(MENAFN- Arab Times) Kuwait stocks kicked off the week with a sharp tumble as panic gripped the trading floor following the continuing drop in oil prices. The bourse swooned 189.01 pts, the month's biggest single day loss of the month, to close at 6,274.75 pts tracking heavy losses in regional markets. The banks and other heavyweights led the decline even as sentiment remains strongly bearish.
The KSX15 measure slid a whopping 50.28 percent, the biggest single day plunge ever, to 1,011.62 pts whereas weighted index shed 16.38 points. The volume turnover meanwhile receded below the 200 million after stagnating in the previous session. 149.82 million shares changed hands - a 27.23 percent fall from Thursday.
The sectors all closed in deeply in red except one. Insurance, the only gainer, climbed 0.72 pct whereas real estate tumbled over 4 percent, the worst performer of the day. In terms of volume, financial services garnered the highest market share of 43.12 percent while banks and real estate followed with 25.38 pct and 13.70 percent respectively.
Among prominent losers, National Bank of Kuwait dived 50 fils to KD 0.890 after trading 6.9 million shares while Kuwait Finance House shed 40 fils and the counter saw 11.3 million shares change hands. Ahli United Bank too was down 40 fils extending the moderate loss in the previous session.
Kuwait Food Co (Americana) slid 100 fils to KD 2.580 taking the month's losses to 140 fils while Kuwait Portland Cement dived 80 fils to KD 1.280. Gulf Cable dropped 40 fils to KD 0.570 and Boubyan Petrochemicals Co was down by same measure to wind up at KD 0.600.
Skidded
Bourse heavyweight, Zain skidded 30 fils after trading 3.89 million shares whereas Wataniya Telecom bucked the trend to gain 20 fils. Agility plunged 50 fils to KD 0.720 taking the month's losses to 100 fils and the counter saw 2.24 million shares change hands.
The market opened weak and fell sharply in early trade. The key index continued to erode amid heavy sell-off in select counters and hit the day's lowest level of 6,232.32 points . It saw feeble upturn in the final minutes and closed with heavy losses.
Top gainer of the day, Contracting and Marine Services Co climbed 7.84 percent to KD 0.110 and Kuwait Cinema jumped 5.66 pct to stand next. Al Qurain Holding Co tanked 17.24 percent, the steepest decliner of the day, and Gulf Finance House continued to top the volume with over 34 million shares.
National Industries Group dropped 10 fils after trading 1.52 million shares and Kuwait Cement Co was down 25 fils at KD 0.365. United Industries Company inched 1 fils up. 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.
ALAFCO fell 6 fils to KD 0.236 whereas Jazeera Airways closed flat The company has logged a net profit of KD 12.95 million and earnings per share of 30.84 fils in the nine-month period ending September 30, 2014 as compared to net profit of KD 14,066 million and earnings per share of 33.49 fils in the same period of 2013.
Equipment Holding Co dropped 10 fils and Qurain Petrochemical Industries Co closed 8 fils lower. The company has won the approval of Capital Markets Authority for the company's request to buy back or sell up to 10% of own shares over a period of 6 months. Metal and Recycling Co was flat at 95 fils and NICBM 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.
PAPCO retreated 10 fils to KD 0.100 and Independent Petroleum Group pulled 5 fils lower. Kuwait and Gulf Links slipped 3.5 fils and KGL Logistics Co was down 5 fils at 95 fils. Kout Food Group shed 20 fils and ACICO Industries Co closed 5 fils lower.
National Real Estate Co dropped 10 fils to KD 0.126 and Ajial Real Estate and Entertainment Co followed suit. Al Mazaya Holding too was down 10 fils at KD 0.104 while Mabanee Co skidded 50 fils to KD 0.840 taking the month's losses to 120 fils.
Salhia Real Estate Co slipped 5 fils whereas Tamdeen Real Estate Co added 5 fils to wind up at KD 0.445. Ajial Real Esate and Entertainment Co closed 10 fils lower.
Slipped
In the banking sector, Al Ahli Bank slipped 15 fils to KD 0.400 and Burgan Bank fell 10 fils. The bank has logged a net profit of KD 48.66 million and earnings per share of 28.9 fils in the first nine-months of 2014, soaring from net profit of KD 17.57 million and earnings per share of 10.6 fils in the same period last year.
Gulf Bank and Commercial Bank were unchanged at KD 0.300 and KD 0.610 respectively whereas Boubyan Bank pulled 25 fils lower to 395 fils. Kuwait International Bank shed 19 fils after trading 2.36 million shares.
National Investment Co dropped 8 fils to KD 0.150 whereas KIPCO held the ground unchanged at KD 0.670 off steep early lows. Securities House Co fell 3 fiils while KAMCO and Bayan Investment gave up 5 fils each.
Sokouk Holding Co and Noor Financial Investment Co clipped 5 fils each whereas Tamdeen Investment Co rose 5 fils.
The bourse hemorrhaged heavily during last week. It closed lower in four of the five sessions and tumbled 313 pts week-on-week. It has sank 289 points from start of the month and is trading 16.89 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Investors Holding Group has logged a net loss of KD 4.55 million and loss per share of 4.26 fils in the nine-month period ending September 30, 2014 as against a net loss of KD 238,309 and loss per share of 0.22 fils in the same period last year.
Hilal Cement Co has recorded a net loss of KD 282,090 and loss per share of 4 fils in the January-September period as compared to net profit of KD 276,924 and earnings per share of 4 fils in the year before period.
Burgan Well Drilling has incurred a net loss of KD 579,377 and loss per share 2.76 fils in the six-month period ending September 30, 2014, narrowing from net loss of KD 1.11 million and earnings per share of 5.30 fils in the same period last year.
Al-Shamel International Holding has recorded a net profit of KD 131,963and 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.
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.
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