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

Kuwait bourse resumes slide with 30.2 pts fall  Join our daily free Newsletter

MENAFN - Arab Times - 07/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab Times) Kuwait stocks resumed its downward trend Tuesday after posting a strong rebound in the previous session. The index shed 30.2 points in choppy trade led by mid-caps even as the heavyweights remained muted.

The trading floor was cautiously negative as investors remain wary of the political situation. The KSX 15 benchmark rose 0.48 points to 983.93 points whereas weighted index eased 0.49 points to settle at 405.33 pts. The volume turnover receded slightly from the month's highest level reached on Monday. 321.5 million shares changed hands - down 5.74 percent from the day before. KSE had slumped 3.61 percent in October amid political woes.

The sectors closed mostly in the red. Oil and gas outshone the rest with 5.74 percent rally whereas industrials dropped 1.31 percent - the biggest loser of the day. In terms of volume, financial services dominated with 45.34 percent market share while real estate and banks followed with 27.98 percent and 19.78 percent respectively.


National Industries Co dived 50 fils to KD 0.300 and Gulf Cables was down 20 fils at KD 1.080. Kuwait Portland Cement Co slipped 10 fils to KD 0.910 and Kuwait Foundry Co was down 5 fils. Metal and Recycling Co fell 6 fils. Kout Food Group tumbled 80 fils with thin trading volume.

National Industries Group shaved off 6 fils and the counter saw 2.81 million shares changed hands. The stock has retreated 4 fils from start of the month and has wiped off 58 fils year-to-date. Kuwait Pipes edged 2 fils lower erasing the gains on Monday. ALAFCO pulled 5 fils lower.

Agility bucked the trend to gain 5 fils and wound up at KD 0.300 whereas Zain held the ground unchanged at KD 0.750 off early lows. Wataniya Telecom continued to stagnate for the second day to close at KD 2.100. The stock has chalked heavy losses last week.


Slipped
The market opened weak and slipped into red in early trade. The index continued to drift lower as sentiment turned downbeat and hit the day's lowest level of 5696.62 points in the final minutes. It managed to pare back slightly and closed with moderate losses.

Top gainer of the day, Munshaat spiked 9.26 percent to 59 fils while Masaken climbed 8.93 percent to stand next. KMEFIC slid 18.75 percent, the steepest decliner of the day, and Ithmar bank topped the volume with 53.04 million shares.

Mirroring the day's decline, the market spread was skewed towards the losers. 35 stocks advanced whereas 71 closed lower. Of the 134 counters active on Tuesday, 28 closed flat. 5,177 deals worth KD 24.95 million were transacted - down 2.17 percent in value from the day before.


"The political instability is directly impacting the short-term and long-term outlook for Kuwait," Reuters quoted Fouad Darwish, head of brokerage services at Global Investment House earlier in the month.

On the upside, Combined Group Contracting Group jumped 40 fils to KD 1.480 extending the strong gains on Monday, while Burgan Well Drilling Co added 10 fils. Jazeera Airways was up 5 fils at KD 0.480. The stock has gained 15 fils from start of the month and is trading 25 fils lower year-to-date.

Kuwait Gulf Links inched 1 fils lower to 91 fils after eking marginal gains on Monday. Kuwait Food Co (Americana) stagnated at KD 1.600 and Gulf Glass Manufacturing Co followed suit. The company has recorded a net profit of KD 2,193,509 and earnings per share of 51.11 fils in the first nine months of 2012.

In the banking sector, National Bank of Kuwait was unchanged at KD 0.970 off early lows whereas Gulf Bank added 5 fils to end at KD 0.400. The stock has eased 10 fils so far during the month after dropping 30 fils during whole of October.

Kuwait Finance House clawed back from early loss to end unchanged at KD 0.750 and Boubyan Bank too did not budge from its earlier close of KD 0.620. The counter saw 3.43 million shares change hands.

Flat
Kuwait International Bank closed flat whereas Al Ahli Bank and Commercial Bank of Kuwait were not traded during the day. CBK has won the approval of central bank to extend permission to buy back or sell up to 10% of own issued shares over a period of six months ending May 21, 2013.

Burgan Bank was flat at KD 0.510 with a volume of 1.3 million shares and Ahli United Bank pulled 10 fils lower. bank has recorded KD 8.45 million net profit in July-September period while in the first nine-months it reached KD 29 million.

The lender has set aside KD 12.55 million provisions even as the bad loan coverage ratio reached 176%.

Kuwait Investment Co slipped 3 fils to 97 fils and International Financial Advisors was steady at 38 fils with a volume of 33.41 million shares. National Investment Co eased 4 fils to KD 0.112.

Securities Group Co was flat at KD 0.120 and Securities House Co followed suit. KIPCO eased 5 fils. The company has obtained the Capital Market Authority approval to buy-back or sell up to 10% of own shares over the period starting Sept 17, 2012.


National Real Estate Co stagnated at KD 0.120 and Mabanee Co gained 20 fils on back of 1.3 million shares. The company has chalked a net profit of KD 21.36 million and earnings per share of 34.4 in the first nine months of 2012.
The bourse has mixed so far during the week as has added 57 points in last three sessions. The index has shed 54.52 points from start of the month and is down 1.37 percent year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.

In the bourse related news, Osoul Investment announced has clocked a net profit of KD 31,005 and earnings per share of 0.16 fils in the January-September period as against of earnings of KD 297,877 and EPS of 1.58 fils in the same period last year.


Al-Ahli Bank of Kuwait has posted net profit of KD 30,353,000 and earnings per share of 20 fils in the nine months to September 2012 as compared to earnings of KD 39,885,000 and 27 fils in the comparable period in 2011.
Al-Tamdeen Investment has earned KD 4,475,284 with earnings per share of 15.03 fils in January-September period as against net profit of KD 4,461,515 and earnings per share of 14.90 fils in the same period last year.

Independent Petroleum Group. has recorded net profit of KD 5,077,000 and earnings per share of 35.10 fils in the first three quarters of 2012 as against net loss of KD 3.832 million and loss per share of 26.50 fils in the January-September period of 2011.


Kuwait Stock Exchange has suspended trading the shares of the following companies for failing to submit the results in the stipulated times. They are:
Al-Safat Investment Company, Kuwait Commercial Markets Complex, Industrial Investments Company, Aayan Leasing & Investment Co, Al Imtiaz Co, Jeeran Holding Co. The following companies were banned from KSE from posting losses of 75% or more of the capital : Global Investment House, Al-Ahlia Holding Coand Al Safwa Holding Group.

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

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

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

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