Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait bourse declines 42.96 pts in volatile trade  Join our daily free Newsletter

MENAFN - Arab Times - 27/06/2012

No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab Times) Kuwait stocks retreated Monday extending the decline to fifth straight session. The index slid 42.96 points to 5791.02 points in volatile trade weighed by selling in some of the mid-caps even as some the frontline scrips headed higher. Trading floor remains negative amid ongoing political uncertainty and lack of positive cues.

The KSX 15 index bucked the trend to climb 6.5 points and weighted index edged 0.82 points higher to settle at 398.01 points. The volume swelled 33.92 percent to 215.95 million after holding below the 200 million mark in the last three sessions.

Sectorwise, technology outshone the peers with 2.09 percent gain and basic materials stood next with 1.37 percent rise. Financial services, the worst performer of the day, knocked off 1.15 percent and accounted for the highest market share in volume of over 55 percent.

Oula Fuel Marketing Co shed 25 fils and Jazeera Airways Co followed suit to wind up at KD 0.360. The stock has retreated 40 fils from start of the month while year-to-date it has erased 95 fils. Burgan Well Drilling Co was down 6 fils at KD 0.180.

Wataniya Telecom slipped 20 fils partly reversing the solid gains on Sunday and closed at KD 2.200 while Zain rose 10 fils on back of over 2 million shares. 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.
Agility eased 5 fils to KD 0.375 adding to an identical fall in the previous session. The stock has shed 20 fils from start of the month while year-to-date it is unchanged.

Kuwait Gulf Links ticked 1 fils higher to 90 fils and City Group Co climbed 30 fils. National Industries Group was down 6 fils after trading 2.6 million shares and Kuwait Portland Cement dropped 10 fils.

The market opened weak and fell sharply in early trade. The index continued to decline amid selling pressure in select counters and hit the day's lowest level of 5769.24 points in the first half. It charted a volatile course thereafter and managed to pare some of the early losses at close.

Top gainer of the day, Kuwait Foundry Co spiked over 9 percent to close at KD 0.300 and Flex Resorts and Real Estate Co climbed 6.41 percent to stand next. Kuwait Gypsum Manufacturing and Trading Co plunged 12.5 percent, the steepest decliner of the day, while Al Safwa topped the volume with 53.9 million shares.

The market spread was skewed towards the losers. 37 stocks advanced whereas 66 closed lower. Of the 133 counters active on Monday, 30 closed flat. 3852 deals worth KD 15.30 million were transacted - down 19.71 percent in value from the day before.

The market sentiment was roiled last week by the court verdict dissolving the parliament. "We're on the sidelines to see how things progress - we need clarity at this point on where the government is going," Reuters quoted a Kuwait-based trader who asked not to be identified. "Retail investors don't want to be in the market. Neither do the day traders."

On the upside, Kuwait National Cinema Co jumped 30 fils with thin trading and Combined Group Contracting Co rallied 40 fils. Kuwait Food Co (Americana) soared 40 fils to KD 1.260. The company has logged a net profit of KD 16.119 million and earnings per share of 41.2 fils in the first quarter of 2012.
Banking sector bellwether National Bank of Kuwait rallied 20 fil after stagnating in the last two sessions. The stock is flat from start of the month while it has shed 80 fils so far during the year. Gulf Bank was up 5 fils at KD 0.415.

Ahli United Bank fell 10 fils to KD 0.870 while Al Ahli Bank was not traded during the session. Commercial Bank of Kuwait dived 40 fils with thin trading. The lender's first quarter profit has dropped 75-percent to KD 329,000.

Kuwait International Bank was unchanged at KD 0.250 and Burgan Bank was up 5 fils on back of 2.06 million shares. Kuwait Finance House added 10 fils erasing the gains on Sunday. 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 flat at KD 0.620.

KIPCO held the ground unchanged at KD 0.325 and National Investment Co followed suit. International Financial Advisors was unchanged at 35 fils with a volume of 1.4 million shares. IFA has posted first quarter loss of KD 4.7 million or loss per share of 7.09 fils and during whole of 2011, it lost KD 20.4 million.

Kuwait Financial Centre Co rose 2 fils while KMEFIC ticked 1 fils higher. First Investment Co climbed 4 fils while Bayan Investment inched 1 fils higher. The company has posted Q1 losses of KD 3.66 million or 10.22 fils a share. KAMCO gained 10 fils.

The bourse had been markedly negative so far during the week and has tumbled 110.55 points in the last two sessions. It has tanked 402.8 points from start of the month and is trading 0.01 percent lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Kuwait Stock Exchange has announced that Wataniya Telecommunications Company and Gulf Cables and Electrical Industries Company will be replaced by Boubyan Petrochemical Company and Qurain Petrochemicals Industry Company in the KSX 15 index. Real Estate Commercial Company, United Real Estate Company and Aviation Lease and Finance Company ( ALAFCO) were added to substitute list. Securities House Co has posted first half net loss of KD 16,397,844 and loss per share of 25.7 fils as compared to net loss of KD 14,809,848 and loss per share of 23.2 fils in the same period last year.

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.


  MENA News Headlines

Live Currency Rates



Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help