Kuwaiti stock market continue losing spree

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Ooredoo slips 9 fils, Gulf Bank flat

KUWAIT CITY, July 23: Kuwait stocks continue their decline during Tuesday’s trading session with red indices across most sectors, the All Share Index plunged 0.25% lower to 6,023.92 points.

The Premier Market Index pulled 0.32% lower to 6,640.23 points with the Main Market Index also registering a 0/06% contraction to 4,810.95 points. The bourse dipped low in early trade and staggering to advance, it continued a gradual decline through mid-day trade before further slippage in the final hours. Of the 121 active counters, the losers outnumbered the winners with 41 companies advancing, 57 retreating and 23 closing flat. A total of 5,421 trades were conducted on the trading floor with 95.69 million shares traded for a turnover of KD 21.26 million, both significantly subdued when compared to the previous session.

IFA Hotels and Resorts was the top gainer of the day, expanding by 8.47% to 64 fils. The Kuwait Company for Process Plant Construction and Contracting, followed with a 7.61% augment to 212 fils. Bayan Investment Co also moved higher to 48 fils with a 6.67% mark up. At the same time, The Energy House logged a positive change to 24.5 fils with a 6.52% rise and Warba Insurance posted a 5,75% gain in share price to 69.9 fils.

Kuwait Reinsurance Company, on the other hand, took a hard tumble to 131 fils with a 9.66% reduction while Al Eid Food Co shed 9.59% to close at 55.6 fils in the red.

United Projects Co took a 8.53% dive to 397 fils with First Takaful Insurance Co posting a 7.44% reduction in price to 36.1 fils. Kuwait Syrian Holding Co counted itself among the day’s top losers with a 6.76% stumble to 40 fils. Aayan Leasing and Investment Company traded the top volume of 13 million shares on the floor. National Industries Group Holding and Al Salam Group Holding also saw robust activity of 11.47 million and 10.5 million shares traded respectively.

The Banking sector closed at 1,402.84 points in the red zone with a 0.33% decline. National Bank of Kuwait eased another 2 fils lower to 997 fils, trading 3.49 million shares for a turnover of KD 3.48 million. Kuwait Finance House fell by 6 points to a 762 fils close and Ahli United Bank eased 3 points lower to a 277 fils share price.

Gulf Bank held ground at 311 fils while Warba Bank slipped 1 point power to 253 fils and Burgan Bank stood at 346 fils with a 0.57% decrease. Kuwait International Bank also closed in the red at 272 fils.

Meanwhile, Boubyan Bank climbed 7 points higher to 594 fils during the session. Telecommunications Sector Index stood at 1,051.42 points, down by 0.31%. Mobile Telecommunications Co (Zain) traded a volume of 1.36 million shares, steadfast at 575 fils at the day’s close. Kuwait Telecommunications Co (Viva) dropped 11 points down to 794 fils while National Mobile Telecommunications Co (Ooredoo) slumped 9 points lower at 641 fils.

Aan Digital Services Co closed fl at at 12.6 fils. The Financial Services sector closed in the red at 1039 points, dropping 0.37% after trading 49 million shares for a turnover of KD 4.8 million. National Industries Group Holding gave up 4 fils to close at 232, moving 11 million shares over the day. Al Imtiaz Investment Group tipped 1 fil, ending at 139. Aayan Leasing and Investment also shaved 0.77% off, closing at 51.30 fils. Meanwhile among the gainers, Al Salam Group added 1.78 fil, closing at 40.10 with.

Arzan Financial Group for Financing and Investment moving up 1.16%, to close at 34.90. First Investment Group added 0.20 to close at 36.10. The Oil & Gas sector was all green, rising 2.04% through the day, marking a point end at 1176.10. Independent Petroleum Group rallied on 19 fils, turning over 46.9 million to close at 469. Gulf Petroleum Investment took in 0.40 fils to close 22.90. The Energy House Holding gained 6.52%, moving up to 24.50 fils. Real Estate Sector index closed 0.35% lower at 957.27 points.

Mabanee Co marked a 0.77% reduction to 772 fils in active trade while Mashaer Holding Company eased to 70 fils exchanging over a million shares in the session. Abyaar Real Estate Development Co traded a volume of 4.38 million shares and closed at an unchanged 14.6 fils price. Kuwait Remal Real Estate Co dipped 2.55 points down to 22.9 fils. In the Industrial Sector, Humansoft Holding Co and Agility Public Warehousing Co both eased 1 point lower to KD 3.370 and 787 fils respectively while Gulf Cable and Electrical Industries Co took a 9 point stumble to a 433 fils close.

Combined Group Contracting closed at a fl at 409 fils after stout trade. In the meantime, Heavy Engineering Industries and Ship Building Co dropped 4 points for a 238 fils finish. Basic Materials closed at 1,119.48 in the green with a 0.15% growth. Boubyan Petrochemical Co plunged 8 points lower to 897 fils with Qurain Petrochemical Industries trudged upwards by 1 point to 353 fils. Kuwait Foundry Co peaked by 6 points for a 256 fils finish.

The Insurance sector stood at 905.56 points, dropping 1.03% from the previous session. Al-Ahleia Insurance Co closed at a fl at 420 fils, Warba Insurance Co moved 3.8 points higher to 69.9 fils and Kuwait Reinsurance Co plummeted to 131 fils after a 14 point fall. In Consumer Goods, Mezzan Holding Co dropped 3 points to 619 fils, Danah Al Safat Foodstuff Co shifted upwards to 28.5 fils and Livestock Transport and Trading Co made a 5 point advance to 190 fils. Meanwhile in Consumer Services, Kuwait Resorts Co sunk 1.13% lower to 52.7 fils.

By Cinatra Alvares Arab Times Staff

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