(MENAFN - Arab Times) Kuwait stocks trod water Sunday as it got off to a tepid weekly start. The index inched 0.74 points lower in slightly volatile trade weighed by select heavyweights and some of the mid-caps.
The undertone was negative as investors toed the sideline in absence of positive cues.
The bourse wound up at 6446.06 points paring slight early gains while the weighted index slipped 0.23 points lower to 419. The volume turnover plunged sharply to year's lowest level . 71.89 million shares changed hands " a 82.4 percent slide from last session. The bourse, after rallying during April, has been drifting range-bound so far during the month.
National Bank of Kuwait dropped 20 fils to KD 1.060 erasing the gains in the previous session and saw a volume turnover of 1.6 million shares while Burgan Bank eased 5 fils to KD 0.425.
Wataniya Telecom jumped 40 fils to KD 2.400 while bourse heavyweight Zain swayed in tight range before closing flat at KD 0.740. The telecom service provider's first quarter net profit rose 2 percent year-on-year to KD 70.9 million while revenue stood at KD 326 million.
National Industries Group fell 2 fils to KD 0.226 . NIG has incurred net losses of KD 28.76 million for 2011 " almost a 50% year-on-year jump from KD 19.2 million while loss per share rose to 23 fils from 8 fils. Kuwait Portland Cement dropped 10 fils to KD 0.870 and Kuwait Foundry Co followed suit to wind up at KD 0.340.
Among other losers, Kuwait Gulf Links shed 4 fils to end at KD 0.120 while Burgan Well Drilling Co dropped 13 fils. Mabanee Co was down 20 fils at KD 1.000. The company's first quarter net profit rose to KD 6,017,316 from KD 5,776,462 in the year before while earning per shares came in at 9.9 fils.
The market opened weak and pulled lower in early trade. The index hit the day's lowest level of 6432.99 points and clawed back thereafter as buying picked up in select counters. It peaked at 6457.74 points almost half way into the session before retreating on profit booking. The market trended lower in the second half and closed almost unchanged.
Top gainer of the day, National International Holding Co spiked 9.8 percent to 56 fils while Manafae Investment Co climbed 8.47 percent to stand next. Safat Real Estate slid 11.63 percent, the steepest decliner of the day, while Gulf Finance Co topped the volume with 13.26 million shares.
The market spread was almost even. 39 stocks advanced while 37 closed lower. Of the 115 counters active on Sunday, 38 closed flat. 2079 deals worth KD 8.4 million were transacted " a 71.3 percent drop in value from the day before.
On the upside, Kuwait Food Co (Americana) climbed 40 fils KD 1.420. The stock has rallied 60 fils from start of the month but has shed 60 fils year-to-date. Combined Group Contracting Co rose 20 fils and NAPESCO gained 25 fils. Gulf Cables was up 20 fils at KD 1.380 while Kuwait Cement Co added 5 fils .
In the banking sector, Gulf Bank rose 5 fils to KD 0.430 while Commercial Bank was flat at KD 0.810 off early lows. The bank has posted a first quarter net profit of KD 329.000 and earnings per share stood at 0.3 fils . Al Ahli Bank was unchanged at KD 0.600 whereas Ahli United Bank added 10 fils.
Kuwait International Bank held the ground unchanged at KD 0.275 and Kuwait Finance House was up 10 fils at KD 0.720. The Islamic lender has won the central bank approval to sell or repurchase 10% maximum of its issued shares for additional six months. Boubyan Bank stagnated at KD 0.600.
National Investment Co edged 2 fils higher and International Financial Advisers was up 1 fils at 52 fils. KIPCO continued to hold steady at KD 0.325. The conglomerate has posted a net profit of KD 8.5 million in the first three months of 2012 while revenue rose 16 percent to KD 108.4 million.
International Finance Co eased 2 fils while Al Maal Investment Co closed flat at 50 fils. Bayan Investment Co inched 1 fils higher and Tamdeen Investment Co was up 2 fils with thin trading.
National Real Estate Co rose 2 fils whereas Salhiya Real Estate Co and Tamdeen Real Estate Co closed flat. United Industries Co rose 2 fils and ACICO Industries gained 5 fils. The company has recorded a net profit of KD 1,422,982 and earnings per share of 6.11 fils in the first quarter.
The bourse was downbeat during last week. It closed lower in four of the five sessions and shed 32.3 points week-on-week.
The index has climbed 77.46 points so far during the month and is trading 11 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Hilal Cement Co has earned KD 250.47 net profit on the three months ended on March 31, while earnings per share stood at 4 fils . This compares with net profit of KD 390.310 and earnings per share of 6 fils in the year earlier period.
National Petroleum Services logged net profit of KD 392,730 and earnings per share of 7.48 fils in the January-February period " down from KD 725,806 and 13.83 fils in the year before.
Kuwait Cement Co. earned KD 5.127.218 in the first three month of 2012 even as earnings per share came in at 8.30 fils. This compared with net profit of KD 4.879.364 and earnings per share of 7.89 fils in the previous year.
Money Markets Authority has approved, Alimtiaz Investment Co request to buy back and sell up to 8.121% of own shares over a 6 month period commencing April 29, 2012 till October 29, 2012.
Noor Financial Investment has posted a net profit of KD 5,125,485 and earnings per share of 6.98 fils in the January " March quarter as compared to earning of KD 694,646 and EPS of 0.95 fils in the same period last year.
Al Maal Investment Co has posted a net loss of KD 31,015,440 and loss per share of 58.71 fils in 2011 as compared to net profit of KD 12,016,616 and earnings per share of 22.75 fils in the year before.
Kuwait Pipes Industries and Oil Services Co has incurred net loss of KD 10,590,490 and loss per share of 47 fils in 2011 as against net profit of KD 387,069 and earnings per share of 1.72 fils in previous year.