(MENAFN- Arab Times) Kuwait stocks pulled lower on Wednesday after eking a modest rebound in the last session. The key gauge, after a tame start slipped 15.4 pts to 6,187.55 points even as investors weighed the news of Greece debt default and the aftermath of its possible exit from euro zone.
The KSX 15 benchmark inched 0.4 pts up to 1,017.42 points and is down 44 points from start of the year while weighted index eased 0.82 points. The volume turnover meanwhile shrank to hit a 12-day low as sentiment turned cautious. 71.37 million shares changed hands € a 25.6 pct drop from the last session.
The sectors closed mostly in red. Parallel market outled the rest with 1.47 pct gain whereas technology sank 1.47 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 45.8 percent and real estate came in next with 23.70 pct. Bank trailed behind with 10.99 percent contribution.
Among the day's losers, Kuwait Cement Co shed 20 fils and the newly listed Mezzan Holding Co was down by same measure. Shuaiba Industrial Co retreated 15 fils and Boubyan Petrochemicals Co gave up 10 fils to settle at KD 0.620.
Sector bellwether Zain rose 5 fils to KD 0.420 after trading 1.9 million shares while Wataniya Telecom tumbled 60 fils after posting modest gains in the previous session. Kuwait Telecommunications Co (VIVA) rose 20 fils to KD 0.950 and logistics major Agility slid 30 fils extending the fall on Tuesday.
Steady
Jazeera Airways dialed up 5 fils and ALAFCO closed 4 fils higher at 218 fils. Kuwait Food Co (Americana) held steady at KD 2.700. The company has posted a 4.3 percent fall in Q1 net profit which stood at KD 17.3 million in the first three months of 2015.
The market opened slightly weak but inched up in early trade. The key index touched the day's highest level of 6,207.64 points but retreated thereafter as sentiment turned sour. It continued to head south to trough at 6173.97 points before clawing back some of the losses at close.
Top gainer of the day, Kuwait and Gulf Links Transport Co rallied 5.88 pct to 54 fils while Dalqan stood close by with 5.17 percent rise. SAFTEC dropped 5.66 percent, the steepest decliner of the day, and Al Dar National Real Estate Co topped the volume with 8.4 million shares.
Mirroring the day's fall, the market spread was skewed towards the losers. 32 stocks advanced whereas 44 closed lower. Of the 121 counters active on Sunday 45 closed flat. 2086 deals worth KD 10.16 million were transacted € a 7.58 pct drop in value from the day before.
National Industries Group was unchanged at KD 0.162 and Gulf Cable too did not budge from its earlier close of KD 0.590. Kuwait Portland Cement stagnated at KD 1.160 off early lows and Kuwait Foundry Co closed 5 fils lower at KD 0.260.
Combined Group Co gained 10 fils and Educational Holding Group was up 4 fils at KD 0.204. The company has posted net profit of KD 4.62 million and earnings per share of 18.9 fils in nine months ended May 31, 2015 as compared to net profit of KD 3.26 million and earnings per share of 13.4 fils in the same period last year.
Gulf Petroleum Investment Co took in 1 fils whereas The Energy House inched 1 fils lower. 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. Equipment Holding Co flunked 1 fils whereas Salbookh Trading Co added 3 fils. United Projects Group climbed 20 fils recouping the drop in the last session.
Investment conglomerate KIPCO rose 10 fils to KD 0.640 and National Investment took in 2 fils. Kuwait Financial Centre (Markaz) was not traded during the session. The company has logged a net profit attributable to shareholders of KD 1.31 million for the quarter ending March 31, 2015 2014 and the earnings per share clocked 3 fils.
Securities House dialed up 1 fils while Osoul Investment Co and Bayan Investment held steady at 53 fils each. Kuwait Finance and Investment Co and Sokouk Holding clipped 1 fils each whereas Kuwait Investment Co closed flat.
Unchanged
In the banking sector, National Bank of Kuwait was unchanged at KD 0.860 and Gulf Bank followed suit to end at KD 0.270. Al Ahli Bank too held steady at KD 0.370 whereas Commercial Bank of Kuwait was not traded during the session.
Ahli United Bank slipped 10 fils and Kuwait International Bank edged 2 fils lower. Burgan bank paused at KD 0.425 and Kuwait Finance House gave up 10 fils after trading over 2 million shares. Boubyan Bank was up 5 fils at KD 0.430.
The bourse has been largely so far during the week and has shed 24 points in last four sessions. It had slid 90 points during whole of June and is trading 5.32 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Boubyan Petrochemicals Co. has won the approval of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for 6 months.
Aqar Real Estate Investments Co. has got the nod of Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months.
Privatization Holding Co. has received the approval of Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months.
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.
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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