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Kuwait stocks decline 3.15 pts below red zone Benchmark falls 5.14 points deeper

KUWAIT CITY, Aug 25: Kuwait stocks eased 3.15 points below the red line, closing 0.04 percent or 3.15 points lower at 7389.03 points. The weighted index stood at 490.84 points dipping 1.61 points lower. The KSE benchmark fell 5.14 points deeper in the session, to stand at 1197.72 points. A total of 293.79 million shares were traded in the bourse, for a total value of KD 26.7 million in 6,265 transactions. Of 140 counters that remained open in the session, only 46 advanced while 48 retreated and 46 recorded no change. Al Rai Media Group Company posted the highest gains of the day, advancing 7.69 percent to 140 fils and trading 773,612 shares. National Consumer Holding Company and Securities Group Company followed in step with a 7.35 percent and 7.27 percent turn to the green, at 73 fils and 118 fils respectively. At the same time, Al Mudon Intl. Real Estate Co shifted 5.95 percent upwards to 89 fils and Tameer Real Estate Investment Co gained 5.38 percent share price to close at 49 fils. 

Housing Finance Co, on the other hand, continued its downward spiral to 25 fils, shedding 9.09 percent in share price. Kuwait Syrian Holding Co dived 8.47 percent lower to 27 fils. Future Kid Entertainment & Real Estate ebbed 5.36 percent lower to 106 fils while Independent Petroleum Group stumbled to 445 fils with a 5.32 percent cut and Hilal Cement Co with a 5.13 percent decrease, stood at 148 fils. Gulf Finance House traded the highest volume of shares in the market today of 42.83 million holding ground at 42.5 fils. Abyaar Real Estate Development Company traded a robust 26.5 million shared while Gulf Petroleum Investment pulled off an 18.66 million shares exchange in the session.
Telecommunications finished 0.12 percent lower at 768.6 points. Mobile Telecommunications Company — Zain stood firm at 650 fils while Ooredoo surged 20 points ahead to KD 1.5 and Hits Telecom Holding Company scrambled 1 points lower to 53 fils.  In the banking sector, National Bank of Kuwait held out at 990 fils trading a volume of 1.54 million shares while Kuwait Finance House sagged 10 points lower to 810 fils and Gulf Bank trailed 5 points higher to 350 fils. Kuwait International Bank and Boubyan Bank meanwhile, closed flat at 320 fils and 510 fils respectively while Ithmaar Bank shuffled 0.5 points higher to 49 fils. Warba Bank failed to advance in the session, closing at a stale 275 fils and Commercial Bank of Kuwait took a 10 point lunge to 720 fils. Burgan Bank closed flat at 540 fils. 
Financial Services closed at 1,017.4, 0.14 percent lower making up 39.76 percent of the total market volume and 26.79 percent of the value. Gulf Finance House stood firm at 42.5 fils and Securities House aped up 1 point to 83 fils while National Industries Group declined by 2 points and closed at 224 fils. First Investment Company boarded 5 points upwards to 98 fils and Al Salam Group Holding closed flat at 102 fils. At the same time, Al Aman Investment Company flopped 1 point lower to 86 fils. Aayan Leasing & Investment Co, Privatization Holding Company and Manazel Holding all closed flat at 81 fils, 70 fils and 56 fils respectively.
Ekttitab Holding Company and Al Deera Holding Company waned 1 point to the red, closing at 56 fils and 79 fils. Boubyan International Industries Holding Co on the other hand remained firm at 89 fils and Inovest inched 1 point lower to 76 fils. Kuwait Syrian Holding Co cropped 2.5 points to close to 27 fils while Bayan Investment Company and International Financial Advisors vaulted 1 point higher to 82 fils and 60 fils respectively. Gulf North Africa Holding Company and Kuwait Projects Company Holding (KIPCO) closed flat at 52 fils and 730 fils as did Coast Investment and Development Company at 67 fils. 
The real estate index stood at 1,262.8 points in the green with a 49.15 percent surge in volume and 42.00 percent rise in volume from Sunday. Abyaar Real Estate Development Company hiked 2.5 points higher to 51 fils while Kuwait Real Estate Company inched 1 point higher to 81 fils.
Concurrently, Al Mudon International Real Estate Company rose by 5 points to close at 89 fils and Sokouk Holding Co finished 2 points higher at 88 fils. Munshaat Real Estate Projects Company and Tijara & Real Estate Investment Co closed flat at 154 fils and 72 fils respectively. Kuwait Remal Real Estate Company mustered a 1 point increase to 84 fils and The Commercial Real Estate Co marked no change at 98 fils.
First Dubai for Real Estate Development stood at 92 fils with a 1 point increment and Al Arabiya Real Estate Company closed flat at 54 fils. Al Mazaya Holding Company faced a 4 point decrease to 116 fils and Injazzat Real Estate Development Company expanded by 1 point to 81 fils. Meanwhile, Sanam Real Estate Co and Mabanee Co closed flat at 65 fils and KD 1.060 respectively.  The Oil and Gas sector index stood at 1,258.6 points, 1.26 percent lower than the previous session. Gulf Petroleum Investment shed 2 points to close at 108 fils and Al-Safat Energy Holding inched 0.5 points lower to a 40 fils close trading 5.49 million shares while Ikarus Petroleum Industries Co, Contracting & Marine Services Co and The Energy House Holding Company, all closed flat at 186 fils, 136 fils, and 80 fils, respectively even as Independent Petroleum Group sustained a 25 point drop to 445 fils. 
Industrials stood at 1,176.3 points at the session’s close. Equipment Holding Company slid 2 points down to 134 fils while Salbookh Trading Company took a 4 point upswing to 104 fils. Mubarrad Transport Co steady at 81 fils, traded over 3.5 million shares on the floor while Aviation Lease And Finance Co tumbled 5 points down to 270 fils. Agility Public Warehousing Company edged 10 points lower to 860 fils and Fujairah Cement Industries crept 1 point higher to 85 fils.  Basic Materials closed 0.18 percent lower at 1,227.8 points. Qurain Petrochemical Industries Company slipped 5 points below the equator to 250 fils at the day’s close while Boubyan Petrochemical Company stood firm at 760 fils while Kuwait Foundry Co trekked 5 points higher to 320 fils. 
In insurance, Warba Insurance Company grew to 148 fils, 6 points higher and Wethaq Takaful Insurance Company closed flat at 64 fils.  Technology faced a 0.92 percent contraction to 979.5 points. Al-Safat Tec Holding Company remained stable at 59 fils while Hayat Communications Co mounted 2 points to a 82 fils finish and Automated Systems Company curved in 10 points lower to 425 fils. In Healthcare, Yiaco Medical Co gained 4 points in share price, resulting in a 242 fils finish.  In consumer goods, Kuwait Food Company (Americana) plummeted 100 points lower to KD 3.120 in low trade while Danah Al Safat Foodstuff Company closed flat at 89 fils. In consumer services, while EYAS For Higher & Technical Education closed flat at 305 fils, Oula Fuel Marketing Company slithered 4 points lower to 154 fils and Sultan center food products Co scaled 2 points to 108 fils.

By Cinatra Fernandes - Arab Times Staff

By: Cinatra Fernandes

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