Kuwait tumbles to end week on sluggish note

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Jazeera Airways spikes 20 fils; ABK gains

KUWAIT CITY, June 21: Kuwait stocks edged lower on Thursday to close the holiday-shortened week on sluggish note. The All Share index fell 6.01 points to close at 4,822.99 points after MSCI announced it would include Kuwait Index in its review in June 2019 for a potential reclassification from frontier to emerging markets status.

The Premier Market index shed 11.76 points to 4,803.52 points while the Main Market rose 4.36 points. The volume turnover meanwhile climbed for the session in a row as 74.5 million shares changed hands, 19.14 percent rise from the previous session.

The sectors closed mostly in red during this session. Telecommunications outperformed with 0.99 percent gain while basic materials plummeted 2.34 percent, the worst performing sector of the day. In terms of volume, banks notched the highest market share of 44.37 percent while financial services trailed far behind with 15.53 percent contribution.

Among the top gainers, Jazeera Airways spiked 20 fils to KD 0.770 while Ooredoo jumped 14 fils, extending last session gains to KD 0.865. Kuwait Portland Cement Co rose 10 fils and Hilal Cement Co climbed 5.4 fils to KD 0.100 in thin trade.

The best performing stock, Umm Al-Qaiwain General Investments Co surged 9.79 percent and Osoul Investment Co plunged 8.92 percent, the biggest loser of the day. The heaviest-traded stock, Gulf Bank shed 2.08 percent on the back of 8.1 million shares.

Zain advanced 5 fils to KD 0.410 on the back of 7.2 million shares while Mabanee Co closed up 2 fils to KD 0.629. Boubyan Petrochemical Co tumbled 43 fils, extending losses to KD 0.785 and Agility gave up 3 fils. Mezzan Holding Co trimmed 2 fils whereas GFH Financial Group eased 1 fils after trading 1.1 million shares. Kuwait Projects Co and National Industries Co stagnated at KD 0.243 and KD 0.154 respectively.

Humansoft Holding Co extended last session losses to trade at 70 fils lower whereas Independent Petroleum Group fell 5 fils to KD 0.420. Jiyad Holding Co closed down 4.9 fils while Al-Rai Media sank 4 fils to KD 0.103. ALAFCO Aviation jumped 5 fils while Kuwait Foundry Co was up by the same amount to KD 0.205.

The market opened on a strong note and ticked lower in early trade. The index continued to search for direction as investors toed with caution ahead of MSCI decision and OPEC meeting to raise oil output. The bourse fell sharply in the last hour to slip into red after erasing early gains.

Kuwait Insurance Co advanced 5 fils to KD 0.280 and Wethaq Takaful Insurance Co was up 1.9 fils. National Cleaning Co dialed up 3 fils while Combined Contracting Group Co edged up 2 fils to KD 0.420.

National Investment Co and Al-Madar Finance and Investment Co rose 2.2 percent and 2.22 percent respectively.

Invovest gained 2.11 percent while Kuwait Investment Co inched 0.90 percent higher.

ABK jumped 5 fils to KD 0.330 after trading 2.5 million shares while CBK was down by the same amount. Al-Mutahed advanced 4 fils to KD 0.274 and Warba Bank tumbled 11 fils on the back of 2.6 million shares.

KFH paused at KD 0.524 after trading 3.6 million shares and AUB dialed up 1 fil, extending gains to KD 0.181. NBK closed 1 fil down to KD 0.746 on the back of 6 million shares and Burgan Bank followed suit. KIB and Boubyan Bank lost 2 fils and 3 fils respectively.

Reflecting on the day’s upswing, the losers outperformed as 53 stocks ended lower whereas 36 advanced. Of the 110 counters active on Thursday, 21 closed flat. 3,589 deals worth KD 21.3 million were transacted, a sharp rise of 46.57 percent in value from last session.

Qurain Petrochemical Ind Co and KGL added 1 fil each to KD 0.333 and KD 0.112 respectively. Mubarrad Holding Co closed up 1 fil whereas Amwal International Investment Co eased 1.8 fils. IFA Hotels fell 2 fils to 100 fils and AL-Deerah Holding Co dipped 1.4 fils.

Real estate shares fell, led by as Salhia Real Estate Co which lost 1.22 percent, extending last session losses to KD 0.325. Kuwait Resorts Co shrank 3.51 percent while Munshaat Real Estate Co dipped 1.56 percent. Al-Mazaya Holding Co gave up 1.57 percent on the back of nearly 3 million shares whereas United Real Estate Co lost shed 1.52 percent.

Privatization Holding Co sank 2.32 percent and Kuwait and Middle East Financial Investment Co was down 4.35 percent. Real Estate Trade Centers Co slipped 2.56 percent and Gulf Investment House traded 2.78 percent lower.

The market has been mixed during the holiday-shortened week as it closed lower in two sessions . It has gained 87.27 points from the start of the month and trading 24.73 percent lower so far this year. Boursa Kuwait is the second largest market in the region with 175 listed stocks.

By Iliasu Abubakari

Arab Times Staff

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