(MENAFN- Arab Times) Kuwait stocks staged a modest rebound after heading south during last week. The price index rose 8.5 pts in choppy trade to 6,190.39 points even as investors toed caution in absence of catalysts. Some of the mid-caps shone whereas the frontlines stocks remained largely subdued.
The KSX 15 benchmark slipped 6.07 points to 1,011.99 pts taking the year's losses to 50 points while weighted index eased 1.33 pts. The volume turnover meanwhile plumbed to a two-week low as it continued to hover below the 100 million mark. 63.29 million shares changed hands - a 21.97 pct drop from last session.
The sectors closed mostly in the green turf. Technology outshone the rest with 0.95 pct gain whereas telecommunications shed 0.59 pct, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 43.40 pct while real estate stood next with 36.74 percent. Parallel market was a distant third with 11.36 pct contribution.
Among the day's movers, Kuwait Portland Cement soared 60 fils to KD 1.240 while NAPESCO and the newly listed Mezzan Holding Co gained 20 fils each to settle at KD 0.600 and KD 1.040 respectively. The Energy House pulled 10 fils lower and Mashaer Holding Co followed suit to end at KD 0.122.
Sector heavyweight, Zain fell 5 fils to KD 0.415 and is trading 115 fils lower year-to-date while Wataniya Telecom held the ground unchanged at KD 1.160 off early lows. Kuwait Telecommunications Co ( VIVA) gave up 10 fils to end at KD 0.940 whereas logistics major Agility was down 10 fils at KD 0.670 .
Clipped
ALAFCO clipped 2 fils and Jazeera Airways dialed up 5 fils taking the year's gains 30 fils. The airline has posted a net profit of KD 3 million in the first quarter of 2015, an increase of 44.6% from the same quarter last year.
The market opened on tame note and moved sideways in early trade. The main index slipped into red as sentiment turned weak and hit the day's lowest level of 6,173.16pts almost half way into the session. It continued to drift listlessly and managed to nudge back into positive territory at close.
Top gainer of the day, Qurain Holding Co vaulted 9.52 percent to 11.5 fils while Future Communications Global Co climbed 7.27 pct to stand next. The Energy House tumbled 6.15 pct, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 14.87 million shares.
Despite the day's uptick, the market spread almost even. 36 stocks advanced whereas 37 closed lower. Of the 114 counters active on Sunday, 41 closed flat. 1,569 deals worth KD 6.9 million were transacted - a 29 pct drop in value from the previous session.
National Industries Group took in 2 fils to close at KD 0.164 while Kuwait Cement Co and RISCO held steady at KD 0.360 and KD 0.385 respectively. Equipment Holding Co was unchanged at 70 fils and Gulf Cable too did not budge from its earlier close of KD 0.560 after vacillating in a tight range.
Ikarus Petroleum Industries Co dialed down 2 fils and Boubyan Petrochemicals Co stagnated at KD 0.590. The company has won the approval of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for 6 months.
National Investment Co was flat at KD 0.128 and KIPCO followed suit. The company has posted a net profit of KD 12 million for the first three months of 2015 € an increase of 17 percent from the same period last year while earnings per share grew by 24% to 8.84 fils.
Osoul Investment Co took in 2 fils and Kuwait Financial Centre (Markaz) gained 4 fils. The company has logged a net profit attributable to shareholders of KD 1.31 million for the quarter ending March 31, 2015 and the earnings per share clocked 3 fils.
Sukouk Holding Co and Tamdeen Investment Co were unchanged at 54 fils and 330 fils respectively and Securities House Co inched 1 fils higher . Kuwait Investment Co was up 2 fils at 118 fils.
In the banking sector, National Bank of Kuwait stagnated at KD 0.850 off early lows with a volume of 1.67 million and Commercial Bank followed suit. Al Ahli Bank held steady at KD 0.365 whereas Gulf Bank was not traded during the session.
Slipped
Ahli United Bank rose 10 fils to KD 0.570 and Kuwait International Bank paused at KD 0.242. Burgan Bank fell 5 fils and Kuwait Finance House was down 10 fils at KD 0.630 erasing the gains on Thursday. Boubyan Bank slipped 5 fils to KD 0.425.
Salhia Real Estate Co climbed 10 fils to KD 0.335 whereas National Real Estate Co held steady at 96 fils. Mabanee Co and Al Mazaya Holding Co were both unchanged at KD 0.980 and 114 fils respectively.
The bourse trended mostly lower during last week. The key index closed lower in four of the five sessions and slid 30 points week-on-week. It had shed 90 points during whole of June and is trading 5.28 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Combined Group Contracting Co. has been granted approval by Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months .
National Industries Company has won the permission of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for a period of 6 months.
Aqar Real Estate Investments Co has got the nod of Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months.
Privatization Holding Co has received the approval of Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months.
Gulf Insurance Group (GIG) has registered a net profit of KD 3.7 million or 20.86 fils per share, for the financial period ended March 31, 2015 € an increase of 22.8 percent from the same period last year. Shareholder equity grew 3.7 pct to KD 82.5 million.
Tamdeen Investment Co has recorded 18.5 pct rise in its earnings of the first quarter of 2015. It stood at KD 7.25 million compared to KD 6.12 million in the Q1 of 2014 while earnings per share came in at 25.75 fils.
Kuwait Foundry Co has logged a net profit of KD 2.26 million and earnings per share of 14.74 fils in the first nine-months of 2014, as against KD 2.13 million profit and earnings per share of 13.9 fils in the 9M of 2013.
Warba Bank has recorded a net profit of KD 115,000 and earnings per share of 0.12 fils in 2014, rebounding from net loss of KD 3.709 million and loss per share of 3.71 fils in 2013.
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