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Kuwait equities retreat into red, volume drops

KFH shed 10 fils, KIPCO flat

KUWAIT CITY, Aug 12: Kuwait stocks swung lower on Sunday following last week’s winning spree. The All Shares Index dipped 23.99 pts in  choppy trade to 5256.87 points as  profit taking  dragged most of the heavyweights into red.

The Premier Market  skidded  31.74 points to  5424.11 pts  while  Main Market gave up 9.86 points to close at 4953.24 pts. The volume turnover meanwhile  fell sharply  snapping the five-day  rise. Over 118 million shares changed hands –  down 33 pct  from the previous session.

Sectors closed mostly in red.  Consumer services out-led the rest with 0.53 pct gain  whereas  technology slumped 9.6 percent, the  worst performer of the day.  Volume wise, financial services garnered the  highest market share of 32 pct and real estate trailed with 22 pct contribution.

Among the notable fallers, Kuwait Finance House dropped 10 fils to  601 fils after trading 12.9 million shares  while Mabanee  partly  erased Thursday’s  gains with a 7 fils dip to 703 fils.  Boubyan Petrochemical Co skidded  25 fils to  KD 1.000.

Zain  fell 4 fils to 495 fils  after trading over 2 million shares and  slid  14 fils  to 795 fils  with razor thin trade. Kuwait Telecommunications  Co  (VIVA)  was down 8 fils at 729 fils  while  Agility  ticked 1 fil  lower to  892 fils  and is  trading  49 fils higher from start of the month.

National Bank of Kuwait inched 1 fil up  to  834 fils on back of 1.7 million shares while Boubyan Bank closed flat. Moody’s Investor Services (Moody’s) had confirmed  Boubyan Bank’s  long-term deposit rating at “A3” with a “stable” outlook.

The market opened  slightly weak and  fell sharply in early trade.  The main  index bottomed at 5,230 points  and  rebounded briefly  before retreating again  as  market mood vacillated. It managed to claw  back some of the losses in the second half and closed with  moderate losses.

Top gainer of the  day, Sanam Real Estate Co spiked 9.8 pct to 59 fils and Taamer scaled 7.6 percent to stand next. Automated Systems Co  sank 9.6 pct, the steepest decliner of the day and  Aayan topped the volume with 19.6 million shares.

Mirroring  the day’s fall, the  losers outnumbered  the winners.  45 stocks advanced whereas 63 closed lower. Of the 119 counters active on  Sunday, 11 closed flat. 4,832 deals worth KD 20.3 million were  transacted –  down  0.87 pct in value from the day before.

National Industries Group slipped 4 fils after trading 6.8 million shares and  Mezzan Holding  was down  9 fils at  710 fils.  Al Qurain  Petrochemical Co  trimmed 1 fil  and  Gulf Cable clipped 2 fils before closing at  392 fils.

Kuwait Foundry Co rose 4 fils to 203 fils while ACICO and  IFA Hotels and Resorts  took in 1 fil each. Heavy  Engineering Industries and Shipbuilding Co dipped  8 fils  whereas Educational Holding Co  sprinted 15 fils  to 340 fils.

Humansoft Holding  slid 26 fils to KD 3.430 erasing last session’s gains and NAPESCO  too skidded  47 fils to  801 fils. Energy Holding  fell 2.8 fils  to  27.2 fils and Inovest ticked 0.4 fil higher  to  89.3 fils.

Automated Systems Co  dropped 13 fils  while  Combined  Group Contracting Co and Al Rai Media Group trimmed 1 fil  each  before  settling at  418 fils and  96 fils respectively.  EK Holding  was up 3 fil at  341 fils.

Kuwait and Gulf  Link Transport Co  eased 1  fil to 111 fils and  KGL Logistics inched 0.4 fil into red.  Equipment  Holding   gave up 1.7 fils to  wind  up at  29.1 fils and  Mashaer Holding Co  closed 1.2 fils lower at  47.5 fils.

In the banking sector, Gulf Bank  fell 2 fils  to 256 fils  after trading 1.6 million shares and  Kuwait International Bank was down 3 fils at  255 fils.  Burgan Bank dropped  4 fils to 280 fils  and Warba Bank  ticked 1 fil into red.

Commercial Bank  bucked the trend to gain  5 fils  and Al Mutahed  fell 2 fils to  301 fils.  Ahli United Bank dialed up 1 fil  whereas Al Ahli Bank was not traded during the session.

KIPCO was unchanged at  231 fils  and Gulf Finance House  tripped 1 fil  to end at  107 fils. Kuwait Investment  Co added 1 fil while  International Financial Advisors and  Al Deera Holding  trimmed 0.1 fil each.

KAMCO  erased most of last session’s gains with a  3 fils  drop to 72 fils  while Ektittab Holding and  Amwal Investment  took in 0.1 fil each.  Securities House  clipped 0.6 fil  while  Al Mal Investment inched 0.4 fil into red.

National Investment Co  slipped 1.3 fils to  92.2 fils and  Sokouk Holding  took in 0.8 fil.  Kuwait Financial Centre ( Markaz)  stood pat at  110 fils with thin trading and  Noor Financial Investment Co added 0.6 fil.

Bayan Investment Co fell 2.7 fils to  46.7 fils and KFIC  dialed down 1.4 fils. Coast Investment Co  eased  0.2 fil to  32.8 fils.

National Real Estate Co  eased 1 fil to  116 fils  and Kuwait Real  Estate Co  clipped 0.4 fil.  Salhiya Real Estate Co paused at  330 fils and  Tamdeen Real Estate  took in 1 fil.  Mazaya Holding  closed 1.5 fils down at  87.5 fils.

The market  was upbeat during  last  week. The main index closed higher in four of  the five sessions  scaling 75 points  week-on-week and  has rallied 90 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

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