Font Size

- Aa +

Sun 24 Apr 2011 02:46 PM

Font Size

- Aa +

Wataniya pulls up Kuwait's benchmark

Kuwait Finance House fell 1.8 percent in early trade after posting 26.9% in Q1 net profit

Wataniya pulls up Kuwait's benchmark

National Mobile Telecommunications Co (Wataniya) ended at a more than two-year high after its first-quarter earnings beat expectations, helping boost Kuwait's index to a two-month high.

Wataniya ended 5.2 percent higher after posting net profit of KD285m, up from KD16m from the year earlier period. It announced surprise earnings per share of 568 fils as compared to 32.34 fils in the first quarter of last year.

"The fact that they've revalued price, means nothing to the trader," said a Kuwait-based trader on condition of anonymity. "I doubt they're going to be giving out dividends."

The benchmark edged up 0.03 percent to 6,445 points, its highest close since February 24.

Dragging the index in early trade, Kuwait Finance House, fell 1.8 percent. The Gulf state's largest Islamic lender, on Sunday posted a 26.9 percent drop in its first-quarter net profit, missing analysts forecasts.

The lender made KD22.6m ($81.88m), down from KD30.9m in the year-earlier period.