(MENAFN - Arab Times) Kuwait stocks retreated further Monday extending the losses to third consecutive day. The index shed 26.6 points weighed by select heavyweights. Some of the mid and low priced stocks too sagged on selling pressure even as market sentiments remained weak. The bourse slipped below the 6,000 mark to wind up at 5,976.70 points even as weighted index fell 3.36 points to 415.85.
The volume turnover receded after posting a modest increase in the previous session. 266.16 million shares changed hands - down 16.5 percent from Sunday. The bourse had climbed past the 6,000 mark on Sept 13 as the bourse rebounded in the first half of the month.
National Bank of Kuwait dropped 20 fils reversing the gains on Sunday. It closed at KD 1.080 and saw a volume turnover of 18.07 million shares. The lender has denied media reports that it is trading in derivatives and thereby putting customers' money at risk.
Gulf Bank eased 10 fils to KD 0.510 and Al Ahli United followed suit to close at KD 0.940. Gulf Bank has won the approval of the Central Bank of Kuwait to buy back a maximum of 10 percent of its issued shares for a period of 6 months starting from the expiry of the current approval on Oct 14, 2011.
Bourse heavyweight Zain fell 10 fils after trading 1.13 million and closed at KD 0.990. The stock got a boost earlier in the month on rumors that the telecom firm is making progress in selling its stake in Zain Saudi.
Agility bucked the trend to gain 5 fils on back of 2.11 million shares and closed at KD 0.330 while Wataniya Telecom held the ground unchanged at KD 1.960 with thin trading.
Among other major losers, National Industries Group dropped 10 fils to KD 0.222 after closing lower on Sunday. The counter saw 3.94 million shares change hands. Gulf Cables dived 40 fils while Kuwait Pipes slipped 4 fils to wind up at KD 0.168.
Kuwait National Cinema Co tumbled 100 fils, the maximum permitted single day decline, while Kuwait Food Co (Americana) shed 20 fils to close at KD 1.500. Kuwait Company For Process Plant Construction and Contracting dropped 15 fils.
The market opened weak and slipped below the red in early trading as investors exited some of the positions.
The index hit the day's lowest level of 5,969.2 points and moved sideways thereafter as sentiments turned brittle. It ticked slightly higher in the final minutes but closed with moderate losses.
"We are more geared toward stocks that are domestically driven and shying away from those linked with global volatility," Reuters quoted Shahid Hameed, Global Investment House head of asset management for the Gulf region in Kuwait. "We are underweight on energy stocks."
Top gainer of the day, Kuwait Hotels Co spiked 9.4 percent to KD 0.290 while Al Dar National Real Estate Co rose 7.5 percent to stand next. First Dubai slid 8.3 percent, the steepest decliner of the day, while Al Safwa topped the volume with 20.48 million shares changing hands.
In the banking sector, Kuwait International Bank fell 5 fils to KD 0.280 after trading 4.23 million shares whereas Commercial Bank of Kuwait and Al Ahli Bank were not traded during the session.
Burgan Bank held the ground steady at KD 0.475 after trading slightly lower earlier in the day and Kuwait Finance House followed suit to end at KD 0.920. Boubyan Bank too did not budge from its earlier close of KD 0.600.
National Investment Co was down 10 fils at KD 0.212 after trading 5.02 million shares and investment major, KIPCO eased 5 fils to settle at KD 0.320. The stock had shed 9.8 percent in August and is unchanged from start of the month.
Kuwait Financial Centre (Markaz) was flat at KD 0.114 and Global Investment House ticked 1 fil higher to 42 fils with a volume of 10.9 million shares. Global is looking to renegotiate the 1.7 billion restructuring agreement it signed with creditors in 2009. Al Maal Investment Co added 4 fils with a volume of 9.6 million.
Al Deera Holding Co and Al Tamdeen Investment Co stagnated at 30 fils and KD 0.168 respectively while Al Maal was flat at 70 fils after trading 16.5 million shares. Al Maal has incurred loss of KD 8,919,361 and loss per share of 16.88 fils in the first six months of 2011 as against net loss of KD 3,932,791 and loss per share of 7.44 fils in the year before.
National Real Estate Co dropped 4 fils to 75 fils and Mabanee Co pulled 10 fils lower. Mazaya Holding fell 3 fils to 70 fils.
The bourse has been weak so far during the week and has retreated 51 points from last week's close. The benchmark has gained 185 points since start of the month but is trading 14 percent lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Al-Safat Investment Co has posted a net loss of KD 9,491,858 and loss per share of 12.30 fils in the first half of 2011 as against net loss of KD 1,052,962 and loss per share of 1.36 fils in the same period last year.
Burgan Well Drilling Co has clocked a net profit of KD 253,359 and earnings per share of 1.21 fils in the second quarter ending June 30. This compares with net profit of KD 145,125 and earnings per share of 0.69 fils in 2010 Q2.
Gulf Finance House has posted KD 193,670 net profit in the first half of 2011 while earnings per share chalked 1 fil. This compares with a net loss of 13,115,943 and loss per share of 29 fils in the same period.
Kuwait Stock Exchange has barred the following companies from trading in the bourse for failing to pay annual subscription fee of 2011/2012: International Leasing and Investment Co, National International Holding Co, Pearl of Kwt Real Est Co, Investors Holding Group Co, Grand Real Estate Projects Co, Kuwait Business Town Real Estate Co, Refrigeration Ind and Storage Company, Mena Holding Co, Villa Moda Life Style, Kuwait National Airways Co, Ras Al Khayma for White Cement, Al-Abraj Holding Co, International Investment Group, Network Holding Co.