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Wednesday , April 21 2021

Kuwait bourse extends losses, volume soars

Zain slides 27 fils, NAPESCO spikes

KUWAIT CITY, Nov 30: Kuwait stocks slipped deeper into red as it extended its losing streak to third straight session. The All Shares Index dipped 62.9 points to 5,459.49 points led by some of the heavyweights even as the overall mood remained dull.

The Premier Market slid 97.4 points to 6,008.59 pts while Main Market added 8.17 points to close at 4,373.18 pts. The BK 50 Main fell 4 pts. The volume turnover meanwhile saw a whopping surge. Over 1,556 million shares changed hands – up from 167 million in the day before. The sectors closed mixed. Oil and Gas outshone the rest with 4.29 pct whereas Telecommunications skidded 3.28 percent, the worst performer of the day. Banking sector topped in both volume and value with 1,088 million shares traded for KD 719 million.

Among the day’s prominent losers, National Bank of Kuwait slipped 9 fils to 840 fils with heavy trading and Gulf Bank followed suit to end at 210 fils. Boubyan Bank skidded 23 fils to 588 fils extending Sunday’s drop while Mabanee Co slumped 26 fils to 624 fils with brisk trading and is down 24 fils during the month. Zain slid 27 fils to 581 fils after moving 219 million shares while Ooredoo clipped 2 fils. stc scaled 14 fils to close at 865 fils whereas Agility shed 12 fils with a volume of over 81 million. KIPCO slipped 7 fils to 149 fils and KAMCO trimmed 0.900 fils. Boursa dropped 11 fils to KD 1.100 and NAPESCO soared 106 fils.

The market opened firm and edged higher in early trade. The main index scaled the day’s highest level of 5,537 points and retreated thereafter as sentiment turned sour. It continued to head south and bottomed at 5,439 pts in final hour before clawing some of the losses at close. Top gainer of the day, NAPESCO sprinted 10 pct to KD 1.166 while UPAC climbed 7.14 pct to stand next. Al Rai Media Group skidded 18.37 percent, the steepest decliner of the day and National Bank of Kuwait topped the volume with 4.9 million shares. Reflecting the day’s downswing, the losers outnumbered the winners. 38 stocks advanced whereas 61 closed lower.

Of the 116 counters active on Monday, 17 closed flat. 34,789 deals worth KD 961 million were transacted during the session. National Industries Group eased 1 fil to 177 fils after trading 2.3 million shares whereas Mezzan Holding was up 3 fils at 588 fils. Boubyan Petrochemical Co gained 12 fils and Al Qurain Petrochemical Co followed suit to end at 314 fils. Integrated Holding Co fell 5 fils to 359 fils and Aznoula scaled 10 fils. Jazeera Airways fell 2 fils to 616 fils and ALAFCO eased 1 fil to 170 fils. Mashaer Holding took in 1.5 fils with razor thin trading while Al Rai Media was down 9 fils at 40 fils. Oula Fuel dialed up 1 fil and Soor stood pat at 121 fils. YIACO rose 5 fils to 500 fils. Kuwait Cement Co fell 2 fils to 226 fils whereas Kuwait Portland Cement darted 7 fils to 750 fils.

Automated Systems Co and Metal and Recycling Co paused at 70 fils and 38.3 fils respectively while The Sultan Centre clipped 2 fils. ACICO Industries inched 0.7 fil higher to 93.3 fils and KCPC slipped 5 fils. Combined Group Contracting Co was unchanged at 184 fils. Kuwait Foundry Co fell 5 fils to 256 fils whereas Gulf Cable gained 13 fils on back of 1.4 million shares. Kuwait and Gulf Links Transport Co dialed up 1.9 fils and Kuwait National Cinema Co dived 39 fils to 760 fils. Burgan Well Drilling Co trimmed 1 fil and Educational Holding Co scaled 12 fils to close at 334 fils. In the banking sector, Kuwait Finance House fell 3 fils to 680 fils after trading 313.2 million shares whereas Kuwait International Bank rose 4 fils. Burgan Bank dropped 9 fils to 197 fils and Ahli Uinted Bank gave up 3 fils. Warba Bank took in 2 fils. The market has been retreating so far during the week, shedding 98 pts in last two sessions. It has gained 37 points during the whole of November but is down 823 points year-todate.

By John Mathews Arab Times Staff

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