(MENAFN - Arab Times) Kuwait stocks crept lower Wednesday reversing the feeble gains in the previous session.
The index slipped 3.63 points in volatile trade as selling weighed on banks and select blue chips while KSX 15 was down 19.34 pts at 983.06 pts. The overall tone was negative as the trading floor remains bereft of fresh impetus.
The bourse wound up at 6437.35 pts paring steeper losses earlier in the day, while weighted index eased 5.86 points to settle at 413.13. The volume turnover rebounded 32.1 percent to 230.39 million helped by brisk selling in select counters.
Sectorwise, technology soared 36.12 pts, the top gainer of the day, whereas banks, the worst performer, slid by 11.71 points. KSE, has closed lower in 7 of the last 9 sessions.
National Bank of Kuwait dropped 20 fils erasing the gains on Tuesday and closed at KD 1.060 with a volume of 4.4 million shares. Gulf Bank eased 10 fils to KD 0.420 and Commercial Bank dived 40 fils after posting strong gains on Tuesday.
Zain shed 20 fils to close at KD 0.720 and saw a volume turnover of 2.5 million shares while Wataniya Telecom held the ground unchanged at KD 2.300 after pulling sharply lower in the day before.
Agility fell 5 fils to KD 0.405. The stock has added 15 fils from start of the month and is trading 30 fils higher year-to-date. Meanwhile, the company's first quarter net profit fell 8.1 percent to KD 7.1 million dinars n while total revenue rose to KD 321.8 million from KD 318.5 million in the year before.
Among other decliners, National Industries Group edged 2 fils lower to KD 0.222 and Kuwait Pipes followed suit to end at KD 0.118. NIG has chalked a net profit of KD 9.421 million and earnings per share of 7 fils in Q1.
Gulf Glass Manufacturing Co plunged 50 fils and National Industries Co shed 20 fils. Gulf Cables dived 40 fils to KD 1.320 adding to the losses in the day before. Mabanee Co was down 20 fils at KD 1.000. The stock is unchanged from start of the month while it has climbed 160 fils YTD.
The market opened wobbly and slipped into red in early trade. The index traded range bound amid skittish sentiment and ticked higher to peak at 6452.46 points almost halfway into the session.
It retreated thereafter as selling dominated the trading floor and bottomed at 6424.46 pts in final minutes before paring the losses slightly at close.
Top gainer of the day, Investors Holding Co climbed 13.16 percent to 21.5 fils and Safat Real Estate Co rose 12.82 percent to stand next. KMEFIC slid 15.69 percent the steepest decliner of the day and Al Safwa topped the volume with 34.58 million shares.
The market spread was skewed towards the losers. 37 stocks advanced while 51 closed lower. Of the 122 counters active on Wednesday, 33 closed flat. 4511 deals worth KD 47.9 million were transacted - a 47.9 percent jump in value from day before.
On the upside, Kuwait Foundry Co rose 20 fils to KD 0.360 and Combined Group Contracting Co was up by same measure. Kuwait Portland Cement added 10 fils while NAPESCO climbed 25 fils to KD 0.385. RISCO ticked 2 fils higher.
In the banking sector, Kuwait Finance House shed 20 fils and Al Ahli Bank was down by same measure. Burgan Bank eased 5 fils .
The stock has slipped 15 fils from start of the month while year-to-date, it is down 55 fils. Kuwait International Bank closed flat and Ahli United Bank was down 10 fils. Boubyan Bank was unchanged at KD 0.610.
National Investment Co fell 4 fils to KD 0.142 while KIPCO held steady at KD 0.325. International Finance Co slipped 4 fils whereas KAMCO was not traded during the day. The company has won approval of Capital Markets Authority for its request to extend the approval of buying a maximum of 10% of its shares for another 6 months.
Jazeera Airways eased 10 fils to KD 0.415 and IFA Hotels and Resorts slipped 5 fils. Kuwait Food Co ( Americana) closed flat. The company has logged a net profit of KD 16,119,000 and earnings per share of 41.2 fils in the first quarter.
The bourse was mixed so far during the week and has retreated 8.34 points in last four sessions. The index however has climbed 69.14 points so far during the month and is trading 11 percent higher year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Tamdeen Real Estate has earned KD 2,216,894 in first quarter of 2012 while earnings per share clocked 6 fils. This compares with net profit of KD 1,718,908 and 4.6 fils EPS in 2011 Q1.
Hilal Cement Co has earned KD 250.47 net profit on the three months ended on March 31, while earnings per share stood at 4 fils . This compares with net profit of KD 390.310 and earnings per share of 6 fils in the year earlier period.
Noor Financial Investment signed an agreement with Kuwait Finance House to reschedule KD 44 million debt maturing in 2018 and represents 28% of the total debts. Earlier, Noor had rescheduled KD 73.5 million debts with Gulf Bank of Kuwait and Commercial Bank of Kuwait.
National Petroleum Services logged net profit of KD 392,730 and earnings per share of 7.48 fils in the January-February period - down from KD 725,806 and 13.83 fils in the year before.
Kuwait Cement Co. earned KD 5.127.218 in the first three month of 2012 even as earnings per share came in at 8.30 fils. This compared with net profit of KD 4.879.364 and earnings per share of 7.89 fils in the previous year.
Money Markets Authority has approved, Alimtiaz Investment Co request to buy back and sell up to 8.121% of own shares over a 6 month period commencing April 29, 2012 till October 29, 2012.
Noor Financial Investment has posted a net profit of KD 5,125,485 and earnings per share of 6.98 fils in the January " March quarter as compared to earning of KD 694,646 and EPS of 0.95 fils in the same period last year.
Al Maal Investment Co has posted a net loss of KD 31,015,440 and loss per share of 58.71 fils in 2011 as compared to net profit of KD 12,016,616 and earnings per share of 22.75 fils in the year before.