Kuwait stock market wraps up week in red turf
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Agility drops 9 fi ls, Humansoft Holding gains
KUWAIT CITY, Jan 20: Kuwait stocks slipped into a trough Thursday as it wrapped up the week on a dull note. The All Shares Index dropped 10.81 points in range bound trade to 7364.48 points dragged by some of the heavyweights and mid-caps. The Premier Market slipped 10.95 points to 8027.98 points paring the month’s gain to 388 points while Main Market gave up 10.85 pts. The BK Main 50 index was down 17.87 points at 6346.98 pts. The volume turnover meanwhile saw a modest rebound following Wednesday’s drop. Over 290 million shares changed hands – down 13 percent from the day before. The sectors closed mostly in red turf. Technology outshone the rest with KD 1.08 percent and Consumer Discretionary shed 1.14 pct, the worst performer of the day.
Volume wise, Financial Services topped with 135.8 million shares and Banking sector dominated in value with KD 29.52 million. Among the notable losers, Gulf Bank slipped 6 fils to 296 fils after pushing 5.9 million shares and Burgan Bank followed suit to end at 828 fils with a volume of 13.3 million. Noor Financial Investment gave up 5 fils partly erasing Wednesday’s gain, while National Real Estate Co closed 8 fils in red and the counter saw over 18 million shares change hands. Zain eased 1 fil to 595 fils after moving 2.9 million shares while Ooredoo retreated 5 fils to 640 fils. stc fell 3 fils to 865 fils erasing last session’s gain and logistics major Agility was down 9 fils at 983 fils with a volume of 2.8 million. Mabanee Co was unchanged at 820 fils whereas Humansoft Holding climbed 5 fils to KD 3.215. National Bank of Kuwait tripped 1 fil whereas Kuwait Finance House added 2 fils on back of 5 million shares.
KIPCO and Al Imtiaz Investment took in 1 fil each after trading 15.4 million shares and 6.5 million shares respectively while Boursa Kuwait Securities dialed up 2 fils International Financial Advisors paused at 119 fils whereas Arzan Financial Group and Kuwait Financial Centre (Markaz) added 2 fils each. KAMCO clipped 2 fils and Al Safat Investment rose 4 fils to 140 fils and Kuwait Investment Co closed 3 fils in red. National Investment Co scaled 6 fils to close at 261 fils. National Industries Group inched 1 fil higher to 303 fils while Gulf Cable vaulted 32 fils to 921 fils on back of over 1 million shares. Jazeera Airways skidded 18 fils to KD 1.485 and ALAFCO closed 2 fils in red. Boubyan Petrochemical Co climbed 8 fils to 930 fils whereas Qurain Petrochemical Co gave up 3 fils. Mezzan Holding dialed down 2 fils whereas Integrated Holding took in 2 fils before ending at 376 fils.
The market opened firm and slipped into red in early trade. The main index rebounded to scale the day’s highest level of 7276 points and drifted lower as selling bout weighed on some of the counters. It pulled up half way into the session and retreated again to bottom at 7353 pts in the final minutes before clawing back some of the loss at close. Top gainer of the day, KSHC rallied 14.61 percent and Al Manar climbed 8.17 pct to stand next. IFAHR skidded 4.98 pct, the steepest decliner of the day and Ahli United Bank BSC topped the volume with 41.8 million shares. Mirroring the day’s drop, the losers outnumbered the winners. 47 stocks advanced whereas 68 closed lower. Of the 142 counters active on Thursday, 27 closed flat. 10,815 deals worth KD 64.91 million were transacted during the session. Kuwait Cement Co rose 3 fils to 234 fils and Kuwait Portland Cement scaled 7 fils.
HEISC sprinted 11 fils to 524 fils whereas Shuaiba Industrial shed 10 fils. Metal and Recycling Co and Kuwait Foundry Co stood pat at 99.9 fils and 139 fils respectively while ACICO Industries tripped 1 fils. Kuwait National Cinema dropped 8 fils to 882 fils with thin trading and NICBM gave up 5 fils. Sultan Centre slipped 4 fils to 211 fils while Arabi Group Holding closed 9 fils in red after pushing 1 million shares. Kuwait and Gulf Links Transport Co eased 0.3 fils to 68 fils and Automated Systems Co dialed up 1 fil. KCPC was down 11 fils at 482 fils. The market was mixed during the week. The main index closed lower in three of the five sessions shedding 25 points week-on-week. It has gained 321 points month-to-date after rallying 1497 points during whole of 2021 By John Mathews Arab Times Staff
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