(MENAFN- Arab Times) Kuwait stocks trod water on Wednesday after charting a rollercoaster course in the last two sessions. The index inched 0.93 pts lower to 6,776.41 pts as stocks swayed marginally in both directions. The trading floor sentiment was cautious even as some of the heavyweights posted modest gains. The KSX 15 benchmark rose 4.03 pts to 1,034.92 pts and the weighted index was up 1.28 pts at 435.18 points. The volume turnover meanwhile eased below the 800 million mark. 719.53 million shares changed hands - down 12.64 percent from Tuesday. The market, after chalking a winning streak during the month, plunged sharply on Monday over deadline by bourse authorities to those companies which have not announced their Q4 results.
The sectors closed mixed during the session. Parallel market outperformed the peers with 1.94 percent rally whereas financial services slipped 0.56 , the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 45.78 percent and real estate stood next with 38.67 percent. Industrials stood a distant third with 8.32 percent contribution. Gulf Glass Manufacturing Co slumped 50 fils while United Projects Co shed 20 fils to close at KD 0.790. Automated Systems Co was down 15 fils at KD 0.480 after eking slight gains in the previous session. National Industries Group fell 2 fils with a volume of 3.2 million shares. The stock has gained 10 fils from start of the month while year-to-date it has climbed 12 fils. Kuwait Pipes eased 2 fils to KD 0.112 and Kuwait Portland Cement Co erased 20 fils. The company has recorded a profit of KD 7.28 million and earnings per share of 80.13 fils in 2012 and the Board of Directors has recommended a cash dividend of 80 % or 80 fils per share. Gulf Cables however held steady at KD 0.980.
Climbed
Zain rose 10 fils to KD 0.790 and Agility climbed 20 fils amid brisk trading extending an identical gain in the previous session. Wataniya Telecom was flat at KD 2.200. The telco has posted 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.
The market opened firm and edged slightly up in early trade. The index moved sideways and investors toed the sidelines and edged higher almost half way into the session.
It peaked at 6,814.25 pts and retreated thereafter as selling weighed on select counters. The bourse bottomed at 6,754.58 points before clawing back most of the losses at close.
Top gainer of the day, Aref Energy spiked 9.8 pts to 112 fils while Bayan Investment Co gained 8.2 percent to stand next. Securities House Co dived over 8 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 157.90 million shares.
The market spread was biased towards the losers. 53 stocks advanced whereas 59 closed lower. Of the 145 counters active on Wednesday, 33 closed flat. 10,069 deals worth KD 56.61 million were transacted - up 4.53 percent in value from the day before.
On the upside, Combined Group Co rose 20 fils to KD 1.400 and Aref Energy Co dropped 15 fils with thin trading to wind up at KD 0.112. Hilal Cement was up 10 fils.
The company 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 % or 15 fils per share.
ALAFCO took in 5 fils whereas Jazeera Airways was unchanged at KD 0.430 with a volume of 2.19 million shares. Contracting and Marine Services gained 10 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 % plus 5 % bonus shares.
Kuwait Gulf Links held steady at KD 0.124 and Kuwait Food Co (Americana) followed suit. Kuwait Foundry Co rose 15 fils. The company has notched a net profit of KD 173,477 and earnings per share 0.920 fils in 2012, down from KD 178,348 profit and 0.945 fils EPS in the year before.
Flat
In the banking sector, National Bank of Kuwait was flat at KD 0.910 while Gulf Bank added 10 fils on back of over 3 million shares. Commercial Bank of Kuwait pulled 20 fils lower to KD 0.670. The stock has retreated 10 fils from start of the month while year-to-date, it has shed 40 fils.
Al Ahli Bank fell 10 fils to KD 0.570 whereas Ahli United Bank was up 10 fils at KD 0.730. Kuwait International Bank flunked 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.
Burgan Bank dropped 10 fils to KD 0.530 whereas Kuwait Finance House held the ground unchanged at KD 0.820 off early lows. The stock has erased 10 fils from start of the year. Boubyan Bank was flat at KD 0.650.
Kuwait Investment Co fell 4 fils and International Financial Advisers inched 1 fils lower to 53 fils. National Investment Co eased 2 fils and KIPCO was down 5 fils at KD 0.435. International Finance Co closed 1 fils lower at 68 fils. The company has logged a net profit of KD 121,344 and earnings per share of 0.15 fils in 2012.
Kuwait Financial Centre Co (Markaz) slipped 2 fils whereas KMEFIC edged 2 fils lower. Bayan Investment Co dialed up 5 fils and KAMCO rose 2 fils. The stock has retreated 2 fils from start of the month.
The bourse has been mixed so far during the week and has dropped 39.34 pts in last four sessions. The index has rallied 312.94 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. Â
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