(MENAFN- Arab Times) Kuwait stocks saw sharp losses on Monday as it continued to plummet amid sell-offs in global markets and falling oil prices. The price index tanked 93.09 points to 5,815.6 pts in a broad decline led by banks and financial stocks. The bourse had slipped below the 6,000 points mark on Sunday.
The KSX 15 benchmark slumped 14.6 pts to 929.39 points taking the month's losses to 84 points while weighted index slipped over 5 points to 388.92 pts. The volume turnover meanwhile saw a modest rebound after receding on Sunday. 188.54 million shares changed hands - a 17.34 pct rise from the day before.
The sectors closed mostly in red. Basic materials outshone the rest with 1.18 pct gain whereas financial services dived 2.39 percent, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 29.90 percent while financial services stood close behind with 29.53 percent. Industrials trailed with 12.64 pct contribution.
Among the day's prominent losers, Commercial Bank sank 50 fils to KD 0.550 while Kuwait Finance House dropped 10 fils after trading 5.2 million shares. Kuwait Food Co (Americana) plunged 100 fils extending the steep losses in last two session and is down 460 fils from start of the month.
Zain fell 5 fils to KD 0.375 with a volume of 3.4 million whereas Wataniya Telecom held the ground unchanged at KD 1.160. Kuwait Telecommunications Co (VIVA) vacillated before stagnating at KD 0.830 and logistics major Agility followed suit to wind up at KD 0.580.
Salhia Real Estate dropped 10 fils and Mabane Company slumped 40 fils extending an identical fall on Sunday. The company has recorded a first half net profit of KD 24.31 million and earnings per share of 28.77 fils as against net profit of KD 24.49 million and EPS of 28.99 fils in H1, 2014.
The market opened firm but fell sharply in early trade. The main gauge plumbed the day's lowest level of 5,797.27 pts amid broad sell-off and pulled higher thereafter. It drifted listlessly in the second half and closed with steep losses.
Top gainers of the day, Zimah Holding Co and RKWC both vaulted 10 percent each to close at same level of 110 fils while Humansoft skidded 13.16 pct, the steepest decliner of the day. Al Dar National Real Estate Co topped the volume with 16.6 million shares.
Reflecting the day's slump, the losers vastly outnumbered the winners. 24 stocks advanced whereas 87 closed lower. Of the 140 counters active on Monday, 29 closed flat. 5026 deals worth KD 23.31 million were transacted - a 12.17 pct increase in value from the day before.
National Industries Group slipped 6 fils to KD 0.150 and RISCO gave up 5 fils to settle at KD 0.375. Gulf Cable was unchanged at KD 0.480 and Kuwait Portland Cement shed 20 fils. ACICO Industries fell 5 fils and Equipment Holding Co was down by same measure.
HEISC bucked the trend to close 10 fils higher and Kuwait Foundry Co added 4 fils. Boubyan Petrochemicals Co and Gulf Glass Manufacturing Co gained 10 fils each while The Energy House ticked 2 fils up to 55 fils.
Clipped
Kuwait and Gulf Link Transport Co clipped 2 fils and KGL Logistics followed suit. ALAFCO and Jeeran Holding too gave up 2 fils each whereas Jazeera Airways held steady at KD 0.455.
Gulf Petroleum Investment fell 2.5 fils after trading over 8 million shares and Equipment Holding Co closed 5 fils in red. 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.
Al Rai Media Group Co shed 10 fils whereas Mezzan Holding Co paused at KD 1.020. 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.
In the banking sector, National Bank of Kuwait held steady at KD 0.800 off early lows and Gulf Bank too did not budge from its earlier close of KD 0.270. Al Ahli Bank fell 5 fils whereas Ahli United Bank closed flat at KD 0.520.
Burgan Bank eased 5 fils to KD 0.395 taking the month's losses to 20 fils and Boubyan Bank was down by same measure after trading over 2 million shares.
National Investment Co dropped 4 fils whereas KIPCO paused at KD 0.640 has recorded a first half profit of KD 25.4 million- a 17 pct increase from KD 21.7 million for the same period of the previous year. In the second quarter, it posted KD 13.4 million in net profits - up 17.5 percent from KD 11.4 million for the same period in Q2, 2014.
Securities Group dipped 8 fils and Kuwait Financial Centre gave up 4 fils to settle at KD 0.100. KMEFIC and Al Mal Investment Co slipped 2.5 fils each and KFIC followed suit. Bayan Investment Co inched 1.5 fils higher. Tamdeen Real Estate Co shone with 25 fils gain and Al Mazaya Holding dialed up 2 fils.
The bourse has been markedly bearish so far during the week and has plunged a whopping 237 pts in the last two sessions. It has tumbled 437 points from start of the month and is trading 11 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Metal and Recycling Co has incurred a net loss of KD 126,449 and losses per share of 2.48 fils in the January-June period of 2015 as compared to net profit of KD 615,409 and earnings per share of 6.76 fils in 2104, H1.
Kuwait National Cinema Company has clocked a net profit of KD 5.98 million and earnings per share of 62.65 fils in the six-months period ending June 30, 2015 as against net profit of KD 5.10 million and earnings per share of 51.48 fils in the first half of 2014.
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.
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 half 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.
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