Kuwait Stocks Swung Into Red

31 October 2019 Business

Kuwait stocks swung into red on Wednesday following last session’s tame closing. The All Shares Index dropped 37.54 points to 5,729.74 points led by some of the heavyweights even as the broader trend remained dull in absence of strong cues. The Premier Market slid 49.65 points to 6,230.77 pts while Main Market was down 12.57 points at 4,755.27 pts taking the month’s losses to 27 points.

The volume turnover meanwhile saw a modest rebound after stagnating in the previous session. Over 158 million shares changed hands – an 8 pct rise from the day before. The sectors closed mostly in the red turf.

Consumer Services outpaced the rest with 2.43 percent gain whereas Consumer Goods skidded 3.3 pct, the steepest decliner of the day. Volume wise, Financial Services topped the volume with 69 million shares whereas Banking Sector dominated in value with KD 16.9 million Among the notable losers, Kuwait Finance House slid 9 fils to 684 fils after trading 9.8 million shares while Burgan Bank shed 11 fils before settling at 313 fils. Gulf Bank gave up 8 fils to finish at 265 fils after pushing 7.8 million shares at the counter. Zain eased 1 fil to 569 fils whereas Ooredoo added 3 fils taking the month’s gains to 26 fils.

Kuwait Telecommunications Co (VIVA) stood pat at 760 fils while Agility was down 11 fils at 751 fils. Humansoft Holding slipped 7 fils to KD 3.105 and Mezzan Holding slid 23 fils.

The market opened firm moved fl attish in early trade. The main index drifted lower almost half way into the session amid selling in some of the counters and bottomed at 6,925 points in the final minutes. However, it pared back some of the losses at close.

Top gainer of the day, Al Manar rallied 11.56 pct to 50.2 fils and Munshaat climbed 9.93 percent to stand next. Shuaiba Industrial tumbled 18.89 pct, the steepest decliner of the day and Al Manar topped the volume with 22.85 million shares. Refl ecting the day’s losses , the market spread was skewed towards the losers. 25 stocks advanced whereas 67 closed lower. Of the 109 counters active on Wednesday, 17 closed flat. 6,929 deals worth KD 31.15 million were transacted – down.

National Industries Group was flat at 223 fils after trading 4.6 million shares while Integrated Holding Co gave up 5 fils before closing at 445 fils. Boubyan Petrochemical Co clipped 2 fils while Al Qurain Petrochemical Co tripped 1 fil.

Heavy Engineering Industries and Shipbuilding Co inched 1 fil into red. Jazeera Airways soared 50 fils to KD 1.100 taking month’s gains to 105 fils while ALAFCO clipped 2 fils before ending at 268 fils. Mashaer Holding Co tripped 0.6 fil whereas OSOS and Salbookh stood pat at 100 fils and 40 fils respectively. Gulf Petroleum Investment eased 1.3 fils to 17.5 fils. Kuwait Cement Co fell 6 fils to 250 fils and Kuwait Portland Cement was down 10 fils at KD 1.090. Fujairah Cement Co added 1.5 fils and Ras Al Khaimah Cement Co dialed up 2.4 fils to close at 66.4 fils.

QIC gave up 3.5 fils and SPEC edged 0.8 fil into green. Kuwait Foundry Co rose 3 fils to 400 fils whereas AICICO Industries and NICBM paused at 122 fils and 161 fils respectively. KPPC clipped 1 fil and Equipment Holding Co closed 1.3 fils below the rim. Al Rai Media Group eased 1 fil to 40.5 fils and Al Manar climbed 5.2 fils to 50.2 fils with brisk trading. Combined Group Contracting Co rallied 4 fils on back of over 7 million shares while UPAC tumbled 44 fils to 396 fils. Kuwait and Gulf Links Transport Co trimmed 0.5 fil and KGL Logistics followed suit. AGHC dialed up 2 fils before ending at 221 fils.

In the banking sector, National Bank of Kuwait was fl at at 944 fils with a volume of 2.8 million whereas Kuwait International Bank clipped 2 fils. Boubyan Bank eased 1 fil to 562 fils. Al Ahli Bank slipped 4 fils to 288 fils after pushing 1.3 million shares during the session while Al Mutahed took in 1 fil to end at 315 fils. Warba Bank gave up 2 fils after trading 3.5 million shares and Ahli United Bank was down 3 fils at 269 fils. KIPCO fell 2 fils to 220 fils with a volume of 1.2 million while Gulf Finance House tripped 1 fil. Kuwait Investment Co and FACIL dialed down 1 fil each whereas International Financial Advisors ticked 0.9 fil into green.

Coast Investment Co was fl at at 31.9 fils. KMEFIC took in 1.1 fils on back of 3.4 million shares and National Investment Co trimmed 1 fil. Al Mal and Al Aman gave up 0.9 fil each while Securities House fell 1.9 fils to 41.1 fils. Al Deera Holding eased 0.1 fil to 11.9 fils and Sokouk Holding edged 0.3 fil higher. Bayan Investment and GIH tripped 0.2 fil each while Unicap and Tamdeen Investment were unchanged at 43 and 320 fils respectively. Kuwait Financial Centre (Markaz) eased 0.1 fil to 89.8 fils and Noor Financial Investment Co gave up 3 fils. Mabanee Co ticked 1 fil down to 778 fils and United Real Estate added 2.5 fils. National Real Estate Co clipped 1.1 fils after trading 1.3 million shares AREEC shed 10 fils. Mazaya Holding fell 0.4 fils. The bourse has been mixed so far during the week and has shed 37 pts in last four sessions. It has climbed 51 points from the start of the month and is trading 623 pts higher year-to-date. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region



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