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

Kuwait bourse declines 23.92 pts in volatile trade  Join our daily free Newsletter

MENAFN - Arab Times - 12/09/2012

No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab Times) Kuwait stocks lost more ground on Tuesday, extending the decline to fourth day in row.

The index shed 23.92 points in volatile trade to close at 5,826.21 points weighed by selling in some of the low and mid-caps. The trading floor was largely negative even as the heavyweight closed narrowly mixed. The KSX 15 measure fell 2.58 percent and weighted index edged 1.08 percent lower to settle at 395.57 points.

The volume turnover saw a strong rebound adding to the rise in the previous session. 274.89 million shares changed hands - a 31.77 percent jump from Monday. KSE, after rallying 2.49 percent in August, has been trading range bound so far during the month. All sectors closed in red led by healthcare sliding 3.42 percent while banks saw the least decline of 0.11 percent.

Volume wise, financial services continued to top with the highest market share of 50.41 percent and banks stood next with 15.53 percent.

Advanced Technology Co tumbled 50 fils to KD 0.600 and Gulf Glass Manufacturing Co followed suit after posting strong gains in the day before. Independent Petroleum Group shed 15 fils and Yiaco Medical Co was down by same measure.

Bellwether Zain slipped 10 fils extending the losses from the previous session and the counter saw 1.83 million shares change hands. Wataniya Telecom held the ground unchanged at KD 2.560 . The company's Board of Directors earlier in the month approved Qtel's offer to acquire remaining shares for KD 2.600 per share.

Agility gyrated in narrow range before closing flat at KD 0.465 and saw volume turnover of 1.29 million shares whereas Kuwait Gulf Links bucked the trend to gain 3 fils. The company has posted a 55 percent year-on-year decline in losses to KD 3.85 million during the first half of 2012 while in the second-quarter, losses narrowed by 52.2 percent to KD 1.86 million.

The market opened firm and crept higher in early trade. The index peaked at 5867.2 points and moved sideways before pulling lower as sentiment turned negative. It slipped below the red to hit the day's lowest level of 5815.67 points past the mid-session and managed to pare some of the losses at close.

Top gainer of the day, Flex Resorts and Real Estate Co spiked 7.81 percent to KD 0.500 while Kuwait Real Estate Co climbed 7.25 percent to stand next. Kuwait Packing Materials Manufacturing Co plunged 21.54 percent, the steepest decliner of the day, and Gulf Investment House topped the volume with 33.42 million shares.

The market spread was skewed towards the losers. 41 stocks advanced whereas 54 closed lower. Of the 129 counters active on Tuesday, 3 4 closed flat. 4817 deals worth KD 47.57 million were transacted - a whopping 114 percent surge in value from the previous session.

Among other losers, Gulf Cables dropped 20 fils to KD 1.020 and Kuwait Portland Cement Co followed suit to wind up at KD 0.880. Automated Systems slipped 10 fils and Combined Group Contracting Co was down 20 fils. The company has posted KD 4.08 million earnings and 38.45 fils per share in the first half of 2012.

On the upside, ALAFCO rose 15 fils on back of 4.3 million shares and Jazeera Airways too was up by same measure. The stock has climbed 40 fils from the start of the month while year-to-date it has eased 10 fils. National Industries Group added 2 fils to close at KD 0.184.

In the banking sector, National Bank of Kuwait stagnated at KD 0.950 with a volume of 24.63 million shares while Gulf Bank was up 5 fils at KD 0.395. Ahli United Bank eased 10 fils to KD 0.900 whereas Al Ahli Bank was not traded during the session.

Kuwait International Bank rose 2 fils and Commercial Bank of Kuwait added 10 fils to end at KD 0.660. The Fitch Ratings affirmed the lender's Long-term Issuer Default Rating (IDR) at 'A' with a Stable Outlook, and Viability Rating (VR) at 'BB-'.

Kuwait Finance House was steady at KD 0.690 off early lows and Burgan Bank too did not budge from its earlier close of KD 0.520. 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. Boubyan Bank slipped 10 fils to KD 0.600.

Kuwait Investment Co rose 2 fils to KD 0.102 while International Financial Advisers was unchanged at 40 fils. KIPCO closed flat and National Investment Co too closed flat. 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.

KIPCO was flat at KD 0.370 after trading KD 0.370 whereas First Investment Co edged 2 fils lower. Bayan Investment was unchanged at 36 fils. The company has posted a KD 3.95 million losses and loss per share of 11.02 fils in the January-June period as compared with KD 6.37 million and 17.81 fils per share in year-earlier period.

National Real Estate Co was steady at KD 0.128 and Mabanee Co too stagnated at KD 1.120. The stock has shed 40 fils so far during the month and has climbed 260 fils year-to-date. Mazaya Holding inched 1 fils up. 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 has been trending lower so far during the week and has slid 81.36 points up in last three sessions. The bourse has retreated 36.35 points so far during the month and is trading over 0.6 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.

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.


  MENA News Headlines




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