(MENAFN - Arab Times) Kuwait stocks pulled higher Tuesday, after retreating in the previous session. The index gained 28.7 points in choppy trade led by Zain and some of the mid-caps even as other heavyweights closed mixed. The sentiment appeared skittish in absence of tangible catalysts .
The bourse wound up at 6,148.70 points paring higher gains earlier in the session while weighted index rose 3.9 points to 410. The volume turnover ticked higher extending the increase to third consecutive session. 369.89 million shares changed hands - up 7 percent from Monday. After hitting multi-year highs in February, the volume started receding in the last week of March and has been hovering around the 300 million mark so far during the month.
Zain rallied 40 fils more than recouping the fall in the day before and closed at KD 0.730. The counter saw over 7 million shares change hands. Agility was up 5 fils at KD 0.400 after trading in red earlier in the day.
Wataniya Telecom however slid 40 fils erasing the modest gains on Monday and closed at KD 2.180. The stock is unchanged so far during the month but has shed 240 fils from start of the year.
KAMCO spiked 38 fils to close at KD 0.280. KAMCO has won approval of Capital Markets Authority for its request to extend the approval of buying a maximum of 10% of its shares for another 6 months.
Kuwait Food Co (Americana) rose 20 fils with thin trading to wind up at KD 1.420 while Kuwait Gulf Links ticked 2 fils higher on back of 1.8 million shares. The stock has climbed 12 fils from start of the year and is up 6 fils so far during the month.
Peaked
The market opened on firm note and pulled higher in early trade before falling into a shallow trough. The index clawed back on buying in select counters and peaked at 6,154.6 points almost half-way into the session. It traded sideways thereafter before easing slightly at close.
Top gainer of the day, KAMCO rallied 15.7 percent to KD 0.280 while Kuwait United Poultry Co climbed 7.9 percent to stand next. Ajwan shed 7.5 percent, the steepest decliner of the day, while Gulf Finance House topped the volume with 44.08 million shares.
The market spread was biased towards the gainers. 50 stocks advanced while 20 closed lower. Of the 103 counters active on Tuesday, 32 closed lower. 5,566 deals worth KD 46.46 million were transacted - a 34.8 percent surge in value from the day before.
Among other notable gainers, National Industries Group rose 4 fils recovering an identical fall in the day before, while Kuwait Pipes ticked 2 fils higher. ACICO Industries Co climbed 6 fils and Qurain Industries Co was up 2 fils at KD 0.214 on back of 1.3 million shares.
On the downside, Combined Group Contracting Co dropped 20 fils and KGL Logistics was down 15 fils at KD 0.285 after trading 4.57 million shares. Kuwait Portland Cement shed 10 fils and United Industries Co inched 1 fils lower. UIC has posted annual net profit of KD 1,210,449 for 2011. The earnings per share clocked 2.46 fils and the Board of Directors have recommended no dividend payout.
In the banking sector, National Bank of Kuwait swayed in a moderate range before closing flat at KD 1.060. The bank has received the central bank's approval to increase its stake in Boubyan Bank to 60 percent from 47.29 percent. Gulf Bank held the ground unchanged at KD 0.430.
Ahli United Bank rose 10 fils to end at KD 0.830 whereas Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session. Kuwait Finance House added 10 fils on back of 1.29 million shares and Boubyan Bank firmed up by 20 fils.
Burgan Bank stagnated at KD 0.730 and Kuwait International Bank followed suit. KIB has won the approval of the Central Bank of Kuwait to extend buying back or selling a maximum of 10% of its own issued shares for another six months ending on October 8, 2012.
Rose
Mabanee Co closed flat at KD 1.060 and National Real Estate Co rose 6 fils to close at KD 0.122.. The company has piled up KD 40.85 million losses and loss per share of 52.72 fils in 2011 and the Board of Directors recommended no dividend payout for the Fiscal Year.
The bourse has been mixed so far during the week and is up 3.2 points in last three session. It has added 16.3 points so far during the month and is trading 6 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Al Maal Investment Co has posted a net loss of KD 31,015,440 and loss per share of 58.71 fils in 2011 as compared to net profit of KD 12,016,616 and earnings per share of 22.75 fils in the year before.
Kuwait Pipes Industries and Oil Services Co has incurred net loss of KD 10,590,490 and loss per share of 47 fils in 2011 as against net profit of KD 387,069 and earnings per share of 1.72 fils in previous year. The Board of Directors recommended no dividend payout.
Bayan Investment Co announced has net loss of KD 5,367,284 and loss per share of 15.02 fils in whole of 2011 narrowing from last year's loss of KD 12,763,984 and loss per share of 35.69 fils in the year before. The Board of Directors recommended no dividend payout for the Fiscal Year.
Kuwait Stock Exchange earlier in the month has announced the suspension of trading of shares of 29 companies with effect from April 1, 2012 due to failure to announce the financial results of 2011 in the stipulated time. They are: International Financial Advisors Co, Al-Ahlia Holding Co, Coast Investment and Development, International Investor Co, The Securities House Co (suspended), Industrial Investments Co, International Finance Corporation, Aref Investment Co, Al-Aman investment Company, Aayan Leasing & Investment Company, Global Investment House Co, Kuwait Finance & Investment Company.
The list also includes, Housing Finance Company, Al-Madar Finance & Investment Company, Al Safat Investment Co, Qurain Holding Co, Sokouk Holding Company, Noor Financial Investment Company and Amwal International Investment Co, Al Masar Leasing & Investment Company, Investors Group Holding Co, Grand Real Estate Projects Co, Munshaat Real Estate Projects Co, Kuwait Business Town Real Estate Co, MENA Holding Company, Salbookh Trading Co, Kuwait Commercial Markets Complex Co, National Ranges Co and Alshamel International Holding Co.
