Kuwait stocks drop as banks close mostly flat – Kuwait National Cinema Co sinks 100 fils; VIVA up 20 fils

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Traders watch share movements on the floor of Kuwait Stock Exchange. The price index dropped 15.39 points on Monday.
Traders watch share movements on the floor of Kuwait Stock Exchange. The price index dropped 15.39 points on Monday.

KUWAIT CITY, July 11: Kuwait stocks dipped further on Monday as investor sentiment was roiled by pull-back in oil prices. The bourse sank 15.39 points to close at 5,365.47 points. Banks and blue chips remained mostly muted.

The KSX-15 index dropped 2.99 points to 801.58 points. The weighted index slipped 1.22 points. The volume turnover meanwhile rebounded after falling sharply in the last session. 62.8 million shares changed hands, a 48.18 percent jump from Sunday.

The sectors closed mostly in the negative turf during the session. Health care outperformed with 0.85 percent gain while insurance eased 0.97 percent to end the day as the biggest decliner and real estate was down 0.86 percent to stand next. In terms of volume, industrials mustered the highest market share of 24.34 percent while financial services trailed behind with 21.54 percent contribution.

Among the prominent movers, National Bank of Kuwait shed 10 fils to settle at KD 0.570 whereas Kuwait National Cinema Co plummeted 100 fils erasing the gains in the last session with thin trade. Meanwhile, Kuwait Telecommunications Co (VIVA) rose 20 fils to stand at 940 fils.

The banking sector mostly closed flat as Gulf Bank stagnated at KD 0.230 with Al-Ahli Bank of Kuwait following suit. Commercial Bank of Kuwait resumed trading after the Eid holiday, its shares did not budge from the last week close of KD 0.410. Warba Bank held steady at KD 168 fils.

The market opened on a firm note and ticked higher in early trade. The bourse momentum tipped back as the price index slipped into the red past the mid-session before paring back some of the losses at close.

Kuwait International Bank advanced 2 fils whereas Ahli United Bank shed 5 fils to 395 fils erasing the gains on Sunday. Burgan Bank stood pat at 325 fils and Boubyan Bank followed suit. Kuwait Finance House was unchanged at 460 fils.

Top gainer of the day, Egypt Kuwait Holding Co soared 8.33 percent to add to its gains in the last session and Kuwait Resorts Co stood next with 5.88 percent gain. Wethaq Takaful Insurance Co dived 8.06 percent, the steepest decliner of the day and National Ranges Co topped the volume with over 13.4 million shares.

The market was skewed toward the losers as 52 stocks closed lower whereas 28 advanced. Of the 127 counters active on Monday, 47 closed flat. 1938 deals worth KD 6.4 million were transacted, a surge of 55.67 percent in value from the last session.

Kuwait Investment Co added 1 fils and National Investment Co was down by the same amount whereas Commercial Facilities Co eased 4 fils to 174 fils. Kuwait Projects Co stagnated at 500 fils while Kuwait Financial Centre slipped 5 fils to close at 77 fils.

Tamdeen Investment Co soared 15 fils with thin trading whereas Kuwait Finance and Investment Co was down 2.5 fils. Osoul Investment Co and National International Holding Co inched 2 fils up. Warba Insurance Co gained 4 fils. while First Takaful Insurance Co and Wethaq Takaful Insurance Co shed 2.5 fils each.

In the real estate sector, Mabanee Co dived 10 fils to KD 0.740 whereas National Real Estate Co and Injazzat Real Estate Co gave up 3 fils each. Salhia Real Estate Co was down 5 fils and Arkan Al-Kuwait Real Estate Co dipped 5.88 percent. Al-Mazaya stagnated at 118 fils.

Alargan International Real Estate Co rose 2 fils whereas National Industries Group was up by the same amount. National Industries Group has recorded a first quarter profit of KD 386,000 and  earnings per share of 0.3 fils as against net profit of  KD 5.91 million and earnings per share of 4.5 fils in the same period last year

Mezzan Holding surged 20 fils whereas ACICO Industries tumbled 15 fils to 285 fils. Heavy Engineering Ind and Shipbuilding Co advanced 8 fils and Kuwait Foundry Co eased 2 fils. Agility closed flat at 470 fils.  Boubyan Petrochemicals Co gained 5 fils recouping the losses in the last session and Qurain Petrochemicals Co was down 2 fils. Combined Group Contracting Co added 10 fils to stand at KD 0.690 while ALAFCO Aviation Lease And Finance eased 4 fils.

Mobile Telecommunications Co (Zain) stagnated at KD 0.340 whereas National Mobile Telecommunications Co (Ooredoo) sank 20 fils to close at KD 1.100. Humansoft Holding Co did not budge and Future Communications Co followed suit. Hayat Communications Co stood pat at 47 fils.

Gulf Franchising Holding Co was down 7.69 percent whereas Livestock Transport & Trading Co gave up 8 fils on the back of 1.8 million shares. Alrai Media Group Co gained 4 fils while Jazeera Airways Co closed flat at KD 0.900 and Kuwait Food CO (Americana) followed suit.

The market advanced during last week. The key index closed higher in the two sessions before the market was closed for the Eid holiday. It has gained 0.47 percent last week and down 4.45 percent year-to-date. KSE, with 190 listed companies, is the second largest bourse in the region.

By Iliasu Abubakari

Arab Times Staff

This news has been read 5702 times!

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