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Kuwait index slips into red zone; volume ebbs

Mabanee down 5 fils; Ooredoo flat

KUWAIT CITY, Oct 10: Kuwait stocks pulled lower on Wednesday after treading water in previous two sessions. The All Shares Index dropped 11 points in dull trading to 5092.45 pts weighed by some of the blue chips even as the broader trend remained mixed.

The Premier Market dipped 15.69 points to 5288.77 points taking the month’s losses to 55 points while Maim Market fell 2.36 pts to 4735.95 pts.

The volume turnover meanwhile ebbed after last session’s modest rebound. Over 56 million shares changed hands – down 15 pct from Tuesday.

The sectors closed mostly in red. Insurance outshone the rest with 0.71 pct gain whereas consumer goods shed 0.89 percent, the biggest loser of the day.

Volume wise, financial services mustered the highest market share of 33.6 percent and real estate trailed with 20.8 percent contribution. Among the notable losers, National Bank of Kuwait fell 3 fils to 829 fils and Boubyan Bank was down 6 fils at 546 fils extending last session’s losses. Mabanee Co dropped 4 fils to 620 fils taking the month’s losses to 16 fils and UPAC skidded 39 fils to 591 fils. Zain ticked 1 fil lower to 468 fils after trading 1.5 million shares and Ooredoo stood pat at 770 fils.

Kuwait Telecommunications Co (VIVA) shed 7 fils and logistics major Agility vacillated narrowly before closing unchanged at 835 fils. The market opened firm and edged lower in early trade. The main index fl ipped direction to scale the day’s highest level of 5305 points half way into the session and drifted sideways.

It headed south again as selling kicked in at some of the counters and closed with small losses. Top gainer of the day, NIH soared 8.5 pct to 70 fils and Al Eid climbed 8.33 pct to stand close behind. Masaken slid 9.8 pct, the steepest decliner of the day and Ahli United Bank topped the volume with 7.7 million shares.

Mirroring the day’s fall, the losers outnumbered the winner. 40 stocks advanced whereas 53 closed lower.

Of the 115 counters active on Wednesday, 22 closed fl at. 3,279 deals worth KD 8.9 million were transacted – a down 19.95 pct in value from the day before. National Industries Group inched 1 fil lower to 157 fils and Mezzan Holding slipped 7 fils to 655 fils. Boubyan Petrochemical Co climbed 5 fils to KD 1.039 and Al Qurain Petrochemical clipped 2 fils. Jazeera Airways was unchanged at 748 fills and ALAFCO too did not budge from its earlier close of 325 fils.

Gulf Cable paused at 386 fils while Heavy Engineering Industries and Shipbuilding Co scaled 11 fils. Kuwait Portland Cement and Kuwait Cement Co stood pat at KD 1.060 and 370 fils respectively whereas Mashaer Holding tripped 1.7 fils.

Humansoft Holding was fl at at KD 3.199 and OSOS added 3 fils before closing at 93 fils. Kuwait Foundry Co fell 2 fils to 186 fils and Equipment Holding Co took in 0.4 fil. Inovest dialed up 2 fils and Al Rai Media Group trimmed 0.7 fil before closing at 49.5 fils. Kuwait and Gulf Links Company clipped 2 fils and KGL Logistics ticked 0.2 fil into red.

OSOS added 3 fils and Combined Group Contracting Co took in 1 fil. The company’s second quarter profits surged 54.9 pct to KD 830,000 while during the first six months earnings soared 153.3 pct to KD 2.66 mln. KPPC edged 0.5 fil higher and KCPC gained 5 fils.

The company’s recorded a whopping 541.7 pct jump second quarter profits to KD 1.36 million while in the first six months , the profits surged 433 percent to KD 2.7 million In the banking sector, Kuwait Finance House dialed up 1 fil on back of 1.6 million shares whereas Gulf Bank and Kuwait International Bank held ground at 253 fils and 233 fils respectively. Ahli United Bank clipped 2 fils with brisk trading. Al Ahli Bank and Al Mutahed dialed up 1 fil each Warba Bank eased 1 fil to 230 fils. Burgan Bank rose 3 fils to 264 fils and Commercial Bank was not traded during the session.

KIPCO inched 1 fils higher to 212 fils and Gulf Finance House tripped 0.3 fil. International Financial Advisors and Securities House Co fell 0.2 fil each and Coast Investment edged 0.1 fil into green. Kuwait Investment Co was unchanged at 119 fils. KAMCO dialed up 2 fils while Al Mal Investment and Bayan Investment fell 0.4 fil each to close at 20 fils and 47.5 fils respectively. KMEFIC gave up 0.7 fil and Osoul Investment climbed 4.3 fils to 57.6 fils.

Ahleia Insurance Co jumped 11 fils to 427 fils Noor Financial Investment Co rose 0.8 fil to 52.8 fils and Ektittab Holding gave up 0.4 fil. Unicap and Al Madina took in 0.1 fil each whereas KFIC trimmed 0.1 fil to close at 47.9 fils. Al Imtiaz was unchanged at 129 fils. United Real Estate Co dialed up 1 fils whereas National Real Estate Co and Kuwait Real Estate Co paused at 95.7 fils and 45.3 fils respectively. Tamdeen Real Estate scaled 5 fils and Mazaya Holding dialed up 0.7 fil. The market had been downbeat so far during the week, shedding 19 points in last four sessions and is down 36 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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