Kuwait Index Slips Into Red Turf And Volume Drops
Category: Business
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Kuwait stocks swung lower on Wednesday stemming the four-day winning streak.

The All Shares Index pared back steeper earlier losses to close 25.43 points down at 5691.94 pts even as profit taking weighed on some of the counters after the recent gains.

The Premier Market skidded 41 points to 6455.5 points while Main Market rose 6.64 points to 4788.06 pts. The volume turnover meanwhile shrank further after hitting a multi-month high earlier in the week. Over 175 million shares changed hands – down 8.8 pct from the day before.

Among the notable losers, National Bank of Kuwait slipped 9 fils to 990 fils after trading 5.4 million shares and Boubyan Bank gave up 6 fils as it partly erased Tuesday’s gains and settled at 590 fils. Humansoft Holding sank 39 fils partly erasing last session’s gains while Tamdeen Real Estate Co tumbled 35 fils to 316 fils.

Zain fell 4 fils to 572 fils with a volume of 8.8 million shares while Ooredoo slipped 10 fils to 675 fils. Kuwait Telecommunications Co (VIVA) scaled 6 fils to close at 836 fils and Agility clipped 2 fils after trading over 3 million shares.

The market opened firm and ticked briefly higher in early trade. The main index scaled the day’s highest level of 5920 pts and retreated into red as profit taking kicked in. It bottomed at 5882 points and bounced back before drifting sideways for most part of the second half.

It dipped again in the final minutes to close with moderate losses. Top gainer of the day, UPAC rallied 16 pct to 420 fils and Energy Holding Co climbed 9.8 percent to stand next. AGHC slid 10 pct, the steepest decliner of the day and Al Madina topped the volume with over 19 million shares.

National Industries Group fell 3 fils to 227 fils after trading 5.9 million shares and Mezzan Holding was down 10 fils at 530 fils. Boubyan Petrochemical Co slid 34 fils to 900 fils and Al Qurain Petrochemical Co clipped before ending at 373 fils. Jazeera Airways was unchanged at 930 fils and ALAFCO added 4 fils to wind up at 230 fils.

Sharjah Cement Co rose 5 fils to 70 fils and Gulf Cement Co ticked 0.4 fil higher to 61.5 fils. Al Rai Media Group dialed up 2.8 fils before settling at 41 fils. Kuwait Portland Cement was unchanged at KD 1.200 whereas ACICO Industries dialed down 2 fils. Heavy Engineering Industries and Shipbuilding Co stood at 383 fils and Salbookh too did not budge from its earlier close of 44.9 fils. Equipment Holding Co eased 0.1 fil to 22.2 fils.

Combined Group Contracting Co eased 1 fil to 194 fils and Automated Systems Co slipped 9.6 fils to 86.8 fils. Safat Energy ticked 1 fil higher to 24.5 fils and Warbacap gave up 3.5 fils. KPPC edged 0.6 fil into green and KCPC slipped 7 fils to 210 fils. Kuwait and Gulf Links Transport Co added 2.1 fils and KGL Logistics inched 0.2 fil up to 42.1 fils.

QIC trimmed 0.9 fil and SPEC was unchanged at 68.6 fils. AAN tripped 0.3 fil and Gulf Cable added 3 fils to close at 405 fils. Kuwait Foundry Co climbed 17 fils to 275 fils. In the banking sector, Kuwait Finance House fell 2 fils to 695 fils and Gulf Bank gave up 3 fils with brisk trading to end at 317 fils. Kuwait International Bank tripped 1 fil and Burgan Bank dialed up 2 fils to close at 343 fils and has gained 23 fils so far during the month.

Commercial Bank rose 2 fils to 510 fils with thin trading while Al Ahli Bank was up 3 fils at 320 fils. Al Mutahed eased 1 fil to 316 fils and Warba Bank clipped 2 fils with a volume of over 4 million. Ahli United Bank edged 1 fil into red with brisk trading. Investment conglomerate KIPCO took in1 fil and Gulf Finance House edged 1.3 fil lower to 71.4 fils. Kuwait Investment Co dialed down 2 fils while Coast Investment Co and Securities House tripped 0.7 fils each to close at 36.9 fils and 47.8 fils respectively. KMEFIC fell 1.5 fil to 34.5 fils while Arzan and Unicap paused at 32,5 fils and 53 fils respectively.

ALOLA trimmed 0.6 fil while Al Mal Investment and Bayan Investment ticked 0.1 fil into green. Aayan Investment added 1.6 fil and Madar Finance dialed up 2 fils to end at 132 fils. KAMCO climbed 3 fils to 81 fils and Al Deera Holding held ground at 13.7 fils. Ektittab Holding clipped 1.1 fil and Al Salam ticked 0.5 fil up on back of over 4 million shares. Al Madina added 1.2 fil on back of over 19 million shares. GIH dialed up 2.1 fils and KFIC took in 0.8 fil to wind up at 36.2 fils.

Noor Financial Investment rose 2 fils to 92 fils and KSHC dialed up 1.3 fil. Asiya added 2.8 fils and Al Imtiaz eased 1 fil to 134 fils after trading over 1 million shares. Warba Insurance Co was flat at 70 fils with thin trading. Mabanee Co climbed 4 fils to 724 fils and Kuwait Real Estate Co inched 0.1 fil higher. ARABREC took in 1.3 fil and Mazaya Holding eased 0.2 fil to 59.5 fils.

MENA Holding eased 0.8 fil with a volume if 6.5 million. The bourse has been largely upbeat so far during the week adding 127 points in last four sessions. It had gained 88 pts during whole of May and is trading 776 pts higher year-to-date. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.

13 Jun, 2019 0 245
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