(MENAFN - Arab Times) Kuwait stocks retreated Wednesday as the bourse resumed its decline. The index slid 45.05 points to 6085.15 points weighed by profit taking in select counters even as blue closed narrowly mixed. The sentiment was largely downbeat in absence of positive cues.
The KSX 15 benchmark slipped 1.15 pts to 967.8 points whereas weighted index edged 1.37 pts lower. The volume receded 19.7 points to 213.26 million. Sectorwise, telecommunication outshone with 6.49 percent rise whereas technology was the biggest loser shedding 30.23 points. KSE, which has declined over 3.22 percent during May, has closed lower in 13 of the last 15 sessions.
Automated Systems Co slid 40 fils to KD 0.490 while IFA Hotels and Resorts Co was down 25 fils at KD 0.325. Yiaco Medicals Co dropped 20 fils to KD 0.420 and Gulf Glass Manufacturing Co fell 10 fils extending the losses in the previous session.
Agility eased 5 fils to KD 0.380 whereas Zain held the ground unchanged at KD 0.700 off early lows. Agility posted a net profit of KD 7.1million in the first quarter while revenues and EBITDA stood at KD 321.8 million and KD16.1million respectively.
The market opened on sour note and headed lower in early trade. The index continued to sag amid weak sentiments and bottomed at 6071.4 points past the mid-session. It flipped direction thereafter and managed to pare back some of the losses in final hour of trading.
Top gainer of the day, Securities Group Co spiked 11.54 percent to KD 0.116 whereas Al Arabi Holding Group Co rose 7.94 percent to stand next. United Gulf Bank retreated 10.99 percent, the worst performer of the day, whereas Gulf Finance House topped the volume with 48.81 million shares.
The market spread skewed heavily towards the losers. 27 stocks gained whereas 61 closed lower. Of the 124 counters active on Wednesday, 35 closed flat. 4006 deals worth KD 17.09 million were transacted - down 17.6 percent in value from the day before.
On the flipside, Wataniya Telecom bucked the trend to climb 20 fils and settled at KD 2.080. The stock has added 20 fils from start of the month while year-to-date it has gained 140 fils. National Industries Group ticked 2 fils higher on back of over 1 million shares.
Combined Group Contracting Co climbed 20 fils while United Projects Group rose 25 fils to KD 0.430. Kuwait Food Co (Americana) gained 20 fils recouping the loss on Tuesday and United Projects Group rose 25 fils to KD 0.430.
Kuwait Pipes fell 4 fils to KD 0.106 and Kuwait Gulf Links eased 4 fils. The company has logged KD 1.986 million losses or 7.52 fils loss per share in January-March period, narrowing from KD 4.639 million or 17.56 fils LPS in same period last year.
Gulf Cables closed flat at KD 1.200 paring early losses and Kuwait Portland Cement Co followed suit to end at KD 1.200. United Industries Co inched 1 fils lower and RISCO stagnated at KD 0.162
In the banking sector, National Bank of Kuwait held the ground unchanged at KD 1.040 with a volume of 2.46 million shares. The lender has won Central Bank of Kuwait's approval to buy back or sell 10 percent of its issued shares maximum for additional six months. Gulf Bank too was unchanged at KD 0.405.
Commercial Bank fell 10 fils to KD 0.750 and Al Ahli Bank followed suit to wind up at KD 0.550. Ahli United bank was down 10 fils at KD 0.870 while Kuwait International Bank eased 5 fils.
Burgan Bank was flat at KD 0.425 and Kuwait Finance House too did not budge from its earlier close of 0.740. KFH has recorded net profit of KD 20 million in the first quarter, a 11.5 per cent fall from the year earlier period. Boubyan Bank was unchanged at KD 0.610.
National Investment Co slipped 2 fils to KD 0.118 whereas International Financial Advisers inched 0.5 fils lower. IFA has posted first quarter loss of KD 4.7 million or loss per share of 7.09 fils as against earnings of KD 3.4 million or EPS of 0.61 fils in the year-ago period.
KIPCO stagnated at KD 0.325 after posting strong gains in the day before. Bayan Investment Co edged 1 fils lower to 37.5 fils. The company has posted Q1 losses of KD 3.66 million or 10.22 fils a share. Tamdeen Investment Co eased 2 fils while Manafae Investment Co retreated 4 fils to 56 fils.
ALAFCO added 5 fils to close at KD 0.295 whereas Jazeera Airways closed flat. The carrier has registered 17.8 percent jump in quarterly profit to KD 1.2 million and the company is planning to pay cash dividend of 50 percent to shareholders.
The bourse has been bearish so far the week and has retreated 108.67 points in last four sessions. The index had retreated 172.23 points during whole of May and is trading 5 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Noor Financial Investment Co has posted a net loss of KD 15,153,392 and loss per share of 21 fils in the first quarter as against net loss of KD 30,623,757 and loss per share same of 42 fils in the same period last year.
Al Madina for Finance and Investment Co has incurred a Q1 net loss of KD 585,684 and loss per share Fils 1.52 and net loss of KD 429,972 and loss per share of 1.12 fils in 2011 first quarter.
KSE has suspended 31 listed companies from trading for failing to publish their financial results in stipulated time. The majority of the suspended firms were in the investment sector.
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.
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%.
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.