(MENAFN - Arab Times) Kuwait stocks ticked higher on Thursday to wind up the week on a positive note. The index rose 4.4 points led by some of the mid-caps whereas heavyweights closed mostly flat. The trading floor sentiments were cautious as investors await the second quarter results.
The bourse wound up at 6,212.90 points after trading higher for most part of the session while weighted index inched 0.35 points higher to 433.78. The volume swelled above the 100 million mark helped by speculative interest in some of the scrips. 108.37 million shares changed hands - up 12.6 percent from the day before.
Among prominent gainers, Ahli United Bank climbed 20 fils more than recouping the loss in the previous session and saw a volume turnover of 0.56 million. Al Ahli Bank was up 10 fils at KD 0.670.
Gulf Cables rose 20 fils with thin trading to settle at KD 1.580 and Combined Group Contracting Co added 20 fils to close at KD 1.800. Mabanee Co gained 10 fils to end at KD 0.870 and Real Estate Trade Centers Co was up 5 fils. Mabanee had risen 20 fils during June and is trading 70 fils higher year-to-date.
Combined Group Contracting Group climbed 20 fils with razor thin volume and United Gulf Bank was up 5 fils at KD 0.280. The lender has posted a net profit of 4.8 million for the first quarter of 2011, down from 7.5 million profit in the same period last year.
Bourse heavyweight Zain held the ground unchanged at KD 1.020 after closing in red in the previous session. The telecom major's Iraq unit is facing difficulties in meeting an August deadline to launch an initial public offering and may end up floating less than a regulator-mandated 25-percent stake.
Agility too was unchanged at KD 0.335 and Wataniya Telecom followed suit to close at KD 1.980. Kuwait Gulf Links eased 4 fils to end at KD 0.136. The stock had dropped 10 fils during whole of June and is trading 2 fils lower since start of the month.
National Industries Group fell 2 fils to KD 0.236 after trading 2.6 million shares and Kuwait Pipes was down 4 fils at KD 0.184. Kuwait Cement Co dropped 10 fils while Heavy Engineering Industries and Shipbuilding Co shed 15 fils. United Industries and Qurain Petrochemicals Industries were down 4 fils each.
The bourse opened positive and climbed steadily in early trade. The index peaked at 6224.3 points and eased slightly thereafter. It moved narrowly lower in the second half and closed with marginal gains.
Top gainer of the day, Mushrif Trading and Contracting Co spiked 8.9 percent to KD 0.122 while Sharjah Cement and Industrial Development Co climbed 7.4 percent to stand next. Al Safat Real Estate Co slid 12.12 percent, the biggest decliner of the day, while Aayan Real Estate Co topped the volume with 21.16 million shares.
In the banking sector, National Bank of Kuwait was flat at KD 1.140 with a volume of 0.72 million shares and Gulf Bank too did not budge from its earlier close of KD 0.540. Commercial Bank was steady at KD 0.900. The stock had dropped 20 fils during June and is down by same measure year-to-date.
Kuwait International Bank and Burgan Bank stagnated at KD 0.315 and KD 0.495 respectively and Kuwait Finance House followed suit. The Islamic lender earlier in June signed a deal with Gulf Investment House to restructure the KD 49.5 million it owes in debts.
National Investment Co dropped 4 fils to KD 0.232 while International Financial Advisors inched 1 fils lower. KIPCO was flat at KD 0.360 and International Finance Company eased 2 fils . The company has won Central Bank of Kuwait's approval its request to buy back up to 10% of its own issued shares for a six-month period.
Global Investment House ticked 1 fils lower to 37 fils and Al Tamdeen Investment Co was stagnant at KD 0.190. Al Maal Investment Co fell 2 fils. The company has won Central Bank of Kuwait approval to extend permit to buy back or sell up to 10% of own issued shares for an additional period of 6 months ending January 17, 2012.
Aref Energy edged 2 fils up whereas Burgan Well Drilling Co fell 5 fils. The company has posted a net profit of KD 1,749,701 and earnings per share of 8.35 fils in the fiscal year ending March 201. This compares with last year's net profit of KD 2,874,265 and earnings per share of 13.72 fils The Board of Directors recommended no dividend payout for the fiscal year.
Jazeera Airways closed was unchanged at KD 0.206 and Kuwait Food Co (Americana) too did not move in either direction. The company has recorded KD 15.9 million in Q1 profits and earnings per shares of 41 fils compared to KD 13.8 million and EPS of 35 fils per share in the same period last year.
The bourse was mixed during the week . It closed higher in 3 of the five sessions and added 1.2 points week-on-week. It had slid 167 points during whole of June and is trading 11 percent lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Securities Group Company Co. has posted a net profit of KD 12,934 and earnings per share of 0.05 fils in the fiscal year ending March 31, 2011. The Board of Directors has recommended a cash dividend of 10 percent.
Bayan Investment Co has incurred a net loss of KD 3,792,933 and loss per share of 10.61 fils in the three-month period ending March 31, 2011 as compared to a net loss of KD 1,862,004 and loss per share of 5.23 fils in the same period last year.
National Industries Group has registered a first quarter net profit of KD 1,941,000 and earning per share of 2 fils as compared to profit of KD 4,712,000 in same period last year.
Meanwhile Kuwait Stock Exchange has selected 15 firms for its new Kuwait 15 Index. They are: Mobile Telecommunications Co (Zain), National Mobile Telecommunications (Wataniya), National Bank of Kuwait, Kuwait Finance House, Gulf Bank, Boubyan Bank, Ahli United Bank, Burgan Bank, Kuwait Projects Co, Mabanee Co, Kuwait International Bank, Agility Public Warehousing Co, National Industries Group Holding, Gulf Cable & Electrical Industries Co, Boubyan Petrochemical Co. The list is to be reviewed every six months.