(MENAFN- Arab Times) Kuwait stocks swung sharply lower on Monday to end the month on a sour note. The price index slumped 83.56 pts in a broad decline to close at 5,820.56 points led by banks and other heavyweights. The market mood was negative even as oil prices edged lower after showing signs of firming up in the recent sessions.
The KSX 15 benchmark dipped 22.23 pts to 919.16 points taking the month's losses to 97 points while weighted index dropped 7.79 pts to 385.34 points. The volume turnover meanwhile receded for the second straight session. 167.41 million shares changed hands - a 4.52 pct drop from Sunday.
The sectors closed mostly in the red. Parallel market outpaced the rest with 0.85 pct gain whereas telecommunications slid 4.12 percent, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 31.99 pct while real estate and oil and gas trailed with 24.86 pct and 15.10 percent contributions respectively.
Among the prominent losers, sector bellwether National Bank of Kuwait dropped 20 fils to KD 0.780 after trading 2.5 million shares and Kuwait Finance House was down by same measure to wind up at KD 0.580 taking the month's losses to 50 fils. Investment conglomerate KIPCO too shed 20 fils to end at KD 0.600 and has slid 80 fils during August.
Zain slipped 15 fils with a volume of 3.9 million shares and Wataniya Telecom (Ooredoo) shed 40 fils to close at KD 1.060. Kuwait Telecommunications Co (VIVA) too slid 40 fls and Agility was down 20 fils at KD 0.590.
Ahli United Bank retreated 10 fils and Burgan Bank followed suit to close at KD 0.395. The banking group has recorded a net income of KD 37.4 million for the first half period of 2015 - a 12.3 percent growth from H1, 2014 while operating profits before provisions rose 10.2 pct to KD 80.2 million from KD 72.8 million in 2014.
The market opened weak and fell sharply in early trade. The key measure moved sideways thereafter as investors toed caution and slid further in the final hour amid broad selling pressure. It plumbed the day's lowest level of 5,802.19 pts before clawing back some of the losses at close.
Top gainer of the day, Ras Al Khaima White Cement Co lunged 8 percent to 108 fils while Amar For Finance And Leasing Co climbed 7.25 pct to stand close behind. Taamer Real Estate Investment Co skidded 8.93 pct, the steepest decliner of the day and Gulf Petroleum Investment Co topped the volume with over 20 million shares.
Mirroring the day's downswing the market spread was heavily skewed towards the losers. 18 stocks advanced whereas 88 closed lower. Of the 129 counters active on Monday, 23 closed flat. 4,014 deals worth KD 15.88 million were transacted - a 9.16 pct drop from the day before.
Gulf Cable shed 15 fils while National Industries Group gave up 6 fils to close at KD 0.150. 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.
Modest
Kuwait Food Co (Americana) dropped 20 fils to KD 2.140 taking the month's losses to 680 fils and Kout Food Group shed 50 fils. Mezzan Holding slid 50 fils erasing the modest gains in the last session and NAPESCO plunged 40 fils to KD 0.570.
Jazeera Airways retreated 15 fils to KD 0.445 whereas ALAFCO held the ground unchanged at KD 0.222. Combined Group Contracting Co gave up 10 fils while Mashaer Holding slipped 6 fils to KD 0.110. Contracting and Marine Services Co dialed down 4 fils whereas Kuwait Foundry Co closed flat.
National Real Estate Co eased 1 fil and Manazel Holding Co dialed down 2 fils . The company has clocked a first half net profit of KD 358,821 and earnings per share of 0.50 fils, down from net profit of year KD 1.68 million and earnings per share of 2.35 fils in H1, 2014.
Al Mazaya Holding gave up 6 fils and Mabanee Company shed 20 fils. The company has recorded a 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 earnings per share of 28.99 fils in H1, 2014.
In the banking sector, Al Ahli Bank fell 5 fils to KD 0.340 while Kuwait International Bank clipped 2 fils. Boubyan Bank bucked the trend to gain 5 fils whereas Commercial Bank of Kuwait was not traded during the session.
National Investment Co and Kuwait Investment Co gave up 4 fils each and Bayan Investment Co clipped 2.5 fils. The company has posted a net profit of KD 118,473 and earnings per share of 0.33 fils in the first half of 2015. KMEFIC fell 2 fils whereas KAMCO held steady at 102 fils.
Al Deera Holding Co dialed down 2 fils and Noor Financial Investment Co closed 3 fils lower. Sokouk Holding Co edged 1.5 fils lower whereas Securities House Co paused at KD 0.112.
The bourse was has been mixed so far during the week and has slid 56 points in last 2 sessions. It has slumped 567 points during whole of August and is trading 10.94 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Kuwait Real Estate Company has registered a net profit of KD 2.39 million and earnings per share of 2.64 fils in the first six-months of 2015 as against net profit of KD 3.49 million and earnings per share same of 3.86 fils in the same period last year.
Gulf Cement Company has posted a net profit of KD 2.45 million and earnings per share of 0.003 fils in the first half of 2015, down from KD 3.36 million net profit and earnings per share of 0.004 fils in the same period last year.
Al Dar National Real Estate Co has incurred a net loss of KD 132,850 and loss per share of 0.32 fils in the six-month period ending June 30, 2015 as against net profit of KD 761,352 and earnings per share of 1.85 fils in the same period of 2014.
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 30,215 as against net profit of KD 5.10 million and earnings per share of 51.48 fils in the first half of 2014.
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