(MENAFN- Arab Times) Kuwait Stocks dived 18.31 points deeper into the red to close at 5,837.74 points amid weak market sentiment. The weighted index stood at 406.04 points after inching 0.25 points higher.
The KSE benchmark hovered close to its mark of the previous session with a slight 0.3 point increase to 990.73 points. A modest 2,689 transactions took place exchanging KD 12.36 million over a volume of 130.7 million.
127 counters were active with only 33 gainers at the day's close and 52 indices edging lower even as 42 remained flat. National Bank of Kuwait zoomed 20 points higher to close at KD 1.060 and traded 526,178 shares for KD 556,119 but 4 per cent lower year to date.
Al-Ahli Bank of Kuwait also traced 20 points upwards to close at 650 fils, trading a volume of 67,797 shares, its index is up 3.17 per cent from Tuesday but 4 per cent lower on a year to date basis.
Gulf North Africa Holding Co scaled 4.5 points higher to 39 fils and a 13.04 per cent increase to become the top gainer in terms of percentage, trading a volume of 162,105 shares in the session. AL EID Food Co followed in step with a 11.9 per cent hike to 94 fils observing a 4 per cent positive year to date change while trading 15,000 shares.
Kuwait Cable Vision Company closed 5 points higher at 58 fils, 9.43 per cent more than the previous trading session but 8 per cent lower on a year to date basis. Ras Al Khayma for White Cement climbed 6 points to 108 fils per share and traded 58247 shares, the 5.88 per cent mount is 13 per cent lower year to date while Dulaqan Real Estate Co moved 10 points up to 208 fils.
Higher
Kuwait Food Co (Americana) shot up by 20 points to KD 1.320 and traded 20,000 for the total of KD 26,400. Specialities Group Holding Co closed at 490 fils, 15 points higher and 98 per cent greater year to date.
On the downside, Dar Al Thuraya Real Estate Co took the steepest tumble in the session, coming 19 points and 17.59 per cent down to 89 fils.
Mabanee Co pared early gains of the week with a stark hundred point drop down to KD 1.160, its index fell 7.94 per cent even as over 2 million shares were traded for KD 2.46 million. Advanced Technology Company shot down by 50 points to close at 740 fils, a 6.33 per cent reduction.
Tameer Real Estate Invest Co fell by 5.88 per cent and Al-Massaleh Real Estate Co curtailed by 5.75 per cent, closed at 82 fils. Gulf Cables and Electrical Ind Co inched 20 points lower to KD 1.180 and Yiaco Medical Co dropped 20 points to 390 fils.
The Banking sector at large underperformed in terms of volume and value; 63.14 per cent shy in total volume and a 43.63 per cent reduction in value from Tuesday. Gulf Bank and Commercial Bank of Kuwait remained flat at 420 and 770 fils respectively, while the former traded 157,500 shares for KD 65,900 and the latter transacted 24,556 shares for a sum of KD 18,908.
Financial Services made up 62.58 per cent of the total volume exchanged in the market and 39.96 per cent in value; the index closed at 839.9 points. INOVEST traded the highest volume of 41.59 million shares at 37 fils on a 3.9 per cent drop.
Kuwait Projects Company Holding traded 3.2 million shares at a flat 365 fils a piece, 22 per cent higher year to date. 20.6 million shares of Gulf Finance House changed hands to close at a steady 36 fils while Alsalam Group Holding Co marked a 153 per cent year to date rise in the session with a volume of 2.6 million bought and sold at 250 fils, 5 points lower than Tuesday.
Upwards
Commercial Facilities Co climbed 5 points upwards to 280 fils, Gulf Investment House held steady at 25 fils and Al Aman Investment Co shed 3 points to close at 55 fils. Al-Madina for Finance and Investment Co edged 2 point lower to 50 fils while Ekttitab Holding Co stepped one point higher to 70 fils.
Telecommunications remained flat at 886.1 points with a 28.68 per cent rise in volume and 29.67 per cent discount in value from the day before. Mobile Telecommunications Co (Zain) closed at 700 fils with 819,479 shares exchanged for KD 573,400. Hits Telecom Holding Co closed at 71 fils after trading over 1 million shares for KD 73,184.
Real Estate arched back by 0.82 per cent, closing at 900.9 points with a 19.68 per cent drop in volume and 5.91 per cent drop in value. Sokouk Holding Co edged one point lower to 18 fils, trading 13.4 million shares on a 3 per cent year to date rise.
Kuwait Real Estate Co remained flat at 48 fils while United Real Estate Co climbed 2 points to close at 114 fils, National Real Estate Co stepped 4 points higher to 130 fils while Tamdeen Real Estate Co sunk 2 points lower to 226 fils.
Al-Massaleh Real Estate Co and Salhia Real Estate Co both contracted by 5 points to close at 82 fils and 280 fils respectively. The Commercial Real Estate Co spiked 1 point higher to 74 fils.
Meanwhile, Agility closed at a sturdy 410 fils and exchanged 387,297 shares for KD 157,165. Jazeera Airways Co moved 5 points up to 385 fils.
In other bourse related news, KIPCO Assets Management Company announced on Tuesday, the selling of its entire 6.22 per cent share in Advanced Technology Company in two phases; the first phase on June 26, 2012 where 4 million shares were traded at 840 Fils per share and the second phase on July 2, 2012 where 5,329,938 shares were sold at 840 Fils/share for a total value of KD 7,837,147 realizing no profit from the divestiture.
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