(MENAFN - Arab Times) KUWAIT CITY, Aug 21: Kuwait stocks retreated Sunday opening flat and sliding steadily to close 5,764.3 points, a slip of 62.5 points. The index slumped to a seven-year low, shedding 1.07 percent. All the sectors fell, with the banking sector suffering the worst casualty at 1.8 percent. A total of 65.6 million shares changed hands Sunday worth KD 16.6 million. All blue chips closed down, pacing the fall of the index. National Bank of Kuwait was down 2 percent.
Kuwait Finance House closed flat. Global fell 10 percent. Zain also slid 2 percent. Regional analysts expected markets to get no rest as global markets face a bleak, volatile trading week, with investors bracing for more data illustrating subpar economic growth and the low likelihood of another rescue package from the Federal Reserve.
Wall Street marked a fourth week of losses, pulled lower by a 20 percent plunge in Hewlett-Packard, its worst day since the 1987 market crash, after the Silicon Valley icon unveiled a dismal outlook and a difficult corporate shake-up.
Investors are awaiting Federal Reserve Chairman Ben Bernanke's speech on Aug. 26 in Jackson Hole, Wyoming, for hints on how policymakers plan to address the weakness in the economy.
In the Gulf, investors are looking at these developments from world markets in thin local news flow, as fears of hampered global economic growth along with the European debt crisis weigh heavily on investor sentiment.
Commodities and a weak performance by US technology shares dragged Asian shares lower last week as investors skimmed off some of this week's gains while worries over the U.S. economy and Eurozone debt linger.
The banking sector closed down 1.8 percent. NBK sold 3.3 million shares for KD 1 after taking out 20 fils. Gulf Bank of Kuwait lost 5 fils to close 470 fils. Commercial Bank of Kuwait suffered heavily taking out 40 fils to close 820 fils.
Kuwait International Bank was the largest selling bank pushing 13.1 million shares. KIB lost 15 fils to end 255 fils. Burgan Bank was down 5 fils to close 450 fils. It sold 1.3 million shares.
Kuwait Finance House sold half a million shares and traded sideways to end 890 fils.
The services sector also took a blow sliding 1.1 percent. Logistics company Agility dropped 5 fils to close 250 fils. It sold 0.3 million shares. Zain slipped 20 fils to close 20 fils on the back of 1.4 illion shares worth KD 1.3 million.
Wataniya ended flast at KD 1.940.
Meanwhile, a report by Bayan Investment Company showed that Kuwait Stock Exchange's price index ended last week with a decrease amounting to 0.41 percent, while the weighted index declined by 0.34 percent, compared to the closings of the week before.
Moreover, last week's average daily turnover decreased by 25.8 percent compared to the preceding week, whereas trading volume average recorded a decline of 12.4 percent.
Last week, KIPCO Asset Management Company KSC (KAMCO) reported its financial results for the first half ended June 30, 2011. During the first six months, the Company recorded a net profit of KD 0.44 million with earnings-per-share (EPS) of 1.86 fils.
In the first half, KAMCO recorded a total revenue of KD 6.06 million. Total shareholders' equity reached KD 87.55 million while total assets reached KD 154.08 million by the end of the second quarter. Assets under management reached KD 2.16 billion Board of Directors of Gulf Rocks Company approved the financial statements for the H1 period ending June 30, 2011, dated Aug 16, 2011.
The company incurred a loss of KD 1,803,026 for the three months ending June 30, 2011 compared to a profit of KD 206,464 for the three months ending June 30, 2010. Total revenue from transactions with related parties is worth KD 192,880 and total expenses amounts to KD 906,733.
Meanwhile, Markaz Real Estate Fund Manager recommended the distribution of 5.833 fils, equivalent to 7 percent of nominal value annually, for the month of July over registered unit holders as of August 21, 2011. Last week, Kuwait stock Exchange announced the suspension of 38 companies as they failed to provide results for period ending June 30, 2011.
Kuwait stock exchange had suspended 38 companies last week as they failed to release their financial reports for the period ending June 30, 2011. These include International Financial Advisors (IFA), Coast Investment and Development Company (COAST), International Investor Company, Securities House Company, Industrial and Financial Inv. Co., Securities Group Company (SGC), International Finance Company (IFC), Kwt and Middle East Fin. Inv. Company (KMEFIC), and International Investment Group among others.
Safwan was the best winner in the market Sunday gaining 7.3 percent. Sanam followed close on heels at 7.2 percent. Fcem climbed 1.7 percent.
Among losers, Mayadeen fell 11.1 percent, leading the list of losers. Pearl fell 10.8 percent, while Global slid 10.4 percent. Cleaning and NRE fell around 8 percent apiece.
Kuwait International Bank was the biggest volume mover at 13.1 million shares. Mayadeen sold 8.8 million shares. Abyaar pushed 4 million, while Alsafwa sold 3.6 million shares.