(MENAFN- Arab Times) Kuwait stocks headed south on Monday, extending the gains to fourth straight session. The key measure, after a tame start, dropped 22.14 pts to 6,259.7 points as sentiment remained soggy on weakening oil prices. Some of the mid and small caps sagged whereas the frontline shares remained mostly muted. The KSX 15 benchmark rose 2.77 points to 1,028.16 pts taking the month's gain's to 12 points while weighted index inched 0.25 pt lower.
The volume turnover meanwhile surged to month's highest level. 190.76 million shares changed hands - a 79.88 percent jump from Sunday. The sectors closed mostly in the red turf. Healthcare outshone the rest with 4.48 percent gain whereas oil and gas shed 1.83 pct, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 65.5 percent and financial services followed with 24.25 pct. Industrial sector was a distant third with a marginal 2.46 pct contribution. In the individual shares, Gulf Glass Manufacturing Co slid 50 fils to KD 0.550 with thin trading while Kuwait Portland Cement Co was down 20 fils at KD 1.180. Independent Petroleum Group dropped 20 fils and Mabanee Co pulled 10 fils lower to KD 0.970.
Bourse heavyweight Zain was flat at KD 0.430 off early highs and Wataniya Telecom, which saw weak Q2 profit owing to forex losses, dived 40 fils. Kuwait Telecommunications Co (VIVA) slipped 10 fils to KD 0.930 and logistics major Agility gave up early gains to close at KD 0.660. Sector Sector bellwether National Bank of Kuwait was unchanged at KD 0.860 and Burgan Bank followed suit.
The banking group has recorded a net income of KD 37.4 million for the first half period of 2015 € a 12.3 percent growth from H1, 2014 while operating profits before provisions rose 10.2 pct to KD 80.2 million from KD 72.8 million in 2014. The market opened slightly weak and moved flat in early trade. The key gauge retreated almost an hour into the session as selling weighed on select counters and hit the day's lowest level of 6241.61 pts. It clawed back some of the losses in the final minutes and closed with moderate losses. Top gainer of the day, Flex Resorts and Real Estate Co soared 10 percent to 55 fils and Al Aqaria climbed 7.84 percent to stand next.
KFIC slid 8.62 pct, the steepest decliner of the day and Al Dar National Investment Co topped the volume with over 104 million shares. KFIC company has obtained the approval of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for 6 months. Mirroring the day's downswing, the loser vastly outnumbered the winners. 28 stocks advanced whereas 54 closed lower. Of the 140 counters active on Monday, 58 closed flat. 3328 deals worth KD 11.94 million were transacted - a 15.6 pct rise in value from the day before. National Industries Group took in 2 fils on back of 8.1 million shares whereas Gulf Cable and Kuwait Foundry were flat at KD 0.510 and KD 0.250 respectively. ACICO Industries Co added 5 fils and NICBM dialed up 2 fils to settle at 212 fils .
Ikarus Petroleum Industries Co gave up 4 fils and Boubyan Petrochemicals Co was down 10 fils at KD 0.580. The company has won the approval of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for 6 months. Jazeera Airways fell 5 fils whereas ALAFCO held steady at KD 0.224. The company has clocked a net profit of KD 13.4 million for the nine-month period ending June 30, 2015. The earnings per share came in at 16.3 fils andcompany's total revenues reached KD 47.7 million.
Educational Holding Group dipped 22 fils to KD 0.248 and Automated Systems Co gave up 5 fils. Humansoft Holding rose 10 fils to KD 0.940 and Safwan Trading and Contracting Co gained 15 fils. Combined Group Contracting Co stagnated at KD 0.810. Mezzan Holding paused at KD 1.200 and KGL Logistics Co too did not budge from its earlier close. Kuwait and Gulf Link Transport Co dialed up 2 fils whereas The Energy House paused at 64 fils. Down In the banking sector, Gulf Bank of Kuwait was unchanged at KD 0.280 while Al Ahli Bank was down 5 fils at KD 0.365. Kuwait International Bank eased 2 fils while Commercial Bank and Ahli United Bank were not traded during the session. Kuwait Finance House gained 10 fils whereas Boubyan Bank held steady at KD 0.425. Warba Bank clipped 2 fils. The bank's net profit surged 633% to reach KD 315,000 in the first half of 2015 as compared to KD 43,000 for the first six months of 2014.Total income grew by 37% to KD 11.17 million.
National Investment Co shed 6 fils while investment major KIPCO rallied 10 fils to KD 0.690. Kuwait Projects Holding (KIPCO) has recorded a first half profit of KD 25.4 million. Kuwait Investment Co dialed down 2 fils and Kuwait Financial Centre Co followed suit. Al Mal Investment Co and Bayan Investment Co were flat at 40 fils and 50 fils respectively and Osoul Investment Co followed suit. Ekttitab Holding Co flunked 1 fil while Gulf Insurance Group shed 10 fils. Warba Insurance Co fell 2 fils whereas Noor Financial Investment Co closed flat. The bourse has been retreating so far during the week and has shed 27 points in last two sessions. The price index has climbed 58 points from start of the month and is trading 4.22 pct lower year-to-date.
KSE, with 213 listed companies, is the second largest bourse in the region. In the bourse related news, First Dubai For Real Estate Development has logged a net profit of KD 952,384 and earnings per share of 0.95 fils in the six-months period ending June 31, 2015 as compared to net profit of KD 1.16 million and earnings per share of 1.17 fils in H1 of 2014. Sanam Real Estate has clocked a net profit of KD 24,649 and earnings per share of 0.20 fils in the January- June period of 2015 as against a net profit of KD 137,740 and earnings per share of 1.14 fils in first half of 2014.
Combined Group Contracting Co has been granted approval by Capital Markets Authority for its request to buy back or sell up to 10% of own shares over a period of 6 months . National Industries Company has won the permission of Capital Markets Authority to buy back or sell a maximum of 10% of its shares for a period of 6 months. Gulf Insurance Group (GIG) 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 grew 3.7 pct to KD 82.5 million.
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