Kuwait City, Aug 15: Kuwait stocks pulled lower on Sunday, extending the losses to third consecutive session. The index dropped 12.6 points weighed by select blue chips and some of the mid-caps. The trading floor sentiments were markedly downbeat partly on account of the weak financial results that came out last week after the robust earnings posted earlier by lenders.
The market closed at 6658.60 points trimming deeper losses earlier in the session while the weighted index fell 2.94 points to settle at 423.51 points. The volume turnover tapered further after touching the month’s high of 414.38 million on 10th. A total of 127.305 million shares were transacted - down 40.2 percent in value from the previous session.
Among the prominent losers, National Bank of Kuwait dropped 20 fils erasing an identical gain on Thursday. It wound up at KD 1.280 with a volume of 1.15 million shares. Zain followed suit after stagnating in the previous session. It traded 2.58 million shares and ended at KD 1.180.
Agility eased 5 fils offsetting the modest rise seen in the earlier session. It closed at KD 0.470 and saw 1.42 million shares change hands during the session. The stock was boosted last week after the company issued a statement clarifying that the U.S prosecutors have moved to dismiss the indictment against its subsidiary. Wataniya held the ground unchanged at KD 1.840.

Kuwait Food Co ( Americana) was down 20 fils adding to an identical loss on Thursday. It ended at KD 1.540. Oula Fuel and Marketing Co eroded 15 fils whereas United Gulf Bank bucked the trend to climb 15 fils. It closed at KD 0.300. Jazeera Airways slipped 2 fils whereas Kuwait Gulf Links was unchanged at KD 0.184. The market opened weak and slipped into red, retracing the trading pattern in the previous session. The index pulled deeper into the trough and bottomed at 6641.5 points in the final hour as investors toed the sidelines amid tepid sentiments. However a slight rise in buying at close helped pare the losses marginally.
The top gainer of the day, Gulf Finance Co jumped 8.7 percent to close at KD 0.031 while Flex climbed 8.1 percent to stand close behind. KSHC slid 6.5 percent, the worst performer of the day, and Investors Holding Group topped the volume with 16.16 million shares changing hands.

Downbeat
Mirroring the downbeat mood, the losers heavily outnumbered the gainers. 19 stocks advanced while 52 closed lower. Of the 100 counters active on Sunday, 28 closed unchanged. 2107 deals worth KD 20.793 million were transacted - down 6.6 percent in value over previous session.
The sectoral indices closed mostly in the red. Banking sector inched 0.1 percent higher while investment shed 0.9 percent - the steepest decliner of the day. Real estate was down 0.6 percent and industrials eased 0.2 percent. Services was stagnant and food sector eroded 0.4 percent. Non-Kuwaiti top performed with a 0.5 percent gain.
The bourse had notched modest gain during last week. It closed higher in 2 of the 5 sessions and added 9 points week-on-week. The index has risen 17 points since the start of the month and is trading 3 percent lower year-to date.

The banking stocks closed mixed. Gulf Bank was flat at KD 0.465 with a volume of 5.45 million shares. The stock had gained 8.6 percent in July and has climbed 165 fils since the start of the year. Al Ahli Bank was up 10 fils at KD 0.530 while Commercial Bank was not traded during the day.
Ahli United Bank rose 10 fils on back of 1.09 million shares and ended at KD 0.530 and Burgan Bank held the ground unchanged at KD 0.355. Kuwait Finance House too did not budge from the previous close of KD 1.080 after posting modest gains on Thursday. The Standard & Poor’s Ratings Services has affirmed its long- and short-term counterparty credit ratings on KFH at ‘A-/A-2’.
Boubyan Bank dropped 10 fils to close at KD 0.540. The lender saw a net profit of KD three million in the first half of 2010, compared to a net loss of KD 11.7 million in the same period last year. Net financing revenue increased 24.7 percent and assets totaled KD 1.2 billion -up from KD 943 million in the same period last year. The Capital Adequacy Ratio clocked 30. 32 percent.
The investment stocks moved lower in a narrow range. International Financial Advisors fell 4 fils to close at KD 0.061 and National Investment Co lost 10 fils adding to the slight loss on Thursday. KIPCO was stagnant at KD 0.355 and Kuwait Financial Centre eased 4 fils.

Lower
Aref Investment Group edged 2 fils lower while Bayan Investment was down 3 fils at KD 0.056. Global Investment House slipped 1 fils and Al Deera Holding followed suit to wind up at KDD 0.053. Al Safat Investment eroded 2 fils and Noor Financial Investment eased 1 fils.
National Industries Group and Kuwait Pipes shed 10 fils each whereas Kuwait Portland Cement was unchanged at KD 1.440. Boubyan Petrochemical Co rose 10 fils and Mena Holding added 4 fils to close at KD 0.196.
In the bourse related news, Mushrif Trading and Contracting Company has logged a net profit of KD 732,393 in the second quarter with an earnings per share pf 3.67 fils. In the six-month period period ending June 30, the net profit reached KD 1,109,535 and earnings per share worked out at 5.56 fils .
United Gulf Bank registered a Q2 net profit of KD 7,079,564 and earning per share 8.628 fils . In the first half of 2010, the net profit reached KD 9,245,902 while earnings per share stood at 11.285 fils .
Gulf Cables and Electrical Industries Company has chalked a net profit of KD 19,092,520 and earnings per share of 91 fils compared to a profit of KD 1,224,114 and earnings per share of 6 fils for the same period last year. In six-month period ending June 30, the net profit touched KD 22,069,735 and earnings per share worked out at 105 fils .

Pearl of Kuwait Real Estate Co. announced its results for its Fiscal Year 2009 . The company posted a net loss of KD 9,542,591 and loss per share of 37.94 fils as against last year’s net loss of KD 7,935,133 Loss per share last year 31.54 fils .
The Board of Directors recommended no dividend payout for the Fiscal Year
Kuwait Stock Exchange announced the trading suspension of the shares of the following companies due to either failed to submit their financial statements or faced losses exceeding 75% of their capitals: Al Safat Global Company Holding, Al Dar Investment Company, International Leasing & Investment Company , Villa Moda Lifestyle Company , International Investment Group, Pearl of Kuwait Real Estate Company, Securities House Company, Aayan Leasing and Investment Company, Al Abraj Holding Company, Gulf International Investment Company, Equipment Holding Company, Network Holding Company and Al Ahlia Holding Company..