Kuwait Stocks Wind Up In Red - Volume Shrinks
Category: Business

Kuwait stocks pulled lower on Sunday after posting modest gains during previous week . The All Shares Index fell 6.14 pts in sluggish trade to 5,033.42 points weighed by some of the mid-caps even as overall mood remained mixed.

The Prime Market dropped 10.52 pts to 5,217.79 points while Main Market ticked 1.9 pts higher to 4,698.87 pts and is down 37 pts so far during the month. The volume turnover meanwhile ebbed following Thursday’s surge.

Over 60 million shares changed hands — down 16.8 pct from the last session. The sectors closed mixed. Technology outshone the rest 7.7 pct jump whereas oil and gas shed 1.22 percent, the worst performer of the day. Volume wise, banks garnered the highest market share of 44 pct and real estate trailed with 23.7 percent contribution. In the individual shares, Kuwait Finance House dropped 4 fils to 582 fils after trading 1.6 million shares and Mabanee Co clipped 2 fils taking the month’s losses to 24 fils. Jazeera Airways skidded 38 fils to 700 fils and Humansoft Holding slid 25 fils. Zain slipped 4 fils to 441 fils with a volume of over 1 million and Ooredoo shed 11 fils.

Kuwait Telecommunications Co (VIVA) climbed 5 fils to 720 fils and Agility dialed up 2 fils to settle at 815 fils. The market opened firm and headed south in early trade. The main index plumbed the day’s lowest level of 5,027 pts about 30 minutes into the session and vacillated thereafter between small gains and losses.

It revved up in the final minutes before slipping back into red at close. Top gainer of the day, Sultan Centre spiked 13.4 pct to 54 fils and Tamdeen Real Estate climbed 8.4 percent to stand next.

First Takaful Insurance Co dipped 9.9 pct, the steepest decliner of the day and Gulf Bank topped the volume with 15.5 million shares. Despite the day’s downtick, the winners slightly outnumbered the losers. 49 stocks advanced whereas 44 closed lower. Of the 119 counters active on Sunday, 26 closed lower. 2895 deals worth KD 13.47 million were transacted — down 28.9 pct from the day before National Industries Group fell 2 fils to 158 fils with a volume of 1.5 million while Gulf Cable and ACICO Industries stood pat at 363 fils and 200 fils respectively.

Kuwait National Cinema Co ticked 1 fil higher to 994 fils and Mashaer Holding inched 0.1 fil into green. Automated Systems Co gained 9 fils and Independent Petroleum Group skidded 24 fils. KPPC and KCPC were unchanged at 51 fils and 225 fils respectively whereas IFA Hotels and Resorts gave up 5 fils. UPAC paused at 610 fils and NAPESCO took in 1 fil. Kuwait Portland Cement Co dialed up 2 fils while Kuwait Foundry Co and Combined Group Contracting Co stalled at 189 fils and 358 fils respectively. Heavy Engineering Industries and Shipbuilding Co shed 8 fils and ALAFCO climbed 10 fils to 357 fils. Kuwait Gulf Links fell 2.5 fils to 91.3 fils and KGL Logistics trimmed 0.3 fil. Al Rai Media Group added 0.9 fil and Soor stood pat at 116 fils.

Boubyan Petrochemical Co slipped 9 fils to KD 1.027 and Al Qurain Petrochemical shed 12 fils. In the bank sector, National Bank of Kuwait was unchanged at 818 fils and Burgan Bank gained 4 fils on back of 279 fils. Gulf Bank scaled 6 fils with brisk trading while Kuwait International Bank and Ahli United Bank held ground at 238 fils and 206 fils respectively. Commercial Bank was flat at 505 fils and Al Ahli Bank rose 7 fils to 296 fils.

Al Mutahed ticked 1 fil up to 290 fils and Warba Bank clipped 2 fils. Boubyan Bank dropped 11 fils to 582 fils. KIPCO took in 2 fils and GFH added 3.2 fils to end at 209 fils. Kuwait Investment Co dialed up 1 fil and FACIL slipped 7 fils to 172 fils. International Financial Advisors and GIH rose 0.5 fil each to end at 22.6 fils and 14.5 fils respectively. Kuwait Financial Centre (Markaz) tripped 0.1 fil whereas KMEFIC and Al Deera Holding were unchanged at 28 fils and 17.5 fils respectively. Coast Investment Co fell 0.9 fil to 28.1 fils and Al Mal inched 0.7 fil into green. Ektittab Holding eased 0.7 fil to 21.3 fils.

KAMCO added 1.5 fils and Bayan Investment was up 3 fils at 39.7 fils. The company incurred a loss of KD 155,090 during the third quarter as against KD 445,270 profit in the same quarter last year.

In the January- September period, the losses totaled KD 445,770. Noor Financial Centre and Al Imtiaz were flat at 51.4 fils and 1,126 fils respectively while Sokouk Holding trimmed 0.7 fil. Warba Insurance gained 5 fils and Al Madina ticked 0.1 fil up.

The bourse was mixed during last week. The main index closed higher in three of the five sessions gaining 35 points week-on-week and has shed 95 points from start of the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.

In the bourse related news, Aqar Real Estate Investments third quarter profits fell 3.8 pct to KD 331,900 from KD 345,100 in same period last year. In the first nine months, earnings ticked 0.9 percent up to KD 1.04 million. Total assets dropped by 3.8% pct to KD 29.3 million.



29 Oct, 2018 347
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