(MENAFN- Arab Times) Kuwait stocks pulled sharply lower Sunday as the move by Capital Market Authority to suspend some of the companies for failing to comply with stipulated regulations roiled the market sentiment. The price index slumped 52.2 pts in a broad decline to 7,640.6 points - a 6-week low. The bourse, which is largely retail driven, has closed lower in four of the last five sessions. The KSX 15 slipped 2.56 points to 1098.47 pts and has added 46 points year-to-date, while weighted index eased 1.43 pts to 463.52 pts. The volume turnover meanwhile shrunk after surging in the last session. 141.2 million shares changed hands - a 24.8 percent drop from previous session. It had hit a hit a multi-month low of 104.57 million on Feb 23. The sectors closed mostly in the red. Basic materials, the only gainer, rose 0.41 percent while technology plunged 3 percent, the biggest loser of the day. In terms of volume, financial services accounted for the highest market share of 47.21 pct while real estate and industrials followed with 27.46 percent and 12 percent respectively.
Among notable losers, Combined Group tumbled 80 fils to KD 1.180 and United Projects Group slid 40 fils. Automated Systems Co shed 25 fils and Safwan Trading and Contracting followed suit. Kuwait National Cinema Co dived 40 fils to settle at KD 0.950. ACICO Industries Co dropped 20 fils to KD 0.275 extending the marginal loss in the day before while RISCO and City Group were down 15 fils each. Jazeera Airways closed 10 fils lower to end at KD 0.485 after remaining flat during February.
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Among the frontline stocks, Zain shed 20 fils after trading 1.16 million shares and is down 60 fils from start of the year whereas Wataniya Telecom fluctuated in broad range before closing flat at KD 1.840. Agility however bucked the trend to gain 10 fils. The market opened weak and slipped into red in early trading. The index fell sharply amid weak sentiments and moved sideways past the mid-session. It hit the day's lowest level of 7,610.09 points in final minutes before paring back some of the losses at close.
The top gainer of the day, Pearl of Kuwait Real Estate Co dived 9.3 percent to 23.5 fils while Egypt Kuwait Holding climbed 7.14 pct to stand next. The company has registered a net profit of KD 20.167 million and earnings per share of 24.02 fils in the year ending Dec 31, 2013. Jeeran Holding dived 8.33 percent, the steepest decliner of the day and Al Imtiaz topped the volume with over 28 million shares.
Mirroring the day's decline, the losers outnumbered the gainers. 34 stocks advanced whereas 70 closed lower. Of the 157 counters active on Sunday, 70 closed flat. 3821 deals worth KD 21.32 million were transacted - a 10.15 percent drop in value from the day before. "The higher risk of companies being suspended by the regulator has raised the impetus for retail investors to sell," Reuters quoted Fouad Darwish, head of brokerage services at Global Investment House. "People are not willing to buy at lower levels, like they used to, because of a lack of liquidity."
Soor Fuel Marketing Co fell 4 fils and KGL Logistics Co was down by same measure to wind up at KD 0.168. Credit Rating and Collection Co pulled 8 fils lower and Gulf Franchising Holding Co slipped 5 fils to 81 fils. National Industries Group gave up 4 fils to close at KD 0.234. Al Mazaya Holding clipped 4 fils whereas Mabanee Co closed flat at KD 1.140. The company has earned KD 47.91 million and chalked an earnings per share of 68.47 fils in 2013 and the Board of Directors has recommended a cash dividend of 25 % in addition to 5 % bonus shares
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On the upside, Boubyan Petrochemical Co rose 10 fils to KD 0.700 and Independent Petroleum Group was up by same measure. Kuwait Foundry Co was up 5 fils at KD 0.360. In the banking sector, National Bank of Kuwait was flat at KD 0.980 and the counter saw over 3 million shares change hands whereas Gulf Bank slipped 5 fils to KD 0.355. Commercial Bank shed 20 fils to end at KD 0.730 whereas Al Ahli Bank gained 20 fils. Al Ahli United Bank was flat at KD 0.730 and Burgan Bank followed suit. The bank has logged a net profit of KD 20. 10 million and earnings per share of 13 fils in 2013, down from KD 55.60 million and earnings per share of 36 fils in the year before. The Board of Directors has recommended a cash dividend of 7 % and 7 % bonus shares
Kuwait Finance House rose 10 fils to KD 0.850 on back of 4.17 million shares whereas Boubyan Bank did not budge from its earlier close of KD 0.550. Kuwait International Bank edged 5 fils lower.
International Financial Advisors edged 1 fils lower and National Investment Co eased 2 fils. KIPCO was flat at KD 0.670 with a volume of 1.6 million shares and Kuwait Financial Centre too did not budge from its earlier close of KD 0.154. Bayan Investment shed 4 fils whereas KAMCO paused at KD 0.120. The company has earned KD 3.016 million and clocked an earnings per share of 12.6 fils in the year ending December 31, 2013, rebounding from net loss of KD 11.687 million and loss per share of 48.9 fils in the year before.
The bourse was downbeat during the last holiday curtailed week and dropped 45 points week-on-week The price index had declined 63 points during whole of February and is trading 1.21 pct higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Strategia Investment has posted a net profit KD 3.36 million and earnings per share of 13.75 fils in 2013, rebounding sharply from KD 10,514 profit and earnings per share of 0.07 fils in the year before. Kuwait Pipes Industries and Oil Services has incurred a net loss of KD 10.16 million and loss per share of 45.10 fils in the nine-month period ending 30 Sept 2013, widening from KD 3.21 million loss and loss per share of 14.25 fils in the same period last year.
Mashaer Holding has posted a net profit of KD 3.64 million and earnings per share of 20 fils during 2013 as against KD 4.31 million profit and earnings per share of 25 fils in the year before. The Board of Directors has recommended a cash dividend of 15 %. Real Estate Asset Management has posted a net profit of KD 591,696 and e earnings per share of 5.69 fils in 2013 as compared to KD 673,099 profit and 6.47 fils EPS in the year before. The Board of Directors has recommended a cash dividend payout of 5 pct
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