Kuwait sinks in broad decline, volume soars

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Zain dips 11 fils, Burgan Bank ticks up

Kuwaiti traders follow the stock market at the Kuwait Stock Exchange (KSE) in Kuwait City on Oct 14. (AFP)

KUWAIT CITY, Oct 14: Kuwait stock index dipped below the 5000 pts mark after charting a sluggish course in the previous week.

The All Shares Index slid 73.27 points to a broad decline to 4992.54 pts led by heavyweights as regional weakness roiled the sentiment. The Premier Market dived 97.89 points to 5159.27 pts taking the month’s losses to 183 pts while Main Market dropped 27.98 pts.

The volume turnover meanwhile rose past the 100 million mark to hit a 3-week high. Over 103 million shares changed hands – a 27 pct surge from the previous session. All the sectors closed in red. Telecommunications tumbled 3 pct, the worst performer of the day whereas oil and gas tripped 0.19 pct, the smallest loser of the day.

Volume wise, real estate garnered the highest market share of 3.5 pct while banks followed with 27.9 percent. Zain slid 18 fils to 446 fils with brisk trading taking the month’s losses to 30 fils whereas Ooredoo was down 10 fils at 759 fils. Kuwait Telecommunications Co (VIVA) was unchanged at 718 fils and Agility shed 17 fils before closing at 815 fils.

The market opened firm and drifted lower in early trade. The main index continued to erode amid broad selling led by blue chips and traded sideways past the mid-session. It slipped further in the final hour and closed with hefty losses.

Top gainer of the day, Mena Holding rose 5.88 pct to 27 fils and Mubara scaled 4.3 percent to stand next. Manazel slid 10 pct, the steepest decliner of the day and Al Tijaria topped the volume with over 14 million shares. Among the prominent losers, sector bellwether National Bank of Kuwait dropped 16 fils to 806 fils after trading over 7 million shares while Boubyan Bank skidded 22 fils. Mabnaee Co fell 3 fils to 612 fils and KIPCO clipped 2 fils before settling at 208 fils Mirroring the day’s plunge, the market spread was heavily skewed towards the losers. 19 stocks advanced whereas 79 closed lower.

Of the 110 counters active on Sunday, 12 closed flat. 4,767 deals worth KD 25.98 million were transacted – a 44.9 percent surge in value from the day before. National Industries Group slipped 5 fils to 151 fils with a volume of 2.6 million and Mezzan Holding was down 8 fils at 640 fils. Boubyan Petrochemical Co dropped 7 fils to KD 1.033 and Al Qurain Petrochemical Co gave up 4 fils before settling at 386 fils.

Jazeera Airways fell 5 fils to 740 fils and ALAFCO added 11 fils. Jazeera’s second quarter earnings dropped 23.6 pct to KD 1.8 million whereas operating revenues jumped 43.3 pct to KD 20.1 million. Kuwait Portland Cement fell 3 fils to KD 1.056 and Kuwait Cement Co shed 5 fils.

Heavy Engineering Industries and Shipbuilding Co dipped 15 fils to 468 fils and Equipment Holding inched 0.1 fil into green. Educational Holding Co paused at 310 fils whereas Gulf Cable gave up 10 fils. Combined Group Contracting Co dialed up 1 fil and UPAC climbed 8 fils to 658 fils with razor thin trading.

KCPC slipped 8 fils to 230 fils and Independent Petroleum Group trimmed 1 fil. Inovest eased 1 fil to 83 fils. Kuwait and Gulf Link Transport Co dipped 5.9 fils to 94.1 fils and KGL Logistics ticked 0.3 fil into red. Al Rai Media Group took in 0.7 fil and Ithmaar tripped 1 fil. ACICO Industries was down 4 fils at 201 fils. In the banking sector, Kuwait Finance House dropped 6 fils to 582 fils after trading 3.8 million shares and is down 15 fils so far during the month while Gulf Bank closed 3 fils into red. Kuwait International Bank clipped 2 fils while Warba Bank and Ahli United Bank gave up 3 fils each.

Burgan Bank dialed up 1 fil on back of 4.3 million shares and Al Ahli Bank tripped 1 fil. Al Mutahed stood pat at 290 fils whereas Commercial bank was not traded during the session. National Investment Co fell 3 fils to 73 fils while International Financial Advisors and Coast Investment Co trimmed 0.1 fil each to end at 21.1 fils and 30 fils respectively.

Kuwait Investment Co and Kuwait Financial Centre clipped 1 fil each whereas KAMCO dropped 6 fils and Al Aman slipped 2.3 fils to 48.9 fils. Arzan clipped 2.1 fils and Al Imtiaz gave up 2 fils. Amwal shed 4.2 fils and Al Madina trimmed 0.5 fil. Noor Financial Investment Co edged 0.9 fil higher to 51.9 fils. Securities House edged 0.7 fil into red whereas Unicap and Al Deera Holding paused at 59.4 fils and 16.9 fils respectively.

Al Mal Investment ticked 0.1 fil higher and International Financial Advisors eased 0.1 fil. Kuwait Real Estate fell 0.5 fil to 44.5 fils and National Real Estate gave up 3.2 fils. Salhiya Real Estate tripped 1 fils and Mazaya Holding ticked 0.5 fil into green. KMEFIC fell 1.5 fils to 27 fils and KFIC gave up 1.4 fils before settling at 46.5 fils.

The market was downbeat during last week. The main index closed lower in four of the five sessions shedding 45 points week-on-week and has skidded 135 points from start of the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.

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