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Wednesday , October 28 2020

Kuwaiti market wraps up month on dull note

ATC skids 25 fils, Zain flat

KUWAIT CITY, June 30: Kuwait stocks slipped into a shallow trough on Tuesday as it wrapped up the month on a lackluster note. The All Shares Index slipped 13.85 in choppy session points to 5,130.72 pts weighed by select counters across the sectors.

The Premier Market dropped 13.23 pts to 5,607.07 points while Main Market was down 15.13 points at 4,190.08 points. The BK 50 Main index retreated 9.08 points to 4,184.44 pts.

The volume turnover meanwhile rebounded after hitting a one-week low in the previous session. Over 125 million shares changed hands – a 27 pct jump from Monday.

The sectors closed mostly in red. Oil and Gas outshone the rest with 0.88 percent gain whereas Insurance shed 1.43 percent, the worst performer of the day. Banking sector dominated in both volume and value with 37.4 million shares traded for 10.22 million shares.

In the individual shares, National Bank of Kuwait eased 1 fil to 821 fils after trading 2.6 million shares trimming the month’s gains to 50 fils and Kuwait Finance House followed suit to end at 612 fils with a volume of 3.3 million shares.

Mabanee Co gave up 3 fils to close at 677 fils and Advanced Technology Company (ATC) skidded 25 fils. Zain was unchanged at 555 fils after moving 1.5 million shares while Ooredoo climbed 6 fils to 666 fils. STC stood pat at 853 fils and logistics major Agility dialed down 1 fil to wind up at 734 fils. Humansoft Holding soared 36 fils to KD 2.788 and KIPCO gave up 4 fils with a volume of 4.2 million. The market opened firm and ticked up briefl y in early trade.

The main index scaled the day’s highest level of 5,154 pts and headed south as selling pressure weighed on some of the counters. It pulled up slightly half way into the session and retreated again to close with small losses. Top gainer of the day Energy Holding sprinted 11.2 percent to 24.8 fils and Argan climbed 8.5 pct to stand next. Thuraya skidded 21.55 percent, the steepest decliner of the day and Ahli United Bank topped the volume with 18.3 million shares.

Mirroring the day’s drop, the losers vastly outnumbered the losers. 36 stocks advanced whereas 67 closed lower. Of the 118 counters active on Tuesday, 15 closed fl at. 5,306 deals worth over KD 18 million were transacted during the session. National Industries Group eased 1 fil to 163 fils after pushing 1.9 million whereas Mezzan Holding dialed down 2 fl s extending Monday’s drop. Boubyan Petrochemical Co rose 4 fils to 614 fils and Al Qurain Petrochemical Co clipped 2 fils. Integrated Holding Group gave up 4 fils to end at 425 fils and UPAC dipped 20 fils. Jazeera Airways fell 4 fils to 665 fils extending last session’s losses and ALAFCO clipped 2 fils. Educational Holding Group and KCPC paused at 295 fils and 340 fils respectively whereas Combined Group Contracting Co dialed down 2 fils. OSOS fell 2.8 fils to 95 fils and Warbacap added 2.6 fils. Soor Fuel slipped 4 fils. Kuwait Cement Co tripped 1 fil and Kuwait Portland Cement was down 4 fils at 782 fils.

Metal and Recycling Co took in 2.7 fils and Gulf Cable added 2 fils. Kuwait Foundry Co shed 11 fils and NICBM was down 7 fils at 152 fils. Kuwait and Gulf Links Transport Co inched 0.3 fil up. In the Banking sector, Gulf Bank slipped 3 fils to 212 fils while Kuwait International Bank ticked 1 fil down after pushing 5.6 million shares. Burgan Bank held ground at 196 fils and Boubyan Bank dialed up 2 fils. The market has been largely downbeat so far during the week shedding 36 points in last three sessions. It has rallied 135 points during whole of June and is down 1,150 points year-to-date

By John Mathews Arab Times Staff

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