(MENAFN - Arab Times) Kuwait stocks retreated further on Monday, extending the losses to the third consecutive day. The index fell 6.6 points in slightly volatile trade led by select heavyweights. The trading floor sentiments was largely skittish owing to lack of solid cues. The bourse closed at 6253.50 points off steeper losses earlier in the session while weighted index edged 0.82 points lower to 435.61. The volume turnover saw moderate swell stemming the two-day drop. 79.91 million shares changed hands " down 11.18 percent from Sunday.
Kuwait Finance House shed 20 fils after stagnating in the previous session. It wound up at KD 1.000 and saw 4.14 million shares change hands. Islamic lender has signed a deal with Gulf Investment House to restructure the KD 49.5 million it owes in debts.
Zain was down 20 fils at KD 1.020 and accounted for 13.8 percent of the total market capitalization while Wataniya Telecom bucked the trend to gain 20 fils. Zain's Iraqi unit is planning to launch an initial public offering on the Iraq Stock Exchange.
Agility held the ground unchanged at KD 0.330 trimming slight gains earlier in the session. The stock had shed 50 fils during whole of May and has eroded 45 fils since start of the month.
IFA Hotels and Resorts Co eased 10 fils and United Gulf Bank followed suit to wind up at KD 0.320. UGB has posted a net profit of 4.8 million for the first quarter of 2011 and has made provisions of 3.2 million.
First Investment Co fell 2 fils while Global Investment Co was down 2.5 fils after closing flat in the previous session. International Finance Co fell 6 fils to settle at KD 0.108. The company has won Central Bank of Kuwait's approval its request to buy back up to 10% of its own issued shares for a six-month period.
The bourse opened choppy and vacillated in tight range in early trade . The index eased from the day's high of 6265.6 points and slipped below the red almost half way into the session as investors exited select counters. It bottomed at 6245.8 points and managed to pare the losses slightly at close.
Top gainer of the day, Pearl of Kuwait Real Estate Co spiked 8 percent to 27 fils while Kuwait Investment Co climbed 7.2 percent to stand next. Housing Finance Co slid dived 11.2 percent, the steepest decliner of the day, while Gulf Finance House topped the volume with 12.72 million shares.
The market spread was skewed towards the losers. 23 stocks advanced while 32 closed lower. Of the 93 counters active on Monday, 37 closed flat. 1606 deals worth KD 16.22 million were transacted " a 38.4 percent surge in value over previous session.
The sectoral indices closed narrowly mixed. Banking sector inched 0.1 percent up while investment eased 0.3 percent. Insurance was stagnant whereas real estate and industrials were up 0.2 percent and 0.1 percent respectively. Services slipped 0.2 percent and food outperformed with 0.8 percent gain. Non-Kuwaitis dropped 1 percent.
In the banking sector, National Bank of Kuwait climbed 20 fils to close at KD 1.180 after stagnating in the previous session. The Moody's last week affirmed stable outlook to the lender and assigned a standalone BFSR of "C". Gulf Bank held the ground steady at KD 0.540 whereas Al Ahli Bank and Ahli United Bank were not traded during the session.
Burgan Bank was unchanged at KD 0.500 after trading 1.04 million shares and Kuwait International Bank too did not move in either direction. Commercial Bank of Kuwait was up 10 fils at KD 0.900 with thin trading level. The lender has won Central Bank's approval for its extension request to buy back or sell up to 10% of its issued shares over a six-month period.
Investment major KIPCO stagnated at KD 0.365 and National Investment Co too was steady at KD 0.232 after trading marginally in red earlier in the day. Housing Finance Co shed 5 fils and Al Madina For Finance and Investment Company ticked 1 fils lower.
National Real Estate Co was unchanged at KD 0.085 while Pearl of Kuwait Real Estate Co rose 2 fils to settle at 27 fils. Tamdeen Real Estate Co climbed 5 fils while Mabanee stagnated at KD 0.860.
The company has logged a Q1 net profit of KD 15,945,000 while earnings per share clocked 41 fils " up from KD 13,870,000 net profit and earnings per share of 35 fils in year earlier period.
National Industries Group was flat at KD 0.246 whereas Kuwait Pipes eased 2 fils to wind up at KD 0.184. Gulf Cables and Kuwait Portland Cement were unchanged at KD 1.560 and KD 1.180 respectively while United Industries Co was up 2 fils at KD 0.130.
Burgan Well Drilling Co climbed 10 fils to KD 0.410 and Kuwait Gulf Links edged 2 fils higher to KD 0.142. The company has posted a net profit of KD 1,906,196 and earning per share of 7.21 fils in the January-March period. Kuwait Food Co was stagnant at KD 1.560 and Egypt Kuwait Holding Co followed suit to settle at KD 0.355.
The bourse has been weak so far during the week and has dropped 10 points from last week's closing mark. It has dived 125 points since start of the month and is trading 10 percent lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Bayan Investment Co has incurred a net loss of KD 3,792,933 and loss per share of 10.61 fils in the three-month period ending March 31, 2011 as compared to a net loss of KD 1,862,004 and loss per share of 5.23 fils in the same period last year.
National Industries Group has registered a first quarter net profit of KD 1,941,000 and earning per share of 2 fils as compared to profit of KD 4,712,000 in same period last year.
Meanwhile Kuwait Stock Exchange has selected 15 firms for its new Kuwait 15 Index. They are:- Mobile Telecommunications Co (Zain), National Mobile Telecommunications (Wataniya), National Bank of Kuwait, Kuwait Finance House, Gulf Bank, Boubyan Bank, Ahli United Bank, Burgan Bank, Kuwait Projects Co Mabanee Co, Kuwait International Bank, Agility Public Warehousing Co, National Industries Group Holding, Gulf Cable & Electrical Industries Co Boubyan Petrochemical Co. The list is to be reviewed every six months.