Kuwait stocks edge lower, volume drops – Banks say as NBK dives 20 fils; VIVA gains

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KUWAIT CITY, Sept 25: Kuwait stocks pulled lower on Monday to close in red zone for the second straight day as the bourse dipped 27.75 points to 6,767.5 points. Most of the banks and blue chips remained subdued.

The KSX-15 index dropped 17.01 points to 991.64 points. The weighted index lost 5.26 points. The volume turnover meanwhile continued its decline from the last session. 111.8 million shares changed hands.

The sectors closed mostly in the red during the session. Oil & Gas outperformed with 0.6 percent gain while Consumer Goods eased 1.6 percent to end the day as the biggest decliner and Basic Materials was down 0.74 percent to stand next. In terms of volume, Industrials mustered the highest market share of 5.2 millions shares traded.

Top gainer of the day, Real Estate Trade Centers Co soared 18.21 percent to add to its gains in the last session and Amwal International Investment Co stood next with 14.20 percent gain. Arzan Financial Group For Financing And Investment dived 5.56 percent, the steepest decliner of the day and Gulf Bank of Kuwait topped the volume with over 10.55 million shares.

Reflecting on the dayÕs drop, the market was skewed toward the losers as 77 stocks closed lower whereas 31 advanced. Of the 125 counters active on Monday, 17 closed flat. 4,543 deals worth KD 28.7 million were transacted.

The banking sector sagged as heavyweight National Bank of Kuwait declined 20 fils on the back of 4.66 million shares whereas Gulf Bank and Kuwait International Bank inched 2 fils lower each. Commercial Bank of Kuwait closed flat at 375 fils in this session

Kuwait Finance House dived 12 fils to KD 0.592 after trading 9.75 million shares while Burgan Bank and Boubyan Bank lost 4 fils and 7 fils respectively. Warba Bank did not budge from its earlier close of 254 fils whereas Al-Ahli Bank inched up 1 fil to KD 0.310 during this session.

The market opened with a sharp decline and slipped further into red in early trade. The price index continued to dive and hit the dayÕs lowest level of 6,706.55 points before recovering some of the losses at close.

In the real estate sector, Mabanee Co lost 14 fils to stand at KD 0.793. Mabanee Company posted 1.55 percent rise in profits to KD 12.55 million for the second quarter from Q2 of previous year. In the first half, profits ticked 1 pct up to KD 24.61 million from corresponding period of 2016.

Mezzan Holding Co dived 4.23 percent in thin trading while National Real Estate Co rose 1 fil on the back of 1.28 million shares percent whereas Kuwait Real Estate Co lost 2.3 fils and Salhia Real Estate Co gave up 5 fils to settle at 360 fils. Real Estate Asset Management Co rose 5 fils with thin trading and Al-Mazaya Holding Co was down 1 fil at 115 fils.

Gulf Cable and Electrical Co dropped 5 fils while Metals and Recycling Co eased 2 fils to 110 fils to pare back some of its gain in the last session. ACICO Industries Co sank 5 fils whereas National Industries Group dipped 2 fils to 152 fils and Kuwait Foundry Co shed 9 fils.

National Petroleum Services Co gained 7 fils to settle at KD 0.875 while Boubyan Petrochemicals Co eased 5 fils to KD 0.656 and Qurain Petrochemicals Co was down by 2 fils. Agility slipped 4 fils on the back of 3.16 million shares whereas ACICO Industries lost 5 fils to stand at KD 0.275.

Kuwait Telecommunications Co (VIVA) advanced 12 fils partly paring back the losses in the previous session whereas Mobile Telecommunications Co (Zain) gave up 6 fils extending its decline to 505 fils on the back of 10.2 million shares. National Mobile Telecommunication Co (Ooredoo) stayed flat at KD 1.204.

Humansoft Holding Co plummeted 100 fils while Automated Systems Co eased 4 fils and Kuwait & Gulf Link Transport Co barely moved. Kuwait Food Co was down 20 fils to KD 1.980 Combined Group Contracting CO lost 13 fils. Jazeera Airways Co dived 5 fils and KGL Logistics Co stagnated at 52 fils.

KAMCO Investment Co gained 11.43 percent while Senergy Holding Co was up 6.32 percent and Asiya Capital Investments Co rose 3.76 percent to 47 fils. Meanwhile Privatization Holding Co dived 4.32 percent to stand at 55 fils and Palms Agro Production Co gave up 4.26 percent.

Egypt Kuwait Holding Co jumped 5 fils whereas Livestock Transport and Trading Co edged up 4 fils to 279 fils. Kuwait Insurance Co eased 5 fils to 275 fils and Gulf Insurance Group stayed flat at 800 fils. Commercial Facilities Co was down 1 fil and Kuwait Projects Co stagnated at KD 0.350.

Meanwhile Kuwait Investment Co slipped 1 fil. Kuwait Investment Co profits soared 158.3 percent to KD 2.97 million in the second quarter of 2017 from same period last year. In the January-June period, profits surged 283.6 pct year-on-year to KD 7.71 million.

By Iliasu Abubakari

Arab Times Staff

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