Kuwait Stocks in the Red Zone

Published October 1st, 2018 - 07:08 GMT
The sectors closed mostly in the red turf. (AFP)
The sectors closed mostly in the red turf. (AFP)

Kuwait stocks slipped into red on Sunday after charting a mixed course in the previous week. The All Shares Index dropped 10.48 points in choppy session to 5,128.04 points weighed by Humansoft Holding and some of the mid-caps even as bourse remained rudderless a week after its inclusion in FTSE Russell index.

The Prime Market eased 1.83 pts to 5,343.9 points and has gained 82 points during the month while Main Market dipped 26.4 points to 4735.6 points. The volume turnover meanwhile slipped again below the 100 million mark.

Over 85 million shares changed hands – a 35 pct dip from the day before. The sectors closed mostly in the red turf. Healthcare outshone the rest with 1 pct gain whereas insurance shed 1.4 percent, the worst performer of the day.

Volume wise real estate mustered the highest markets share of 31 pct and financial services followed with 27 percent contribution.

In the individual shares, Humansoft Holding tumbled 50 fils to KD 3.200 while KIPCO clipped 2 fils. Commercial Bank slipped 5 fils to 505 fils whereas National Bank of Kuwait rallied 6 fils on back of 4.5 million shares to 833 fils. Zain fell 3 fils to 476 fils after trading over 4 million shares and Ooredoo shed 20 fils taking the month’s losses to 50 fils. Kuwait Telecommunications Co (VIVA) slipped 4 fils to 715 fils and Agility ticked 1 fil into red.

The market opened flat and moved sideways in early trade. The main index rose briefl y to scale the day’s highest level of 5,148 pts almost an hour into the session and retreated thereafter as selling kicked in at select counters. It continued to drift lower and closed with small losses.

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Top gainer of the day, Massaleh rallied 9.7 pct to 45 fils and Educational Holding Co climbed 6.4 pct to stand next. KMEFIC slid 9.7 percent, the steepest decliner of the day and Aayan Real Estate topped the volume with 16.6 million shares. Mirroring the day’s fall, the losers outnumbered the winners. 36 stocks advanced whereas 57 closed lower.

Of the 115 counters active on Sunday, 22 closed fl at. 4070 deals worth KD 13.18 million were transacted – down 37 pct in value from the day before. National Industries Group was unchanged at 162 fils and Mezzan Holding inched 1 fil higher to 674 fils. Boubyan Petrochemical Co paused at KD 1.030 and Al Qurain Petrochemical Co gave up 4 fils to close at 342 fils. Equipment Holding Co dialed up 0.1 fil to wind up at 28.3 fils. Jazeera Airways stood pat at 749 fils and ALAFCO took in 1 fil. Gulf Cable and ACICO were fl at at 386 fils and 211 fils respectively whereas Kuwait Foundry Co was down 8 fils at 185 fil. Heavy Engineering Industries and Shipbuilding Co took in 1 fil. UPAC gained 10 fils and Combined Group Contracting Co dropped 14 fils to 355 fils.

The company’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. Kuwait Foundry Co dipped 8 fils to 185 fils and ACICO was unchanged at 211 fils. KCPC ticked 1 fil higher to 241 fils and IFA Hotels and Resorts fell 4.9 fils to 92.1 fils. EK Holding shed 4 fils and Inovest tripped 0.5 fil. Kuwait Portland Cement climbed 6 fils to KD 1.046 and Al Rai Media added 0.8 fil. Kuwait and Gulf Link Transport Co gained 5 fils and KGL Logistics edged 0.9 fil higher. EK Holding gave up 4 fils to close at 342 fils.

Clipped

In the banking sector, Gulf Bank and Kuwait International Bank clipped 1 fil each to close at 254 fils and 238 fils respectively whereas Burgan Bank closed fl at at 250 fils. Boubyan Bank inched 1 fil higher to 562 fils. Kuwait Finance House eased 1 fil to 597 fils while Ahli United Bank and Warba Bank clipped 2 fils each to end at 212 fils and 234 fils respectively. Al Ahli Bank dropped slipped 4 fils to 291 fils and Al Mutahed was down 3 fils at 290 fils.

National Investment Co was unchanged at 84.5 fils whereas Kuwait Financial Centre (Markaz) climbed 4 fils to 104 fils. International Financial Advisors and Amwal Investment trimmed 0.1 fil each whereas Al Mal Investment dialed up 18.3 fils. Bayan Investment Co and Unicap paused at 49 fils and 60 fils respectively. Unicap ’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. Kuwait Investment Co ticked 1 fil higher to 122 fils whereas GIH and Al Imtiaz Investment held ground at 17.5 fils and 129 fils respectively.

Securities House tripped 0.2 fil and Al Deera Holding inched 0.5 fil into red. Noor Financial Investment added 0.7 fil and KMEFIC fell 3.3 fils to 30.5 fils. Kuwait Insurance Co skidded 19 fils to 305 fils and Gulf Insurance Co was down 5 fils at 635 fils. Mabanee Co dialed up 2 fils whereas National Real Estate and Salhiya Real Estate paused at 103 fils and 330 fils respectively.

United Real Estate trimmed 0.5 fil and Kuwait Real Estate Co fell 0.7 fil to 46.3 fils. The market was mixed during last week. The main index closed lower in three of the five sessions shedding 9 points week-on-week and has lost 4 points during whole of Sept. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.


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