Kuwait bourse extends losses as volume soars

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Mabanee Co drops 9 fils, VIVA gains

KUWAIT CITY, Sept 19: Kuwait stocks slipped into red on Wednesday extending the losses to third straight session. The All Shares Index dropped 10.78 points in choppy session to 5118.62 points dragged by heavyweights even as the rest remained largely muted.

The Premier Market dipped 17.2 pts to 5321 points paring the month’s gains to 60 points while Main Market inched 0.97 up to 4,749 points. The volume turnover meanwhile soared to a nine-week high helped largely by heavy trading in Taameer Holding. Over 197 million shares changed hands –a 210 pct surge from the day before. The sectors closed mostly in red.

Basic materials outshone the rest with 1.64 pct gain whereas technology dived 9.8 5 percent, the worst performance of the day. Volume wise, real estate garnered the highest market share of 62 pct and banks trailed far behind with 18 percent contribution. Among the prominent losers, Kuwait Finance House slipped 5 fils after trading over 5 million shares Burgan Bank gave up 4 fils before settling at 255 fils.

Mabanee Co dropped 9 fils to 642 fils taking the month’s losses to 17 fils and Mezzan Holding shed 14 fils. Zain fell 3 fils to 476 fils with a volume of over 2 million and Ooredoo was down 5 fils at 765 fils.

Kuwait Telecommunications Co (VIVA) rose 4 fils to 718 fils and Agility dropped 6 fils 838 fils and is trading 36 fils higher year-to-date. The market opened firm and drifted lower in choppy trade as selling weighed on some of the blue chips. The main index continued to erode and bottomed at 5,109 points ahead of the mid-session.

It moved sideways before pulling higher in the final hour and closed with moderate losses.

Top gainer of the day, Taameer spiked 11.94 pct to 30 fils and Energy Holding climbed 9.9 percent to stand next.

Automated Systems Co slid 9.8 pct, the steepest decliner of the day and Taamer also topped the volume with 101.3 million shares Reflecting the day’s drop, the losers outnumbered the winners. 41 stocks advanced whereas 61 closed lower.

Of the 123 counters active on Wednesday, 21 closed fl at. 6,059 deals worth KD 25.19 million were transacted – a 27 pct jump in value from the day before. National Industries Group fell 1 fil to 162 fils after trading 4.9 million shares while Kuwait Foundry Co and ACICO Industries stood pat at 195 fils and 208 fils respectively. Heavy Engineering Industries and Shipbuilding Co climbed 9 fils to 509 fils.

Jazeera Airways ticked 1 fil higher to 730 fils and ALAFCO clipped 2 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 Portland Cement Co dipped 10 fils to KD 1.050 and Gulf Cable dialed up 2 fils.

The company has posted 382.6% leap in second quarter profits to KD 5.26 million and during the first six months the earnings rose 7.7 percent to KD 6.58 million. Humansoft Holding and Burgan Well Drilling Co were unchanged at KD 3.300 and 112 fils respectively whereas Shuaiba Industrial gave up 5 fils.

Equipment Holding inched 0.2 fil up and Combined Group Contracting Co climbed 5 fils to 390 fils Boubyan Petrochemical Co jumped 31 fils to KD 1.065 and Mashaer Holding ticked 0.4 fil into green. Kuwait Gulf Links Transport Co gained 4 fils and KGL Logistics held ground at 42.9 fils. Al Rai Media Group trimmed 0.1 fil before settling at 56.9 fils and Midan jumped 20 fils.

Clipped
In the banking sector, National Bank of Kuwait tripped 1 fil with a volume of over 5 million while Gulf Bank and Kuwait International Bank clipped 2 fils each to end at 251 fils and 242 fils respectively. Warba Bank fell 3 fils to 233 fils. Commercial Bank was fl at at 500 fils and Al Mutahed inched 1 fil down.

Boubyan Bank dropped 9 fils and Ahli United Bank was down 5 fils at 210 fils. Al Ahli Bank was not traded during the session. KIPCO fell 2 fils to 220 fils and Gulf Finance House ticked 0.5 fil higher to 100 fils. Kuwait Investment Co eased 1 fil and FACIL climbed 5 fils to 179 fils. Coast Investment Co took in 0.4 fil and Al Mal Investment added 0.9 fil. KAMCO slipped 3 fils to 62 fils whereas Bayan Investment Co and KMEFIC held ground at 50 fils and 31.4 fils respectively. Madar Investment gained 9 fils and Unicap ticked 0.2 fil into green. Ektittab Holding fell 0.9 fil and KFIC slipped 3.9 fils.

Noor Financial Investment Co edged 0.8 fil up to 52 fils and Tamdeen Investment paused at 300 fils. National Investment Co and Securities House Coo trimmed 0.1 fil each while Al Imtiaz dialed up 2 fils. Gulf Insurance Co dipped 17 fils to 630 fils erasing last session’s losses and Ahleia Insurance Co climbed 12 fils.

Warba Insurance Co tripped 4 fils National Real Estate Co fell 2 fils to 103 fils whereas Salhiya Real Estate and United Real Estate stood pat at 328 fils and 65 fils respectively. The market has been weak so far during the week, slipping 20 points in last four sessions and has fell shed 13 points from start of the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.

By John Mathews Arab Times Staff

This news has been read 11606 times!

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