Kuwaiti Equities Extend Losses

23 October 2018 Business

Kuwait stocks pulled lower on Monday extending the losses to third straight session. The All Shares Index slipped 10.83 pts in volatile session to 4,986.86 pts led by Humansoft Holding and some of the heavyweights.

The Prime Market dropped 21.71 pts to 5,146.96 pts and Main Market was up 9.2 points to 4,696.96 points trimming the month’s losses to 39 pts.

The volume turnover meanwhile saw a modest rebound following fourday drop. Over 45 million shares changed hands – 27 pct rise from the day before. The sectors closed mostly in red territory. Consumer goods outpaced the rest with 1.3 percent gain whereas telecommunications shed 0.49 pct, the worst performer of the day.

Volumewise, banks mustered the highest market share of 24 pct and financial services stood close behind with 23 pct contribution. In the individual shares, Humansoft Holding dipped 50 fils to KD 3.100 extending an identical loss in the previous session while Boubyan Petrochemical Co shed 17 fils.

Kuwait Finance House gave up 3 fils after trading 2.5 million shares and Mabanee Co clipped 2 fils before settling at 609 fils. Zain fell 3 fils to 436 fils after trading over 3 million shares and Ooredoo was down 8 fils at 752 fils with thin trading. Kuwait Telecommunications Co (VIVA) climbed 9 fils to 720 fl s recouping Sunday’s losses and Agility shed 6 fils with over 1 million shares. The market opened on a tame note and edged higher in early trade.

The main index seesawed in a narrow range before scaling the day’s highest level of 5,007 pts half way into the session. It retreated thereafter to bottom at 4,984 pts in the final minutes and closed with small losses. Top gainer of the day, Osoul Investment climbed 9.98 pct to 58.4 fils and QIC climbed 9.8 percent to stand next. Bayan Investment Co skidded 18.9 pct, the steepest decliner of the day and Mubarrad topped the volume with 3.7 million shares.

Reflecting the day’s downtick, the losers outnumbered the winners. 42 stocks advanced whereas 48 closed lower. Of the 109 counters active on Monday, 19 closed fl at. 2,631 deals worth KD 9.6 million were transacted – a 43 pct surge in value from the day before. National Industries Group ticked 1 fil lower to 155 fils and Mezzan Holding climbed 10 fils to 640 fils.

Heavy Engineering Industries and Shipbuilding Co clipped 2 fils and Al Qurain Petrochemical was up 7 fils at 393 fils. Jazeera Airways dropped 10 fils to 730 fils and ALAFCO rose 5 fils to 342 fils extending last session’s gains. KPPC took in 1.1 fils and KCPC closed 3 fils down at 225 fils. ACICO Industries stood pat at 200 fils. Kuwait Cement Co scaled 10 fils and Kuwait Portland Cement gained 13 fils to wind up at KD 1.065. OSOS slipped 3.1 fils to 89.9 fils and Soor dialed up fils. NAPESCO was fl at at 825 fils and Independent Petroleum Group climbed 10 fils. Kuwait and Gulf Link Transport Co rose 4 fils to 97 fils and KGL Logistics trimmed 0.2 fil.

Combined Group Contracting Co climbed 6 fils to 360 fils and UPAC slid 38 fils to 620 fils. Inovest added 2.4 fils and Al Rai Media Group inched 0.1 fil into green. In the banking sector, National Bank of Kuwait and Gulf Bank clipped 1 fil each. NBK recorded a 17.5 pct jump to KD 86.5 mln in third quarter profits compared to the same period in the year before. Burgan Bank fell 3 fils after trading 3.2 million shares and Boubyan Bank slipped 3 fils to 531 fils.

Kuwait International Bank inched 1 fil higher and Warba Bank dialed up 1 fil. Commercial Bank dropped 5 fils to 505 fils and Al Ahli Bank rallied 10 fils. Al Mutahed ticked 1 fil higher to 290 fils and Ahli United Bank stood pat at 200 fils. KIPCO was unchanged at 208 fils and Gulf Finance House was up 3 fils at 96 fils. Facil inched 1 fil higher to 173 fils while Kuwait Investment Co and Securities House Co paused at 119 fils and 48.4 fils respectively.

National Investment Co edged 0.6 fil up to 76.1 fils and International Financial Advisors held ground at 21.7 fils. Coast Investment Co tripped 0.6 fil and Arzan closed 1.3 fils in red. Al Mal trimmed 1.8 fils and Madar dialed up 2 fils. Al Deera ticked 1.2 fils lower to 16.1 fils. KAMCO eased 0.5 fil to 67 fils and Unicap dialed down 0.9 fil. Ektittab Holding erased 0.6 fil and Amwal climbed 4.2 fils to 64.2 fils. Sokouk Holding fell 1.6 fils to 42.9 fils and Al Imtiaz clipped 1 fil. Noor Financial Investment Co eased 0.1 fil to 51.3 fils and Kuwait Insurance Co paused at 330 fils. Gulf Insurance Co fell 2 fils to 623 fils and Wethaq Takaful took in 1.2 fils.

Kuwait Real Estate was fl at at 45 fils and National Real Estate was up 1.7 fils at 91.3 fils. Al Aqaria slipped 4.9 fils to 21.1 fils and Mazaya Holding trimmed 0.7 fil. Abyaar inched 0.1 fil up to 16.1 fils. The bourse has been trended lower so far during the week slipping 18 points in last two sessions and has skidded 140 points from start of the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.

 

SOURCE : ARABTIMES

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