(MENAFN - Arab Times) Kuwait stocks slipped on Sunday, snapping the three-day gains. KSE index retreated 3.8 points as profit taking weighed on select blue chips and some of the industrial counters. The trading floor sentiments remained cautious even as investors await positive indicators to prop the market confidence.
The bourse closed at 6662.30 points after see-sawing around the opening mark while the weighted index fell 1.29 points to 419 points. The volume turnover was up 8 percent adding to the rise in the last two sessions. It had surged to 541 million in the last week of July, the highest level since mid-March .
Among the prominent decliners, National Bank of Kuwait dropped 20 fils wiping off the gains in the previous session. It ended at KD 1.200 with a volume turnover of 0.812 million. The stock had gained 5.17 percent in July and has added 80 fils since the start of the year. Wataniya Telecom too shed 20 fils trimming the robust gains on Thursday.
Zain held the ground unchanged at KD 1.200 after vacillating in a 20 fils range. Agility was not traded during the session. The stock got a boost in the last week of July on reports that U.S government has softened its stance towards its subsidiary Agility DGS Holdings.
The market opened weak and slipped into red in early trading. The index continued to erode and hit the days lowest level of 6644 points as selling hit select heavyweights and few mid-caps. However it recovered and crested at 6662.8 points almost half way into the session. The market eased again to traded below the red in the final hour and managed to trim losses at close.
The top gainer of the day, Bayan Investment Co soared 8.77 percent to close at KD 0.062 while Amar For Finance and Leasing climbed 6.25 percent to stand next. Kuwait Building Material Manufacturing Co shed 6.6 percent the steepest decliner of the day, while Manazel topped the volume with over 23 million shares changing hands.
The market spread was skewed towards the losers. 27 stocks advanced while 43 closed lower. Of the 116 counters active on Sunday, 45 closed unchanged. 3128 deals worth KD 19.415 million were transacted - a 21 percent surge in value over previous session. KSE, with 209 listed companies, is the second largest bourse in the region.
The sectors closed mixed. Banking sector dropped 1 percent, the worst performer of the day whereas investment inched 0.1 percent higher. Insurance was unchanged and real estate slipped 0.4 percent. Industrials too was down 0.4 percent whereas the best performer, services climbed 0.6 percent. Food eroded 0.6 percent and non-Kuwaiti eased 0.2 percent.
The bourse had posted modest gains during the last week. It closed higher in 4 of the 5 sessions and climbed 12 points week-on-week. The index rose 8 points since the start of the month and is trading 3 percent lower year-to date.
Banking scrips closed mostly lower. Gulf Bank continued to stagnate at KD 0.450. It vacillated in a narrow 10 fils range and traded 2.37 million shares. Commercial Bank too did not budge from its earlier close of KD 0.880 whereas Al Ahli Bank closed 10 fils lower. ABKs second quarter profits more than doubled from year-ago levels to KD 10.95 million and dividends increased from 18 fils to 20 fils.
Burgan Bank slipped 5 fils to end at KD 0.345 after stagnating on Thursday while Kuwait Finance House held the ground unchanged at KD 1.060 after moving in a 20 fils range. The Islamic lender had gained 6.12 percent during July but is trading 40 fils lower year-to-date.
Ahli United Bank dropped 20 fils to wind up at KD 0.510. The bank saw a profit of KD 12.7 million in the first half of 2010 boosted income from core banking operations which amounted to KD 40.0 millions. Boubyan Bank bucked the trend to add 10 fils.
National Industries Group was flat at KD 0.300 and Kuwait Pipes eased 5 fils after trading 1.28 million shares. Kuwait Cement Co stagnated and Gulf Cables shed 20 fils to settle at KD 1.860. Kuwait Portland Cement climbed 20 fils . Advanced Technology Company spiked 30 fils and Mashaer Holding Co added 15 fils.
Among the investment scrips, International Financial Advisors inched 1 fils lower
with a volume turnover of 5.12 million shares whereas National Investment Co was flat at KD 0.350. Sector major KIPCO rose 10 fils on back of 1.82 million shares.
Aref Investment Group and Kuwait Financial Centre Company ( Markaz) were steady at KD 0.056 and KD 0.062 respectively. Bayan Investment Co gained 5 fils with a volume of 3.16 million shares while Global Investment House took in 1 fils to settle at KD 0.064. The stock had surged 36 percent in July but has fallen 35 fils since the start of the year.
KAMCO closed flat at KD 0.330 and Al Deera Holding Co rose 3 fils on back of 10.5 million shares. Al Safat Investment Co fell 1 fils and Noor Financial Investment was unchanged at KD 0.052. Al Tamdeen Investment Co rose 10 fils.
National Real Estate Co was up 10 fils at KD 0.180 whereas Tamdeen Real Estate Co slipped 5 fils to KD 0.335. Mabanee Co was flat at KD 0.690 whereas Mazaya Holding Co dropped 4 fils.
In the bourse related news, National Industries Company for Building Materials has recorded a net profit of KD 1,958,934 and earnings per share of 5.56 fils in thr second quarter compared to a profit of KD 4,393,150 and earnings per share of 12.76 fils for the same period in 2009. In the first half of 2010, the net profit reached KD 4,172,824 and earnings per share stood at 12.11 fils.
Gulf Cables and Electrical Industries Company has chalked a net profit of KD 19,092,520 and earnings per share of 91 fils compared to a profit of KD 1,224,114 and earnings per share of 6 fils for the same period last year. In six-month period ending June 30, the net profit touched KD 22,069,735 and earnings per share worked out at 105 fils .
Pearl of Kuwait Real Estate Co. announced its results for its Fiscal Year 2009 . The company posted a net loss of KD 9,542,591 and loss per share of 37.94 fils as against last years net loss of KD 7,935,133 Loss per share last year 31.54 fils . The Board of Directors recommended no dividend payout for the Fiscal Year
Burgan Company for Well Drilling, Trading & Maintenance has announced its financial statements for the year ended March 31, 2010. The company has posted a profit of KD 2,874,265 and earnings per share of 13.72 fils compared to a profit of KD 6,860,647 and earnings per share of 35.03 in the year before. The Board has also recommended to retain earnings for the same year.
Meanwhile, Kuwait Stock Exchange announced the trading suspension of the shares of the following companies for failing to submit their financial results in stipulated time. They are : Al Safat Global Company Holding, Al Dar Investment Company, International Leasing Company, Villa Moda Lifestyle Company, International Investment Group, Pearl of Kuwait Real Estate Company, Al Shabaka Holding Co., Ayan Leasing Co, Al Ahlia Holding Company, Al Abraj Holding Company.