(MENAFN- Arab Times) Kuwait stocks sagged on Monday extending the decline to third consecutive session. The price index slipped 5.02 points to 6207.98 pts even as shares diverged in a tight range. The market mood was markedly dull owing to lack of catalysts.
The KSX 15 climbed 4.69 pts to 1016.31 points and is down 45 pts from start of the month while weighted index inched 1.01 points higher. The volume turnover meanwhile fell further to hit a fresh multi-month low as investors toed the sidelines. 63.24 million shares changed hands - a 2.99 pct fall from the day before.
The sectors closed mixed during the session. Basic materials outshone the rest with 0.93 percent gain whereas consumer goods shed 0.53 percent, the biggest loser of the day. In terms of volume, financial services notched the highest market share of 48.33 pct while real estate and telecommunications trailed far behind with 18.32 pct and 11.55 percent respectively.
Among individual performers, Combined Group Contracting Co was down 20 fils at KD 0.800 and the newly listed Mezzan Holding followed suit to wind up at KD 1.040 erasing the gains on Sunday. Boubyan Petrochemicals Co gained 10 fils and RISCO jumped 25 fils to KD 0.375.
Bourse heavyweight Zain rallied 15 fils to KD 0.420 on back of 5.4 million shares while Wataniya Telecom held the ground unchanged at KD 1.240 with thin volume. Kuwait Telecommunications Co ( VIVA) shed 20 fils after trading over 2 million shares and logistics major Agility pulled 10 fils lower to KD 0.720.
National Bank of Kuwait rose 10 fils with a volume of 3.34 million Al Ahli Bank of Kuwait held steady at KD 0.385. The bank has won the approval of Central Bank of Kuwait to extend its approval to buy back or sell a maximum of 10% of its shares for 6 months ending on December 10, 2015.
Flat
The market opened flat and inched slightly lower in early trade. The price index touched the day's lowest level of 6207.38 points and ticked up to trade sideways above the opening mark as sentiment remained brittle. It hit the day's highest level of 6217.42 points past the mid-session and eased slightly thereafter to close with marginal drop.
Top gainer of the day, RISCO vaulted 7.14 pct to 375 fils and Qurain Holding Co climbed 4.35 percent to stand next. Strategia Holding Co slid over 9 percent, the steepest decliner of the day and Manazel Holding topped the volume with over 10 million shares.
Despite the day's downtick, the market spread was almost even. 34 stocks advanced whereas 33 closed lower. Of the 114 counters active on Monday, 47 closed flat. 1810 deals worth KD 11.85 million were transacted € a 21.95 pct surge in value from the day before.
National Industries Group rose 4 fils to KD 0.168 and Kuwait Cement Co was up 5 fils at KD 0.370. Gulf Cable was unchanged at KD 0.550 and Kuwait Portland Cement too did not budge from its earlier close of KD 0.370. Equipment Holding Co added 3 fils to settle at 74 fils.
Qurain Petrochemical Industries Co added 4 fils whereas The Energy House held steady 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.
Kuwait National Cinema Co closed flat at KD 1.020 whereas City Group and Independent Petroleum Group were up 5 fils at KD 0.400 and KD 0.295 respectively. Hits Telecom and Humansoft Holding paused at 29 fils and KD 0.800 respectively and Gulf Petroleum Investment followed suit to end at 67 fils.
Kuwait Food Co ( Americana) stagnated at KD 2.860 and Jazeera Airways too held steady at KD 0.470. 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. ALAFCO was unchanged at KD 0.218.
Investment conglomerate KIPCO was flat at KD 0.630 and National Investment Co took in2 fils. Sokouk Holding Co inched 1 fils down. 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.
Clipped
Al Aman Investment Co and First Investment Co clipped 2 fils each and Gulf Investment House followed suit. Bayan Investment Co was unchanged at 49 fils and Osoul Investment Co dialed 1 fils up. KFIC paused at 56 fils and Al Tamdeen Investment Co followed suit.
In the banking sector, Gulf Bank was flat at KD 0.270 and Kuwait International Bank too did not budge from its earlier close of KD 0.242. Commercial Bank of Kuwait and Ahli United Bank were not traded during the session.
Burgan Bank climbed 5 fils to KD 0.430 trimming the year's losses to 50 fils while Kuwait Finance House pulled 10 fils lower. Boubyan Bank added 5 fils to settle at KD 0.430.
Mabanee Co gained 10 fils whereas Al Mazaya Holding dialed down 2 fils. Salhia Real Estate Co was up 5 fils at KD 0.345 whereas Al Ahleia Insurance Co dropped 10 fils.
The bourse has been weak so far during the week and is down 30 pts in last two sessions. It has slumped 85 points so far during the month and is trading 5 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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