(MENAFN- Arab Times) Kuwait stocks rebounded on Tuesday after falling sharply in the previous session. The index bounced 87.65 points to 6,777.34 pts as earnings deadline fears eased with some of the companies announcing their financial results. The day's broad advance was mostly led by small caps and some of the heavyweights too eked gains. The KSX 15 benchmark climbed 6.81 pts to 1,030.89 pts and is down 7 points from start of the month while the weighted index rose 2.93 points to settle at 433.9 pts. The volume turnover meanwhile continued to rise for the second consecutive session. 823.66 million shares changed hands - up 4.43 percent Monday.
The sectors closed mostly in the green zone. Insurance outshined the rest with 5.45 percent jump whereas technology slumped 3.02 percent, the worst performer of the day. Volume wise, financial services dominated with 58.42 percent market share while real estate and industrials followed with 25.42 percent and 6.43 percent respectively. Jeeran Holding Co climbed 24 fils to 94 fils and Yiaco Medical Co was up 15 fils at KD 0.490. Kuwait Food Co (Americana) rose 20 fils to KD 1.820 extending the gains from previous session and Equipment Holding Co was up by same measure.
Boubyan Petrochemical Co dialed up 10 fils and Burgan Well Drilling Co added 6 fils to settle at KD 0.186. Metal and Recycling gained 6 fils recouping the loss in the previous session. The company has chalked a loss of KD 1.49 million and loss per share of 19.87 fils in 2012, as against KD 216,210 loss and 2.87 fils loss per share in the last year. Bourse heavyweight Zain was flat at KD 0.780 off early highs and Wataniya Telecom too did not budge from the Monday's close of KD 2.200. The stock has shed 40 fils from start of the month while year-to-date, it has rallied 60 fils. Agility climbed 20 fils to KD 0.570 on back of 1.68 million shares.
Firm
The market opened firm and spiked briefly in early trade. The index however failed to hold on to the gains and slipped below the red to bottom at 6,639.66 pts and recovered thereafter amid brisk buying in select counters and gained steadily. It moved sideways in the second half before peaking at 6,782.91 points in the final minutes and pared some of the gains at close. Top gainer of the day, Bahrain Kuwait Insurance Co soared 39.22 percent to KD 0.355 and Investors Holding Group rallied 12.82 percent to stand next. Aref Energy Co slid 4.82 percent, the biggest loser of the day, and Gulf Finance House topped the volume with 253.54 million shares.
Mirroring the day's upswing, the market spread was heavily skewed towards the winners. 93 stocks advanced whereas 32 closed lower. Of the 153 counters active on Tuesday, 28 closed flat. 11,738 deals worth KD 54.15 million were transacted - down 3.71 percent in value from the day before. National Industries Group rose 4 fils on back of 1.82 million shares and Kuwait Pipes edged 2 fils higher. Gulf Cables gained 10 fils and Equipment Holding Co rallied 20 fils on back of 6.21 million shares. The company has recorded a loss of KD 1.56 million and loss per share of 11.50 fils in 2012 as compared to KD 1.008 million loss and 7.40 fils loss per share in 2011.
On the negative side, Kuwait Cement Co dropped 10 fil to KD 0.420 while ACICO and United Industries Co fell 2 fils each. Automated Systems Co slid 15 fils . The company has recorded a net profit of KD 4.047 million and earnings per share of 101.08 fils and the Board of Directors has recommended a cash dividend payout of 50% or 50 fils per share.
In the banking sector, National Bank of Kuwait rose 10 fils to KD 0.910 whereas Gulf Bank held the ground steady at KD 0.395. The lender's income before provisions amounted to KD 121.4 million, up 13% from the year before while net profit was almost flat at KD 30.9 million. The Board has recommended distribution of 5% bonus shares.
Unchanged
Ahli United Bank was unchanged at KD 0.720 and Kuwait International Bank followed suit. 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. Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session. Burgan Bank paused at KD 0.540 after trading in red in early session while Kuwait Finance House climbed 20 fils with a volume of 1.90 million shares. The stock is unchanged from start of the month while year-to-date, it has added 10 fils. Boubyan Bank held steady at KD 0.650. Kuwait Investment Co rose 4 fils to KD 0.122 and while International Financial Advisors took in 2 fils. The company has announced selling 4,450,000 of Kuwait Clearing Co. shares to International Finance Co for KD 3,471,000 generating a profit of KD 267,049 profit.
National Investment Co rose 2 fils and Kuwait Financial Centre Co too was up by same measure. Securities House Co spiked 8 fils while Kuwait Financing and Investment Co and Bayan Investment were up 3 fils each. KMEFIC ticked 2 fils higher. Al Tamdeen Investment Co gained 4 fils and KAMCO dialed up 2 fils to end at KD 0.112. KIPCO too rose 2 fils to KD 0.440 on back of 2.35 million shares. The stock has gained 25 fils so far during the month while year-to-date, it has rallied 50 fils.
The bourse has been on seesawing course so far during the week and has shed 38.41 pts in last three sessions. The index has climbed 313.94 points so far during the month and is trading close to 15 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, International Resorts incurred a net loss of KD 634,193 and loss per share of 4 fils in 2012 widening from KD 2.62 million loss and loss per share of 17 fils in the year before.
Gulf Inv House has posted a net loss KD 892,851 and loss per share of 2.12 fils in 2012, narrowing from KD 5.92 million loss and 14.06 LPS in the previous year. Advanced Technology Co. has earned KD 4.10 million and chalked an earnings per share of 27.34 fils during whole of 2012 as compared to net profit of KD 3.619 million and earnings per share 24.13 fils in the previous year. The Board of Directors has recommended a cash dividend payout of 15% plus 5% bonus shares. 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%.
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