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