MENAFN - Arab Times
Kuwait- KSE plunges 55.66 pts to hit a four-month low
(MENAFN - Arab Times) Kuwait stocks swung lower in a broad decline extending the losses to second straight session. The index slid 55.66 pts in volatile trade to hit a four month low of 6,016.7 points. The trading floor was markedly bearish even as investors exited positions amid political worries.
KSE, after posting a 2.74 percent fall in May, has been downbeat so far during the month. The KSX 15 benchmark dropped 11.0 points to 952.32 points while the weighted index eased 3.66 points. The volume receded for the second consecutive day. 176.83 million shares changed hands - down 38.9 percent from the day before.
Among the sectors, technology shined with 20.52 points gain while insurance dived 33.21 points - the steepest decliner of the day. Bourse heavyweight Zain eased 10 fils to KD 0.690 reversing the rise on Monday. Wataniya Telecom held the ground unchanged at KD 2.060. The stock, after hitting a record high of KD 2.480 in April, has retreated thereafter.
Agility slipped 5 fils KD 0.370 after stagnating in the previous session. The logistics major has logged a net profit of KD 7.1million in first quarter while revenues and EBITDA stood at KD 321.8 million and KD 16.1million respectively. National Bank of Kuwait shed 20 fils to close at KD 1.020 and Commercial Bank followed suit to settle at KD 0.740. Kuwait Finance House slipped 10 fils adding to an identical fall in the day before. The stock has retreated 40 fils so far during the month and is down 160 fils year-to-date.
Among other losers, Combined Group Contracting Co slid 40 fils and KGL Logistics Co plunged 45 fils to KD 0.230. National Industries Group fell 4 fils to KD 0.208 after trading 2.53 million shares. RISCO dropped 6 fils and Kuwait National Cinema Co was down 10 fils at KD 0.900.
Hits Telecom IFA Hotels and Resorts Co eased 10 fils. The company's Board of Directors has recommended hiking the capital through issue of 181.552.800 shares with a nominal value of 100 fils and premium of 130 fils per share.
The market opened weak and moved briefly sideways before pulling lower in early trade. The index continued to erode amid negative sentiments to hit the day's lowest level of 5,978.71 points well past the mid-session. However, it ticked higher and managed to pare some of the losses at close.
Top gainers of the day, Kuwait Syrian Holding Co and Nafais Holding Co climbed 8.16 percent each whereas the biggest decliner Arab Insurance Co slid 14.93 percent. Gulf Finance House continued to top the volume with 58.24 million shares.
The market spread was heavily biased towards the losers. 22 stocks advanced whereas 74 closed lower. Of the 123 counters active on Tuesday, 26 closed flat. 3693 deals worth KD 14.23 million were transacted - down 28.5 percent in value from the day before.
On the upside, Hayat Communications Co rose 8 fils to KD 0.116 and Salhiya Real Estate climbed 15 fils to KD 0.270. Boubyan Bank was up 10 fils at KD 0.600 and Al Ahli Bank followed suit to close at KD 0.560. The lender has won Central Bank's approval to extend the period to buy back or sell up to 10% of own issued shares over an additional six-month period.
In the banking sector, Gulf Bank closed flat at KD 0.405 whereas Ahli United Bank slipped 10 fils. The lender has logged a first quarter net profit of KD 22,870,862 and earnings per share of 4.4 fils.
Kuwait International Bank stagnated at KD 0.260 with a volume turnover of 1.64 million shares and Burgan Bank was flat at KD 0.430 off early lows. The stock has gained 10 fils so far during the month and is down 45 fils year-to-date. Investment major KIPCO eroded 5 fils to KD 0.320 while National Investment Co was steady at KD 0.108 after trading 3.82 million shares.
The company has won the approval of Capital Market Authority to buy back or sell a maximum of 10% of its shares for 6 months.
Securities Group edged 2 fils lower and International Financial Co erased 4 fils. KMEFIC slipped 1 fils and Al Maal Investment Co fell 2.5 fils to 39 fils. Bayan Investment Co was down 2 fils and Al Tamdeen Investment Co followed suit. Kuwait Financial Centre Co (Markaz) stagnated at KD 0.112.
National Real Estate Co edged 2 fils lower. The company has canceled its listing on Dubai Financial Market and the last trading day in Dubai market will be June 28, 2012. Tamdeen Real Estate Co closed flat and Mabanee Co shed 20 fils
ALAFCO was unchanged at KD 0.295 and United Industries Company too did not budge from its earlier close. The company has divested of a number of investments in affiliate companies realizing a value of KD 18,660,098 which will be utilized to settle debts.
The bourse has been trending lower so far the week and has slid 82.56 points in last three sessions. The index had dived 177.12 points so far during the month and is trading 4 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 where 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 the year before period.
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