(MENAFN- Arab Times) Kuwait stocks pulled lower on Sunday after ending the previous week on dull note. The main index dropped 21.18 pts in lackluster trade to close at 631.09 pts as sentiment remained negative. The banks were mostly muted while other heavyweights closed mixed.
The KSX 15 benchmark inched 0.18 pts higher to1,017.16 points and has shed 43 points from start of the month while weighted index eased 0.67 points. The volume turnover meanwhile shrank as it continued to seesaw in the lower range. 127.38 million shares changed hands - a13.18 percent fall from the last session.
The sectors closed mostly in the red. Parallel market outperformed the rest with 0.59 pct upswing whereas oil and gas shed 1.38 percent, the biggest loser of the day. In terms of volume real estate accounted for the highest market share of 45.93 percent while financial services and parallel market followed with 33.7 pct and 11.22 percent contributions respectively.
Among the day's sharp losers, Jazeera Airways shed 30 fils to close at KD 0.480 taking the month's losses to 40 fils and Independent Petroleum Group slid 25 fils to settle at KD 0.330.Kuwait Portland Cement pulled 20 fils lower and National Industries Group , the flagship company of the Kharafi Group, dialed down 2 fils.
Telecom major Wataniya Telecom was unchanged at KD 1.360 off early highs and Kuwait Telecommunications Co (VIVA) gave up 10 fils to end at KD 0.900. Agility climbed 10 fils to KD 0.770and is down 20 fils so far during the month.
Volume
Bourse heavyweight Zain fell 10 fils after clocking a volume of2.33 million. Zain Group has posted a net income for of$139 million (KD 41 million) in the first quarter of 2015 as compared to $198.4 million (KD 55.9 million) in the Q1 of2014. Earnings per share clocked$0.04 (11 fils).
The market opened weak and edged lower in early trade. The main index plumbed the day's lowest level of 6300.23 pts amid selling in select counters and bounced back close to the opening mark. It drifted listlessly in the second half and closed with moderate losses.
Top gainer of the day, IFA Hotels and Resorts vaulted 9.28 percent to 212 fils and AICICO Industries climbed 7.14 pct to stand next. Al Deera Holding dived over 9 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with over 40 million shares.
Reflecting the day's downswing, the market spread was skewed towards the losers. 23 stocks advanced whereas 48 closed lower. Of the 119 counters active on Sunday, 48 closed lower. 2,994 deals worth KD 10.03 million were transacted - a 27.5 pct drop in value from the day before.
On the upside, Gulf Cable jumped 30 fils to KD 0.590 while Boubyan Petrochemicals Co gained 10 fils. ACICO Industries Co added 5 fils and Al Ahleia Insurance Corose 10 fils to KD 0.460. Massalaeh Real Estate Co dialed up 3 fils with thin trading volume.
Humansoft Holding was flat at KD 0.690 and Energy House inched 1fils lower. The company has logged a net loss of KD 1.024 million and loss per share of 1.366 fils in the three months of the year ending March 31,as against a net profit of KD 234,309 earnings per share of 0.312 fils in the same period last year.
Kuwait Company for Process Plant Construction and Contracting shed 10 fils and ALAFCO held steady at KD 0.220 off early lows. Kuwait and Gulf Link Transport Co clipped 2 fils and Kuwait Cable Vision Co followed suit.KGL Logistics Co paused at 76 fils.
International Financial Advisors eased 2 fils after trading 3.9 million shares and investment conglomerate KIPCO was flat at KD 0.630. The company has posted a net profit of KD 12 million for the first three months of 2015 - an increase of 17 per cent from the same period last year. Earnings per share grew by 24% to 8.84 fils.
Al Deera Holding Co and First Investment Co gave up 5 fils each to close at 50 fils and 74 fils respectively where as KAMCO held the ground unchanged at KD 0.106. Sokouk Holding Co paused at 64 fils and Noor Financial Investment Co followed suit.
Slipped
Securities Group Co and Aayan Leasing and Investment Co took in 2 fils and Bayan Investment Co dialed up 1 fils on back of 4.9 million shares. Warba Insurance Co slipped 4 fils to end at KD 0.106. Mabanee Co was muted at KD 0.960 and National Real Estate Co clipped 1 fils.
Banking sector bellwether National Bank of Kuwait was flat at KD 0.830 after trading 1.15 million shares and Gulf Bank fell 5 fils to KD 0.275. Commercial Bank of Kuwait and Al Ahli Bank were unchanged at KD 0.620 and KD 0.360 respectively
Ahli United Bank Kuwait dropped 10 fils to KD 0.570 whereas Kuwait International Bank and Burgan Bank held steady at KD 0.244 and KD 0.425 respectively. Kuwait Finance House rose10 fils recouping the loss in the previous session and Boubyan Bank paused at KD 0.425.
The bourse was mixed during last week. It closed higher in three of the five sessions and dropped 24 points week-on-week. It has slid 65 points from start of the month and is trading 3.44 pct lower year-to-date.KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Gulf Insurance Group (GIG) The company has registered a net profit of KD 3.7 million or 20.86 fils per share, for the financial period ended March 31, 2015 - an increase of 22.8 percent from the same period last year. Shareholder equity reached KD 82.5 million - a growth of 3.7 percent.
Tamdeen Investment Co has recorded 18.5 pct rise in its earnings of the first quarter, It stood at KD 7.25 million compared to KD 6.12 million in the Q1 of 2014 while earnings per share came inat25.75 fils.
Gulf Glass Manufacturing Co has posted a net profit KD 629,298and earnings per share of14.17 fils in the January March period of2015as against net profit of KD 281,177and earnings per share of6.33 fils inQ1 of 2014.
Sokouk Holding has clocked a net profit of KD 5.012 million and earnings per share of 9 fils in the year ending Dec 31, 2014 and the Board of Directors recommended 5 percent bonus shares.
Kuwait Foundry Co has logged a net profit of KD 2.26 million and earnings per share of14.74 fils in the first nine-months of 2014, as against KD 2.13 million profit and earnings per share13.9 fils in the 9M of 2013.
Warba Bankhas recorded a net profit of KD 115,000 and earnings per share of 0.12 fils in 2014, rebounding from net loss of KD 3.709 million and loss per share of3.71 fils in2013.
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