(MENAFN- Arab Times) Kuwait stocks pulled higher Monday, extending the gains to seventh straight session. The index, after trading in red for most part of the session, closed 27.7 points higher at 6878.87 points. Some of the banks and small caps gained ground even as profit taking weighed on select heavyweight. The bourse is trading at 25-month high. The KSX 15 gauge rose 4.25 points to 1040.54 pts and has gained over 31 points from start of the year while weighted index ticked 1.11 pts higher. The volume turnover meanwhile receded slightly after hitting the month's highest level on Sunday. 625.42 million shares changed hands - down 6.04 percent from the day before.
The sectors closed narrowly mixed. Financial services outshone the rest with 1.27 percent upswing whereas consumer good slipped 0.58 percent, the worst performer of the day. In terms of volume, financial services dominated with 42.47 percent market share and real estate followed with 27.47 percent. Industrials stood third with 17.13 percent contribution.
Independent Petroleum Group spiked 25 fils to KD 0.360 and Advanced Technology added 10 fils. Automated Systems Co rose 10 fils to 0.485 recouping the fall in the previous session. National Bank of Kuwait gained 20 fils on back of 2.26 million shares to close at KD 0.930 while Boubyan Bank climbed 10 fils to KD 0.650.
Among the frontline stocks, Zain tumbled 50 fils extending the marginal fall in the previous session while Wataniya Telecom was down 20 fils at KD 2.080. The stock has shed 120 fils from start of the month while year-to-date, it has erased 260 fils.
Logistics major, Agility was unchanged at KD 0.610 after trading 1.49 million shares. The company has logged KD 9.65 million net profit in the final quarter of 2012 and has proposed a 30 percent cash dividend in addition to 5 percent bonus shares.
Weak
The market opened weak and slipped into red in early trade. The index continued to decline amid selling in select counters and hit the day's lowest level of 6838.57 points. It clawed back thereafter and rose steadily to close with modest gains.
Top gainer of the day, International Resorts Co rallied 10 percent to 55 fils while Coast Investment and Development Co climbed 9.09 percent to stand next. International Financial Advisors slid 6.45 percent, the steepest decliner of the day, and Mayadeen topped the volume with 89.29 million shares.
The market spread was almost even during the session. 50 stocks advanced whereas 49 closed lower. Of the 142 counters active on Monday, 43 closed lower. 9529 deals worth KD 49.37 million were transacted - down 2.22 percent from the day before.
The market is cautiously optimistic after the deadline given by the bourse for announcing the earnings ended on March 31. "People are buying in on the fact that companies have rectified their financials and are paying dividends - the bulk of the trades have been in small stocks," Reuters quoted Fouad Darwish, head of brokerage at Global Investment House earlier in the week.
In the downside, ALAFCO slipped 5 fils and and Kuwait Gulf Links edged 2 fils lower after trading 1.1 million shares. The stock has climbed 6 fils from start of the month while year-to-date, it has rallied 36 fils.
Jazeera Airways eased 10 fils to KD 0.475 extending the losses from the day before and Kuwait Food Co (Americana) dropped 20 fils to KD 1.800. The company has earned KD 45.09 million in 2012 and the earnings per share came in at 117.4 fils.
Gulf Cables clipped 10 fils to close at KD 0.970 and Contracting and Marine Services Co was down by same measure. Equipment Holding Co flunked 10 fils. The company has recorded a loss of KD 1.56 million and loss per share of 11.50 fils in 2012.
Budge
National Industries Group held the ground unchanged at KD 0.238 off early lows and Kuwait Portland Cement Co too did not budge from its earlier close. ACICO Industries stagnated at KD 0.214 and United Industries Co was flat at KD 0.100. Gulf Glass Manufacturing Co held steady at KD 0.650.
Combined Group Contracting Co paused at KD 1.360 and Metal and Recycling followed suit. 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.
In the banking sector, Gulf Bank was flat at KD 0.415 whereas Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session. Ahli United Bank stagnated at KD 0.740 and Kuwait International Bank followed suit.
Burgan Bank fell 10 fils to KD 0.530 and Kuwait Finance House too was down by same measure after pulling lower on Sunday. The stock has eased 10 fils from start of the month while year-to-date it has slipped 10 fils. Boubyan Bank gained 10 fils to settle at KD 0.340.
Commercial Facilities Co rose 10 fils whereas International Financial Advisors shed 4 fils after trading 36.68 million shares. National Investment Co eased 2 fils and KIPCO was unchanged at KD 0.410. KMEFIC took in 1 fils and Al Mal was up 5 fils on back of 27.38 million shares. Osoul Investment Co eased 2 fils while KFIC and KAMCO added 2 fils each. International Finance Co edged 2 fils lower . Capital Markets Authority has approved, the company's request to buy back or sell up to 10 percent of own shares over a period of 6 months commencing March 25, 2013.
The bourse was trending higher so far during the week and has climbed 61.69 pts in last two sessions. The index has soared 157.35 pts so far during the month and is trading 16 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Global Investment House has incurred a net loss KD 55.005 million loss per share of 111 fils in 2012. This compares with KD 57.506 million loss and Loss 116 fils loss per share in the previous year.
KSE earlier on Monday suspended trading in the shares of 17 listed firms for failing to report their financial results in the stipulated time. The companies include : Kuwait Investment Company, Coast Investment And Development Company, Securities House, Industrial Investment Company, Al-Aman Investment Company, Ayaan Leasing and Investment Company, Global Investment House, Housing Finance Company, Al-Qurain Holding Company, Al-Madina for Finance and Investment Company, Al-Imtiaz Investment Group Company, Kuwait Business Town Real Estate Company, Kuwait Pipe Industries and Oil Services, Kuwait Commercial Complex Company, National Cleaning Company, Al-Safwa Group Company and National Ranges Company.Â
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