Kuwait stocks pulled lower Thursday to end the week on a sour note. The index shed 27.56 points extending the losses to sixth straight session and wound up at 6,339.39 points. Select heavyweights weighed while the mid-caps closed mixed. The trading floor continues to roiled by bearish sentiment even as euro zone crisis dampened the regional markets.
The KSX 15 measure eased 5.44 points even as weighted index edged 2.06 points lower to 409.71. The volume turnover bounced back mostly due to brisk selling. 305.66 million shares changed hands — a 45.4 percent surge from Wednesday. Meanwhile technology sector outshone peers with 160.46 point spike whereas financial services shed 10.61 points — the biggest decliner of the day.
Wataniya Telecom dropped 20 fils extending the losses in the previous session while Agility was down 5 fils at KD 0.405. Zain bucked the trend to close 10 fils higher at KD 0.710. The stock has eased 15 fils from start of the month while year-to-date it is up 30 fils.
National Bank of Kuwait shed 20 fils after closing flat in the day before while Commercial Bank of Kuwait slid 30 fils. Gulf Bank pulled up from early lows to close unchanged at KD 0.410.
Among other decliners, Combined Group Contracting Co slid 40 fils while Kuwait Co For Process Plant Construction and Contracting dived 45 fils to end at KD 0.335. Kuwait Food Co (Americana) shed 20 fils after stagnating on Wednesday and United Foodstuff Industries Group Co dropped 35 fils to KD 0.265.
The market opened on a high note and edged higher in early trade. The index peaked at 6377.21 points but retreated sharply as selling dominated the trading floor. It drifted lower thereafter and hit the day’s lowest mark of 6321.1 points in the final minutes before paring the losses slightly at close.
Top gainer of the day, Al-Mowasat Healthcare Co spiked 35.71 percent to KD 0.228 while PAPCO climbed 8.33 percent to stand next. UFIG slid 11.67 percent, the worst performer of the day, whereas Gulf Finance House topped the volume with 98.26 million shares.
Reflecting the day’s downswing, the losers widely outnumbered the gainers. 27 stocks advanced whereas 66 closed lower. Of the 130 counters active on Thursday, 36 closed flat.
4591 deals worth KD 25.13 million were transacted — a 35.6 percent surge in value from day before.
On the flip side, Advanced Technology Co climbed 40 fils and Yiaco Medicals rose 25 fils to KD 0.420. National Industries Group edged 2 fils up to KD 0.224. NIG has incurred net losses of KD 28.76 million for 2011 — almost a 50% year-on-year jump from KD 19.2 million while loss per share rose to 23 fils from 8 fils.
In the banking sector, Ahli United Bank rose 10 fils to KD 0.90 whereas Al Ahli Bank was not traded during the day. The bank recorded a 30.1 percent year-on-year drop in first quarter net profit. Kuwait International Bank slipped 5 fils whereas Burgan Bank was unchanged at KD 0.415 off early lows.
Kuwait Finance House moved in a tight range before closing flat at KD 0.730. KFH has recorded net profit of KD 20 million in the first quarter, a 11.5 per cent fall from the year earlier period. Boubyan Bank stagnated at KD 0.610.
National Investment Co was steady at KD 0.130 and KIPCO followed suit to close at KD 0.325. The conglomerate has posted a net profit of KD 8.5 million in the first three months of 2012 while revenue rose 16 percent to KD 108.4 million.
Securities Group dropped 20 fils while International Financial Advisers inched 1.5 fils lower.
Mahmood Al Soufi joins BNH’s Board of Directors
Bahrain National Holding Company (BNH) – the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl) has announced today that Mahmood Al Soufi will be joining the