(MENAFN- Arab Times) Kuwait stocks edged lower on Tuesday as it extended the losses to fifth consecutive session. The price index pared back steep early losses to close 2.23 pts lower at 6444.14 points. The board was mixed even as some of the banks and other heavyweights continued to erode.
The KSX 15 benchmark dropped 9.71 pts to 1063.49 points taking the month's losses to 53 points while weighted index clipped 2.82 points. The volume turnover meanwhile surged past the 200 million mark of the first time during the month backed mostly by speculative trading. 233.09 million shares changed hands - a 61 pct surge from the day before.
The sectors diverged during the session. Oil and gas outshone the rest with 0.52 pct gain and technology shed 1.24 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 73.56 pct while real estate and banks trailed far behind with 14.15 percent and 4 pct contribution respectively .
Among the notable losers, Kuwait Portland Cement plunged 40 fils to KD 1.400 and Gulf Cable was down by same measure after stagnating in the previous session. Kuwait Food Co (Americana) shed 20 fils erasing most of the gains in the last session and Kout Food Group was down 30 fils at KD 0.840.
Wataniya Telecom slid 40 fils to KD 1.420 partly reversing the upswing on Monday and Kuwait Telecommunications Co (VIVA) closed 10 fils higher at KD 0.850. Agility gave up 10 fils to wind up at KD 0.810 and the stock is trading 70 fils higher year-to-date.
Clocked
Bourse heavyweight Zain fell 10 fils to KD 0.500. The company has clocked a net profit of KD 194.30 million and earnings per share of 50 fils during 2014, down from net profit of KD 216.44 million and earnings per share of 56 fils in previous year. The Board of Directors proposed a cash dividend of 40 %.
The market opened weak and edged lower in early trade. The main gauge fell sharply thereafter as selling intensified and plumbed the day's lowest level of 6387 pts before trading flat well past the mid-session. It bounced back in the second half and pared most of the losses at close.
Top gainer of the day, Al Dar National Real Estate Co rallied 9.3 pct to 23.5 fils and Kuwait Cable Vision Co climbed 7.41 pct to stand next. Gulf Finance House dived 9.52 percent, the steepest decliner of the day, and stock also topped the volume with 121.2 million shares.
Despite the day's slight downtick, the winners out led the losers. 56 stocks advanced whereas 49 closed lower. Of the 149 counters active on Tuesday, 44 closed flat. 3999 deals worth KD 16.89 million were transacted - a 6.17 pct rise in value from the day before.
National Industries Group, the Kharafi Group's flagship company, eased 2 fils to KD 0.188 and Kuwait Cement Co pulled 5 fils lower to KD 0.385. Hilal Cement Co clipped 2 fils and NICBM was down 4 fils at KD 0.208. Kuwait National Cinema shed 20 fils to end at KD 1.020.
Jazeera Airways was flat at KD 0.530 off early lows and Automated Systems Co pulled 20 fils lower to KD 0.430. City Group gained 20 fils and Equipment Holding Co added 5 fils. The Energy House and ALAFCO rose 4 fils each whereas Kuwait and Gulf Link Transport Co paused at 52 fils.
National Real Estate Co fell 2 fils to KD 0.140 whereas Mabanee Co and Tamdeen Real Estate Co held the ground unchanged at KD 1.040 and KD 0.475 respectively.
Al Mazaya Holding clipped 2 fils. The company has earned KD 8.086 million and clocked earnings per share of 13.05 fils in the year ending Dec 31, 2014 as compared to net profit of KD 6.001 million and earnings per share of 9.69 fils in the year before. The Board of Directors has recommended a cash dividend of 6 %.
Kuwait Financial Centre ( Markaz) gained 4 fils and International Financial Advisors inched 1 fils up .
The company has been granted approval by 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.
Sector bellwether National Bank of Kuwait dropped 10 fils to KD 0.880 and Gulf Bank closed flat at KD 0.295. Al Ahli Bank fell 5 fils and Kuwait Finance House retreated 10 fils. Boubyan Bank held steady at KD 0.435 off early lows.
Paused
Burgan Bank paused at KD 0.475 and Kuwait International Bank followed suit. The bank has registered a net profit of KD 13.67 million and earnings per share of 14.65 fils in 2014 and The Board of Directors recommended a cash dividend of 9 %.
Commercial Bank of Kuwait was not traded during the session . The bank has posted a net profit of KD 49.122 million and earnings per share of 34.9 fils in 2014, soaring from net profit of KD 23.534 million and earnings per share of 16.7 fils in the year before. The Board of Directors has recommended a cash dividend of 18 %.
National Investment Co and KIPCO stagnated at KD 0.146 and KD 0.680 respectively whereas Securities Group pulled 8 fils lower. KAMCO slipped 4 fils to KD 0.112.
The bourse has been trending lower from start of the week and has slid 70 points in last three sessions. The main index has tumbled 155 points so far during the month and is down 1.37 pct year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Kuwait Gypsum Manufacturing and Trading has logged a net profit of KD 336,262 and earnings per share of 11.25 fils in 2014, rebounding from net loss of KD 329 and loss per share of 0.01 fils in the year before. The Board of Directors recommended a cash dividend of cash 10 %.
Warba Bank has recorded a net profit of KD 115,000 and earnings per share of 0.12 fils in 2014, rebounding from net loss of KD 3.709 million and loss per share of 3.71 fils in 2013.
Educational Holding Group has posted a net profit of KD 1.593 million earnings per share 6.5 fils in the three-month period ending November 30, 2014 as against net profit of KD 1.377 million and earnings per share of 5.6 fils in the same period last year.
Alsalam Group Holding has registered a net profit of KD 1.974 million and earnings per share of 7.69 fils in 2014, up from net profit of KD 188,238 and earnings per share of 0.73 fils last year. The Board of Directors has recommended 5 percent bonus shares. Kuwait Building Materials has posted a net profit of KD 668,360 and earnings per share of 22.04 fils during 2014 and the Board of Directors has recommended a cash dividend of 15 %.
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