Kuwait Stocks Sag, Amidst Unstable Market

Published September 17th, 2018 - 07:41 GMT
The All Shares Index, after a firm start, fell 4.68 points to 5,134.88 points. (Shutterstock)
The All Shares Index, after a firm start, fell 4.68 points to 5,134.88 points. (Shutterstock)

Kuwait stocks sagged on Sunday as it opened the week on a dull note. The All Shares Index, after a firm start, fell 4.68 points to 5,134.88 points weighed by National Bank of Kuwait and Humansoft Holding even as the overall mood remained mixed.

The Premier Market ticked 1.44 points down to 5,347.35 pts trimming the month’s gains to 86 pts while Main Market dropped 10.6 points to 47,848.69 points. The volume turnover meanwhile bounced past the 100 million mark. Over 102 million shares changed hands – a 17.3 pct jump from the last session. The sectors closed mostly in red.

Technology outshone the rest with 4.1 pct jump whereas insurance shed 2 percent, the steepest decliner of the day.

Volume wise, banks clocked the highest market share of 34.6 pct and real estate trailed with 28.8 percent contribution.

Among the notable losers, sector bellwether National Bank of Kuwait dipped 6 fils to 824 fils after trading 2.8 million shares and Boubyan Petrochemical Co was down 9 fils at KD 1.060. Humansoft Holding slid 49 fils to KD 3.240 extending Thursday’s losses. Zain rose 3 fils to 480 fils on back of over 5 million shares and Ooredoo too was up 4 fils at 779 fils paring the month’s losses to 20 fils.

Kuwait Telecommunications Co ( VIVA) slipped 7 fils and Agility followed suit to end at 857 fils. The market opened firm and edged higher in early trade.

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The main index scaled the day’s highest level of 5,383 points almost an hour into the session and retreated thereafter as selling kicked in at select counters. It continued to erode and bottomed at 5,343 points in the final minutes before closing in red. Top gainer of the day, Asiya soared 9.5 percent to 37.8 fils and International Resorts Co climbed 6.6 pct to stand next. Al Rai Media Group tumbled 11.38 pct, the steepest decliner of the day and Al Tijaria topped the volume with 18.9 million shares. Mirroring the day’s fall, the losers outnumbered the winners. 40 stocks advanced whereas 53 closed lower. Of the 121 counters active on Sunday, 28 closed fl at. 4,730 deals worth KD 21.7 million were transacted – a 37 pct surge in value from the day before.

National Industries Group was unchanged at 165 fils after trading over 2 million shares and Mezzan Holding added 3 fils before closing at 703 fils. Heavy Engineering Industries and Shipbuilding Co rose 3 fils to 512 fils and Equipment Holding Co ticked 0.1 fils higher.

Jazeera Airways clipped 2 fils and ALAFCO stood pat at 334 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 Cement Co eased 1 fil to 370 fils and Kuwait Portland Cement shed 22 fils before closing at KD 1.046.

Al Qurain Petrochemical paused at 331 fils and OSOS was down 6.4 fils at 91 fils. Automated Systems Co climbed 5 fils to 125 fils and Masher Holding trimmed 0.8 fil. Combined Group Contracting Co fell 5 fils to 385 fils and YIACO climbed 7 fils to 130 fils. Kuwait and Gulf Links Transport Co erased 0.5 fil and KGL Logistics edged 0.3 fil into green. KPPC was fl at at 56 fils and KCPC dialed down 2 fils. The company recorded a whopping 541.7 pct jump in second quarter profits to KD 1.36 million while in the first six months, the profits surged 433 percent to KD 2.7 million.


In the banking sector, Kuwait Finance House rose 3 fils to 598 fils while Gulf Bank and Boubyan Bank clipped 2 fils each. Warba Bank paused at 237 fils and Burgan Bank too did not budge from its earlier close of 256 fils. Commercial Bank was unchanged at 500 fils and Al Mutahed added 3 fils.

Gulf Bank dialed up 2 fils and Kuwait International Bank rose 3 fils to 248 fils. Ahli United Bank paused at 204 fils whereas Al Ahli Bank was not traded during the session. KIPCO and Gulf Finance House were flat at 223 fils and 102 fils respectively whereas Kuwait Investment House tripped 1 fil.

International Financial Advisors ticked 0.4 fil higher to 24.4 fils whereas Coast Investment Co and Al Mal held ground at 30.4 fils and 17.7 fils respectively. KAMCO dialed up 2 fils and National Investment Co trimmed 0.5 fil. Securities House Co and Ektittab Holding eased 0.5 fil each while Sokouk Holding closed 1.5 fils in red. Al Deera Holding ticked 0.5 fil lower.

Noor Financial Investment Co clipped 0.2 fil whereas Tamdeen Investment Co and Al Imitiaz stood pat at 300 fils and 125 fils respectively.

KMEFIC tripped 0.2 fil while Gulf Insurance abd Ahleia Insurance shed 15 fils each. Mabanee Co continued to stagnate at 664 fils and Kuwiat Real Estate Co inched 0.1 fil higher. United Real Esatte and National Real Estate Co were fl at at 65 fils and 106 fils respectively whereas Mazaya Holding took in 0.9 fil.

The market was mixed during last week. The main index closed lower in three of the five sessions shedding 10 pts week-on-week and is up 2 points from start of the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.

© 2021 Arab Times Kuwait English Daily. All Rights Reserved.

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