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Kuwait market extends losses in sluggish trade

KFH sheds 7 fils, Humansoft Holding soars

KUWAIT CITY, Aug 28 : Kuwait stocks pulled lower on Tuesday extending the losses to third consecutive day. The All Shares Index dipped 36.12 pts in lackluster trade to 5,118.33 pts dragged by banking shares and some of the industrials.

The Premier Market slumped 50.36 pts to 5,252.86 points while Main Market was down 10.12 pts trimming the month’s gains to 11 points. The volume turnover meanwhile saw a modest bounce following Monday’s pullback. Over 83 million shares changed hands — a 20 pct jump from the day before. The sectors closed mostly in the red turf.

Consumer services outpaced the rest with 0.26 pct gain whereas basic materials shed 1.44 pct, the worst performer of the day. Volume wise, banks garnered the highest market share of 27.9 pct and real estate followed with 23 percent contribution. Among the notable losers, National Bank of Kuwait and Kuwait Finance House dropped 7 fils each to end at 805 fils and 585 fils respectively whereas Boubyan Petrochemical Co shed 13 fils. Humansoft Holding bucked the trend with a 98 fils spike to KD 3.398. Zain slipped 8 fils to 468 fils with heavy trading and has shed 18 fils so far during the month while Ooredoo ticked 1 fil higher to 799 fils. Kuwait Telecommunications Co ( VIVA) was down 12 fils at 722 fils and logistics major Agility extended last session’s losses with a 9 fils drop to 850 fils.

The market opened strong and moved sideways in early trade. The main index edged briefl y up to peak at 5,158 points and retreated thereafter. It plumbed the day’s lowest level of 5,100 pts past the mid-session and clawed back some of the losses at close.

Top gainer of the day, Danah spiked 5.36 pct to 51 fils and SPEC climbed 4.4 percent to stand next. Asiya skidded 6.2 pct, the steepest decliner of the day and Zain topped the volume with over 11 million shares. Mirroring the day’s fall, the losers vastly outnumbered the winners. 36 stocks advanced whereas 65 closed lower. Of the 118 counters active on Tuesday, 36 closed fl at. 5,337 deals worth KD 22.4 million were transacted – a 32.9 pct surge in value from the day before National Industries Group fell 2 fils to 164 fils with a volume of over 3 million and Mezzan Holding took in 1 fil.

Integrated Holding Co slipped 7 fils and Al Qurain Petrochemical Co followed suit to wind up at 330 fils. Jazeera Airways was unchanged at 740 fils and ALAFCO fell 5 fils to 345 fils. Gulf Cable gave up 5 fils to close at 398 fils.

Heavy Engineering Industries and Shipbuilding Co slid 21 fils to 496 fils and Equipment Holding Co ticked 0.1fil into red. Kuwait Cement Co and Kuwait Portland Cement extended their losses dropping 12 fils and 5 fils respectively whereas Mashaer Holding dialed up 2 fils. KCPC fell 4 fils to 244 fils and KPPC tripped 0.2 fil. Energy Holding Co inched 0.1 fil up to 28.3 fils. Combined Group Contracting Co slipped 5 fils to 400 fils and EK Holding was up 4 fils at 346 fils.

Al Rai Media Holding took in 0.4 fil and Inovest trimmed 0.2 fil. Kuwait and Gulf Links Transport Co paused at 106 fils and KGL Logistics ticked 0.1 fil into red. In the banking sector, Gulf Bank dialed down 1 fil after trading over 3 million shares and Burgan Bank shed 9 fils with a volume of 1.6 million. Kuwait International Bank fell 3 fils to 249 fils and Warba Bank clipped 2 fils.

Commercial Bank dropped 5 fils to 505 fils with razor thin trading whereas Al Ahli Bank added 5 fils before settling at 295 fils. Al Mutahed took in 2 fils to wind up at 301 fils. Ahli United Bank stood pat at 203 fils and Boubyan Bank’s added 2 fils. The bank’s second quarter earnings rose 17.6 pct to KD 13.18 million while during the first six months the bank posted a 17.7 percent jump in profits. KIPCO was unchanged at Gulf Finance House clipped 2 fils. Kuwait Investment House eased 1 fil to 122 fils while International Financial Advisors and Kuwait Financial Centre ( Markaz) were fl at at 25 fils and 105 fils respectively.

Coast Investment Co tripped 0.1 fil and Al Mal Investment erased 0.2 fil. Bayan Investment Co clipped 1.4 fil and Securities House Co dialed up 0.7 fil. Unicap gave up 1.9 fils before closing at 58.1 fils and KMEFIC took in 0.5 fil. KFIC fell 0.5 fil to 48 fils and Ektittab Holding edged 0.2 fil into red.

Noor Financial Investment Co and Al Imtiaz tripped 1 fil each to close at 53.8 fils and 128 fils respectively whereas Al Madina added 0.4 fil. Gulf Insurance Co dipped 7 fils to 615 fils. National Real Estate Co eased 1 fil to 109 fils and Salhiya Real Estate gave up 3 fils to end at 329 fils. Mazaya Holding dialed up 1.4 fil and Remal inched 0.7 fil lower to 35.2 fils.

The market has been trending down so far during the week shedding 90 points in last three sessions and is down 50 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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