(MENAFN - Arab Times) Kuwait stocks saw heavy losses as the market continued to be roiled by bearish sentiment following the resignation of finance minister on Sunday. The index dived 61.17 points in a broad decline led by mid-caps and wound up at 6216.04 points.
The heavyweights however mostly managed to limit their losses. KSX 15 dropped 7.41 points and has shed 26.8 points from its launch while the weighted index eased 3.69 points to 405.77. The volume turnover saw moderate rebound of 13.5 percent to 284.54 million. After hovering around the 700 million in the first week, the volume has slid to year's lowest level of 71.89 million on 13th May. Sector wise, insurance was the top performer with 10.09 points gains whereas healthcare retreated 20.84 points - the biggest decliner of the day.
Wataniya Telecom tumbled 60 fils to KD 2.200 erasing the gains in the previous session. Zain held the ground unchanged at KD 0.710 and Agility too pulled up from early lows to close unchanged at KD 0.400 after trading 1.26 million shares. Sector bellwether National Bank of Kuwait eroded 20 fils to KD 1.040 and Al Ahli Bank followed suit with thin trading. Gulf Bank fell 5 fils to KD 0.405 after stagnating on Sunday. The stock has shed 35 fils so far during the month and has dropped 95 fils from start of the year.
Among notable decliners, Gulf Cables slid 40 fils while Kuwait Portland Cement shed 30 fils to KD 0.880. Gulf Glass Manufacturing Co tumbled 50 fils and Kuwait National Cinema followed suit to end at KD 0.950.
Advanced Technology Co retreated 50 fils reversing the strong gains in the previous session and Combined Group Contracting Co knocked off 60 fils. Kuwait Food Co ( Americana) shed 20 fils. 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.
United Projects Co was down 25 fils at KD 0.350 and NAPESCO dropped 20 fils. National Industries Group eased 2 fils with a volume of over 2 million shares and Kuwait Pipes was down by same measure. City Group dived 60 fils.
Burgan Well Drilling Co fell 10 fils and ALAFCO edged 5 fils lower to KD 0.290. KGL however was flat at KD 0.106. The stock has shed 16 fils from start of the month and is up 4 fils year-to-date. Kuwait Co For Process Plant Construction and Contracting bucked the trend to rise 20 fils.
The market opened flat and moved sideways in early trade. The index fell sharply as selling dominated the trading floor and hit the day's lowest level of 6180.96 points almost half way into the session. It clawed back and managed to trim the losses moderately at close.
Top gainer of the day, Kuwait Gypsum Manufacturing and Trading Co spiked 12.09 percent to KD 0.102 while MENA Real Estate Co climbed 6.41 percent to stand next. KMEFIC dived 22.47 percent, the steepest decliner of the day, while Gulf Finance House topped the volume with 73.41 million shares.
The market spread was skewed heavily towards the losers. 26 stocks advanced while 70 closed lower. Of the 127 counters active on Monday, 30 closed flat. 5246 deals worth KD 19.48 million were transacted - down 30.7 percent in value from the day before. "The problematic relationship between the government and the parliament is indirectly impacting the economy by crippling the development plan," Reuters quoted Safaa Zbib, head of research at Kuwait and Middle East Financial Investment Co.
In the banking sector, Kuwait International Bank added 5 fils to close at KD 0.270 while Commercial Bank of Kuwait stagnated at KD 0.750 after fluctuating in a narrow range. The lender has won the central bank's approval to extend buying back or selling a maximum of 10 percent of its issued shares for 6 months.
Ahli United Bank was flat at KD 0.890 whereas Burgan Bank rose 10 fils to KD 0.430. Kuwait Finance House was unchanged at KD 0.740 after trading 1.54 million shares. KFH has recorded net profit of KD 20 million in the first quarter, a 11.5 per cent fall from the year earlier period.
Tamdeen Investment Co. 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. Investment major KIPCO took in 5 fils whereas National Investment Co and International Financial Advisors eased 2 fils each.
IFA has incurred a first quarter loss of KD 4.7 million losses and LPS of 7.09 fils. Securities Group dropped 10 fils whereas Kuwait Financial Centre Co closed flat. Al Maal Investment edged 2 fils higher and KAMCO fell 10 fils. KAMCO has recorded a net profit of KD 0.40 million and earnings-per-share of 1.68 fils in January-March quarter while total revenues came in at KD 2.61 million.
National Real Estate Co was down 2 fils and Salhiya Real Estate Co added 5 fils to close at KD 0.260. Mabanee Co stagnated at KD 0.970. 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 bourse has been downbeat so far during the week and has slid over 123.35 points in last two sessions. The index has shed 152.36 points so far during the month and is trading 7 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, KSE has suspended 31 listed companies from trading for failing to publish their financial results in stipulated time. The majority of the suspended firms where in the investment sector. 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. The Board of Directors recommended a dividend payout of cash 15 percent. Al Maal Investment has logged a first quarter net loss of KD 150,306 and loss per share of 0.28 fils as against KD 4,063,980 loss and 7.69 LPS in the 2011 Q1.
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.
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.