KUWAIT CITY , Jan 21 : Kuwait stocks swung higher for the fourth day ina row. The price index, after a soggy start, climbed 17.85 pts to 7,756.11 points helped by renewed interest in banking shares. Speculative buying was seen in some of mid and low level positions too. The KSX 15 gauge rose 17.85 points to 456.54 pts and weighted index edged 3.15 pts to settle at 456.54 points. The volume turnover meanwhile ticked higher for the second consecutive day nudging closer to the 600 million mark. 590.47 million shares changed hands — 5.73 percent drop from the day before. The sectors closed mostly in the green. Telecommunications outshone the rest with 1.55 percent gain whereas healthcare slipped 1.43 pct, the worst performer of the day. Volume wise, financial services accounted for the highest market share of 43.96 pct and real estate came in next with 30.92 percent. Industrials was a distant third with 14.38 pct contribution. Among the movers, the Mabanee Co jumped 20 fils to KD 1.160 while Jazeera Airways rose 5 fils to KD 0.500. Alaragan International Real Estate Co added 10 fils to settle at KD 0.160 and Boubyan Petrochemical too was up by same measure. Market heavyweight Zain gained 10 fils to end at KD 0.670 whereas Wataniya Telecom wiped off the Monday's gain with 20 fils drop and the stock has rallied 40 fils so far during the month. Agility was up 10 fils at KD 0.690 partly reversing the increase in the day before. The market was off to a wobbly start and slipped into red in early trading. The index ticked higher on back of moderate buying in select counters and swung briefly into the positive zone half way into the session. It retreated and moved sideways in the second half before picking momentum again in the final minutes. Rallied Top gainer of the day, Al Madina for Finance and Investment rallied 8.16 pct to 53 fils whereas Pearl of Kuwait climbed 6.78 pct to stand next. Equipment Holding shed skidded 6.58 pct, the steepest decliner of the day and Gulf Finance House topped the volume with over 105 million shares. Mirroring the day's gains the winners outnumbered the losers. 59 stocks advanced whereas 42 closed lower. Of the 142 counters active on Tuesday, 41 closed flat. 9642 deals worth KD 50.89 million where transacted — a 16.34 percent increase in value from the day before. The investors remain wary of the market direction as the state's implementation of the big ticket infrastructure projects failed to meet the expectations. "We expected the market sentiment to change in light of expectations of better earnings for the financial sector, which is the biggest sector, but investors are still not confident," Reuters quoted Fouad Darwish , head of brokerage at Global Investment House . "Day traders are not helping by causing swings in smaller stocks, while large-caps take a back seat." Burgan Well Drilling Co climbed 4 fils to KD 0.190 and Yiaco Medicals was up 5 fils at KD 0.350. United Industries Co edged 2 fils higher. On the downside, Gulf Cable dropped 20 fils to KD 1.160 while Al Mowasat Healthcare Co eased 10 fils to KD 0.190. IFA Hotels and Resorts eased 5 fils. The company has won the approval of Capital Markets Authority to buy back or sell up to 10% over a period of 6 months. Kuwait Portland Cement paused at KD 1.360 off early lows and Kuwait Foundry Co too did not budge from its earlier close of KD 0.400. The company has posted a net profit of KD 2.13 million and earnings per share of 13.90 fils in the nine-month period ending Sept 30, 2013 . Kuwait Cement Co was flat at KD 0.365 and National Industries Group followed suit. The company has posted a net profit of KD 10.49 million and earnings per share of 8.3 fils in the nine-month period ending Sept 30, 2013 . Kuwait Gulf Links closed flat at KD 0.106 and KGL Logistics Co followed suit. Kuwait Food Co (Americana) held steady at KD 2.460 whereas Kuwait Cable Vision Co ticked 1 fils higher. In the banking sector, National Bank of Kuwait rallied 20 fils on back of 3.13 million shares while Gulf Bank of Kuwait added 5 fils to settle at KD 0.370. Commercial Bank of Kuwait was not traded during the day. Al Ahli Bank of Kuwait climbed 5 fils to KD 0.440 and Ahli United Bank gained 10 fils recouping the loss in the day before. Kuwait International Bank vacillated in a tight range before closing unchanged at KD 0.295. Steady Burgan Bank fell 10 fils after clocking volume of 16.31 million shares whereas Kuwait Finance House held the ground steady at KD 0.810. Boubyan Bank added 10 fils to wind up at KD 0.560. Kuwait Investment Co was flat at KD 0.138 whereas International Financial Advisors took in 2 fils on back of 7.7 million shares. National Investment Co stagnated at KD 0.158 and KIPCO rose 10 fils. Noor Financial and Al Tamdeen Investment shaved off 2 fils each. Bayan Investment Co gained 5 fils while Osoul Investment and Al Deera Holding Co were up 1 fils each. Al Deera has obtained the approval of Capital Markets Authority to buy back or sell up to a maximum of 10% of its shares over a period of 6 months. The bourse has been buoyant so far during the week and has gained 80 points in last three sessions. The index has rallied 206 points so far during the month recouping the losses during whole of December. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Aqar Real Estate Investments Co has won the approval of Capital Markets Authority for the, the company's request to buy back or sell up to 6.35% of own shares over a period of 6 months. Warba Bank has logged a net loss of KD 3.12 million in the nine-month period ending Sept 30, 2013 and chalked a loss per share of 3.12 fils as against KD 2.06 net loss and loss per share of 2.07 fils in the same period last year. Independent Petroleum Group has posted a net profit of KD 4.35 million in the first nine months of 2013 while earnings per share came in at 30.10 fils. This compares with KD 5.07 million net profit and earnings per share of 35.10 fils in the same period last year. Kuwait National Cinema has notched a net profit of KD 6.13 million earnings per share of 61.74 fils in the nine-month period ending September 2013 , soaring from KD 4.73 million profit and earnings per share of 47.43 fils in the 9M period of 2012. Automated Systems Co has earned KD 1.45 million in the nine-month period ending Sep 30, 2013 while earnings per share stood at 36.27 fils. This compares with KD 4.01 million net profit and 100.26 fils EPS in the same period last year. By John Mathews Arab Times Staff
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- Reid: Bundy Backers Are 'Domestic Terrorists'
- Ex-BP Employee Settles Insider Trading Charges
- Venture Investments in U.S. Highest Since 2001
- Colo. Cleantech Program Calls for Entrepreneurs
- Unemployment Rates Down, Job Gains Up in March
- Hiring Fair for Veterans, Job Seekers
- Recordings Reveal a Not-So-Nice Martinez: Editorial
- VW Beetle Marks 65th Year in U.S.
- The Biebs Crashes Drake's Release Party