(MENAFN- Arab Times) Kuwait stocks kicked off the week on a dim note as it pulled lower for the second consecutive session on Sunday. The main index pared back steeper earlier losses to close 24.19 pts down at 6,213 points. The banks and other heavyweights paced the day's decline even as sentiment remained soggy owing to the Ramadan lull.
The KSX 15 benchmark dipped 15.65 pts to 1,011.62 points taking the month's losses to 6 points while weighted index slipped 4.66 pts. The volume turnover meanwhile tapered further to hit a fresh multi-month low. 65.19 million shares changed hands € a 8.31 pct fall from the last session.
Among the day's notable losers National Bank of Kuwait dropped 20 fils to KD 0.840 with a volume of 1.52 million while Kuwait Finance House was down 10 fils at KD 0.640 and is unchanged from start of the month. Humansoft Holding dived 40 fils to KD 0.800 and Automated Systems Co shed 25 fils to settle at KD 0.470.
Market heavyweight Zain gave up 10 fils to close at KD 0.405 after trading over 7 million shares and Wataniya Telecom was unchanged at KD 1.240. Kuwait Telecommunications Co (VIVA) bucked the trend to rise 10 fils and logistics major Agility pulled 10 fils lower to KD 0.730.
National Investment Co dialed down 2 fils whereas KIPCO closed flat The company has posted a net profit of KD 12 million for the first three months of 2015 € an increase of 17 per cent from the same period last year. Earnings per share grew by 24% to 8.84 fils.
The market opened weak and moved sideways in early trade. The key gauge retreated further as sentiment turned negative and plumbed the day's lowest level of 6,189.81 pts in the final minutes. It however clawed back some of the losses at close.
Vaulted
Top gainer of the day, Kuwait Building Materials and Manufacturing Co vaulted 12.82 pct to 440 fils and Safwan Trading Co climbed over 6 percent to stand next. Qurain Holding Co plunged 11.54 pct, the steepest decliner of the day and Zain topped the volume with 7.19 million shares.
Mirroring the day's downswing, the market spread was heavily skewed towards the losers. 27 stocks advanced whereas 59 closed lower. Of the 124 counters active on Sunday, 38 closed flat. 1886 deals worth KD 9.7 million were transacted € a 41.9 percent surge in value from the day before.
National Industries Group dropped 4 fils to KD 0.164 whereas Gulf Cable gained 10 fils to end at KD 0.550. Shuaiba Industrial Co added 10 fils whereas Boubyan Petrochemicals Co was down 10 fils at KD 0.630.
Qurain Petrochemical Industries Co eased 4 fils and Equipment Holding Co clipped 2 fils to close at 71 fils. Kuwait National Cinema Co paused at KD 1.020. The company has received the permission of Capital Markets Authority to its request to buy back or sell up to 10% of own shares over a period of 6 months.
Educational Holding Group gave up 6 fils while Independent Petroleum Group pulled 5 fils lower. Kuwait and Gulf Link Transport Co rose 1.5 fils and Kuwait Cable Vision Co inched 0.5 fils up.
Jeeran Holding took in 2 fils whereas The Energy House was down 4 fils at 72 fils. The company has logged a net loss of KD 1.024 million and loss per share of 1.366 fils in the three months of the year ending March 31, as against a net profit of KD 234,309 earnings per share of 0.312 fils in the same period last year.
United Projects Group was unchanged at KD 0.670 and Kuwait Food Co (Americana) paused at KD 2.860. ALAFCO stagnated at KD 0.218 and Jazeera Airways too did not budge from its earlier close of KD 0.470.
On the upside, NAPESCO spiked 30 fils to KD 0.580 and Zima Holding Co added 3 fils to wind up at 77 fils. The newly listed Mezzan Holding Co gained 20 fils after stagnating in the previous session.
Mabanee Co retreated 20 fils and Al Mazaya Holding Co edged 2 fils lower. International Resorts Co took in 2 fils and Ajial Real Estate and Entertainment Company closed 4 fils higher. United Real Estate Co gave up 5 fils to end at 95 fils and Real Estate Management Co dialed up 2 fils.
Clipped
Gulf Investment House fell 2 fils and Bayan Investment Co inched 0.5 fils lower. Kuwait Finance and Investment Co clipped 1 fils whereas Noor Financial Investment Co was unchanged at 74 fils.
Tamdeen Investment Co slipped 5 fils and Sokouk Holding Co dialed down 1 fils The company has been granted the permission by Capital Markets Authority to buy back or sell up to 10% of own shares over a period of 6 months.
In the banking sector, Gulf Bank slipped 5 fils to KD 0.270 whereas Al Ahli Bank was up 5 fils extending the slight gains in the last session. Commercial Bank of Kuwait and Ahli United Bank were not traded during the session. Burgan Bank fell 5 fils and Boubyan Bank pulled 10 fils lower.
The bourse was mixed during last week. The price index closed lower in three of the five sessions and has shed 45 points week-on-week. It has slid 60 points so far during the month and is trading 4.94 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Gulf Insurance Group (GIG) 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 grew 3.7 pct to KD 82.5 million.
Tamdeen Investment Co has recorded 18.5 pct rise in its earnings of the first quarter of 2015. 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.
Gulf Glass Manufacturing Co has posted a net profit KD 629,298 and earnings per share of 14.17 fils in the January March period of 2015 as against net profit of KD 281,177 and earnings per share of 6.33 fils in Q1 of 2014.
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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