(MENAFN- Arab Times) Kuwait stocks saw steep drop on Monday extending the losses to second straight session. The price index slid 66.53 points to 6,196.1 pts in a broad decline as weakening oil prices roiled the trading floor sentiment. The KSX 15 benchmark dipped 708 pts to 989.76 pts taking the month's losses to 26 points while weighted index pulled 3.22 pts lower. The volume turnover meanwhile shrank further to hit the month's lowest level. 77.67 million shares changed hands € a 7.39 pct drop from Sunday. The sectors closed mostly in the negative zone. Technology outpaced the rest with 0.85 pct gain whereas consumer services shed 1.96 percent, the worst performer of the day.
In terms of volume, financial services accounted for the highest market share of 29.25 percent while real estate and industrials followed with 26.58 pct and 23.26 percent contributions respectively. Among the losers, Kuwait Food Co (Americana) dived 40 fils to KD 2.640 and Kuwait Building Material Manufacturing Co tumbled 50 fils. Gulf Insurance Group shed 30 fils while NAPESCO was down 20 fils at KD 0.600. Kuwait Cement Co dropped 25 fils to settle at KD 0.365. Telecom heavyweight Zain fell 5 fils to KD 0.400 after trading 1.62 million shares and Wataniya Telecom held the ground unchanged at KD 1.320 off steep early lows.
Kuwait Telecommunications Co (VIVA) too was unchanged at KD 0.890 whereas Agility pulled 10 fils lower to KD 0.640. Kuwait Portland Cement dropped 20 fils while National Industries Group dialed down 2 fils to wind up at KD 0.168. The company has logged a first half net profit of KD 9.37 million and earnings per share of 7.1 fils as compared to net profit of over KD 8 million and earnings per share of 6 fils in the same period last year. The market opened firm but pulled lower in early trade. The key measure slipped into red as stocks across the sector headed south amid weak sentiment and plumbed the day's lowest level of 6,181.81 pts. It pared back some of the losses in the final minutes before closing with hefty loss.
Top gainer of the day, Livestock Trading and Transport Co rallied 8.77 pct to 124 fils while HEISC climbed 7.14 pct to stand next. KBMMC tanked 11.36 percent, the steepest decliner of the day and Nafais Holding Co topped the volume with 9.6 million shares. Mirroring the day's decline, the market spread was heavily skewed towards the losers. 19 stocks advanced whereas 80 closed lower. Of the 140 counters active on Monday, 41 closed flat. 2,694 deals worth KD 8.5 million were transacted € a 4.5 pct drop in value from the day before. RISCO slipped 10 fils to KD 0.365 whereas Gulf Cable bucked the trend to close 5 fils higher. NICBM gained 10 fils and ACICO Industries held the ground steady at KD 0.305. Mashaer Holding Co added 6 fils to close at KD 0.120.
ALAFCO was flat at 230 fils and Jazeera Airways Group gave up 10 fils. The carrier has posted a 27.1 pct yearon- year surge in H1 net profit to KD 6.2 million while second quarter net profit reached KD 3.2 million € an increase of 14.2% from the same period last year. Operating revenues rose 0.8 percent y-o-y to KD 26.6 million. City Group held steady at KD 0.400 and Equipment Holding Co inched 1 fil down. The company has incurred a net loss of KD 494,362 loss per share 3.62 fils as compared to net profit same of KD 496,880 and earnings per share of 3.64 fils in 2014, H1.
Clipped
Gulf Petroleum and The Energy House clipped 2 fils each whereas Mezzan Holding Co gained 20 fils. The company has logged a net profit of KD 12.49 million and earnings per share of 42.13 fils in the January-June period of 2015, surging from net profit of KD 7.53 million and earnings per share of 25.41 fils in 2014, H1. Kuwait and Gulf Link Transport Co dialed down 2 fils and KGL Logistics Co closed 3 fils in red. Al Nawadi Holding Co slipped 5 fils and Zima Holding inched 1 fil lower to settle at 80 fils. Kuwait Resorts Co was down 4 fils at KD 0.110. In the banking sector, National Bank of Kuwait was flat at KD 0.840 and Gulf Bank too did not budge from its earlier close of KD 0.275.
Commercial Bank added 10 fils whereas Ahli United Bank pulled 10 fils lower. Al Ahli Bank stagnated at KD 0.345 off slight early lows. Kuwait International Bank fell 2 fils to KD 0.240 and Burgan Bank was down 5 fils at KD 0.410 erasing the gains in the last session. Kuwait Finance House shed 10 fils whereas Boubyan Bank was unchanged at KD 0.415. Kuwait Investment Co eased 2 fils and National Investment Co closed 4 fils in red. Securities Group Co and Securities House Co closed flat while KIPCO and Kuwait Financial Centre both pulled 10 fils lower. KFIC gave up 4 fils and Aayan Leasing clipped 2 fils. Sokouk Holding and Noor Financial Investment clipped 1 fils each and Bayan Investment Co followed suit. National Real Estate Co too inched 1 fils down while Mabanee Co shed 10 fils. Al Mazaya Holding and Salhia Real Estate closed flat. The bourse has been heading south so far during the week and has slid 105 points in last two sessions. It retreated 57 pts from start of the month and is trading 5.2 pct lower year-to-date.
KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, Safat Energy Holding Company has incurred a net loss of KD 82,966 and losses per share of 0.14 fils narrowing from net loss of KD 333,485 and losses per share of 0.55 fils in the same period last year. Kuwait Insurance Company has recorded a net profit of KD 4.55 million and earnings per share of 24.53 fils in the January-June period, up from net profit of KD 3.47 million and earnings per share of 18.65 fils in the first half of 2014. Alimtiaz Investment Group Co has registered a net profit of KD 7.65 million and earnings per share of 6.96 fils in the first of 2015, rising sharply from net profit of KD 50,685 and earnings per share of 0.05 fils in the same period of 2014.
Aayan Leasing and Investment Company has clocked a net profit of KD 5.42 million and earnings per share of 6.76 fils in the six-months period ending June 30, 2015, down from net profit of KD 8.88 million and earnings per share of 11.07 fils in the H1 of 2014. City Group Company has posted a net profit of KD 3.56 million and earnings per share of 31.51 fils in the January-June period of 2015 as against net profit of KD 2,85 million and earnings per share of 25.29 fils in the same period last year.
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