(MENAFN - Arab Times) Kuwait stocks sagged Sunday extending the loss to the second session. The index was off early highs to close 22.19 points lower at 5885.38 points as selling weighed on select industrial and financial scrips. Some of the banks however eked modest gains whereas the blue chips remained subdued. KSE, after rallying 2.49 percent in August, has been range trading so far during the month.
The KSX 15 measure rose 2.71 percent while the weighted index edged 0.87 percent higher to 400.24 points. The volume turnover retreated again after seesawing around 200 million mark during last week. 182.36 million shares changed hands " down 15.48 percent from the previous session.
Sector wise, top performer oil and gas rallied 1.20 percent while insurance tumbled 4.26 percent, the biggest loser of the day. In terms of volume contribution, financial services mustered 48.94 percent of the market share while real estate stood next with 14.02 percent.
Gulf Glass Manufacturing Co plunged 50 fils, erasing the gains in the previous session and Kuwait National Cinema Co slipped 20 fils to KD 0.880. Kuwait Foundry Co shed 20 fils and Gulf Cables followed suit.
Agility bucked the market trend to gain 20 fils on back of 1.58 million shares while Zain held the ground unchanged at KD 0.690 off early lows. The stock is flat from start of the month and has knocked off 210 fils year-to-date.
Wataniya Telecom was unchanged at KD 2.560. The company's Board of Directors last week has approved Qtel's offer to acquire remaining shares for KD 2.600 per share. Kuwait Gulf Links was steady at 95 fils.
Among other losers, Boubyan Petrochemical Co eased 10 fils and Mabanee Co pulled 20 fils lower to KD 1.140. The company has posted a net profit of KD 14.17 million and earning per share of 23.13 fils in the first half of 2012 .
The market opened on positive note and edged higher in early trade. The index peaked at 5920.88 points but retreated thereafter as sentiment dampened. It continued to decline and hit the day's lowest level of 5881.83 points in the final minutes before pulling up slightly at close.
Top gainer of the day, Flex Resorts and Real Estate Co rallied 9.26 percent to 59 fils while Ikarus climbed 6.17 percent to stand next. Kuwait Real Estate Co tanked 34.69 percent, the steepest decliner of the day, and Al Madina For Finance topped the volume with over 20 million shares.
Reflecting the day's downswing, the market spread was skewed towards the losers. 39 stocks advanced whereas 52 closed lower. Of the 125 counters active on Sunday, 34 closed flat. 3881 deals worth KD 16.65 million were transacted " down 7.96 percent in value from the day before.
On the upside, National Industries Group rose 2 fils on back of 1.08 million shares and Kuwait Pipes was up by same measure to settle at KD 0.108. Kuwait Portland Cement Co gained 30 fils with a volume of 0.49 million shares and Kuwait Cement Co added 10 fils. RISCO rose 4 fils.
In the banking sector, National Bank of Kuwait gyrated in a narrow range before closing flat at KD 0.970 and the counter saw 1.53 million shares. Gulf Bank fell 5 fils whereas Al Ahli Bank was not traded during the day.
Commercial Bank of Kuwait climbed 20 fils to KD 0.680. Fitch Ratings has affirmed the lender's Long-term Issuer Default Rating (IDR) at 'A' with a Stable Outlook, and Viability Rating (VR) at 'BB-'. Ahli United Bank was flat at KD 0.910 and Kuwait International Bank followed suit.
Kuwait Finance House climbed 10 fils to KD 0.690 whereas Boubyan Bank pulled 10 fils lower. Burgan Bank added 10 fils on back of 1.07 million shares. The lender has obtained the approval of Central Bank of Kuwait to renew the approval for buying back or selling a maximum of 10% of its issued shares for 6 months from the expiration of previous approval on August 5, 2012.
Commercial Facilities Co slipped 5 fils whereas International Financial Advisers inched 0.5 fils up. The company has widened its losses in the first half of 2012 by 135.6% to KD 9 million, from KD 3.82 million in the year-ago period. In the second-quarter, the losses clocked KD 4.23 million.
National Investment Co edged 2 fils lower to KD 0.108 whereas KIPCO closed flat at KD 0.370. The company has posted a net profit of KD 17.1 million for the first six months of 2012 while in the second quarter earnings chalked KD 8.6 million.
International Finance Co eased 2 fils and First Investment Co was down by same measure. Bayan Investment Co gained 1.5 fils and KAMCO was down 10 fils with thin trading.
National Real Estate Co gained 6 fils with a volume of 3.14 million shares and Salhiya Real Estate was up 5 fils. Mazaya Holding inched 1 fils lower. The firm has logged a net profit of KD 1,596,891 and earnings per share of 2.73 fils in the first half of 2012.
The bourse had been mixed during last week. It closed higher in 3 of the 5 sessions gaining 45 points week-on-week. It has climbed 22.82 points so far during the month and is trading over 1.62 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Securities House Co. announced has chalked a net loss of KD 699,328 and loss per share of 1.1 fils in the first quarter of 2012 narrowing from net loss of KD 7,188,905 and loss per share of 11.3 fils in the same period last year.
Burgan Well Drilling Co. posted a net profit of KD 359,071 and earnings per share of 1.71 fils in quarter ending June 30 as against profit of KD 253,359 and earnings per share of 1,21 fils in the same period last year.
Al-Madar Finance and Investment Co. has incurred net loss of KD 527.29 and loss per share of 1.48 fils in the first quarter of 2012. This compares with KD 3.117.832 loss and 8.77 fils LPS in 2011 Q1.
International Finance announced its has logged net profit of KD 432,656 and earnings per share of 0.54 fils in the first half of the year rebounding from KD 4,609,831 loss and loss per share of year 7 fils in the same period last year.
Kuwait Stock Exchange has suspended the shares of the following companies for failing to submit the financial results within stipulated time : Al-Safat Investment Co. , AL-Qurain Holding Co. , Kwt. Commercial Markets Complex Co, Securities House Company, Industrial and Financial Inv. Co., Housing Finance Co. Al Madar Finance and Investment Co. , Alimtiaz Investment Group Co, Kuwait Business Town Real Estate Co, Kuwait Slaughter House Co and Jeeran Holding Co. Meanwhile Global Investment House Co., Al-Ahleia Holding Company, Al-Safwa Group Co remains barred from trading for carrying forward losses equal to or exceeding 75% of capital.