(MENAFN - Arab Times) Kuwait stocks edged down Tuesday extending the losses to third straight session. The price index pared steep early losses to close 5.5 pts lower at 7,623.09 points as weak sentiment weighed on select counters. Speculative selling was seen in some of the mid and low caps while the blue chips remained mostly subdued. The KSX 15 rose 2.15 points to 1,064.4 pts taking the month's gains to 12 points while the weighted index edged 0.32 pts higher. The volume turnover rebounded to cross the 400 million mark for the second time during the month. 405.28 million shares changed hands - a 45.57 percent jump from the day before. The sectors closed mixed. Telecommunications outshone the rest with 2.85 percent gain whereas oil and gas shed 1.57 pct, the worst performer of the day. Volume wise, financial services notched the highest market share of 45.57 percent while real estate and banks followed with 27.37 pct and 10.62 percent respectively.
Kuwait Food Co ( Americana) dropped 20 fils to KD 2.500 and Kuwait Co For Process Plant Construction and Contracting followed suit. Combined Group Contracting Co plunged 60 fils while Burgan Well Drilling Co was down 10 fils at KD 0.200.
Gulf Franchising Holding Co fell 4 fils and KGL Logistics Co slipped 5 fils to settle at KD 0.255. ACICO shed 15 fils. The company has logged net profit of KD 4.04 million and earnings per share of 16.33 fils in the first nine-months of the year, up from KD 2.33 million profit and 9.42 fils EPS in the 9M of 2012.
Among the heavyweights Zain rose 10 fils to KD 0.680 whereas Wataniya Telecom held the ground unchanged at KD 1.800 off early lows and the stock has rallied 40 fils so far during the month. Agility eased 10 fils to KD 0.700 extending an identical loss in the day before and the counter saw 4.6 million shares change hands,.
The market flat and ticked slightly in early trade. The index hit the day's highest level of 7,630.68 pts and retreated thereafter as sentiment turned negative. It continued to drift lower to bottom at 7,578.86 points almost half way into the session. It moved sideways before clawing back most of the losses at close.
Top gainer of the day, Gulf Finance House spiked 10 percent to 55 fils while Housing Finance (Iskan) climbed 8.77 percent to stand next. Cables TV dived 8.06 percent, the steepest decliner of the day and GFH topped the volume with over 85 million shares.
Reflecting the day's slight losses, the losers narrowly outnumbered the winners. 44 stocks gained whereas 46 closed lower. Of the 150 stocks transacted during the session 60 closed flat. 5611 deals worth KD 34.22 million were transacted - a 41.29 percent surge in value from the day before.
Kuwait Cement Co fell 5 fils to KD 0.360 while. Gulf Cables held steady at KD 0.830. The company has earned KD 9.06 million and clocked an earnings per share of 43 fils in the first nine-months of 2013 as compared with net profit of KD 10.54 million and earnings per share of 50 fils in the same period last year
National Industries Group was flat at KD 0.234 off early lows whereas Kuwait Foundry Co added 5 fils. 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 Sep 30, 2013. This compares with KD 485,899 profit and 3.16 fils EPS in the year before.
Jazeera Airways was flat at KD 0.495 and Kuwait Cable Vision Co shed 20 fils. The company has incurred a net loss of KD 284,136 and loss per share of 9.47 fils in the January-September period of 2013. ALAFCO too held steady at KD 0.275 off early lows.
Metal and Recycling Co climbed 4 fils to KD 0.136 whereas IFA H & R paused at KD 0.270 with razor thin volume. The company has won the approval of Capital Markets Authority to buy back or sell up to 10% over a period of 6 months. Contracting and Marine Services slipped 10 fils
In the banking sector, National Bank of Kuwait was unchanged at KD 0.890 after clocking a volume of 2.4 million shares whereas Gulf Bank gave up 5 fils to close at KD 0.365. Commercial Bank of Kuwait paused at KD 0.720 and Al Ahli Bank clipped 5 fils to settle at KD 0.435.
Ahli United Bank dropped 10 fils to KD 0.710 whereas Kuwait International Bank shaved off 5 fils. Burgan Bank and Kuwait Finance House stagnated at KD 0.790 and Boubyan Bank followed suit.
Kuwait Investment Co slipped 2 fils to KD 0.138 whereas National Investment Co ticked 2 fils higher. The company has won the approval of Capital Markets Authority to the company's request to buy back or sell up to 10% of own shares over a period of 6 months.
International Financial Advisors closed flat with a volume of 29.49 million shares and KIPCO too did not budge from its earlier close of 0.630. Securities House Co fell 4 fils whereas Kuwait Financial Center and Al Aman Investment Co fell 2 fils each.
Bayan Investment Co shed 5 fils whereas Gulf Investment House climbed 4 fils on back of over 9 million shares. Al Deera Holding Co inched 1 fils up whereas Osoul Investment eased 2 fils to settle at 78 fils. Tamdeen Real Estate closed flat at KD 0.176 whereas Mabanee Co soared 40 fils.
The bourse has been downbeat so far during the week and has dropped 45 points in last three sessions. The index had declined 185 points in December but has gained over 27 percent during 2013. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, 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 and loss per share of 2.07 fils in the same period last year.
National Petroleum Services has posted a net profit of KD 2.64 million and earnings per share of 47.50 fils in the nine-months period ending Sept 30, 2013.
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