Kuwait Stocks Close At Three-Week Low To 24.12 Pts  

(MENAFN - Arab Times) A lackluster week came to a dismal end as Kuwait stocks plunged 24.12 points lower to stand at 5,813.62 points in its third straight decline, the 0.4 per cent contraction marks a three week low, reflecting the consequence of political impasse as apprehensive investors wait for the new government to be formed. On, the final day of trading before the onset of Ramadan, the number of transactions came to 3,121 for a value of KD 19.15 million over a volume of 150.5 million. The weighted index slipped 4.91 points down to 401.13 points. The KSE 15 benchmark tumbled 20.31 points lower to 970.42 points.

National Bank of Kuwait made its largest one-day decline of 60 points in at least two years to close at KD 1.000. Shares in NBK fell by 5.66 percent to their lowest close since Jan 3 after the revelation of the lender's quarterly earnings dropped by 17.6 per cent NBK revealed on Wednesday, its net profit of 140.2 million in the three months to June 30 down from 240.2 million for the same period of 2011 and well below the average analyst forecast of 281.2 million. The bank has blamed the country's political deadlock which put many economic development plans on hold. The second-quarter profit was hit by a 96.4 million provision which the bank took on account of further potential deterioration in their operating environment. Of the 125 active counters, only 34 recorded gains while 52 incurred losses and 39 remained flat at the day's close.

Kuwait Cable Vision Company led the pack of gainers with a 8.62 per cent change to the green from 58 fils to 63 fils. INOVEST followed in toe with a 6.76 per cent jump from 37 to 48 fils and exchanged a volume of 27.9 million for a total of KD 1.08 million. Ikarus Petroleum Industries Co stepped 10 points higher to 172 fils to mark a 6.17 per cent surge while International Finance Company traced 5 points higher to 87 fils and United Foodstuff Industries Group Co drove up by 5.69 per cent to 260 fils. Combined Group Contracting Co climbed 20 points higher to KD 1.300 and witnessed a 1.56 per cent increase. Ahli United Bank edged higher by 10 points to finish at 910 fils, 14 per cent higher on a year to date basis. Al-Ahli Bank of Kuwait and Commercial Bank of Kuwait also wound up 10 points higher at 660 fils and 780 fils respectively.

Gulf Bank pulled 3.57 per cent lower to 405 fils with a 18 per cent downturn on a year to date basis. Burgan Bank up by 2.23 per cent at 480 fils exchanged 2. 89 million shares for an amount equaling KD 1.37 million. The banking sector overall, closed 0.07 per cent lower at 966.5 compared to Wednesday.
MENA Real Estate Company shed 4 points and dropped 10.67 per cent lower to 34 top the list of losers in terms of percentage. Automated Systems Co fell 50 points and 10 per cent lower to 450 fils and Metal and Recycling Co dropped 7.35 per cent to 126 fils. Oula Fuel Marketing Company curtailed by 6.56 per cent finished at 285 fils, 5 per cent lower year to date. Real Estate Trade Centers Co shot down by 6.41 per cent to 37 fils, 37 per cent lower year to date.

Meanwhile, Mabanee Co also trailed 20 points lower to KD 1.140 while over 1 million of its shares exchanged hands for KD 1.19 million. The Real Estate sector wound up at 891.8 points, 1 per cent lower trading 32.37 per cent in the red from the previous session in terms of volume and 29.21 per cent in value. Financial Services index is up by 0.04 per cent at 840.2 points with a 17.85 percent rise in volume and a 18.40 per cent surge in value making up 60 per cent of the total market volume and 30 per cent of the total value. Alsalam Group Holding Co eased 2 points lower to 248 fils and traded over 7 million for KD 1.72 million, 151 per cent higher year to date. Gulf Finance House held steady at 36 fils, 22.2 million of its shares changed hands for a sum of KD 804,271.

International Financial Advisors spiked by 3.95 per cent and 10.5 million shares were bought and sold at 40 fils a piece. Telecommunications surged in volume and value from Wednesday's close with a 156.92 per cent increase in volume 110.72 per cent in value as its index fell 11.83 points to 874.3 points. Mobile Telecommunications Company (Zain) dropped 10 points to 690 fils with a 1.43 per cent curb in, the volume of its shares traded today amount to an excess of 1.65 million in 52 transactions valued at a total of KD 1.14. Zain drops 22 per cent lower on a year to date basis. Hit Telecom Holding eased 2 points lower to 69 fils while 3.1 million of its shares changed hands.

In the Insurance sector, Warba Insurance Co stepped 4 points down to 112 fils and Wethaq Takaful Insurance Company finished at 50 fils with a 0.5 point hike. National Ranges Company remained unchanged at 19 fils trading a volume of 8.7 million on a 37 per cent year to date increase. Jazeera Airways Co shed 5 points to close at 380 fils; National Slaughter House finished at 150 fils. Agility Public Warehousing Company closed at an unchanged 410 fils from the previous session. In other related news, National Mobile Telecommunications Co. will hold a Board meeting on July 23, 2012 to discuss the financial results of its second quarter ending June 30, 2012.

Industrial and Financial Investment Co announced the results of its Ordinary and Extraordinary General Assembly Meetings held on July 18, 2012 in which it approved not to distribute the dividends of the financial year 2011. It also approved amortizing part of its accumulative losses after decreasing the capital according to KD 4.47 million from the optional preserve, KD 7.47 million from the legal preserve and KD 6.29 million from premium fees.