(MENAFN - Arab Times) Kuwait stocks lost ground Monday, extending the decline to fourth straight session. The index slipped 6.72 points in volatile trade weighed by select blue chips while mid-caps swayed in both directions.
The bourse wound up at 6415.24 points paring deeper losses earlier in the session. The mood was skittish even as investors eyed cues to bolster the market confidence.
The newly introduced KSX 15 benchmark dropped 3.67 points to 974.26 points while the weighted index edged 0.77 pts lower. The volume turnover surged 86 percent to 428.09 million after hovering around the 200 million mark during last week. Among the sectors, technology topped with 34.85 percent spike while basic materials dived 26.14 percent to emerge as the worst performer.
Wataniya Telecom shed 20 fils adding to an identical fall in the day before and closed at KD 2.260. Zain was down 10 fils at KD 0.710 with a volume of 1.33 million shares and Agility followed suit to close at KD 0.415. The stock has erased 5 fils from start of month but is up 40 fils year-to-date.
Among other decliners, Combined Group Contracting Co dived 40 fils while United Foodstuff Industries Group Co shed 25 fils. Kuwait Food Co (Americana) was down 20 fils at KD 1.320. The company has logged a net profit of KD 16,119,000 and earnings per share of 41.2 fils in the first quarter of 2012.
Gulf Cables dropped 20 fils while Kuwait Foundry Co eroded 25 fils to end at KD 1.320. Kuwait Pipes fell 6 fils while Kuwait Cement Co eased 5 fils to settle at KD 0.420. RISCO edged 2 fils lower.
National Industries Group bucked the trend to add 2 fils on back of 4.2 million shares. NIG has chalked a net profit of KD 9.421 million and earnings per share of 7 fils in Q1. Burgan Well Drilling Co rose 4 fils and Kuwait Gulf Links closed flat at KD 0.116.
The market opened choppy and ticked higher in early trade. The index peaked at 6439.06 points and retreated thereafter as selling kicked in at select counters. It slipped below the red and moved sideways before bottoming at 6386.19 pts. The market managed to pare the losses slightly in the final minutes and closed below the opening mark.
Top gainer of the day, Safat Real Estate Co jumped 12.82 percent to 22 fils while Kout Food rose 9.8 percent to stand next. Tahssilat slid over 9 percent, the steepest decliner of the day, and National Ranges Co (Mayadeen) topped the volume with over 100 million shares changing hands.
The market spread was skewed towards the losers. 43 stocks advanced while 50 closed lower. Of the 123 counters active on Monday, 29 closed flat. 5329 deals worth KD 32.47 million were transacted - a 61.9 percent surge in value from day before.
On the upside, Automated Systems Co climbed 25 fils to KD 0.395 while Kout Food Group soared 50 fils. Jazeera Airways was up 5 fils at KD 0.425 and ACICO Industries Co followed suit. The company has recorded a net profit of KD 1,422,982 and earnings per share of 6.11 fils in the first quarter.
In the banking sector, National Bank of Kuwait shed 20 fils to end at KD 1.040 while Commercial Bank was down 30 fils. The stock is unchanged from start of the month. Gulf Bank however held the ground unchanged at KD 0.415 off early lows.
Al Ahli Bank climbed 30 fils whereas Ahli United Bank was not traded during the session. AUB has logged a first quarter net profit of KD 22,870,862 and earnings per share of 4.4 fils.
Kuwait Finance House rose 10 fils to KD 0.700 and Burgan Bank closed flat at KD 0.415. KFH has won the central bank approval to sell or repurchase 10 percent maximum of its issued shares for additional six months. Boubyan Bank stagnated at KD 0.610.
National Investment Co fell 2 fils to KD 0.140 while KIPCO held the ground unchanged 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.
Securities Group Co dropped 10 fils and Kuwait Financial Centre Co edged 2 fils higher. Al Tamdeen Investment Co eased 2 fils. Money Markets Authority has approved the company's request to buy back and sell up to 10 percent of own shares over six month period commencing May 15, 2012.
The bourse has been weak so far during the week and has retreated 13.85 points in last two sessions. The index however has gained 46.4 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, Qurain Petrochemical Industries Co has registered net profit of KD 33.015.699 and earnings per share of 30.14 fils in the first three months of 2012 as against net loss of KD 1.901.883 and loss per share of 1.74 fils in the same period last year. The Board of Directors recommended a dividend payout of cash 15 percent .
Tamdeen Real Estate has earned KD 2,216,894 in first quarter of 2012 while earnings per share clocked 6 fils. This compares with net profit of KD 1,718,908 and 4.6 fils EPS in 2011 Q1.
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.
Noor Financial Investment signed an agreement with Kuwait Finance House to reschedule KD 44 million debt maturing in 2018 and represents 28 percent of the total debts. Earlier, Noor had rescheduled KD 73.5 million debts with Gulf Bank of Kuwait and Commercial Bank of Kuwait.
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 percent of own shares over a 6 month period commencing April 29, 2012 till October 29, 2012.