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Wednesday , March 29 2023

Kuwait stocks tumble amid weak cues, volume rebounds

This post has been read 11703 times!

KUWAIT CITY, Nov 30: Kuwait stocks spiraled south Tuesday tracking weak regional and global cues following last session’s modest rebound. The All Shares Index sank 161.51 points in a broad decline to 6,789.96 points, the second biggest single day decline of the year. The Premier Market saw brutal flooring as it tumbled 204.68 points to 7,345.47 pts while Main Market slid 66.24 points. The BK Main 50 skidded 74 points to 5,863.50 points.

The volume turnover meanwhile bounced past the 400 million mark following Monday’s dip. Over 423 million shares changed hands – a 43 pct surge from the day before. The sectors closed mostly in red turf. Healthcare outshone the rest with 2.11 percent gain whereas Technology dived 4.67 pct, the biggest loser of the day. Volume wise, Financial Services topped with 146 million shares and Banking sector was ahead in value with 61.2 million shares. Among the day’s notable losers, sector bellwether National Bank of Kuwait dived 14 fils to 984 fils after trading 21 million shares while Kuwait Finance House plunged 27 fils to 792 fils. Boubyan Bank skidded 24 fils to 758 fils and Ahli United Bank BSC shed 13 fils with a volume of over 28 million shares.

Humansoft Holding tanked 45 fils to KD 3.200 taking the month’s losses to 139 fils. Zain dropped 17 fils to 569 fils after pushing 21.8 million shares and Ooredoo dialed down 2 fils. stc took in 1 fil whereas logistics major Agility skidded 34 fils to 922 fils with a volume of 11.4 million. KIPCO and Al Imtiaz slipped 5 fils each to close at 140 fils and 112 fils respectively while National Investment Co gave up 6 fils. Mabanee Co took in 1 fil. Boursa Kuwait Securities Co sprinted 17 fils to KD 1.932. The market opened firm and ticked up briefl y in early trade.

The main index scaled the day’s highest level of 6,984 points and drifted lower as trading fl oor sentiment weakened. It continued to erode and fell sharply in final minutes to close with heavy loss. Top gainer of the day, Al Aqaria climbed 5.81 pct to 51 fils and Al Madar Finance and Investment Co scaled 5.77 pct to stand next. Safat Energy skidded 14.95 percent, the steepest decliner of the day and GFH topped the volume wit 66 million shares. Reflecting the day’s slide, the market spread was heavily skewed towards the losers. 26 stocks advanced whereas 111 closed lower.

Of the 144 counters active on Tuesday, 7 closed fl at. 18,002 deals worth KD 122.78 million were transacted during the session. In the banking sector, Gulf Bank fell 3 fils to 244 fils after pushing over 10 million shares while Kuwait International Bank and Burgan Bank gave up 6 fils each. Warba Bank was down 10 fils at 264 fils whereas Commercial Bank paused at 500 fils. Ahli United Bank Kuwait shed 9 fils. National Industries Group dropped 8 fils to 255 fils after moving 8.2 million shares and Gulf Cable shed 13 fils. Jazeera Airways climbed 20 fils to KD 1.020 following steep drop in last two sessions and ALAFCO was down 13 fils at 216 fils. Boubyan Petrochemical Co slid 40 fils to 825 fils while Qurain Petrochemical Co retreated 17 fils. Kuwait Cement Co slipped 6 fils to 226 fils whereas Kuwait Portland Cement scaled 17 fils with thin trading. HEISC rose 5 fils to 460 fl s and Shuaiba Industrial was down 11 fils to 219 fils. Metal and Recycling Co fell 4.5 fils to 97.5 fils whereas Kuwait Foundry Co added 3 fils. ACICO Industries closed 5 fils in red after pushing over 1 million shares. Kuwait and Gulf Links Transport Co clipped 2.8 fils whereas Arabi Group Holding stood pat at 182 fils. Sultan Centre fell 4 fils to 214 fils and Kuwait Hotels gave up 4.5 fils. Safat Energy Holding dropped 7.4 fils to 42.1 fils while NCCI shed 14 fils. Automated Systems Co retreated 5 fils to 102 fils with thin trading whereas KCPC jumped 20 fils. Advanced Technology Co sprinted 22 fils to 523 fils. Burgan Company For Well Drilling slipped 7 fils to 142 fils and Combined Group Contracting Co followed suit. United Projects slid 23 fils to 250 fils whereas Hayat Communication paced 5 fils. PAPCO fell 3.6 fils to 6.8 fils and IFA Hotels and Resorts gave up 5.2 fils. OSOS Holding was unchanged at 111 fils. Egypt Kuwait Holding rose 3 fils to 418 fis and Kuwait Resorts was down 4.4 fils at 93.8 fils. Oula Fuel Marketing clipped 2 fils while Soor Fuel Marketing gave up 4 fils. Inovest BSC slipped 5 fils to 107 fils and Jassim Transport Co closed 6 fils in red. The market has been largely downbeat so far during the week plunging 338 points in last three sessions. It has slid 327 points so far during the month and is up 1,244 points year-to-date. By John Mathews Arab Times Staff

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