(MENAFN - Arab Times) Kuwait stocks kicked off the week on a tepid note. The index slipped 7.38 points to 5785.33 points extending the losses to the second straight session. The trading floor was weighed by selling in some of the mid and small caps even as heavyweights remained mostly subdued.
The KSX 15 benchmark fell 1.38 points to 934.99 points and has retreated over 65 points since its introduction in mid-April, while weighted index inched 0.23 points lower. The volume turnover ebbed 15.44 percent to 265.36 million after rebounding in the previous session. KSE, after rallying strongly in August, has been trending lower so far during the month.
Among the sectors, oil and gas outshone the peers with 1.15 percent rise whereas parallel market was down over 1 percent, the biggest loser of the day. Volume wise, financials services continued to dominate with 57.50 percent market contribution and banks stood next with 18.12 percent.
Gulf Glass Manufacturing Co dived 50 fils to KD 0.620. National Industries Group pulled 20 fils lower to KD 0.280 after stagnating in the previous session and Mabanee Co followed suit.
Jazeera Airways shed 15 fils and Kuwait Food Co (Americana) was down 20 fils at KD 1.380. The stock has retreated 20 fils from start of the month and knocked off 100 fils lower year-to-date.
Zain dropped 10 fils after trading 1.76 million shares and closed at KD 0.670 while 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 stagnated at KD 0.670 paring and the volume turnover chalked 3.2 million shares while Kuwait Gulf Links inched 1 fils up. 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 on subdued note and moved sideways in early trade. The index touched the day's high of 5804.02 points and retreated thereafter as sentiment turned negative. It bottomed at 5,763.99 points in the final minutes before clawing back some of the losses at close.
The top gainer, United Food Industries Group climbed 9.9 percent to KD 0.222 and Tahssilat rose 7.46 percent to stand next. Al Shamel slid 10.53 percent, the biggest loser of the session, and Ithmar topped the volume with 33.28 million shares.
Mirroring the day's fall, the losers outnumbered the gainers. 44 stocks advanced whereas 57 closed lower. Of the 138 counters active on Sunday, 37 closed flat. 4601 deals worth KD 23.79 million were transacted - down 22.24 percent in value from the previous session.
On the upside, Independent Petroleum Group rose 10 fils and Kuwait Foundry Co was up by same measure to wind up at KD 0.285. Advanced Technology Co gained 30 fils with thin volume and Combined Group Contracting Co soared 40 fils. The company has earned KD 4.08 million earnings or 38.45 fils per share in the first half.
In the banking sector, National Bank of Kuwait was flat at KD 0.950 whereas Gulf Bank fell 5 fils to KD 0.390. The stock has slipped 10 fils from start of the month and has slid 120 fils year-to-date. Kuwait International Bank added 2 fils while Al Ahli Bank pulled up from early lows to close flat at KD 0.610.
Kuwait Finance House rose 10 fils on back of 1.75 million shares and Commercial Bank of Kuwait was unchanged at KD 0.630 after trading 3.2 million shares. 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-'. Ahli United Bank was not traded during the session.
Boubyan Bank was steady at KD 0.600 and Burgan Bank too did not budge from its earlier close of KD 0.500. The lender has obtained the approval of Central Bank of Kuwait to renew the approval for buying back or selling a maximum of 10 percent of its issued shares for 6 months.
National Investment Co ended flat at KD 0.104 while KIPCO was up 5 fils at KD 0.380. International Financial Advisors edged 1.5 fils lower. The company has widened its losses in the first half of 2012 by 135.6 percent to KD 9 million, from KD 3.82 million in the year-ago period.
International Finance Co ticked 1 fils higher whereas Al Maal Investment Co stagnated at 36 fils. KFIC slipped 4 fils whereas KAMCO gained 6 fils with thin trading. Al Salam Group dropped 10 fils and posted a a volume of 12.41 million shares.
Tamdeen Investment Co eased 2 fils and Bayan Investment Co inched 0.5 fils lower. 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.
Kuwait Pipes closed flat at KD 0.104 and Kuwait Cement Co followed suit. Contracting and Marine Services Co took in 4 fils and RISCO too was up by same measure. The company has posted a 190 percent surge in first half earnings to KD 1.6 million, against while the second-quarter profit soared 163.2 percent year-over-year to KD 1.22 million.
The bourse had been bearish during last week. The index has closed lower in 4 of the 5 sessions and slid 114.86 points week-on-week. It has tumbled 122.24 points so far during the month and is down 0.11 percent 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.
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 percent of capital.