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Kuwait’s market little changed; volume dips

NBK adds 3 fils, Zain slips

KUWAIT CITY, Oct 8 : Kuwait stocks trod water on Monday after closing last session in red. The All Shares Index inched 1.55 pts lower to 5,308.2 pts even as the stocks seesawed in a narrow range in absence of strong catalysts. Most of the banks eked small gains whereas Humansoft plunged.

The Premier Market rose 2.31 pts to 5,308.98 points and slipped 8.6 pts to 4,729.31 pts taking the month’s losses to 16 points. The volume turnover meanwhile dipped to one-month low as investors toed caution. Over 56 million shares changed hands – a 22 pct drop from the day before.

The sectors closed mixed. Consumer goods outshone the rest with 0.12 pct gain whereas insurance sector shed 0.89 percent, the worst performer of the day. Volumewise, financial services accounted for the highest market share of 32 percent and banks followed with 22 pct contribution. In the individual shares, National Bank of Kuwait rose 3 fils to 829 fils on back of 1.7 million shares and Boubyan Bank followed suit to close at 556 fils.

Boubyan Petrochemical Co shed 19 fils and Humansoft Holding skidded 58 fils to KD 3.240. Zain fell 2 fils to 469 fils after trading 1.9 million shares and Ooredoo climbed 8 fils to 768 fils. Kuwait Telecommunications Co ( VIVA) clipped 2 fils and Agility followed suit to wind up at 836 fils.

The market opened firm and ticked up in early trade. The main index scaled the day’s highest level of 5,109 points and flipped direction as sentiment turned sour. It seesawed thereafter and bottomed at 5,097 pts in the final minutes before clawing back most of the losses.

Top gainer of the day, Masaken rallied 10 pct to 41.8 fils while Tahssilat climbed 9.7 pct to stand close behind. Wethaq Takaful slumped 10 pct, the steepest decliner of the day and Al Madina topped the volume with 6.2 million shares.

Mirroring the tame closing, the market spread almost even. 46 stocks advanced, whereas 48 closed lower. Of the 114 counters active on Monday, 20 closed flat. 3,480 deals worth KD 10.29 were transacted – down 10.8 pct in value from the day before. National Industries Group was unchanged at 159 fils while Mezzan Holding ticked 1 fil into green. Heavy Engineering Industries and Shipbuilding Co climbed 6 fils on back of over 1 million shares and Al Qurain Petrochemical Co gained 8 fils. Kuwait Foundry Co fell 3 fils to 188 fils. Jazeera Airways eased 1 fil to 748 fils and ALAFCO clipped 2 fils before closing at 325 fils.

Equipment Holding Co and Mashaer Holding took in 0.4 fil each and Automated Systems Co was unchanged at 124 fils. IFA Hotels and Resorts too did not budge from its earlier close of 96.9 fils.

Kuwait Cement Co dropped 10 fils to 370 fils and Gulf Cable dialed down 2 fils has posted 382.6% leap in second quarter profits to KD 5.26 million and during the first six months the earnings rose 7.7 percent to KD 6.58 million. KPPC slipped 3 fils to 52 fils and KCPC added 5 fils.

The company recorded a whopping 541.7 pct jump second quarter profits to KD 1.36 million while in the first six months , the profits surged 433 percent to KD 2.7 million. Kuwait Gulf Links and Transport Co ticked 0.9 fil higher to 100.7 fils and KGL Logistics trimmed 0.4 fil. Combined Group Contracting Co clipped 2 fils and UPAC was down 10 fils at 630 fils. Al Rai Media Group paused at 49.5 fils.

In the banking sector, Gulf Bank and Burgan Bank took in 1 fil each to close at 253 fils and 268 fils respectively. Kuwait International Bank dialed up 2 fils whereas Ahli United Bank and Warba Bank stood pat at 208 fils and 232 fils respectively. Kuwait Finance House eased 1 fil to 591 fils after trading over 2 million shares whereas Al Ahli Bank and Al Mutahed were unchanged at 291 fils and 288 fils respectively. Commercial Bank was down 5 fils at 510 fils. KIPCO rose 2 fils to 211 fils and Gulf Finance House inched 0.4 fil into green. Kuwait Investment Co was flat at 120 fils and International Financial Advisors edged 0.7 fil higher. Coast Investment Co tripped 0.2 fil and Securities House ticked 0.1 fil up to 48.9 fils. KAMCO gained 6 fils while Kuwait Financial Centre (Markaz) eased 1 fil extending last session’s losses. KMEFIC fell 0.3 fil to 29.4 fils and Al Mal Investment Co dialed up 0.5 fil. KFIC dialed up 0.4 fil and Al Deera Holding added 0.3 fil. Noor Financial Investment Co fell 0.9 fil to 51.6 fils and Al Imtiaz held ground at 131 fils. Ektittab Holding tripped 0.5 fil and Kuwait Insurance Co ticked 1 fil into green. Gulf Insurance Co slipped 8 fils to 630 fils and Wethaq Takaful gave up 3 fils. Mabanee Co clipped 2 fils and United Real Estate Co fell 2.8 fils to 60.1 fils. Salhiya Real Estate Co was flat at 328 fils and Mazaya Holding trimmed 0.1 fil. Kuwait Real Estate Co fell 0.3 fil to 45.3 fils.

The market had been dull so far during the week, slipping 8 points in last two sessions and is down 25 points from start of the 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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