(MENAFN- Arab Times) Kuwait stocks headed south on Monday, extending the decline to third consecutive session. The bourse pared back steeper early losses to close 23.84 points down at 6212.88 pts on moderate selling led by banking and other blue chip shares.
The KSX 15 benchmark slid 14.77 to 1004.61 points taking the year's losses to 57 pts while weighted index dropped 4.51 points. The volume turnover meanwhile rebounded after shrinking on Sunday. 136.90 million shares changed hands - a 32.6 pct jump from the day before. The sectors closed mixed. Healthcare outpaced the rest with 1.56 percent gain whereas basic materials shed 1.22 percent, the biggest loser of the day.
In terms of volume, real estate garnered the highest market share of 56.65 percent while financial stood next with 23.53 pct. Industrials was a distant third with over 7 pct contribution. Among notable losers, Commercial Bank dived 30 fils to KD 0.600 erasing the gains on Sunday while National Bank of Kuwait was down 10 fils at KD 0.850 after trading 2.8 million shares. Kuwait Finance House retreated 10 fils to KD 0.620 and is down 100 fils year-to-date. Sector major Zain fell 10 fils to KD 0.405 with a volume of `1.8 million and Wataniya Telecom shed 20 fils reversing the gains on Sunday.
Agility dropped 10 fils to KD 0.640 and is trading 100 fils lower from start of the year. Kuwait Telecommunications Co (VIVA) held steady at KD 0.940 . The company has penciled a net profit of KD 21.58 million and earnings per share 43 fils in the first half of 2015, up from net profit of KD 18.97 mln and earnings per share of 38 fils in the first six months of last year. The market opened slightly weak and swung lower in early trade.
The price index continued to head south as selling dragged some of the counters down and troughed at 61,88.86 pts. It moved sideways thereafter as sentiment turned brittle and pared back some of the losses in the final minutes. Top gainer of the day, Nafais Holding Co rallied 8.77 percent to 124 fils while KBMMC climbed 7.32 pct to stand next. Kuwait Cable Vision Co slid 7.46 percent, the steepest decliner of the day. Al Dar National Real Estate Co topped the volume with over 58 million shares.
The company has incurred a net loss of KD 132,850 and loss per share of 0.32 fils in the sixmonth period ending June 30, 2015 as against net profit of KD 761,352 and earnings per share of 1.85 fils in the same period of 2014. Reflecting the day's downswing, the market spread was skewed towards the losers. 30 stocks advanced whereas 69 closed lower. Of the 142 counters active on Monday, 43 closed flat. 3134 deals worth KD 14.55 million were transacted - a 50.27 pct surge in value from the day before. National Industries Group fell 4 fils and Kuwait Portland Cement was down 20 fils at KD 1.160. Kuwait Food Co ( Americana) too shed 20 fils while Shuaiba Industrial Co and Boubyan Petrochemicals Co were down 10 fils each.
Flat
Kuwait Cement Co was flat at KD 0.360 while Al-Nawadi Holding Co gave up 5 fils to settle at KD 0.570. .The company has posted a profit of KD 1,007,657 in the six-months period ending June 30 2015 and profit per share of 5.54 fils as compared to a profit of KD 974,925 EPS of 5.36 fils in the same period in 2014. Jazeera Airways was unchanged at KD 0.470 and ALAFCO followed suit. 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 and company's total revenues reached KD 47.7 million. Kuwait Foundry Co clipped 2 fils whereas ACICO Industries Co and RISCO paused at KD 0.310 and KD 0.400 respectively.
Equipment Holding Co dialed down 4 fils and NICBM fell 2 fils to close at KD 0.208. Independent Petroleum Group eased 5 fils. Humansoft Holding dropped 10 fils and Mezzan Holding Co gave up 2 fils. The company has logged a net profit of KD 12.49 million and earnings per share of 42.13 fils in the January-June period of 2015, surging from net profit of KD 7.53 million and earnings per share of 25.41 fils in 2014, H1. City Group bucked the trend to gain 25 fils and Safwan Trading Co rose 10 fils to KD 0.310. Jeeran Holding and Mashaer Holding Co held steady at 52 fils and 124 fils respectively while Zima Holding closed 5 fils higher.
Future Communications Co Global added 4 fils to wind up at KD 0.118. In the banking sector, Gulf Bank fell 5 fils to KD 0.275 while Ahli United Bank pulled 10 fils down to KD 0.365. Kuwait International Bank was unchanged at KD 0.242 and Burgan Bank followed suit. Al Ahli United Bank was up 5 fils at KD 0.365. Boubyan Bank fell 5 fils to KD 0.415. The bank has posted a net profit of KD 16.03 million and earnings per share of 7.78 fils in the first half of 2015 soaring from net profit of KD 12.57 million and earnings per share of 6.10 fils in the same period last year.
National Investment Co and Kuwait Investment Co took in 2 fils each whereas KIPCO stagnated at KD 0.670. Mabanee Co dropped 20 fils to KD 0.980 and Al Mazaya Holding dialed down 2 fils. The bourse was downbeat so far during the week and has dropped 41 pts in last two sessions. The price index had climbed 51 points during whole of July and is trading 4.94 pct lower year-todate. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Kuwait Real Estate Holding Co has logged a first half net profit of KD 18,318 and earnings per share of 0.1 fils rebounding from net loss of KD 358,153 and loss per share of 1.90 fils in the same period last year. Ikarus Petrolem Industries Co has recorded a net profit of over KD 4 million and earnings per share of 5.13 fils in the six-month period ending June 30, 2015 as compared to net profit of KD 8.83 million and earnings per share of 11.30 fils in the 2014, H1.
Gulf Insurance Group has recorded a net profit of KD 7.48 million and earnings per share of 41.75 fils in the first half , up from net profit of KD 6.06 million and earnings per share of 33.35 fils in the same period last year. 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.
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