Kuwait index slips into red in sluggish session
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Commercial Bank dips 49 fils, Zain ticks up
KUWAIT CITY, Nov 25: Kuwait stocks pulled lower on Monday, snapping the four-day advance. The All Shares Index dropped 19.88 pts in largely sluggish session to 5,053.01 points weighed by Commercial Bank even as most of the blue chips remained subdued. The Prime Market fell 6.25 points to 5,263.59 pts trimming the month’s gains to 29 points while Main Market skidded 44.98 to 4,670.23 points.
The volume turnover meanwhile dropped following four-day rise. Over 102 million shares changed hands – a 12.7 pct drop from the day before. The sectors closed mostly in red. Technology outshone the rest with 2.86 pct jump whereas banks dipped 0.71 percent, the biggest loser of the day.
Volume wise, real estate notched the highest market share of 42 pct and financial service trailed with 32 percent contribution. In the individual shares, Commercial Bank tumbled 49 fils to 451 fils after trading 1 share and Kuwait Finance House fell 3 fils to 589 fils after trading 3.4 million shares.
Mabanee Co clipped 2 fils to settle at 608 fils after dropping 27 fils during whole of October. Zain took in 1 fil on back of 2.2 million shares and Ooredoo slipped 5 fils to 725 fils extending an identical fall in the previous session. Kuwait Telecommunications Co (VIVA) gave up 4 fils and Agility stood pat at 843 fils after vacillating earlier in the session. The market opened firm and drifted sideways in early trade.
The main index sagged slightly before falling sharply half way into the session to bottom at 5049 pts as sentiment turned sour. It clawed back some of the losses in the second half and closed with small losses. Top gainer of the day, International Financial Advisors rallied 11.2 pct to 27.7 fils and Bayan Investment Co climbed 8.8 percent to stand next.
NIH skidded 16.9 pct, the steepest decliner of the day and Kuwait Real Estate topped the volume with over 27 million shares. Mirroring the day’s drop, the losers outnumbered the winners. 35 srocks advanced whereas 48 closed lower.
Of the 114 counters active on Monday, 26 closed fl at. 3,491 deals worth KD 11.38 million were transacted – down 19.8 pct in value from the day before. National Industries Group took in 1 fil on back of 1.6 million shares and Mezzan Holding dialed down 2 fils.
Boubyan Petrochemical Co paused at KD 1.017 and Al Qurain Petrochemical Co was down 3 fils at 387 fils. Kuwait National Cinema dipped 10 fils to 940 fils. Kuwait Foundry Co fell 2 fils to 186 fils and Al Kout Industries soared 45 fils to 770 fils with thin trading. Heavy Engineering Industries and Shipbuilding Co gained 10 fils while Equipment Holding Co trimmed 0.1 fil ACICO Industries climbed 4 fils to 199 fils Automated Systdems Co rose 3 fils to 108 fils and KCPC clipped 2 fils. Combined Group Contracting Co gained 10 fils and ALAFCO tripped 1 fil. Al Rai Media Group fell 1.3 fils to 54.4 fils and Inovest dialed up 1 fil. SPEC slipped 4 fils to 67 fils. National Bank of Kuwait and Gulf Bank were unchanged at 828 fils and 250 fils respectively whereas Kuwait International Bank inched 1 fil higher.
Boubyan Bank stalled 528 fils and Warba Bank followed suit. Ahli United Bank trimmed 1 fil and Al Ahli Bank gained 6 fils. ABK has registered a 35 pct jump in third quarter profits to KD 7.94 million) in from KD 5.88 mln in same period last year. In the nine-month period ended on Sep 30 , 2018 earnings rose 22.5 pct to KD 27.06 million.
Slipped
KIPCO and Gulf Finance House were fl at at 207 fils and 97.23 fils respectively while FACIL slipped 6 fils to 172 fils. National Investment Co took in 0.3 fil and Coast Investment Co edged 0.8 fil down to 29.2 fils. Securities House Co trimmed 0.1 fil. KAMCO and Ektittab Holding stood pat at 63 fils and 20.9 fils respectively while KMEFIC and Al Deera Holding both ticked 0.1 fil higher.
AlInvestment eased 0.4 fil to 21.4 fils and Arzan took in 1 fil. Bayan Investment climbed 4 fils to 49 fils and GIH tripped 0.5 fil. Sokouk Holding dialed up 1 fil and Al Imtiaz dialed down 1 fil. NIH climbed 11 fils to 54 fils and KFIC added 1.5 fils. Noor Financial Investment Co clipped 0.6 fil whereas Gulf Insurance Co held ground at 620 fils. Warba Insurance Co eased 0.4 fil to 73.9 fl s.
Madar Finance was up 3 fils at 158 fils. National Real Estate Co and United Real Estate Co were fl at at 93.5 fils and 61 fils respectively while Kuwait Real Estate added 1.9 fils with brisk trading Salhiya Real Estate paused at 330 fils and Mazaya Holding trimmed 0.5 fil. The bourse has been mixed in the last three sessions and is unchanged from start of the week after shedding 86 points during whole of October. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region. In the bourse related news, Aqar Real Estate Investments third quarter profits fell 3.8 pct to KD 331,900 from KD 345,100 in same period last year. In the first nine months, earnings ticked 0.9 percent up to KD 1.04 million. Total assets dropped by 3.8% pct to KD 29.3 million.
By John Mathews Arab Times Staff
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