Kuwait stocks swung lower on Wednesday extending the losing streak to fifth straight session.
The All Shares Index dipped 34.99 points in choppy session to 5,635.90 points weighed by heavyweights even as the overall mood remained soggy. The Premier Market slid 41.45 points to 6,119.56 points after shedding 353 points during last month while Main Market was down 21.9 points at 4,696.57 pts.
The volume turnover meanwhile sank to a multi-month low. Over 68 million shares changed hands – a 20 pct dip from the day before. All the sectors closed in red. Consumer Good, the worst performer skidded 1.81 pct while Basic Materials showed the smallest loss with 0.14 pct fall.
Financial Services topped the volume with 27.6 million shares while Banks dominated in value with KD 6.9 million. Among the prominent losers, Kuwait Finance House slipped 6 fils to 668 fils after trading 2.7 million shares while National Bank of Kuwait fell 3 fils to 941 fils with a volume of 1.6 million. Humansoft Holding dipped 23 fils after shedding 75 fils during whole of September and Mabanee Co gave up 7 fils. Zain dropped 7 fils to 531 fils after pushing 1.3 million shares at the counter while Ooredoo climbed 5 fils to 720 fils.
Kuwait Telecommunications Co (VIVA) was down 21 fils at 726 fils and Agility ticked 1 fil lower to 720 fils. The market opened weak and drifted lower in early trade. The main index continued to erode as selling weighed on most of the heavyweights and plumbed the day’s lowest level of 5,635 points in the final minutes. However it slightly pared the losses at close. Top gainer of the day, Taamer rallied 12.82 pct to 22 fils and Munshaat climbed 9.9 percent to stand next.
QIC tumbled 10 pct, the steepest decliner of the day and Aayan topped the volume with 5.2 million shares. Reflecting the day’s slide, the market spread was skewed towards the losers. 33 stocks advanced whereas 59 closed lower. Of the 109 counters active on Wednesday, 17 closed flat. 4,287 deals worth KD 12.7 million were transacted during the session. National Industries Group fell 3 fils to 221 fils after moving over 2 million shares at the counter and while Integrated Holding followed suit to close at 409 fils. Boubyan Petrochemical Co tripped 1 fil and Al Qurain Petrochemical Co clipped 2 fils before settling at 310 fils.
Gulf Cable shed 12 fils. Jazeera Airways slipped 5 fils to 985 fils after gaining 25 fils during whole of September while ALAFCO took in 1 fil. Mashaer Holding tripped 1.1 fils and SPEC was down 4.4 fils at 68 fils. EK Holding gave up 5 fils at Soor Fuel paused at 116 fils. Kuwait Cement Co dialed up 2 fils and Kuwait Portland Cement tripped 1 fil. Sharjah Cement Co was unchanged at 63.7 fils and Gulf Cement Co trimmed 0.9 fil.
OSOS dialed up 1.9 fils with thin trading and IFA Hotels and Resorts edged 0.5 fil higher. Kuwait and Gulf Links Transport Co slipped 3.9 fils to 68 fils and KGL Logistics closed flat at 36.4 fils. Salbookh Trading added 0.9 fil while Heavy Engineering Industries and Shipbuilding Co clipped 2 fils. ACICO Industries dropped 8 fils to 131 fils and Equipment Holding trimmed 0.6 fil to close at 15.6 fils.
Warbacap and Gulf Petroleum Investment Co gave up 0.9 fil each whereas AAN stood pat at 16.5 fils. Kuwait Foundry Co climbed 5 fils to 490 fils and Combined Group Contracting Co fell 3 fils to 228 fils. KCPC gave up 5 fils and KPPC took in 8 fils to end at 52.4 fils.
In the banking sector, Gulf Bank fell 3 fils to 276 fils after moving 4.4 million shares and Kuwait International Bank followed suit to close at 266 fils. Burgan Bank too gave up 3 fils to close at 310 fils with a volume of 1.5 million and Boubyan Bank clipped 2 fils. Commercial Bank of Kuwait shed 10 fils erasing Tuesday’s gains while Al Ahli Bank eased 1 fil to 304 fils. Al Mutahed rose 3 fils to 316 fils and Ahli United Bank dialed down 2 fils after trading 3.5 million shares.
Warba Bank tripped 1 fil. KIPCO was unchanged at 220 fils and Gulf Finance House gave up 1.3 fils. Kuwait Investment Co and FACIL paused at 137 fils and 201 fils respectively whereas National Investment Co clipped 2 fils. Coast Investment Co took in 0.3 fil and Al Mal eased 0.2 fil. Kuwait Financial Centre (Markaz) ticked 1 fil higher to 89.1 fils and KMEFIC added 0.6 fil on back of 1.7 million shares. GIH tripped 1.7 fils and Aayan took in 0.4 fil with a volume of 5.2 million. Bayan Investment fell 1.6 fils and Osoul climbed 4 fils to 74 fils. Unicap and Sokouk Holding gave up 3 fils each whereas Al Deera Holding dialed up 1 fil.
Madar Finance gained 4 fils and Ektittab Holding trimmed 0.9 fil. Noor Financial Investment dialed up 1.6 fils and KSHC rose 1.9 fils to 33.4 fils. Al Imtiaz ticked 1 fil into red and Ahleia Insurance stood pat at 431 fils. Warba Insurance slipped 4.9 fils to 65 fils.
Kuwait Real Estate Co trimmed 0.5 fil and National Real Estate Co dialed up 1.5 fils. Salhiya Real Estate shed 4 fils and AREEC was down 7 fils at 130 fils. Sanam Real Estate clipped 2.7 fils and Mazaya Holding tripped 0.7 fil. The bourse has been trending lower so far during the week sliding 75 pts in last four sessions. It had dived 252 during whole of September and is trading 558 pts higher year-to-date. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.
SOURCE : ARABTIMES