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Monday , January 18 2021

Kuwait wraps up week in red, volume shrinks

CBK skids 25 fils, Ooredoo gains

KUWAIT CITY, Feb 28: Kuwait stocks pulled back on Thursday to end the week on a dull note. The All Shares Index dipped 44.1 points in a soggy session to 5,231.66 points as profit taking weighed on most of the heavyweights.

The Premier Market skidded 56.77 pts to 5,482.19 points paring the month’s gains to 52 points while Main Market was down 18.26 pts at 4,772.99 points. The volume turnover meanwhile shrank further to hit month’s lowest level. Over 84 million shares changed hands – down 13.54 pct from the day before. The sectors closed mostly in the red territory.

Consumer goods outshone the rest with 4.9 pct jump whereas banks shed 1.19 percent, the worst performer of the day. Volume wise, banks garnered the highest market share of 48.7 pct and real estate trailed with 23.9 percent contribution.

Among the notable fallers, National Bank of Kuwait dropped 14 fils to 874 fils after trading 4.8 million shares and Commercial Bank skidded 25 fils to 525 fils trimming the month’s losses to 25 fils. Humansoft Holding tumbled 100 fils to KD 3.000 and Mabanee Co gave up 10 fils.

Zain dropped 8 fils to 453 fils while Ooredoo climbed 16 fils to 747 fils. Kuwait Telecommunications Co (VIVA) tripped 1 fil and Agility was down 11 fils at 821 fils trimming the month’s losses to 47 fils.

The market opened on tame note and moved sideways in early trade. The main index drifted slightly lower before resuming its flattish course as sentiment remained mixed. It slipped deeper into red in the final hour to bottom at 5,225 pts and closed with hefty losses. Top gainer of the day, Mezzan Holding rallied 6.6 pct to 450 fils and EK Holding climbed 5 fils to stand next. Yiaco Medical shed 10 percent, the steepest decliner of the day and Ahli United Bank topped the volume with 11.4 million shares. Mirroring the day’s fall, the losers slightly outnumbered the losers. 50 stocks advanced whereas 54 closed lower. Of the 125 counters active on Thursday, 21 closed fl at. 3,923 deals worth KD 84.29 million were transacted – down 16 pct in value from the day before. National Industries Group fell 2 fils to 166 fils after trading over 1.4 million shares and Gulf Cable followed suit to end at 380 fils.

Boubyan Petrochemical Co rose 4 fils to 934 fils and Al Qurain Petrochemical Co ticked 1 fil up. Integrated Holding Co scaled 14 fils to wind up at 780 fils. Jazeera Airways climbed 7 fils to 739 fils while ALAFCO eased 1 fil to 284 fils. Yiaco Medical slipped 8.5 fils to 76.5 fils and Mashaer Holding dialed up 1.1 fils.

KCPC was up 4 fils at 235 fils and KPPC stood pat at 62 fils. Warbacap paused at 76.5 fils. Kuwait Portland Cement Co rose 5 fils to KD 1.240 while Kuwait Cement Co and Hilal Cement were unchanged at 76.5 fils and 91 fils respectively. Heavy Engineering Industries and Shipbuilding Co held ground at 385 fils and ACICO Industries was up 5 fils at 170 fils.

NAPESCO climbed 10 fils to KD 1.030 and IFA Hotels and Resorts was unchanged at 62 fils. Combined Group Contracting Co clipped 1 fil and OSOS dialed up 2 fils. Salbookh trimmed 0.6 fil and Equipment Holding edged 0.5 fil into red. Kuwait and Gulf Links Transport Co was fl at at 92 fils and KGL Logistics too did not budge from its earlier close of 41.3 fils.

Al Rain Media Group ticked 0.5 fil into green and Inovest crept 0.9 fil higher. Independent Petroleum Group gave up 4 fils to end at 406 fils.

In the banking sector, Gulf Bank eased 1 fil to 284 fils after trading 9.7 million shares and Kuwait International Bank slipped 3 fils to 290 fils. Burgan Bank clipped 2 fils with a volume of over 2 million shares. Kuwait Finance House was fl at at 625 fils and Ahli United Bank was down 6 fils at 248 fils.

Al Mutahed stood pat at 303 fils and Al Ahli Bank slipped 4 fils into red. Warba Bank took in 1 fil. KIPCO inched 1 fil higher top 191 fils and Gulf Finance House trimmed 0.8 fil. Kuwait Investment Co tripped 1 fil whereas Coast Investment Co and Securities House eased 1 fil each. FACIL added 1 fil and National Investment Co ticked 0.2 fil up to 93.2 fils. KMEFIC and GIH tripped 0.1 fil each while Arzan edged 0.3 fil into green.

International Financial Advisors eased 0.1 fil to 22.9 fils whereas Osoul Investment and Al Mal Investment inched 0.1 fil into green and Unicap trimmed 0.5 fil. Kuwait Insurance Co closed fl at and Warba Insurance gave up 4.6 fils. KAMCO was unchanged at 75.3 fils and Bayan Investment dialed up 1.6 fils with thin trading. KFIC rose 1 fil to 36.5 fils while Sokouk Holding and Al Madina tripped 0.2 fil each. Ektittab Holding eased 0.1 fil to 18.9 fils and Tamdeen Investment clipped 2 fils.

Mabanee Co dropped 10 fils to 585 fils while Kuwait Real Estate and National Real Estate Co dialed up 0.1 fil each. Salhiya Real Estate added 3 fils and Tamdeen Real Estate Co skidded 24 fils to 301 fils. The bourse was mixed during the holiday curtailed.

The main index closed lower in one of the two sessions shedding 20 points week-on-week and has scaled 26 points during the whole 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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