(MENAFN - Arab Times) Kuwait stocks fall sharply as bank stocks dip tailing a political stalemate that deters investor outlook, losing 29.52 points to close at 5,842.19 points. The weighted index stood at 403.33 points shedding 3.77 points from the previous session.
The KSE 15 benchmark stripped 14.38 points to 978.8 even as counters sought to mitigate losses, a stout 147,751,542 shares worth 12.9 million changed hands in 3401 transactions. National Bank of Kuwait took a 20 point lunge in a 1.89 per cent drop to KD 1.040 fils after trading a volume of 58,765 shares for KD 61,136.
Kuwait Finance House also trailed a 20 point drop down 2.74 per cent to 710 fils; its year to date change stands at a 20 per cent cut and Gulf Bank buckled down 415 fils losing 15 points. Barely managing to push through the red line, the bourse slipped under early in the day and continued the decline through afternoon trade. Stocks have taken a tumble in the wake of prolonged political turmoil after the outgoing Prime Minister Sheikh Jaber al-Mubarak al-Sabah was tasked to form a new government.
At mid day the price index had shed 47.93 points to read 5,823.78 points, the weighted index on losing 4.58 points was sited at 402.52 points while the KSE 15 index fell 14.08 points to 979.1 points. The big board reached its lowest bend of 5815 points before scaling up another 27 points to the finish. Of 132 counters active today, 32 remained flat with only 28 winners, the remaining 72 saw red. Palms Agro Production Co indices witnessed a 9.09 per cent hike making it the top gainer closing at 108 fils and 16,400 shares traded. Al Ahli Bank of Kuwait stood next with an 8.33 per cent rise to 650 fils while trading a volume of 25,000 shares.
National International Holding Co closed at 33 fils to mark a 8.2 per cent rise over 145,155 shares transacted. Kuwait Gypsum Manufacturing & Trading Co pulled higher with a 8.06 per cent change on 30,500 shares transacted to close at 134 fils. Ajwan Gulf Real Estate shot up by 7.58 per cent to 35.5 fils. Among other gainers, Gulf Glass Manufacturing Company went up 40 points to 670 fils, Burgan Well Drilling Co finished at 186 fils with a 10 point increase. Agility Public Warehousing Company climbed up 5 points extending its gains at 400 fils a piece while trading 560,480 shares summing up to KD 221,552.
On the other hand, Arab Insurance Group dived into the red at 86 fils, its 52 week low by losing 10 points to indicate a 10.42 per cent plunge from the previous session. Commercial Bank of Kuwait tumbled down 50 points to close at 730 fils after trading 210,600 shares amounting to KD 155,137.
Kuwait National Cinema Company also slid down by 50 points to 890 fils, noting a 10 per cent drop on a year to day basis. Ifa Hotels & Resorts sagged 25 points lower concluding at 255 fils while Flex Resorts & Real Estate Co shed 10 point from 114 fils to mark a 8.77 per cent reduction.
Al-Safwa Group Co exchanged the highest volume of the day with 37,655,205 at 18 fils with a 5.41 per cent drop from the previous session. Shuaiba Industrial Co traded a value of over KD 3.6 million at 144 fils per share after a 2 point drop, it's year to date change is down by 24 per cent.
Financial Services dropped 8.88 points after trading 83,199,295 shares that make up 56.31 per cent of the market.
Global Investment House fell by 2.02 per cent after trading 2,880,000 shares for KD 139,240. Al Aman Investment Company and shed 3 points while Alsalam Group Holding Co finished 2 points ahead. After finalizing procedures of capital reduction, Kuwait Stock Exchange announced that trade is resumed on Al Aman Investment Co. shares effective July 8. Zain steadied at 710 fils, trading 300,595 shares for KD 210,417. Zain Kuwait released a statement on Sunday state its Iraqi unit has been fined 12,877 a day since Sept 1, 2011 for failing to list on the bourse but will seek to have the penalty that has reached 4 million cancelled. Also, Zain Saudi has slumped by 9.94 per cent after the aanouncement that 1.6 billion rights issue would start this week.
Zain holds a 25 percent stake in Zain Saudi, which has not yet made a quarterly profit and must cut its capital to alleviate accumulated losses that topped 10 billion riyals at March-end, with the rights issue being used largely to ease some of its debts.
Meanwhile, Hits Telecom Holding Co inched lower by 1 point to close at 73 fils. Al-Safat Tec Holding Company went down by 3 points over a volume of 40,600 shares at 63 fils and Hayat Communications Co lowered by 2 points ending up at 108 fils. Consumer Services fell back 14.41 points, among which Oula Fuel Marketing Company lost 15 points, Soor Fuel Marketing Co abated 6 and Jazeera Airways followed with a 5 point loss. In other related news, Combined Group Contracting Co announced the awarding of a tender for its branch in Abu Dhabi for an amount equivalent to KD 686,477. The tender is for the construction of a 12 kilometer long asphalt road in Al Shweib region and a 600-meters long asphalt road in Al Hweilat region belonging to The General Command of the Armed Forces of UAE.
Heavy Engineering Ind and Shipbuilding Co announced receiving a letter of intent from the main contractor responsible of maintaining the pressure of Warah field in favor of Kuwait Oil Company.
The letter states that the contractor accepts the company's tender to complete the tanks' works over 18 months and with a total value of KD 4,548,853. International Finance Company announced the results of its Ordinary General Assembly Meeting held on July 8, 2012 in which it approved not to distribute the dividends of the financial year 2011.