Kuwait Skids Amid Regional Jitters
Category: Business
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Kuwait stocks sank into red on Sunday extending previous week’s pullback. The All Shares Index slid 73.18 points in a broad decline led by blue chips to 5,575.99 pts tracking the Gulf markets which continues to be roiled by the regional tensions.

The Premier Market tumbled 103.04 points to 6,004.84 pts taking the month’s losses to 63 points while Main Market slipped 11.64 pts to 4,749.88 points. The volume turnover meanwhile hit a twoweek low following last session’s surge. Over 84 million shares changed hands – down 37 pct from Thursday.

Among the prominent losers, National Bank of Kuwait skidded 15 fils to 946 fils partly paring last session’s losses and Boubyan Bank dipped 14 fils to 551 fils.

Humansoft Holding reversed Thursday’s gains with 40 fils drop to KD 3.400 while Kuwait National Cinema Co was down 30 fils at KD 0.840. Zain slipped 10 fils to 476 fils after trading 2.6 million shares and Ooredoo gave up 7 fils before winding up at 668 fils.

Kuwait Telecommunications Co (VIVA) dialed down 2 fils extending last session’s losses while Agility dropped 16 fils to 719 fils after trading over 1 million shares.

The market opened on dull note and headed south in early trade the main index continued to drift lower as sentiment remained weak and plumbed the day’s lowest level of 5,558 points in the final minutes. It however slightly pared back its losses at close.

Gainer 
Top gainer of the day, Al Aqaria soared 32 pct to 30 fils and Warba Insurance climbed 9.2 pct to stand next. Taame skidded 15.19 pct, the steepest decliner of the day and Gulf Bank topped the volume with over 8.9 million shares. National Industries Group fell 3 fils to 227 fils after trading 3.5 million shares and Mezzan Holding dialed down 2 fils before settling at 540 fils. Boubyan Petrochemical Co slid 20 fils to 551 fils and Al Qurain Petrochemical Co clipped 2 fils.

Integrated Holding Co was fl at at 550 fils. Jazeera Airways dipped 20 fils to 860 fils and ALAFCO stood pat at 259 fils off early lows. Mashaer Holding and SPEC trimmed 0.9 fil each to close at 63.1 fils and 70 fils respectively whereas Fujairah Cement Co gave up 4.5 fils to close at 48.5 fils. Kuwait Portland Cement rose 5 fils to KD 1.235 partly recouping Thursday’s losses and Hilal Cement was down 10 fils at 125 fils.

Heavy Engineering Industries and Shipbuilding Co slipped 9 fils to 403 fils after trading over 1 million shares and Gulf Cable gave up 4 fils to close at 372 fils. Combined Group Contracting Co dropped 16 fils to 210 fils and NAPESCO was down 17 fils at 973 fils. ACICO Industries and Independent Petroleum Group dialed down 1 fil each while Equipment Holding fell 2.9 fils to 23.4 fils. AAN eased 1.6 fils to 10.6 fils.

Automated Systems Co ticked 0.1 fil up to 96.4 fils with thin trading whereas OSOS took in 2 fils to close at 102 fils. KCPC added 5 fils and KPPC closed 2.9 fils lower at 56 fils. Salbookh Trading gave up 2.5 fils before ending at 44 fils. UPAC sprinted 20 fils to 425 fils and Warbacap slipped 5 fils to 80 fils. Al Rai Media Group slipped 4.5 fils to 41.4 fils and Gulf Petroleum Investment Co trimmed 1.3 fils.

KGL Logistics gave up 1.3 fils before settling at 40.1 fils. In the banking sector, Gulf Bank fell 3 fils to 299 fils after trading 8.9 million shares and Kuwait International Bank was down 5 fils at 255 fils with a volume of 4.5 million shares. Burgan Bank shed 13 fils and has retreated 21 fils so far during the month.

Commercial Bank rallied 22 fils to 537 fils and Al Mutahed gave up 6 fils before closing at 293 fils. Warba Bank slipped 6 fils to 225 fils after trading 2.4 million shares and Ahli United Bank closed 3 fils in red with brisk trading. KIPCO eased 1 fil to 211 fils and Gulf Finance House trimmed 1.2 fils to close at 67.9 fils.

Kuwait Investment Co tripped 1 fil and National Investment Co followed suit to wind up at 112 fils after trading over 1 million shares. FACIL closed 3 fils in red at 204 fils.

20 May, 2019 0 307
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