KUWAIT CITY, Oct 10: Kuwait stocks extended declines into a third day on Tuesday as technology and bank shares weigh. The main index plunged 35.97 points in a sluggish trade to close at 6,613.22 points.
The KSX-15 benchmark sank 15.82 points to 1,010.01 points and the weighted index slipped 4.61 points. The volume turnover meanwhile retreated from the previous session. 145.8 million shares changed hands, a drop of 18.72 percent from last session.
The sectors closed mostly in the negative territory. Basic materials outshone the rest with 0.73 percent upswing while technology dived 2.02 percent to end the day as the worst performing sector. In terms of volume traded, Financial services topped the volume with 30.45 pct of market share while real estate and banks trailed behind with 28.0 and 20.36 pct contributions respectively.
Independent Petroleum Groups climbed 14 fils whereas Egypt Kuwait Holding rose 8 fils with small trading volume. Qurain Petroleum Industries Co was up 7 fils and Injazzat Real Estate Co gained 6 fils to erase its losses in the previous session and KAMCO closed 5.6 fils higher while Agility plunged 41 fils to KD 0.842 and Mezzan Holding Co dipped 10 fils erasing its gains in the last session.
The second heaviest traded stock Zain dived 19 fils (3.58 percent) on the back of 18.32 million shares weighed by the dispute in Iraq over Kurdish independence that could cause disruption to Zain operations in Kurdistan.
Al-Themar International Holding Co surged 20 percent, the top gainer of the day and Kuwait Cable Vision jumped 19.91 percent in small trading volume to stand next. Palms Agro Production Co was down 16.57 percent with small trading volume, the steepest decliner of the day.
The market opened on a tame note and edged lower in early trade. The price index slipped below the red line and troughed at 6559.01 points well past the mid-session before paring back some of the loses at close.
National Petroleum Services Co shed 43 fils while Gulf Petroleum Investment eased 1.17 percent in heavy trade and Energy House Co edged up 1.39 percent. Boubyan Petrochemicals Co stood pat at KD 0.670 while Soor Fuel Marketing Co and Oula Fuel Marketing Co did not budge from their earlier close of 119 fils.
The banking sector was subdued during this session. National Bank of Kuwait sank 6 fils while Gulf Bank plummeted 13 fils with heavy trade and Kuwait International Bank dropped 8 fils on the back of 2.7 million shares. Kuwait Finance House lost 9 fils after trading more than 4 million shares and Burgan Bank fell 2 fils to KD 0.362. Al Ahli Bank of Kuwait and Warba Bank shed 1 fils and 5 fils respectively whereas Ahli United Bank gave up 2 fils, Ithmaar Holding closed nearly flat in heavy trading.
The market was heavily skewed toward the losers for the second straight session as 75 shares closed lower and 34 stocks advanced. Of the 127 counters active on Tuesday, 18 closed flat. A total of 4,944 deals worth KD 28.05 million were transacted, a decline of 34.30 percent in value from the previous session.
VIVA fell 1 fil in small trading volume whereas Ooredoo did not budge from its earlier close of KD 1.190 and AAN Digital Services Co finished 1.45 percent down after trading 1.7 million shares. Humansoft Holding Co eased 6 fils to close at KD 4.174 whereas Kuwait Co for Process Plant Construction rose 5 fils. OSOS Holding Group Co tumbled 3 fils and Automated Systems Co shares were not traded in this session.
Kuwait Investment Co rose 0.88 percent and Kuwait Projects Co extended its losses by shedding 1.39 percent. Commercial Facilities Co gain 2.20 percent to pare back some of its losses in the last session to 186 fils. Kuwait Financial Center and First Investment Co dived 5.45 percent and 3.13 percent respectively. Bayan Investment Co inched 0.42 percent higher while Asiya Capital Investment Co fell 2.9 percent.
Alimtiaz Investment Group Co slipped 3.53 percent after trading 6.7 million shares and Manazel lost 3.59 percent while National Industries Group sank 4.22 percent in heavy trade. Umm Al Qaiwain General Investments Co was up 1.23 percent paring its losses to 82 fils. Gulf Investment House and Invest gave up 0.74 percent and 2.65 percent respectively.
In the real estate sector, National Real Estate Co fell 2 fils and Kuwait Real Estate Co was down by 1.6 fils while United Real Estate Co gained 5 fils to trim its losses to 95 fils and Mabanee Co added 5 fils. The heaviest traded stock, Abyaar Real Estate Co eased 1.9 fils on the back of 20.8 million shares and Mashaer Holding was up 3.3 fils in small trading volume.
The market has been downbeat during the week. The key index fell in the last three sessions. It has lost 58.41 points from the start of the month but gained 15.05 percent year-to-date. Boursa Kuwait is the second largest bourse in the region.
By Iliasu Abubakari – Arab Times Staff