KUWAIT CITY, June 26: Kuwait stocks dropped sharply on Sunday in the first trading session after Britain voted to leave the European Union. The price index plummeted 60.07 pts in volatile trading to close at 5,347.92 pts. All sectors were in negative territory.
The KSX-15 index plunged 11.08 pts to 801.26 pts. The weighted index declined 4.48 pts to 349.73 pts. The volume turnover meanwhile swelled past the 100 million mark after dipping in the last two sessions. 110 million shares changed hands, a 64.65 pct surge from Thursday.
The sectors closed in red zone. Technology shed 0.06 pct whereas oil and gas was down 0.41 pct, banks dipped 0.97 pct. Real estate plunged 1.9 pct to end the day as the biggest decliner. In terms of volume, financial services topped with 38.25 pct market share, real estate was up 23.45 pct while banks and telecommunications trailed far behind with 13.77 pct and 7.99 pct contributions respectively.
Top loser of the day, Tamdeen Real Estate Co plummeted 8.93 pct to 510 fils whereas International Financial Advisers slipped 8.77 pct to 26 fils on the back of 2.11 million shares. First Dubai sank 7.35 pct to 63 fils and Specialities Group Holding was down 6.76 pct to close at 69 fils.
Americana shed 40 fils to stand at KD 2.46 in thin trading whereas Humansoft Holding Co dropped 40 fils to KD 1.46. Mezzan Holding Co was also down 40 fils to KD 1.08 and ACICO Industries Co dived 20 fils to close at 280 fils. Agility plunged 10 fils 475 fils after trading 1.26 million shares.
The market opened with a sharp decline and slipped further into red in early trade. The price index continued to dive and hit the day’s lowest level of 5,311.76 pts before recovering some of the losses at close.
The top gainers of the day, Gulf Franchising Holding Co continued its surge from Thursday to rise 6,85 pct to 39 fils while Noor Financial Investment Co was up 6.41 pct to 41.5 fils and National International Co gained 3 fils to 60 fils. Future Communications Co rose 4 fils to 104 fils whereas KGL edged up 3.33 pct to 46.5 fils. Investors Holding Group Co topped the volume with 8.6 million shares.
In the banking sector, Burgan Bank gained 5 fils to 325 fils while Kuwait Finance House and National Bank of Kuwait each dropped 5 fils to 450 fils and 580 fils respectively. Gulf Bank slipped 4 fils to 230 fils after trading 1 million shares whereas Boubyan Bank shed 5 fils to 380 fils and Kuwait International Bank and Warba Bank dived 2 fils each to close at 182 fils and 168 fils respectively. Ahli United Bank closed flat at KD 0.395.
Commercial Facilities Co dropped 8 fils to 180 fils erasing the gains on Thursday whereas National Investments Co fell 3 fils to settle at 95 fils and Kuwait Projects Co was unchanged at KD 0.500.Kuwait Financial Centre edged down 2 fils in thin trading. Al Mal Investment Co declined 1 fils to 27 fils on the back of 5.36 million shares.
Reflecting the day’s downswing, 112 companies traded on Sunday with the market skewed towards the losers. Of these, 16 stocks advanced whereas 73 closed lower and 23 closed flat. 2,932 deals worth KD 12.3 million were transacted, a rise of 37.18 pct from Thursday.
Bayan Investment Co was down 1 fils after trading 1.88 million shares while Ekittitab Holding Co dipped 2 fils to 34 fils on the back of 2 million shares. Ekttitab Holding Co has incurred a net loss of KD 253,249 and losses per share of 0.79 fils in the quarter ending March 31, 2016 against net profit of KD 106,590 and earnings per share of 0.33 fils in the same period last year.
Mabanee Co held steady at KD 0.760 whereas United Real Estate Co, Kuwait Real Estate Co and National Real Estate Co slipped 1 fils each. Aayan Real Estate Co edged down 2 fils to 62 fils and Al Mazaya Holding gained 2 fils party erasing the losses on Thursday.
In the telecommunication sector, Zain dropped 5 fils to KD 0.340 erasing the gains on the previous session whereas VIVA sank 10 fils to KD 0.930 in thin trading and Wataniya (Ooredoo) shares were not traded.
Boubyan Petrochemicals Industries Co shed 10 fils to 485 fils and Qurain Petrochemical Industries Co was down 2 fils to 198 fils in thin trading. Ikarus Petroleum Industries Co stagnated at 40 fils.
Sultan Centre Food Products Co slipped 2 fils whereas Arabi Holding Group Co was unchanged at 58 fils. Kuwait & Gulf Link Transport Co gained 1.5 fils to 47 fils. Automated Systems Co was flat at KD 0.355 and Hits Telecom Holding Co dropped 2 fils after trading 5.4 million shares. Gulf cable and Electricals Co sank 10 fils to KD 0.380.
Combined Group Contracting Co tumbled 10 fils to settle at 760 fils. Oula Fuel stood pat at 110 fils whereas Soor Fuel dropped 2 fils to close at 108 fils and Egypt Kuwait Holding Co fell 4 fils in thin trading. GFH Financial Group shed 3 fils to 67 fils.
Jazeera Airways Co sank 10 fils to KD 0.900 erasing the gains on Thursday. Jazeera Airways Co has reported a net profit of over KD 4 million and earnings per share of 20.05 fils in the quarter ending March 1, 2016 up from KD 3.01 million and earnings per share of 7.18 fils in the same period last year.
By Iliasu Abubakari
Arab Times Staff