Stocks Sluggish As Boursa Kuwait Makes FTSE Entry
Category: Business
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Kuwait stocks sagged on Monday even as investor’s toed caution amid bourse’s formal entry into the FTSE Russell index.

The All Shares Index fell 3.65 points in a tame session to 5,089.68 points dragged by some of the heavyweights even as the broader sentiment remained mixed. The Prime Market slipped 6.45 pts to 5,282.30 points and Main Market ticked 1.48 points higher to 4,740 points.

The volume turnover meanwhile dipped below the 100 million mark after hitting a multi-month high last week. Over 87 million shares changed hands – 14.7 pct drop from the day before. The sectors closed mostly in red. Insurance outshone the rest with 1.62 percent gain whereas technology plunged 9.8 pct, the worst performer of the day.

Volume wise, real estate mustered the highest market share of 35.9 pct and telecommunications was close behind with 32 percent contribution. In the individual shares, KIPCO and Mabanee Co fell 4 fils each to close at 215 fils and 637 fils respectively while Boubyan Petrochemical Co was down 11 fils at KD 1.015 extending Sunday’s losses.

Kuwait National Cinema Co skidded 89 fils to 951 fils. Zain slipped 3 fils to 467 fils after trading 4.9 million shares and Ooredoo gave up 5 fils before winding up at 760 fils. Kuwait Telecommunications Co ( VIVA) ticked 1 fil lower and Agility followed suit to close at 835 fils. The market opened firm and edged slightly higher in early trade.

The main index scaled the day’s highest level of 5,104 points and headed south as selling kicked in at some of the counters. It bottomed at 5,079 pts ahead of the mid-session and clawed back before drifting sideways and closed marginally in red.

Top gainer of the day, KMEFIC soared 14 pct to 32.5 fils and KAMCO rallied 12.9 pct to stand next. NIH slid 10 pct, the steepest decliner of the day and Investors Holding Group topped the volume with 21.8 million shares. Mirroring the day’s downtick, the losers outnumbered the winners. 46 stocks advanced whereas 55 closed lower.

Of the 117 counters active on Monday, 16 closed flat 3,510 deals worth KD 16.7 million were transacted – a 37.9 pct drop in value from the day before. National Industries Group eased 1 fil to 160 fils after trading over 1 million shares and Mezzan Holding dropped 7 fils to 667 fils. Al Qurain Petrochemical Co tripped 1 fil while Heavy Engineering Industries and Shipbuilding Co shed 10 fils to close at 497 fils. Jazeera Airways was unchanged at 735 fils and ALAFCO tripped 2 fils. Yiaco dropped 11 fils to 119 fils and Mashaer Holding trimmed 1 fil. Inovest eased 0.5 fil to 86 fils and Al Rai Media Group closed 1.5 fils down at 51.1 fils.

Combined Group Contracting Co climbed 4 fils to 379 fils and Ithmaar Holding eased 0.3 fil to inched 0.3 fil down to 30.4 fils. Kuwait and Gulf Links Transport Co added 2.7 fils and KGL Logitsics ticked 0.1 fil into green.

In the banking sector, National Bank of Kuwait was flat at 810 fils and 2.8 million shares whereas Kuwait International Bank and Ahli United Bank clipped 2 fils each. Gulf Bank climbed 4 fils on back of over 3 million shares. Kuwait Finance House eased 1 fil to 591 fils with a volume of 4.5 million and Burgan Bank dialed up 2 fils. Commercial Bank gained 10 fils and Al Ahli Bank gave up 5 fils.

Al Mutahed fell 2 fils to 298 fils and Warba Bank took in 1 fil. National Investment Co eased 1 fil to 85 fils while Kuwait Investment took in 1 fil. International Financial Advisors tripped 0.3 fil and Coast Investment Co edged 0.6 fil into red. Securities House and Al Mal Investment added 0.2 fil each. Bayan Investment Co rose 0.3 fil and Unicap trimmed 0.5 fil.

The company’s profits spiked 497 pct during the second quarter to KD 2.8 mln while during the first six months the earnings soared 192.3 pct to KD 3.04 million. Noor Financial Investment Centre fell 0.9 fil to 51 fils Madar climbed 4 fils to 137 fils on back of over 2 million shares. NIH slipped 6.7 fils to 60.3 fils and Al Deera Holding inched 0.5 fil into green. Al Imtiaz clippd 2 fils and Gulf Insurance Co spiked 23 fils to 649 fils.

National Real Estate Co fell 0.4 fil to 100.6 fils and Salhiya Real Estate ticked 1 fil higher. Mazaya Holding trimmed 0.1 fil and United Real Estate inched 0.1 fil into red. Kuwait Portland Cement Co stood pat at KD 1.050 and Gulf Cable clipped 2 fils. Equipment Holding Co tripped 1.3 fils and NICBM held ground at 170 fils with thin trading. Automated Systems Co was down 13 fils at 119 fils.

Humansoft Holding jumped 49 fils to KD 3.349 and KCPC fell 3 fils to 242 fils. The company has recorded a whopping 541.7 pct jump second quarter profits to KD 1.36 million while in the first six months, the profits surged 433 percent to KD 2.7 million The market has been downbeat so far during the week shedding 58 points in last two sessions and has dropped 42 points from start of the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.

 

SOURCE : ARABTIMES

25 Sep, 2018 371
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