(MENAFN- Arab Times) Kuwait stocks fell sharply Thursday to wind up the week on a sour note. The price index plunged 92.85 pts to 7624.64 points - a three-week low as investors exited positions in wake of the upcoming holidays and the quarterly results. The banks were mostly muted whereas other heavyweights closed lower. The KSX 15 measure dropped over 6 pts to 1086.69 points and has retreated 8 pts from start of the month while weighted index fell 2.52 pts. The volume turnover meanwhile slipped below the 300 million mark to hit a one-month low. 2989.89 million shares changed hands - a 31.16 pct drop in value from the day before. The sectors all closed in the red territory. Consumer good dived 2.50 pct, the biggest loser of the day, while oil and gas was the second worst performer with 1.99 percent fall. Volumewise, financial services chalked the highest market share of 44.95 percent while real estate and industrials followed with 39.27 percent and 6.36 pct respectively.
ACICO Industries dropped 20 fils with thin trading and Independent Petroleum Group was down by same measure to end at KD 0.700. KGL Logistics Co fell 10 fils to KD 0.265 and Boubyan Petrochemical Co followed suit. Kuwait Foundry Co dialed down 5 fils. The ALAFCO fell 5 fils to KD 0.280 extending an identical loss in the day before while Contracting and Marine Services Co was down 10 fils. National Industries Group, the flagship company of Kharafi Group, was down 5 fils at KD 0.250. Bourse heavyweight Zain shed 20 fils to close at KD 0.700 and the counter saw 1.41 million shares change hands while Wataniya Telecom held the ground unchanged at KD 1.920 and the stock has slumped 420 fils so far in 2013. Agility gave up 10 fils to wind up at KD 0.690.
Slipped
The market opened weak and slipped into red in early trade. The index drifted lower amid moderate selling in select counters and moved sideways past the mid-session. It fell further in the final minutes to hit the days lowest level of 7602.26 pts and managed to pared back some of the losses at close. Top gainer of the day, Al Mudon rose 4.95 percent to KD 0.212 and GNAHC climbed 4.92 pct to stand close behind. Futurekid slid 8.2 percent, the steepest decliner of the day, and Gulf Finance House topped the volume with 36.95 million shares. Mirroring the days decline, the market spread was heavily skewed towards the losers. 17 stocks advanced whereas 83 closed lower. Of the 137 counters active on Thursday, 37 closed flat. 8341 deals worth KD 26.98 million were transacted - down 31.13 percent in value from the day before. "The investors are going to follow stocks which have been consistent in their dividend distributions and are expected to announce sound financials," Reuters quoted Fouad Darwish, head of brokerage services at Global Investment House on Wednesday.
"Many believe the provisions that have taken a toll on banks are going to be decreased and should this happen, banks will post better financials and add to their distributions, which will in turn reflect on liquidity in the market." Jazeera Airways was flat at KD 0.500 whereas IFA Hotels and Resorts added 5 fils. Metal and Recycling Co ticked 2 fils lower . The company has chalked a net loss of KD 24,189 and loss per share 0.32 fils in the first six months of 2013. Kuwait Cement Co was unchanged at KD 0.365 whereas Kuwait Portland Cement rallied 40 fils extending an identical rise in the day before. The company has registered a net profit of KD 4.89 million and earnings per share of 53.82 fils in the first half of 2013. Combined Group Contracting Co gained 20 fils and Kuwait Food Co (Americana) too was up by same measure to close at KD 2.340. Kuwait Gulf Links flunked 2 fils after trading 1.12 million shares.
Budge
In the banking sector, National Bank of Kuwait was unchanged at KD 0.920 and Gulf Bank too did not budge from its earlier close of KD 0.400. The lender has won Central Bank of Kuwaits approval to buy back or sell up to 10 percent of own issued shares over an additional period of 6 months. Commercial Bank and Al Ahli Bank were flat at KD 0.710 and KD 0.500 respectively whereas Ahli United Bank pulled 10 fils lower. Kuwait International Bank too held steady at KD 0.310 off early lows and Burgan Bank too did not budge from its earlier close. Kuwait Finance House was flat at KD with a volume of over 1 million shares and Boubyan Bank too paused at KD 0.610. The bank has won Central Bank of Kuwaits approval to buy back or sell up to 10 percent of own issued shares over an additional period of 6 months commencing October 14, 2013.
International Financial Advisors slipped 3 fils to 78 fils and the counter saw 19.5 million shares changed hands while National Investment Co was down 4 fils. KIPCO stagnated at KD 0.580 and the stock has rallied 190 fils from start of the year. Al Mal Investment Co and International Finance Co slipped 2 fils each while Bayan Investment Co dropped 6 fils. Al Deera Holding Co fell 4 fils after trading 16.87 million shares whereas Sokouk Holding Co closed flat. The bourse has been bearish during the week. It closed lower in four of the five session and slid 159 pts week-on-week. The index has shed 142 points from start of the month and is trading over 29 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Al-Safwa Group has incurred KD 54,137 net loss and loss per share of 0.04 fils in the quarter ending March 31, 2013 as compared with KD 270,821 profit and earning per share of 0.21 fils in the year before period. IFA Hotels and Resorts Co is seeking to hike its capital from KD 45,388,200 to KD 63,543,420 commencing from October 1 to October 21, 2013 . The Shares shall be issued for cash at a nominal value of 100 fils plus a premium fees of 80 fils. KAMCO has posted a net profit of KD 1.46 million earnings per share of 6.35 fils in the six month period ending June 30, 2013 rebounding from net loss of KD 2.89 million and loss per share of 12.14 fils in the same period last year.
Securities Group has earned KD 155,245 in the quarter ending June 30, 2013 and earnings per share of 0.61 fils rebounding from KD 1.88 million net loss and loss per share of 7.39 fils in 2012 Q2. Al-Enmaa Real Estate has posted a net profit of KD 1.21 million and chalked earnings per share of 2.7 fils in the 9 month period ending July 31, 2013. This compares with KD 740,814 earnings and 1.6 fils EPS in the year before period.
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