(MENAFN- Arab Times) Kuwait stocks swung lower on Tuesday extending the losses to second straight session. The bourse dropped 35.97 pts to 5,733.82 pts dragged by falling oil prices and weak global backdrop. The blue chips were mixed whereas some of the mid and small caps sagged on speculative selling.
The KSX 15 gauge inched 0.24 pts lower to 925.06 pts and is trading 6 points higher from start of the month while weighted index eased 0.62 points. The volume turnover meanwhile shrank further as investors toed caution. 108.60 million shares changed hands - a 33.88 pct drop from Monday.
The sectors all closed in the red barring healthcare which rose 0.47 percent while consumer services shed 1.31 pct, the biigest loser of the day. Volume wise, financial services dominated with 46.55 pct while real estate stood next with 33.47 percent.
Among the notable losers, Kuwait Food Co (Americana) shed 20 fils erasing the gains in the last session while Kout Food Group dived 50 fils to KD 0.580. Commercial Bank of Kuwait slipped 10 fils to KD 0.540 while Gulf Bank gave up 5 fils to end at KD 0.260 and has gained 40 fils so far during the month.
Zain rose 10 fils to KD 0.385 and Wataniya Telecommunication Co (Ooredoo) held the ground unchanged at KD 1.040. Kuwait Telecommunications Co (VIVA) was down 20 fils at KD 0.830 and Agility dipped 20 fils.
Investment conglomerate KIPCO was flat at KD 0.600 off early highs and National Investments Company followed suit. The company has recorded a net profit of KD 3.80 million and earnings per share of 4.46 fils in the January-June period of 2015 as compared to KD 2.25 million profit and earnings per share of 2.63 fils in the first of last year.
The market opened weak and edged lower in early trade. The price index continued to head south amid weak sentiment and plumbed the day's lowest level of 5,716.3 points. However it pared back some of the losses in the final minutes before closing with moderate losses.
Top gainer of the day, Kuwait Cable Vision Co vaulted over 9 percent to 30 fils while Real Estate Asset Management Co (REAM) stood next with 6.85 percent upswing. Kout Food slid 7.94 percent, the steepest decliner of the day and Al Imitiaz topped the volume with over 28 million shares.
Reflecting the day's downswing, the market spread was skewed towards the losers. 21 stocks advanced whereas 59 closed lower. Of the 119 counters active on Tuesday, 39 closed flat. 2,421 deals worth KD 10.10 million were transacted - a 12.38 pct drop in value from the day before.
National Industries Group fell 2 fils to KD 0.148 whereas Gulf Cable pulled 10 fils higher. Kuwait Foundry Co slipped 6 fils to KD 0.238 and Boubyan Petrochemicals Co held the ground unchanged at KD 0.510. Equipment Holding Co dialed up 1 fil.
Eased
Kuwait Gulf Link Transport Co inched 0.5 fils into red whereas KGL Logistics Company eased 1 fils. The company has posted a net profit of KD 3.49 million and earnings per share of 5.82 fils in the first half of 2015, up from net profit of KD 2.73 million and earnings per share of 5.06 fils in the same period last year.
Jazeera Airways vacillated in a tight range before settling flat at KD 0.460 whereas ALAFCO was not traded during the session. The company has clocked a net profit of KD 13.4 million for the nine-month period ending June 30, 2015. The earnings per share came in at 16.3 fils and company's total.
Zima Holding gave up 5 fils while Al-Nawadi Holding Co closed 4 fils down. The company has posted a profit of KD 1,007,657 in the six-mnths period ending June 30 2015 and profit per share of 5.54 fils as compared to a profit of KD 974,925 and EPS of 5.36 fils in the same period in 2014.
NAPESCO was steady at KD 0.570 and Mashaer Holding Co too did not budge from its earlier close of 104 fils. Mezzan Holding paused at KD 1.020 and Kuwait United Poultry Co slipped 8 fils to KD 0.180.
Al Mazaya Holding fell 3 fils and Mabanee Company shed 10 fils. The company has recorded a net profit of KD 24.31 million and earnings per share of 28.77 fils in the first half of 2015.
In the banking sector, National Bank of Kuwait was unchanged at KD 0.780 and Al Ahli Bank followed suit to close at KD 0.320. Kuwait International Bank paused at KD 0.228 and Burgan Bank held steady at KD 0.390 Al Ahli Bank was not traded during the session.
Kuwait Finance House added 10 fils on back of 1.8 million shares and Boubyan Bank slipped 5 fils to KD 0.400. The bank has posted a net profit of KD 16.03 million and earnings per share of 7.78 fils in the first half of 2015.
Kuwait Investment Co was flat at KD 0.106 and Gulf Investment Co inched 1 fil down. Securities House Co and Securities Group paused at 51 fils and 112 fils respectively while Aayan Leasing and Investment Co clipped 2 fils.
Bayan Investment Co and Sokouk Holding inched 0.5 fils up each and Noor Financial Investment Co dialed down 2 fils to close at 62 fils. Kuwait Real Estate Co took in 1 fil whereas United Real Estate Co eased 1 fil.
The bourse has been trending lower so far during the week and is down 30 points in last three sessions. It has slid 85 points from the start of the month and is trading 12.27 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, 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.
Ikarus Petrolem Industries Co has recorded a net profit of over KD 4 million and earnings per share of 5.13 fils in the six-month period ending June 30, 2015 as compared to net profit of KD 8.83 million and earnings per share of 11.30 fils in the 2014, H1.
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.
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