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Kuwait index winds up in red; volume shrinks

Mabanee Co slips 4 fils, KIPCO gains

KUWAIT CITY, Nov 18: Kuwait stocks sagged on Sunday as it resumed trading after a five-day break. The All Shares Index slipped 12.92 pts in a sluggish session to 5,088.86 points weighed by some of heavyweights even as KIPCO and Humansoft Holding eked gains.

The Prime Market dipped 11.9 pts to 5,285.14 points paring the month’s losses to 51 points while Main Market shed 14.83 pts to close at 4,732.37 points.

The volume turnover meanwhile fell for fourth straight session. Over 97 million shares changed hands – down 2.44 pct from the day before.

The sectors mostly closed in the red turf. Basic materials outshone the rest with 0.48 percent gain whereas consumer goods dipped 1.37 pct, the worst performer of the day. Volume wise, financial services mustered the highest market share of 43.6 pct and banks trailed with 16.7 percent contribution. Among the notable losers, National Bank of Kuwait fell 3 fils to 832 fils while Burgan Bank erased last session’s gains with 4 fils drop to 278 fils. Mabanee Co gave up 4 fils before winding up at 635 fils and Mezzan Holding shed 10 fils.

Humansoft Holding gained 18 fils and KIPCO added 3 fils to end at 214 fils. Zain fell 2 fils to 462 fils after trading 1.8 million shares and has added 16 fils so far during the month while Ooredoo skidded 25 fils to 705 fils. Kuwait Telecommunications Co (VIVA) added 3 fils before closing at 792 fils and Agility slipped 7 fils to 822 fils. The market opened on a tame note and moved sideways in early trade.

The main index ticked up to scale the day’s highest level of 5,105 pts and headed lower. It continued to erode amid soggy sentiment and bottomed at 5084 points in the final minutes before winding with small losses. Top gainer of the day, KSHC jumped 10.9 pct to 40.5 fils while Tijara climbed 10 percent to stand next. BIIHC skidded 14.9 pct, the steepest decliner of the day and Aayan topped the volume with over 16 million shares. Reflecting the day’s fall, the losers outnumbered the winners.

40 stocks advanced whereas 62 closed lower. Of the 115 counters active on Sunday, 13 closed flat. 3,666 deals worth KD 10.47 million were transacted – a 34.5 percent drop in value from the day before. National Industries Group dialed up 2 fils on back of 1.8 million shares while Gulf Cable and NICBM stood pat at 379 fils and 170 fils respectively. Boubyan Petrochemical Co rallied 11 fils to KD 1.027 and Al Qurain Petrochemical Co tripped 1 fil. Jazeera Airways inched 1 fil up to 750 fils and ALAFCO climbed 9 fils to 369 fils. KPPC gave up 3.5 fils to end at 53 fils and KCPC held ground at 239 fils.

Heavy Engineering Industries and Shipbuilding Co slipped 5 fils to 446 fils and Equipment Holding trimmed 0.4 fil. Kuwait Foundry Co took in 2 fils and ACICO Industries skidded 23 fils to 172 fils. IFA Hotels and Resorts eased 0.1 fil to 96.8 fils and Mashaer Holding was up 1.8 fils at 43.8 fils. NAPESCO dropped 13 fils to 845 fils while Combined Group Contracting Co was down 19 fils at 360 fils. Kuwait and Gulf Links Transport Co fell 1.8 fils to 96.2 fils and KGL Logistics edged 0.6 fil down to 42.2 fils. Al Rai Media Group tripped 1 fil and Inovest was unchanged at 88 fils. OSOS dialed up 1.3 fils before settling at 99 fils. Kuwait Foundry Co dialed up 2 fils and Independent Petroleum Group gained 5 fils.

The company’s third quarter profits rose 1.3 pct to KD 1.46 million from same period last year. During the nine-month period ending Sep 30 the earnings grew 15.4% to KD 5.86 million. In the banking sector, Kuwait Finance House rose 2 fils on back of 2.4 million shares while Gulf Bank paused at 257 fils. Kuwait International Bank tripped 1 fil and Boubyan Bank inched 1 fil higher to 529 fils. Warba Bank dialed up 2 fils to end at 232 fils. Commercial Bank was unchanged at 500 fils off early lows and Al Mutahed slipped 4 fils to 286 fils. Ahli United Bank eased 1 fil after trading 1.5 million shares. Al Ahli Bank was not traded during the session. Kuwait Investment Co clipped 1 fil while International Financial Advisors gave up 1.3 fils after trading 3.5 million shares . National Investment Co tripped 1 fil whereas Al Mal Investment and Ektittab Holding were flat at 22.5 fils and 22.5 fils respectively. KAMCO rose 1.9 fils to 66.9 fils and Coast Investment edged 0.5 fil into red. Securities House Co and Sokouk Holding trimmed 0.6 fil each whereas Arzan fell 1.3 fils to 29.5 fils. NIH gave up 3.9 fils and GIH closed 1.9 fils lower at 20.1 fils.

Noor Financial Investment Co took in 0.1 fil whereas Al Deera Holding erased 0.9 fil before closing at 21.9 fils. KFIC fell 3 fils to 35 fils and Unicap dialed up 0.9 fil. Al Imtiaz took in 1 fil and Warba Insurance Co slipped 5.9 fils. First Takaful took in 1 fil. National ReaL Estate Co inched 0.2 fil up whereas United Real Estate clipped 2 fils. Kuwait Real Estate ticked 0.5 fil higher and Salhiya Real Estate stood pat at 330 fils. Mazaya Holding added 1.5 fils and Tijara gained 4.7 fils. The bourse was mixed during the holiday curtailed last week.

The main index closed lower in two of the three session, adding 3 pts week-on-week and has rallied 46 points so far during the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region. In the bourse related news, Bayan Investment incurred a loss of KD 155,090 during the third quarter as against KD 445,270 profit in the same quarter last year. In the January- September period, the losses totaled KD 445,770. Total assets stood at KD 87.56 million.

By John Mathews Arab Times Staff

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