(MENAFN- Arab Times) Kuwait stocks resumes its slide on Tuesday after charting a modest rebound in the previous session. The index tumbled 131.19 points in a broad decline to 6170.93 points as falling crude prices pummeled the trading floor sentiment. Banks and other heavyweights led the day's plunge even as investors fret over the mounting losses.
The KSX 15 gauge slid 28.02 points to 983.76 pts taking the month's losses to a whopping 122 points while weighted index shed 9.42 pts. The volume turnover meanwhile shrank below the 200 million mark. 149.10 million shares changed hands - a 31.45 pct drop from the day before.
The sectors closed mostly in red. Consumer goods outpaced the rest with 0.93 percent gain whereas telecommunications dropped 0.93 pct, the biggest loser of the day. In terms of volume financial services continued to garner the highest market share of 51.81 pct while real estate telecommunications trailed far behind with 14.50 pct and 10.29 percent contributions respectively.
Among the notable decliners, sector bellwether National Bank of Kuwait dived 40 fils to KD 0.840 extending the losses from last two sessions and saw volume turnover of 2.66 million while Kuwait Finance House was down 10 fils at KD 0.670.
Kuwait Portland Cement slid 40 fils to KD 1.240 while Kuwait Cement Co and Gulf Cable dropped 20 fils each to wind up at KD 0.350 and KD 0.570 respectively. Mashaer Holding too was down 20 fils at KD 0.130 with thin trading volume.
Skidded
Bourse heavyweight Zain skidded 30 fils to KD 0.480 extending the losses in the last two sessions whereas Wataniya Telecom held the ground unchanged at KD 1.380. Agility slid 50 fils to KD 0.650 after trading 3.29 million shares and has shed 170 fils from start of the month.
The market opened weak and fell sharply in early trade and investors exited. Positions amid panic selling.The index thereafter continued to decline at slower pace and hit the day's lowest level of 6130.56 points in the final minutes and closed with steep losses.
Top gainer of the day, Kuwait Hotels Co jumped 8.62 pct to KD 0.126 and Kuwait National Cinema Co climbed 8.33 pct to stand close at KD 1.300. Mashaer Holding Co dived 13.33 pct, the steepest decliner of the day and Gulf Finance House topped the volume with over 39 million shares.
Mirroring the day's decline, the market spread was heavily skewed towards the losers. 15 stocks advanced whereas 97 closed lower. Of the 132 counters active on Tuesday, 20 closed flat. 4258 deals worth KD 21.41 million were transacted - a marginal 1.31 pct fall in a value from the previous session.
National Industries Group, the Kharafi Group's flagship company fell 2 fils to KD 0.170 and RISCO closed 5 fils lower.
The company has posted a net profit of KD 2.92 million and earnings per share of 33.02 fils in the first nine months ending September 30, up from KD 2.50 million profit and earnings per share of 28.25 fils in the same period last year.
ACICO Industries Co slipped 5 fils to KD 0.300 and Burgan Well Drilling gave up 4 fils. The company 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.
Equipment Holding Co and Qurain Petrochemical Industries Co shed 10 fils each whereas United Industries Company paused at 99 fils.
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.
Mabanee Co dropped 10 fils to KD 0.870 while Mazaya Holding . The company has clocked a net profit of KD 5.66 million and earnings per share of 9.14 fils in the January-September as against KD 826,529 net profit and earnings per share of 1.33 fils in the first nine months of 2 013.
Clipped
Jazeera Airways eased 5 fils and ALAFCO was down 4 fils at KD 0.236. Kuwait and Gulf Link clipped 2.5 fils and KGL Logistics Co gave up 5 fils. Kuwait Resorts Co fell 5 fils to 81 fils while Contracting and Marine Services Co shed 10 fils.
In the banking sector, Gulf Bank fell 5 fils to KD 0.280 with a volume of over 2 million and Al Ahli Bank was down by same measure to end at KD 0.395 . Commercial Bank of Kuwait was unchanged at KD 0.610 and Ahli United Bank followed suit. Boubyan Bank retreated 15 fils to KD 0.385.
Burgan Bank paused at KD 0.475 after trading 1.9 million shares whereas Kuwait International Bank slipped 8 fils. The bank has posted a net profit of KD 9.94 million and earnings per share of 10.66 fils in the nine-month period ending September 30, 2014.
Kuwait Investment Co fell 4 fils to KD 0.138 and National Investment Co was down 8 fils at KD 0.144. KIPCO held steady at KD 0.670 after trading 3.77 million shares. Securities House Co and Ayan Leasing and Investment Co gave up 5 fils each .
Kuwait Financial Centre clipped 2 fils while Bayan Investment Co and Sokouk Holding were down 4 fils each to close at KD 50 fils and 54 fils respectively. National Real Estate Co dropped 8 fils and Salhia Real Estate Co closed 10 fils lower.
The bourse has been bearish from start of the week and has tumbled 147 points in last three sessions. It has dived 393 points from start of the month and is trading over 18 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Kuwait Foundry Co has logged a net profit of KD 2.26 million and earnings per share of 14.74 fils in the first nine-months of 2014, as against KD 2,13 million profit and earnings per share 13.9 fils in the 9M of 2013
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 oss 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.
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.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.