(MENAFN- Arab Times) KUWAIT CITY March 26: Kuwait stocks went into a tailspin Thursday tracking the regional bourses as the Yemen conflict rattled the sentiment. KSE price index swooned 154.03 pts in broad sell-off to hit a fresh multi-month low of 6222.46 points led by banks and other heavyweights.
The KSX 15 benchmark slumped 26.68 points to 1018.34 points taking the month's losses to 98 points while weighted index slid 10.13 points. The volume turnover meanwhile swelled past the 200 million mark to hit the month's second highest level. 224 million shares changed hands a 56.44 pct jump from the day before. The sectors all closed in the red barring consumer goods which ticked 0.12 pct up. Technology dived 4.72 percent the worst performer of the day and financial services stood next with 3.53 pct drop. Volume wise financial services notched the highest market share of 47.68 pct while real estate trailed behind with 27.47 pct contribution. Among the individual shares United Projects Group slid 50 fils to KD 0.720 and Gulf Glass Manufacturing Co followed suit to close at KD 0.550. Mabanee Co tumbled 40 fils to KD 0.950 extending the losses from the day before. Telecom heavyweight Zain dropped 20 fils to KD 0.460 after trading 3.65 million shares whereas Wataniya Telecom held the ground steady at KD 1.440. Kuwait Telecommunications Co (VIVA) gave up 20 fils to close at KD 0.840 whereas logistics major Agility fell 10 fils. National Bank of Kuwait swooned 60 fils to KD 0.800 taking the month's losses to 140 fils and Kuwait Finance House tumbled 90 fils to KD 0.670 after trading 6.8 million shares. Investment conglomerate KIPCO was down 20 fils at KD 0.640. Weak The market opened weak and fell sharply in early trading. The market stabilized and moved sideways for over an hour before resuming its decline as sell-off battered the stocks. It plumbed the day's lowest level of 6188.73 pts past the mid-session and slightly trimmed the losses in the final hour. Top gainer of the day Securities Group Co rallied 9.62 pct to 114 fils while Real Estate and Management Co climbed 7.69 percent to stand next. Kuwait Gypsum Manufacturing and Trading Co skidded 11.76 percent the steepest decliner of the day and Gulf Finance House topped the volume with 42.23 million shares. Mirroring the day's plunge the market spread was heavily skewed towards the losers. 13 stocks advanced whereas 111 closed lower. Of the 140 counters active on Thursday 16 closed flat. 5981 deals worth KD 25.22 million were transacted a 78.76 pct surge in value from the day before. National Industries Group slipped 6 fils to KD 0.178 while RISCO slumped 25 fils to KD 0.325. Kuwait Portland Cement Co shed 20 fils and Kuwait Cement Co gave up 5 fils to wind up at KD 0.380. Boubyan Petrochemical Co dropped 20 fils. Kuwait Foundry Co and Metal and Recycling Co fell 5 fils each and ACICO Industries Co followed suit to close at KD 0.230. Equipment Holding Co retreated 4 fils and Automated Systems Co pulled 25 fils lower to KD 0.415. Gulf Cables shone with 40 fils surge. ALAFCO dropped 8 fils while Jazeera Airways was down 20 fils at KD 0.510. 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 Sept 30 2014 as compared to net profit of KD 14066 million and EPS of 33.49 fils in the same period of 2013. NAPESCO closed flat and City Group dived 35 fils. The company has logged a net profit of KD 5.96 million and earnings per share of 53 fils in the year ending December 2014 as compared to KD 5.466 mln net profit and earnings per share of 48 fils in the year before. The Board of Directors has recommended a cash dividend of 45 percent. National Investment Co shed 10 fils and International Financial Advisors clipped 2 fils. The company has been granted approval by Capital Markets Authority for the company's request to buy back or sell up to 10 percent of own shares over a period of 6 months. Trend Securities Group Co bucked the trend to gain 10 fils while Securities House Co and Coast Investment and Development Co were down 5 fils each. Osoul Investment Co and Aayan Leasing and Investment Co fell 3 fils each and KFIC closed flat. National Real Estate Co fell 8 fils and Mazaya Holding Co closed 6 fils lower. The company has recorded a net profit of KD 2.243 million and earnings per share of 9.81 fils in the year ending Dec 31 2104 as against net profit of KD 2.329 million and earnings per share of 10.19 fils in the previous year. The Board of Directors recommended cash dividend of 5 percent. In the banking sector Gulf Bank dropped 10 fils to KD 0.275 and Commercial Bank of Kuwait slid 40 fils to KD 0.275. The bank has posted a net profit of KD 49.122 million and earnings per share of 34.9 fils in 2014 and the Board of Directors has recommended a cash dividend of 18 percent. Burgan Bank gave up 10 fils after trading 1.37 million shares and Al Ahli Bank of Kuwait followed suit while Ahli United Bank and Kuwait International Bank paused at KD 0.620 and KD 0.250 respectively. Boubyan Bank slipped 5 fils to KD 0.410. The bourse has been bearish during the week. It closed lower in four of the five sessions and skidded 212 week-on-week. The price index has tanked 378 points from start of the month and is down 4.79 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 336262 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 percent. Warba Bank has recorded a net profit of KD 115000 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 188238 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 668360 and earnings per share of 22.04 fils during 2014 and the Board of Directors has recommended a cash dividend of 15 percent. By John Mathews Arab Times Staff
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