Kuwaiti Market Edges Down In Volatile Trade

08 October 2018 Business

Kuwait stocks edged lower on Sunday following last week’s losses. The All Shares Index slipped 6.5 pts in volatile session to 5104.76 points weighed by some of the frontline stocks even as the broader sentiment remained mixed.

The Premier Market dropped 8.23 pts to 5306.67 points while Main Market gave up 3.56 pts. The volume turnover meanwhile ebbed following last session’s rebound. Over 72 million shares changed hands – a 12.3 pct drop from Thursday. The sectors closed mostly in red. Technology outshone the rest with 5.9 pct jump whereas insurance shed 0.52 percent, the worst performer of the day.

Volume wise, financial services mustered the highest market share of 34.6 pct and banks followed with 30.6 percent contribution. In the individual shares, National Bank of Kuwait and Kuwait Finance House fell 3 fils each to close at 826 fils and 592 fils respectively whereas Burgan Bank was up 7 fils at 267 fils on back of over 5 million shares.

Zain eased 1 fils to 471 fils and Ooredoo dipped 13 fils to 755 fils with thin trading. Kuwait Telecommunications Co (VIVA) fell 4 fils to 721 fils and Agility ticked 1 fils higher to 838 fils. The market opened firm and pulled lower in early trade. The main index see-sawed and headed north to peak at 5118 points half way into the session and flipped direction.

It retreated amid selling in select counters to plumb the day’s lowest level of 5103 pts in the final minutes before closing with small losses. Top gainer of the day, Automated Systems Co rallied 5.9 pct to 124 fils and Al Aman climbed 5.43 percent to stand close behind. KAMCO skidded 8.4 pct, the steepest decliner of the day and Investors Holding Group topped the volume with 7.6 million shares. Mirroring the day’s drop, the losers outnumbered the winners. 41 stocks advanced whereas 50 closed lower.

Of the 108 counters active on Sunday, n 17 closed flat. 3604 deals worth KD 11.54 million were transacted – a 31 percent dip in value from the day before. National Industries Group ticked 1 fils higher to 159 fils and Mezzan Holding was down 5 fils at 660 fils.

Boubyan Petrochemical Co slipped 6 fils to KD 1.039 and Al Qurain Petrochemical Co jumped 17 fils on back of 2.5 million shares. Humansoft Holding tripped 1 fils and NAPESCO dialed up 1 fils to close at 826 fils. Heavy Engineering Industries and Shipbuilding Co skidded 27 fils to 472 fils and Equipment Holding inched 0.5 fils higher. KCPC slipped 5 fils to 233 fils Gulf Cable and Kuwait Cement Co stood pat at 387 fils and 380 fils respectively whereas Combined Group Contracting Co took in 1 fils.

The ’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. Jazeera Airways was flat at 749 fils and ALAFCO was up 4 fils at 327 fils. Jazeera’s second quarter earnings dropped 23.6 pct to KD 1.8 million whereas operating revenues jumped 43.3 pct to KD 20.1 million. In the first half net profits rose 6.4 pct to KD 1.4 mln. Kuwait and Gulf Link Transport Co tripped 0.5 fils and KGL Logistics dialed down 0.3 fils.

Al Rai Media Group trimmed 0.8 fils and Inovest edged 1.1 fils into red. UPAC paused at 640 fils and Mashaer Holding eased 0.4 fils to 44 fils. In the banking sector, Gulf Bank ticked 1 fils up to 252 fils whereas Kuwait International Bank tripped 1 fils. Boubyan Bank fell 5 fils to 553 fils and Warba Bank held ground at 232 fils with a volume of 1.5 million shares. Al Ahli Bank fell 1 fils to 291 fils and Ahli United Bank took in 1 fils on back of 6.4 million shares. Al Mutahed was unchanged at 288 fils and Commercial Bank was traded during the session. KIPCO slipped 1 fils to 209 fils and Gulf Finance House dialed up 0.8 fils.

National Investment Co fell 1.5 fils to 83 fils and International Financial Advisors gave up 1.1 fils. Kuwait Investment Co was flat at 120 fils and Al Imtiaz too did not budge from its earlier close of 131 fils. Kuwait Financial Centre (Markaz) dipped 7 fils to 93 fils and Coast Investment Co dialed up 0.6 fils. Securities House added 0.7 fils while Noor Financial Centre and NIH took in 1.7 fils each.

Al Madina edged 0.9 fils up on back of 4.4 million shares. KAMCO slipped 6 fils to 65 fils and GIH tripped 0.2 fils . Al Mal Investment ticked 0.8 fils higher on back of 4.5 million shares. Ektittab Holding edged 0.3 fils up to 23.8 fils. Kuwait Insurance Co dialed up 2 fils and Gulf Insurance dropped 11 fils.

Mabanee Co took in1 fils and United Real Estate trimmed 1.1 fils. National Real Estate Co fell 3.9 fils to 96.7 fils and Salhiya Real Estate stood pat at 328 fils. Mazaya Holding closed 1.4 fils in red. The market was largely downbeat during last week. The main index closed lower in four of the five sessions shedding 27 points week-onweek and is down 24 points 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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