(MENAFN- Arab Times) Kuwait stocks pulled lower Wednesday as it continued to see saw. The index shed 16.55 pts in lackluster trade to close at 7503.6 pts. The decline was led by select blue chips and profit taking was also seen in some mid and low caps. The KSX 15 benchmark eased 3.92 pts to 1091.68 points taking the month's loss to 10 pts whereas the weighted index inched 1 pts lower. The volume turnover meanwhile fell sharply to hit a multi-month low. 107.43 million shares changed hands - a 34.04 percent drop from the day before. The market earlier in the month was weighed by CMA's suspension of some of the listed stocks over non-compliance of rules and a row between Qatar and GCC majors.
The sectors meanwhile closed mostly in the red Oil and gas outshone the rest with 0.83 percent gain whereas consumer services shed 1.52 percent, the biggest loser of the day. In terms of volume, financial services dominated with 52.26 percent market share while real estate came in next with 43.51 percent. Industrials was a distant third with 7.15 percent contribution. Among the notable losers, ACICO Industries Co slid 25 fils to KD 0.275 and Kuwait Portland Cement was down 20 fils extending an identical fall from the day before. Zima Holding and Jazeera Airways retreated 10 fils each to close at KD 0.104 and KD 0.470 respectively. National Industries Group ticked 2 fils lower and NICBM gave up 4 fils to close at KD 0.200 IFA Hotels and Resorts Co slipped 12 fils to KD 0.248. Gulf Insurance Group shed 10 fils to settle at KD 0.120
Fel
Telecom major Zain fell 10 fils to KD 0.660 after trading 1.32 million shares whereas Wataniya Telecom tumbled 60 fils reversing most of the gains in the previous session. Agility held the ground unchanged at KD 0.660 off early lows and the stock is trading 20 fils lower from start of the month
The market opened flat and moved sideways in early trade. The index continued to chart a linear path and below the opening level as sentiment remained brittle. It rose briefly higher almost half way into the session to hit the day's highest level of 7520.71 pts but failed to hold on to the gains. It slipped to hit the day's lowest level of 7480.92 pts in the final minutes before paring some of the losses at close. Top gainer of the day, Kuwait Educational Services Co spiked 8 percent to KD 0.162 while United Projects Group climbed 7.35 percent to stand next. Zimah plunged 8.77 pct, the steepest decliner of the day and Gulf Finance House topped the volume with 17.35 million shares.
Mirroring the day's decline the losers outnumbered the winners. 33 stocks advanced whereas 52 closed lower. Of the 140 counters active on Tuesday, 55 closed flat. 3089 deals worth KD 11.86 million were transacted - a 49.32 pct drop in value from the day before.
On the upside, City Group jumped 25 fils to KD 0.465 while Kuwait Food Co (Americana) gained 20 fils. The company has logged a net profit of KD 50.59 million and earnings per share of 129 fils in 2013, up from KD 45.90 million profit and 117 fils EPS in the year before. The Board of Directors has recommended a cash dividend of 85 %
Burgan Well Drilling Co held steady at KD 0.226 and Combined Group followed suit. The company has recorded a net profit of KD 4.67 million in the year ending Dec 31, 2013 and chalked an earnings per share of 43.99 fils as against KD 10.26 million profit and earnings per share of 96.70 fils in the previous year. The Board of Directors has recommended a cash dividend of 35 % in addition to 5 % bonus shares
Ease
Kuwait Gulf Link stagnated at 99 fils and KGL Logistics followed suit. Egypt Kuwait Holding eased 5 fils . The company has registered a net profit of KD 20.167 million and earnings per share of 24.02 fils in the year ending December 31, 2013, up from KD 18,9 million profit and earnings per share of 22.54 fils in the year before. In the banking sector, National Bank of Kuwait slipped 10 fils to KD 0.930 erasing the gains on Tuesday and Gulf Bank was unchanged at KD 0.350. Commercial Bank gained 10 fils whereas Al Ahli Bank paused at KD 0.415. Kuwait International Bank fell 10 fils to KD 0.285 and Burgan Bank too was down by same measure. 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
Boubyan Bank climbed 10 fils to KD 0.540 whereas Kuwait Finance House pulled 10 fils lower to KD 0.840 and the stock has gained 40 fils so far during the year. Kuwait Investment Co and National Investment were unchanged at KD 0.146 and KD 0.142 respectively whereas International Financial Advisors inched 1 fils lower. KIPCO gained 10 fils while Securities Group and Aayan Leasing and Investment Co fell 2 fils each. The bourse has been trending mixed so far during the week and has slipped 4 pts in last four sessions. The main index has retreated 190 pts from start of the month and is down 0.61 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region
In the bourse related news, Kuwait Cable Vision has incurred a net loss of KD 361,886 and loss per share of 12.06 fils in 2013, as against net loss of KD 347,474 and loss per share of 11.58 fils in the previous year.
Kuwait National Cinema has logged a net profit of KD 7.94 million earnings per share of 80 fils in the year ending 2013 as compared to KD 5.54 million profit and earnings per share 55.55 fils in the year before. The Board of Directors recommended a cash dividend of 49 fils. 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 %.
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