(MENAFN- Arab Times) Kuwait stocks sagged on Monday extending the losses to third consecutive session. The price index slipped 6.98 pts in choppy trade to close at 6,304.11 points even as shares closed mixed. The banking stocks diverged in a tight range whereas telecom service providers closed lower. Some of the mid and small stocks however shone on speculative buying.
The KSX 15 benchmark eased 7.07 pts to 1,010.09 pts taking the month's losses to 50 points while weighted index edged 2.04 pts down. The volume turnover meanwhile rebounded past the 200 million mark after seesawing in the last sessions. 218.21 million shares changed hands € a 71.30 pct surge from Sunday.
The sectors closed mostly in the red turf. Technology outshone the rest with 0.70 pct gain whereas telecommunications shed 1.06 percent, the biggest loser of the day. In terms of volume, real estate notched the highest market share of over 57 percent and financial services followed with 30.09 pct. Parallel market was a distant third with 6.77 pct contribution.
Among the individual shares, National Bank of Kuwait fell 10 fils to KD 0.820 after trading 1.27 million shares and has shed 40 fils from start of the month while Kuwait Finance House was down by same measure to end at KD 0.630. Investment conglomerate KIPCO too retreated 10 fils after stagnating in the last session.
Telecom major Zain slipped 5 fils to KD 0.435 and Wataniya Telecom was down 20 fils at KD 1.340 taking the month's losses to 80 fils. Kuwait Telecommunications Co (VIVA) gave up 10 fils to end at KD 0.890 whereas Agility extended its gains with 10 fils rise on back of 1.22 million shares.
Clipped
National Industries Group clipped 2 fils and Kuwait Food Co (Americana) held the ground unchanged at KD 2.660. The company has posted a 4.3 percent fall in Q1 net profit.
The net profit stood at KD 17.3 million in the first three months of 2015, down from KD 18.1 million in the same period last year.
The market opened on wobbly note and vacillated in tight range in early trading. The main index headed further south as sentiment turned weak and troughed at 6,291.75 pts almost half way into the session. It bounced back and moved sideways close to the opening mark before closing with slight losses.
Top gainer of the day, Ras Al Khaima For White Cement Co spiked 9.09 pct to 120 fils and Al Deera Holding climbed 8 percent to stand next. Massaleh Real Estate Co slid 7.46 percent, the steepest decliner of the day and Abyaar Trading Co topped the volume with over 50 million shares.
Mirroring the day's downtick, the losers outnumbered the winners. 37 stocks advanced whereas 45 closed lower. Of the 119 counters active on Monday, 37 closed flat. 3837 deals worth KD 13.51 million were transacted € a 34.66 pct surge in value from the day before.
Gulf Cable added 10 fils extending the strong gains in the previous session whereas Kuwait Cement Co held steady at KD 0.370. Kuwait Foundry Co gave up 5 fils to settle at KD 0.260 and Boubyan Petrochemicals Co closed 10 fils lower.
ACICO Industries shed 20 fils with thin trading and Gulf Glass Manufacturing Co pulled 10 fils lower to KD 0.610. The company has posted a net profit KD 629,298 and earnings per share of 14.17 fils in the January- March period of 2015.
Independent Petroleum Group dropped 15 fils to KD 0.315 whereas Kuwait and Gulf Links Transport Co and KGL Logistics Co held steady at 51 fils and 76 fils respectively and Zima Holding dialed down 5 fils to wind up at 69 fils.
Equipment Holding Co paused at 80 fils and Jazeera Airways dropped 20 fils to KD 0.460. The airline has posted a net profit of KD 3 million in the first quarter of 2015, an increase of 44.6% from the same quarter last year.
In the investment sector stocks, KAMCO dialed up 2 fils with razor thin trading and Al Deera Holding rose 4 fils on back of 8.7 million shares. Al Qurain Holding Co was unchanged at 12 fils and Sokouk Holding Co followed suit to close at 64 fils.
Steady
Noor Financial Investment Co and Tamdeen Investment Co held steady at 90 fils and KD 0.360 respectively whereas Warba Insurance Co edged 2 fils higher to KD 0.108. Bayan Investment Co paused at 55 fils and Securities Group Co slipped 4 fils to end at KD 0.114.
In the banking sector, Gulf Bank rose 5 fils to KD 0.280 whereas Ahli United Bank was unchanged at KD 0.570. Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session.
Kuwait International Bank dialed down 2 fils to close at KD 0.242 and Boubyan Bank was up 5 fils at KD 0.430. Burgan Bank held steady at KD 0.425 and is trading 25 fils lower from start of the month.
National Real Estate Co inched 1 fils up to 98 fils whereas Salhia Real Estate Co a slipped 5 fils. Mabanee Co shed 10 fils to end at KD 0.950.
The bourse has been downbeat so far during the week and has shed 28 points in last two sessions.
It has dropped 72 points from start of the month and is trading 3.54 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Markaz has logged a net profit attributable to shareholders of KD 1.31 million for the quarter ending March 31, 2015 as compared to net profit of KD 2.5 million in the same period in 2014. The earnings per share clocked 3 fils.
Gulf Insurance Group has registered a net profit of KD 3.7 million or 20.86 fils per share, for the financial period ended March 31, 2015 - an increase of 22.8 percent from the same period last year. Shareholder equity reached KD 82.5 million - a growth of 3.7 percent.
Tamdeen Investment Co has recorded 18.5 pct rise in its earnings of the first quarter, It stood at KD 7.25 million compared to KD 6.12 million in the Q1 of 2014 while earnings per share came in at 25.75 fils.
Sokouk Holding has clocked a net profit of KD 5.012 million and earnings per share of 9 fils in the year ending Dec 31, 2014 and the Board of Directors recommended 5 percent bonus shares.
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.
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
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