(MENAFN- Arab Times) Kuwait stocks resumed downtrend on Tuesday after the two-day rebound. The price index shed 20.19 pts to close at 7,027.08 points weighed by selling in most of the heavyweights led by banks. The sentiment was dented by the retreat in regional markets following the OPEC's decision to keep its output steady despite the weakening oil prices.
The KSX 15 benchmark slid 14.5 points to 1,121.25 pts taking the month's losses to 49 points while weighted index slipped 3.9 pts. The volume turnover meanwhile swelled past the 200 pts mark to hit a two-week high. 217.35 million shares changed hands - a 26.76 pct jump from the previous session.
The bourse went into a tailspin earlier in the month following sharp drop in oil price and suspension of some of the stocks for failing to publish their financial results.
The sectors closed mostly in the red. Insurance outshone the rest with 0.56 pct gain whereas basic materials shed 0.96 percent, the biggest loser of the day. In terms of volume, financial services notched the highest market share of 31.35 percent while real estate and banks followed with 27.28 percent and 17.02 pct contributions respectively. Among notable losers, National Bank of Kuwait dropped 10 fils to KD 0.960 extending an identical fall in the previous session and Kuwait Finance House was down by same measure to close at KD 0.730.
Dropped
Ahli United Bank dropped 10 fils and Gulf Bank pulled 15 fils lower KD 0.300 after trading 10.8 million shares. The bank has posted a net profit of KD 26.52 million and earnings per share of 9 fils in the nine-month period ending Sep 30, 2014 as compared to KD 24.06 million profit and earnings per share of 9 fils in the same period of 2013.
Bourse heavyweight Zain dipped 20 fils to KD 0.600 after trading 2.99 million shares whereas Wataniya Telecom bucked the trend to gain 20 fils. Agility held the ground unchanged at KD 0.850 off early lows and has shed 30 fils from start of the month.
The market opened high but slipped into red in early trade. The main index continued to erode amid selling across the sectors and hit the day\s lowest level of 6,994.15 pts almost half way into the session. It clawed back some of the losses in the final minutes before closing with moderate losses.
Top gainer of the day, Contracting and Marine Services Co jumped 7.69 percent to 112 fils while Al Arabi Holding Co climbed 6.17 pct to stand next. Livestock Transport and Trading Co slumped 6.33 pct, the steepest decliner of the day, and Al Dar National Real Estate Co topped the volume with over 40.36 million shares. Reflecting the day's decline, the losers vastly outnumbered the winners. 23 stocks advanced whereas 56 closed lower. Of the 136 counters active on Tuesday, 57 closed flat. 4338 deals worth over KD 33 million were transacted - a 144.60 pct surge in value from the day before.
Kuwait Cement Co slipped 10 fils to KD 0.415 and Gulf Cable followed suit. Boubyan Petrochemicals Co dropped 20 fils and Kuwait Portland Cement was down by the same measure to settle at KD 1.340.Equipment Holding Co edged 2 fils lower.
Kuwait and Gulf Links Transport Co eased 2 fils and City Group closed 5 fils lower. The company has clocked a net profit of KD 4.15 million and earnings per share of 36.75 fils in the nine-month period ending September 30, 2014, up from KD 2.69 million profit and earnings per share of 23.87 fils in the same period last year.
National Industries Group was flat at KD 0.206 off early lows with a volume of 1.78 million and United Industries Company followed suit. The company has won the approval of Capital Markets Authority to buy back or sell up to a maximum of 10% of its shares for 6 months.
Jazeera Airways was unchanged at KD 0.425 and ALAFCO paused at KD 0.246. The company has clocked a net profit of KD 16.52 million and earnings per share of 21.19 fils in the January-September period as against KD 20.64 million profit and earnings per share of 26.48 fils in the first nine-months of 2013.
Clocked
National Real Estate Co clipped 2 fils and Al-Mazaya Holding slipped 4 fils to KD 0.126. The company has clocked a net profit of KD 5.66 million and earnings per share of 9.14 fils in the January-September period as against KD 826,529 net profit and earnings per share of 1.33 fils in the first nine months of 2013.
On the upside, Humansoft Holding Co gained 15 fils while Energy House Co and IFA Hotels and Resorts Co took in 2 fils each. ACICO Industries Co climbed 10 fils and HEISC closed 4 fils higher.
Tamdeen Real Estate Co rose 5 fils to KD 0.445 and United Real Estate Co took in 2 fils. Kuwait Reinsurance Co climbed 6 fils to KD 0.194 whereas Kuwait Food Co (Americana) held the ground unchanged at KD 2.840.
In the banking sector, Commercial Bank was flat at KD 0.660 off early lows and Kuwait International Bank slipped 5 fils to KD 0.290 with a volume of over 1 million.
Burgan Bank was steady at KD 0.520 with volume of 7.2 million and Boubyan Bank too did not budge from its earlier close of KD 0.485. Al Ahli Bank was not traded during the session.
The bourse was been mixed so far during the week and has gained 41 points in last three sessions. It has dropped 285 pts from start of the month and is trading 6.92 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Al-Shamel International Holding has recorded a net profit of KD 131,963 and earnings per share of 2.83 fils in the January-September period as against KD 626,750 profit and earnings per share of 9.32 fils in first nine-months of 2013.
Aayan Real Estate has registered a net profit of KD 2.58 million and earnings per share of 6.5 fils in the January-September period as soaring from net profit of KD 1.77 million and earnings per share of 4.5 fils in the first nine months of 2013.
Boubyan International Industries Holding has incurred a net loss of KD 3.871 million and loss per share of 12.91 fils in the year ending August 31, 2014, narrowing from a net loss of KD 5.96 million loss per share of 19.89 fils in the previous year.
Kuwait Building Materials Mfg. has recorded a net profit of KD 491,332 and earnings per share of 16.2 fils in the first nine months of 2014 as compared to KD 408,953 profit and earnings per share of 13.5 fils in the same period of 2013.
Alsalam Group Holding has posted a net profit of KD 2.733 million and earnings per share of 10.65 fils in the nine-months period ending September 30, 2014 as compared to KD 162,640 profit and earnings per share of 0.63 fils in the same period of 2013.
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