Kuwait Stocks Kick Off Week With A Downtick

Kuwait stocks sagged Sunday after eking modest gains in the previous week. The All Shares Index dropped 10.87 points in sluggish trading to close at 5,138.55 points weighed by some of the mid-caps even as the overall sentiment remained mixed.

The Premier Market climbed 19.7 pts to 5,325.12 points taking the month’s gains to 64 points while Main Market skidded 66.8 pts to 4,799 points. The volume turnover meanwhile receded for second day. Over 63 million shares changed hands – down 10.8 pct from the day before. The sectors swayed in both directions.

Basic materials outshone the rest with 1.15 percent rise whereas real estate tumbled 6.4 pct, the biggest loser of the day. Volumewise, banks cornered the highest market share of 27 pct and financial services was close behind with 25 percent contribution. In the individual shares, National Bank of Kuwait rallied 4 fils on back of 2.6 million shares to 819 fils and Boubyan Bank followed suit to wind up at 555 fils. Boubyan Petrochemical Co jumped 20 fils extending Thursday’s gains whereas Humansoft Holding gave up 3 fils. Zain dialed up 2 fils, Ooredoo climbed 5 fils to 780 fils trimming the month’s losses to 19 fils. Kuwait Telecommunications Co (VIVA) fell 3 fils to 718 fils and logistics major Agility rallied 15 fils to 862 fils.

The market opened firm and drifted slightly lower in early trade. The main index rose gradually again on back of some of the heavyweights and peaked at 5,161 points half way into the session. It retreated to plumb the day’s lowest level of 5,128 points in the final minutes before clawing back some of the losses at close. Top gainer of the day, Salbookh Trading Co soared 8.5 pct to 48.5 fils and Tahssilat climbed 8.4 percent to stand close behind. REAM plunged a whopping 77 pct, the steepest decliner of the day and Aayan topped the volume with over 7 million shares Despite the day’s downtick, the market spread was even. 51 stocks advanced and an identical number of shares closed lower.

Of the 122 counters active on Sunday, 20 closed fl at. 3,609 deals worth KD 11.46 million were transacted – a 35 pct dip in value from the day before. National Industries Group was unchanged at 167 fils and Mezzan Holding too did not budge from its earlier close of 700 fils. Heavy Engineering Industries and Shipbuilding Co and Kuwait Foundry Co were down 6 fils each at 515 fils and 193 fils respectively.

Jazeera Airways rose 5 fils to 745 fils partly recouping last session’s losses and ALAFCO stood pat at 339 fils. Al Qurain Petrochemical Co dialed up 2 fils and Gulf Cable ticked 1 fil into red UPAC fell 5 fils to 6 8 0 fils and Combined Group Contracting Co shed 15 fils. The company’s second quarter profits surged 54.9 pct to KD 830,000 while during the first six months earnings soared 153.3 pct to KD 2.66 mln. ACICO Industries gained 10 fils and NICBM held ground at 170 fils with thin trading.

KCPC fell 3 fils to 247 fils and KPPC added 2.9 fils. . Equipment Holding Co slipped 1.5 fils to 27.5 fils. IFA Hotels and Resorts clipped 2 fils. Kuwait and Gulf Links Transport Co dipped 9 fils to 94 fils and KGL Logisics trimmed 0.9 fil. Burgan Well Drilling Co was unchanged at 104 fils and OSOS gave up 4.9 fils before settling at 92.1 fils.

Down

Humansoft Holding fell 3 fils to KD 3.387 and IFA Hotels and Resorts dialed down 2 fils and Mashaer Holding inched 0.4 fil into red. Al Rai Media Group dipped 5.3 fils to 66 fils and Inovest ticked 0.1 fil higher to 87.8 fils.

In the banking sector, Kuwait Finance House ticked 1 fil higher to 590 fils whereas Kuwait International Bank and Burgan Bank stood pat at 242 fils and 254 fils respectively. Gulf Bank eased 1 fil to 257 fils and Warba Bank followed suit.

Commercial Bank was flat at 500 fils and Al Mutahed was down 4 fils at 309 fils. Ahli United Bank tripped 1 fil whereas Al Ahli Bank was not traded during the session. KIPCO and Gulf Finance House took in 1 fil each whereas Kuwait Investment Co paused 121 fils. International Financial Advisers trimmed 0.1fil while KFIC inched 0.1 fil into green.

Coast Investment Co clipped 0.9 fil and Securities House inched 0.5 fil up. KAMCO and Unicap were fl at at 66.6 fils and 60 fils respectively. Al Imtiaz dialed up 2 fils and Ekttitab Holding tripped 0.3 fil. Kuwait Insurance Co climbed 17 fils to 305 fils and Wethaq Takaful inched 0.5 fil into green. Bayan Investment Co rose 1.7 fils to 51 fils and Sokouk Holding dialed down 1.8 fils.

Noor Financial Investment Co took in 0.5 fil and Amwal ticked 0.2 fil higher to 63.7 fils. Mabanee Co was unchanged at 665 fils and Kuwait Real Estate trimmed 0.5 fil. Salhiya Real Estate dialed up 2 fils and Mazaya Holding clipped 2 fils before closing at 77.7 fils. The market was mixed during last week. The main index closed higher in three of the five sessions scaling 16 pts week-on-week and has added 6 fils so far during the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.

 

SOURCE : ARABTIMES

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