(MENAFN- Arab Times) Kuwait stocks sank further Tuesday extending the losses to second straight session. The index pared steeper losses to close 39.02 pts down at 7798.11 pts amid selling in banks and other heavyweights. Some of the mid and low caps however shined on speculative interest. The KSX 15 benchmark slipped 7.35 pts to 1071.78 points taking the month's loss to the 30 points whereas weighted index edged 2.75 pts lower. The volume turnover shrank slightly after posting a modest rebound in the day before. 235.59 million shares changed hands - a 11.84 percent fall from Monday. The sectors closed mostly in the red zone. Consumer good outled the rest with 1.08 percent upswing whereas industrials and financial services were down 0.88 percent each, the biggest losers of the day. Volume wise, real estate dominated with 39.20 percent market share and financial services came in next with 35.07 percent. Industrials stood a distant third with 11.56 percent contribution.
United Projects Co shed 40 fils with thin trading while Safwan Trading and Contracting Co slid 50 fils. Kuwait Food Co ( Americana) was down 20 fils extending the losses from the day before and National Industries Group gave up 10 fils after clocking 6.8 million shares. Boubyan Petrochemical Co slumped 50 fils and saw over 1.6 million shares change hands while National Consumer Holding Co and Kuwait Educational Services Co fell 10 fils each. Jazeera Airways eased 5 fils and Kuwait Building Materials Manufacturing Co fell 6 fils to end at KD 0.238. Burgan Well Drilling Co erased 20 fils to settle at KD 0.230.
Losses
Among the frontline stocks, Zain shed 10 fils to KD 0.680 and Wataniya Telecom extended the losses to fourth straight session with 20 fils loss. Agility was down 10 fils at KD 0.720. The company has won the Capital Markets Authority's approval to buy back or sell up to 10% of own shares over a period of 6 months.
The market opened weak and edged lower in early trade. The index moved sideways for nearly an hour before resuming the downtrend amid selling in select counters. It hit the day's lowest level of 7762.79 points almost half way into the session and managed to claw back some of the losses in the second half. Top gainer of the day, Futurekid rallied 7.41 percent to KD 0.116 and Citygroup came in next with 7.07 percent rise. Boubyan Petrochemical Co slumped 7.94 pct, the biggest loser of the day and Investors Holding Group topped the volume with 32.44 million shares.
Reflecting the day's decline, the losers outled the winners 2 to 1. 35 stocks advanced whereas 69 closed lower. Of the 150 counters active on Tuesday, 46 closed lower. 6075 deals worth KD 27.18 million were transacted - a 14.13 percent drop in value from the day before. On the flip side, ACICO Industries Co climbed 20 fils to KD 0.305 and Kuwait Foundry Co added 10 fils extending the modest rise in the previous session. Equipment Holding Co rose 4 fils on back of 1.74 million shares and Kuwait Cables Vision Co gained 4 fils to end at 69 fils. IFA Hotels and Resorts climbed 5 fils to KD 0.265 and United Industries Co ticked 2 fils higher. The company has notched KD 6.58 million profit in the nine-month period ending Sept 30, 2013 and clocked earnings per share of 14.69 fils.
Kuwait Gulf Links was unchanged at KD 0.110 off slight early lows and KGL Logistics Company gave up 5 fils to close at KD 0.270. The company has won the approval of Capital Markets Authority to its request to buy back or sell up to 10% of own shares over a period of 6 months. Combined Group Contracting Co recouped early losses to close flat at KD 1.300 and Independent Petroleum Group too did not budge from its earlier close of KD 0.405. The company 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. In the banking sector, Gulf Bank fell 5 fils to KD 0.380 whereas National Bank of Kuwait was unchanged at KD 0.900 after trading 1.3 million shares. NBK has won the approval of Capital Markets Authority to buy back or sell up to a maximum of 10% of its own issued shares for 6 months. Commercial Bank of Kuwait held steady at KD 0.750 and Ahli United Bank followed suit to close at KD 0.720. Kuwait International Bank gave up 10 fils whereas Al Ahli Bank was not traded during the session.
Eased
Burgan Bank eased 10 fils to wind up at KD 0.560 taking the months losses to 20 fils and Kuwait Finance House stagnated at KD 0.780. Boubyan Bank was down 20 fils at KD 0.560 . Commercial Facilities Co rose 5 fils to KD 0.280 whereas International Financial Advisors was down 6 fils after clocking a volume of over 14 million. National Investment Co shaved off 2 fils and KIPCO paused at KD 0.610 off early highs. Kuwait Financial Centre ( Markaz) and Osoul Investment fell 2 fils each whereas Bayan Investment closed flat at KD 0.132. Al Deera Holding edged 2 fils lower to 70 fils and Noor Financial Centre shed 4 fils. KAMCO was down 8 fils at KD 0.122 extending the losses from the day before. National Real Estate Co and Union Real Estate Co dropped 4 fils each whereas Mabanee Co did not budge from its earlier close of KD 1.120. Salhia Real Estate Co was down 5 fils at KD 0.385. The bourse has largely downbeat so far during the week and has shed 43 points in last three sessions. The index has tumbled 148 points from start of the month and is trading over 31 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Humansoft Holding has earned a net profit of KD 3.30 million and earnings per share of 28.93 fils in the first nine months of the year, soaring from KD 1,47 million and earnings per share of 12.95 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. Refrigeration Ind. and Storage has posted a net profit of KD 2.50 million and clocked an earnings per share of 28.25 fils in the nine month period ending September 30, 2013. This compares with KD 2.24 million profit and earnings per share of 25.39 fils in the same period last year. Warba Bank announced 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.
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