7 percent.
Burgan Bank closed unchanged at KD 0.540 after fluctuating in tight range and Kuwait Finance House too did not budge from the previous close of KD 0.810 after trading 2.36 million shares. Boubyan Bank slipped 10 fils to KD 0.640.
Kuwait Investment Co rose 4 fils while International Financial Advisors edged 2 fils higher to 58 fils. National Investment Co stagnated at KD 0.152. The company has earned KD 5.65 million and 6 fils EPS in the January-September period. KIPCO dialed up 5 fils to settle at KD 0.440.
Securities House Co rose 10 fils while Kwt and Middle East Fin. Inv Co inched 1 fils higher. The company has chalked net loss of KD 1.09 million and loss per share of 4.2 fils in 2012 narrowing from KD 11.83 loss and loss per share of 45.3 fils during last year.
Al Maal Investment Co took in 1 fils whereas KAMCO clipped 4 fils. Sokouk Holding Co fell 2 fils after trading 7.53 million shares and Kuwait Financing and Investment Co was down 3 fils at 75 fils.
The bourse has been trending higher so far during the week and has climbed 87.59 pts in last three sessions. The index has rallied 357.02 points so far during the month and is trading almost 15 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Hilal Cement Co has registered a net profit of KD 500,513 and earnings per share of 7 fils in 2012 and the Board of Directors recommended a cash dividend of 15 percent or 15 fils per share.
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.