Kuwait stocks retreat further; volume rises
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Gulf Bank drops 13 fils; Ooredoo gains
KUWAIT CITY, Sept 12: Kuwait stocks pulled lower on Wednesday as the market reopened after one-day break. The All Shares Index fell 10.04 pts in sluggish trade to 5126.37 points weighed by Kuwait National Cinema Co and some of the heavyweights even as the overall mood remained soggy. The Premier Market dropped 7.41 pts to 5,329.67 points trimming the month’s gains to 68 points while Main Market was down 14.84 points at 4,756.91 pts.
The volume turnover meanwhile rose past the 100 million mark to hit a twoweek high. Over 104 million shares changed hands – a 14.54 pct increase from the day before. The sectors closed mostly in red. Healthcare outshone the rest 0.26 pct rise whereas technology skidded 5.5 percent, the biggest loser of the day. Volume wise, banks notched the highest market share of 34 pct and financial services followed closely with 33 pct contribution.
Among the notable losers, Gulf Bank dropped 13 fils to 240 fils after trading over 12 million shares and Al Mutahed was down 7 fils at 298 fils. Kuwait National Cinema Co tumbled 100 fils to 950 fils. Zain dialed down 2 fils to end at 476 fils after trading over 6 million shares whereas Ooredoo climbed 4 fils to 779 fils. Kuwait Telecommunications Co (VIVA) ticked 1 fil up and Agility took in 2 fils to wind up at 874 fils. The market opened strong and drifted into red in early trade.
The main index continued to erode amid selling in select counters to plumb the day’s lowest level of 5119 points almost halfway into the session. It saw a slight bounce in the second half before closing with small loss. Top gainer of the day, Energy Holding Co rallied 8.8 pct to 28.3 fils and NIH climbed 8 percent to stand next. Kuwait National Cinema Co plunged 100 fils, the steepest decliner of the day and Aayan topped the volume with over 17 million shares. Mirroring the day’s fall, the losers outnumbered the winners. 41 stocks advanced whereas 59 closed lower.
Of the 129 counters active on Wednesday, 29 closed fl at. 5467 deals worth KD 23.2 million were transacted – a 25 pct jump in value from the day before. National Industries Group fell 2 fils to 165 fils with a 2.9 million shares and Mezzan Holding stood pat at 700 fils. Boubyan Petrochemical Co dropped 7 fils to KD 1.080 and Al Qurain Petrochemical Co inched 1 fil into red. Equipment Holding dialed up 1.4 fils. Gulf Cable slipped 3 fils to 390 fils whereas Heavy Engineering Industries Shipbuilding and Kuwait Foundry Co added 3 fils each. ACICO Industries dipped 10 fils to 210 fils and IFA Hotels and Resorts gave up 5 fils before closing at 90 fils. Automated Systems Co slipped 7 fils to 120 fils and Combined Group Contracting Co closed fl at. The company’s second quarter profits surged 54.9 pct to KD 830,000 while during the first six months earnings soared 153.3 pct to KD 2.66 mln. Kuwait Cement Co tripped 1fil and OSOS dialed down 1.5 fils to close at 90.6 fils. Mashaer Holding ticked 0.1 fil higher to 46.1 fils and YIACO gained 7 fils. Al Rai Media Group clipped 2 fils before settling at 67 fils.
Shed
Jazeera Airways rose 4 fils to 749 fils and ALAFCO dialed up 2 fils to end at 333 fils, KPPC fell 1.8 fils to 52 fils and KCPC shed 10 fils. Kuwait and Gulf Links Transport Co added 2 fils and KGL Logistics held ground at 43 fils. NICBM climbed 6 fils 176 fils.
In the banking sector, National Bank of Kuwait rose 4 fils on back of 3.5 million shares whereas Kuwait International Bank and Al Ahli Bank tripped 1 fil each to close at 242 fils and 292 fils respectively. Boubyan Bank climbed 6 fils to 558 fils. Burgan Bank dialed up 2 fils whereas Commercial Bank and Warba Bank stood pat at 500 fils and 500 fils and 238 fils respectively. Ahli United Bank fell 2 fils to 201 fils after trading 2.6 million shares. KIPCO dialed down 2 fils and Gulf Finance House inched 1fil into red. Kuwait Investment Co trimmed 1 fil while Coast Investment Co and KMEFIC eased 0.1 fil each. Sokouk Holding inched 0.3 fil higher and Unicap closed flat. National Investment Co fell 1.5 fils to 96.3 fils while Aayan Investment and Bayan Investment trimmed 1 fil each. Al Mal Investment took in 0.2 fil and Al Deera Holding closed 0.5 fil down. Ektittab Holding ticked 0.5 fil up to 25.5 fils. Noor Financial Investment Co fell 0.7 fil to 52.2 fils and Kuwait Financial Centre ( Markaz) paused at 98 fils. Al Imtiaz and Wethaq Takafaul were unchanged at 125 fils and 28.5 fils respectively. Mabanee Co fell 2 fils to 663 fils and National Real Estate Co followed suit to end at 107 fils. United Real Estate and Salhiya Real Estate were unchanged at 65 fils and 329 fils respectively whereas Aqar added 2 fils. Mazaya Holding ticked 0.2 fil into red.
The market has been trending lower so far during the week shedding 25 pts in last three sessions and has slipped 6 points from start of the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region
By John Mathews Arab Times Staff
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