Wednesday , October 17 2018

Kuwait’s index ‘closes’ lower, volume rebounds – Americana jumps 199 fils; Agility falls

KUWAIT CITY, Oct 23: Kuwait stocks retreated sharply on Monday as declines in oil and gas and insurance shares offset gains in consumer goods. The main index tumbled 27.5 points in a lackluster trade to close at 6,622.56 points.

The KSX-15 benchmark was down 1.22 points to 1,000.98 points while the weighted index lost 0.82 points. The volume turnover meanwhile rebounded slightly after a sharp drop in the last session. About 62.5 million shares changed hands, a rise of 8.16 percent from Sunday.

The sectors mostly closed in the red turf. Consumer goods outshone the rest with 3.29 pct upswing, buoyed by a sharp rebound in Americana shares, while oil and gas closed 1.6 pct lower to end the day as the weakest performer. In terms of volume, real estate topped with 34.10 pct market share while financial services trailed far behind with 24.57 pct contribution.

In the individual shares, Humansoft Holding spiked 40 fils to wind up to KD 3.990, whereas Kuwait Cement Co advanced 15 fils in small trading volume. Egypt Kuwait Holding was up 5 fils in thin trading to close at KD 0.240.

Kuwait Food Co (Americana) rebounded strongly with 199 fils or 11.36 pct rise from the last session to end the day as the biggest gainer, National Industries Co climbed 12 fils or 6.90 pct to stand next. The steepest decliner of the day, Warba Insurance Co plunged 14 fils or 14.74 pct erasing all its gains in the last session. Nafais Holding dropped 40 fils or 7.41 fils and Kuwait Financial Center sank 8 fils or 7.27 pct to close at KD 0.102

Investors Holding slid 5.50 pct to dominate the turnover chart with about 9.9 million shares changing hands, while Alimtiaz Investment Group advanced 0.58 pct after trading more than 3.7 million shares. Agility fell 11 fils or 1.27 pct, wiping out its gains in the previous session.

The market opened on a firm note and edged higher in early trade. The index dived into the negative territory to hit the day’s lowest level of 6,595.23 points as investors toed with caution. The bourse staged a comeback in the last hour to recover some of the losses at close.

Most banks fell during this session as NBK and Gulf Bank slipped 4 fils each in heavy trades, while Commercial Bank of Kuwait tumbled 10 fils. Kuwait Finance House and Al Ahli Bank of Kuwait lost 3 fils and 2 fils to finish at KD 0.601 and KD 0.250 respectively. Boubyan Bank fell 4 fils to KD 0.461, while Ahli United Bank and Burgan Bank closed flat. However, Warba Bank escaped with gain of 2 fils to close at KD 0.241 in heavy trade.

The losers took a huge lead as 63 shares closed lower and 29 stocks advanced. Of the 114 counters active on Monday, 21 closed flat. A total of 2,777 deals worth KD 10.16 million were transacted, a 55.99 percent jump in value from the last session.

Kuwait Investment Co rose 4 fils, while Kuwait Projects Co stagnated at KD 0.353. National Investment Co fell 1 fil on the back of more than 1 million shares and Commercial Facilities Co followed suit. Ekttitab Holding was down 2.5 fils or 6.94 pct and Al-Madar Finance and Investment Co 2.24 pct.

The telecommunication sector ended nearly flat during this session as Ooredoo shares rose 17 fils in thin trading to wind up at KD 1.170, whereas VIVA edged up 1 fil. Zain fell 4 fils after trading more than 2.9 million shares. AAN Digital Services Co dipped 1.27 pct to 31.10 fils.

In the real estate sector, Mabanee Co lost 5 fils while Injazzat Real Estate Co rose 2.9 fils in thin trade. Al Mazaya Holding was up 1 fil, whereas Munshaat Real Estate Projects Co fell 2.2 fils in heavy trade and Abyaar Real Estate Co slid 0.5 fil or 2.06 pct after trading more than 3 million shares.

Gulf Cable and Electrical Industries Co closed 4 fils lower, whereas Heavy Engineering Co and Kuwait Portland Cement Co added 1 fil each. ACICO Industries Co lost 1 fil in small trading volume. Burgan Co Well Drilling advanced 2 fils in thin trade, whereas Osos Holding climbed 1 fil to KD 0.103.

NAPESCO plunged 28 fils or 3.36 pct in small trading volume, while Boubyan Petrochemicals Co jumped 4 fils to wind up at KD 0.668, and Qurain Petrochemical Co slipped 6 fils. Jazeera Airways did not budge from its earlier close of KD 0.648, while Specialities Group Holding Co advanced 3 fils.

GFH Financial Group fell 2 fils to close at KD 0.140. Inovest and Ithmaar Holding lost 1 fil each to stand at KD 0.109 and KD 0.0384 respectively. Mezzan traded flat at KD 0.830.

The market has been mixed so far during the week. However, it has lost 49.07 points from the start of the month but gained 15.21 percent year-to-date. Boursa Kuwait is the second largest bourse in the region.

By Iliasu Abubakari – Arab Times Staff

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