Sunday , October 22 2017

Kuwait stocks end 30.94 pts lower on lackluster trading – Most sectors close in red terrain

Electronic board shows share movements at the Kuwait Stock Exchange.
Electronic board shows share movements at the Kuwait Stock Exchange.

KUWAIT CITY, Dec 8: Kuwait stocks continued the downswing Tuesday, slipping 30.94 points to 5,752.75 shares on lackluster trading as profit taking weighed on select counters after last week’s gains. The heavyweights closed mostly lower even as the board remained broadly mixed. The KSX15 gauge slid 0.41 points to 925.22 shares with the weighted index also sliding 1.45 points to 389.53 shares. The volume turnover meanwhile, receded for the second straight session. 144,871,955 shares changed hands on 3,577 trades yielding KD 19,943,777.85.

The sectors closed mostly in the red terrain, except Oil & Gas and Healthcare. Oil & Gas ended the day gaining 9.45 points to close at 794.48 while Healthcare gained 13.95 points to close at 945.16. Meanwhile, top gainers of the day included CABLETV, SAFWAN, SANAM, MASHAER and FLEX. CABLETV had a 10 percentage increase in volume traded to 102 on 27.5 fils while SAFWAN saw an 8.33 percentage increase in volume traded to 10 shares on 325 fils.

SANAM’s shares ticked up by 5.62 percentage points to 1 on 47 fils while MASHAER Holdings saw the demand for their shares grow by 5.56 percentage points to 2,500 shares on 114 fils. FLEX Resorts saw their shares shoot up by 5.49 percentage points to 10 shares on 48 fils.

The top losers of the day on the other hand were AMAR, GFC, YIACO, ALRAI and ALMADINA. Amar Finance & Leasing Company’s shares slid 7.69 percent on 60 fils to close at 50,250 shares while Gulf Franchising Holding Company (GFC) also saw their shares shrink by 7.69 percentage points to 5,006 on 60 fils per share.

YIACO on the other hand lost 7.76 percentage points of their shares to 1,210 shares on 138 fils per share. Al Rai Media Group also shrank 5.81 percentage points to 142,036 shares on 162 fils while AlMadina Finance also slid 5.75 percentage points to 6,568,260 shares on 41 fils.

The top volume traders of the market were Investors Holding Group, Al Dar National Real Estate, GFC Financial Group, AlMadina Finance and Investment Company and Gulf Petroleum Investment Company.

Even though their shares retreated by 3.51 percentage points, the Investors Holding Group were the leaders in volume terms, trading 15,240,100 shares at 27.5 fils per share. Al Dar National Real Estate Company came in second in volume trading, finishing at 11,039,550 shares at 31.5 fils per share followed in third place by GFC Financial Group whose shares shrank 4.11 percentage points to close at 9,783,957 at 35 fils per share.

AlMadina Finance and Investment Company shrank 5.75 points but racked up 6,568,260 shares at 41 fils per share. Gulf Petroleum Investment Company, the only top volume trader of the day in positive terrain, gained 5.45 percentage points to 5,894,556 at 58 fils per share.

The Oil & Gas sector was robust, staying in positive terrain for the second day running. The sector saw a 9.45 points increase in shares to close the day at 782.85.

The basic Material Sector continued its downward trend for the second day, sliding 6.72 points to close at KD 1,021.31 while the Industrial Sector also slid 4.65 points to close at KD 1, 082.58. The Consumer Goods sector also saw its shares dive 9.62 points to close at 1,044.53 while the Healthcare sector registered a positive increase in share by 13.95 points to close at 931.21.

The Consumer Services sector saw a 1.98 points decrease in shares to 1, 044.53 while the Telecommunication sector also lost 9.01 points to close at 632.77. the Banking sector remained subdued for the second day, losing 4.9 points to close at 924.72 while the Insurance sector also lost 4.52 points to close at 1,086.49.

The Real Estate sector slipped 3.67 points to close at 969.07 with the Financial Services sector also dipping 8.23 points to close at 626.56. The Technology sector also slipped 2.46 points to close at 871.8 while the Parallel Market also lost 8.16 points to close at 1,219.86.

Meanwhile, Jazeera Airways Co has announced the commencement, effective Dec 13, 2015, the distribution of capital reduction checks and cash dividends over registered shareholders as of December 8, 2015 through Kuwait Clearing Co. Boubyan International Industries Holding Company has announced holding the meeting of its Board of Directors on Dec 9, 2015 to discuss the financial results of period ended on Oct 31, 2015.

First Investment Co has concluded the acquisition of 15.82 percent of shares of an unlisted company at a total value of KD 2,651,743 which shall be listed among investments available for sale.

Flex Resorts & Real Estate Co. announced holding its Ordinary General Assembly Meeting on December 23, 2015 to approve for Khalid Abdul Lateef Al Mna’ia and Khalid Ja’afar Al Sayigh (BOD Vice-Chairman and CEO) to hold any administrative position in all of its companies with all of its entities.

By Iddris Seidu

Arab Times Staff

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