KUWAIT CITY, Oct 9: Kuwait stocks pulled lower on Monday as corporate earnings for third quarter kicked off. The main index sank 11.51 points to settle at 6,649.19 points. Zain shares fell 3.45 percent despite Omantel interest in boosting stake.
The KSX-15 benchmark dipped 6.88 points to 1,025.83 points and the weighted index lost 3.14 points. The volume turnover meanwhile saw a modest rebound from the previous session. 179.4 million shares changed hands, a rise 2.01 percent from last session.
The sectors closed mostly in the red turf. Industrials outperformed with 1.73 percent upswing while technology rose 0.68 percent to stand next. Financial services fell 1.59 percent to end the day as the weakest performer but topped the volume with 39.10 pct of market share while banks and telecommunication trailed far behind with 19.24 pct and 17.87 pct contributions respectively.
Humansoft Holding Co climbed 80 fils whereas Ooredoo advanced 20 fils with small trading volume. Mezzan Holding Co and Burgan Co for Well Drilling rose 8 fils and 7.8 fils respectively while Combined Group Contracting Co was up 7 fils with thin trading.
Meanwhile, Kuwait National Cinema plunged 140 fils with small trading volume to close at KD 1.200 while Gulf Cable and Electrical Industries Co sank 44 fils on the back of 4.2 million shares. Independent Petroleum Group fell 29 fils and Agility lost 17 fils after trading more than 1 million shares. Kuwait Foundry Co and AlKout Industrial Projects Co were down 16 fils and 10 fils respectively.
Nafais Holding Co spiked 19.87 percent, the top gainer of the day and Real Estate Asset Management Co surged 18.11 percent to stand next at KD 0.300 fils. Umm Al-Qaiwain General Investment Co plummeted 17.90 percent, the steepest decliner of the day.
The heaviest traded stock Zain fell 3.45 percent amid reports Omantel had signed a non-binding letter of intent to acquire a further 12 percent stake in the Kuwaiti telecom company that would more than double its stakes. VIVA eased 3 fils to close at KD 0.800 with small trading volume.
The market opened firm and ticked higher in early trade. The price index slipped into negative territory and hit the day’s low level of 6,609.53 points in slightly volatile trade before clawing back in the final moments to pare some of the losses at close.
National Petroleum Services Co shed 0.37 percent while Gulf Petroleum Investment was up 2.7 percent on the back of 7.5 million shares and Energy House Co edged up 1.91 percent. Boubyan Petrochemicals Co gained 1 fil to KD 0.670 and Qurain Petrochemical Co was down by the same amount. Soor Fuel Marketing Co and Oula Fuel Marketing Co eased 1 fil and 2 fils respectively.
Sector heavyweight National Bank of Kuwait rose 3 fils in heavy trade. NBK recorded net profit of KD 238.4 million for the first nine months of 2017 compared with 219.3 million for the same period in 2016, a growth rate of 8.7 percent. Q3 net profits reached KD 73.7 million compared to KD 68.6 million for the same period in 2016, recording an increase of 7.3 percent YoY.
Gulf Bank was up 1 fil with heavy trade and Kuwait International Bank followed suit. Kuwait Finance House sank 7 fils on the back of 4.9 million shares while Burgan Bank and Commercial Bank of Kuwait stagnated at KD 0.364 and KD 0.400 during this session. Al Ahli Bank of Kuwait advanced 3 fils and Warba Bank shed 5 fils to erase its gain in the previous session. Ahli United Bank closed flat.
The market was heavily skewed toward the losers as 80 shares closed lower and 34 stocks advanced. Of the 159 counters active on Monday, 16 closed flat. A total of 6,159 deals worth KD 42.6 million were transacted, a sharp rise of 45.68 percent in value from the previous session.
Al-Madar Finance and Investment rose 6.69 percent while Kuwait Investment Co climbed 1.79 percent and Kuwait Projects Co eased 0.55 percent. Commercial Facilities Co slipped 4.21 percent to 182 fils. KAMCO plunged 10.99 percent , Bayan Investment Co was down 2.89 percent and Gulf Investment House added 2.83 percent. National International Holding Co gave up 1.48 percent and Kuwait Finance and Investment stood pat at KD 0.0488. Al-Aman Investment Co and Securities House Co were down 3.58 percent and 4.52 percent respectively. Coast Investment and Development Co dived 4.2 percent on the back of 9.4 million shares.
Sokouk Holding Co and Noor Financial Investment fell 1.16 percent and 1.25 percent in heavy trade while Asiya Capital rose 2.76 percent to pare back some of its losses in the last session. Alimtiaz Investment Group lost 1.73 percent on the back of 2.9 million shares and Al- Ahleia Insurance Co gave up 5 fils with small trading volume.
In the real estate sector, National Real Estate Co added 1 fil and Kuwait Real Estate Co was down by the same amount while United Real Estate Co slipped 9 fils. Massaleh Real Estate Co did not budge from its earlier close of 39.5 fils while Mabanee Co lost 5 fils erasing its gains in the previous session. Injazzat Real Estate Co fell 5.9 fils. Taameer Real Estate Co eased 2.4 fils while Alargan International Real Estate Co plummeted 16 fils to KD 0.164. Kuwait Remal Real Estate Co and Real Estate Trade Centers Co finished 4.2 fils and 1.2 fils higher respectively.
The market has been down during the week. The key index fell in the last two sessions. However, it has lost 22.44 points from the start of the month but gained 15.68 percent year-to-date. Boursa Kuwait is the second largest bourse in the region.
By Iliasu Abubakari – Arab Times Staff