KUWAIT CITY, Oct 1: Kuwait’s stocks inched lower on Sunday on the first day of trading after FTSE decision to upgrade the bourse to an emerging market. The price index dived 8.1 points in a slightly volatile trading to close at 6,671.63 points with mixed boards as investors were uninspired by the small weighting in the FTSE index.
The KSX-15 index rose 18.60 points to close at 1,015.97 points. The weighted index was up 4.44 pts. The volume turnover meanwhile rebounded sharply to 156.13 million shares, a rise of 87.66 pct from the previous session.
The sectors closed mixed during Sunday’s session. Oil and gas sector outpaced the rest with 1.22 pct gain and industrials shed 1.61 pct to end the day as the worst performer. In terms of volume, financial services topped with 42.75 pct market share while real estate and banks trailed far behind with 22.9 pct and 21.16 pct contributions respectively.
Top gainer of the day, KAMCO vaulted 13.24 pct to close at 77 fils and Real Estate Trade Centers Co rose 11.52 pct. Nafais Holding Co plummeted 20 percent, the worst performer of the day. In terms of volume, Alimtiaz Investment Group Co closed flat to top the volume with 12.57 million shares.
Senergy Holding Co was up 10.19 percent to close at 40 fils while Securities Holding Co gained 6.21 pct on the back of 5.7 million shares and KGL rose 5.84 pct. Meanwhile, Al-Deera Holding Co slumped 7.46 percent to close as the second worst performing stocks.
The bank shares mostly closed higher after FTSE promoted Kuwait to an emerging market. Sector heavyweights NBK spiked 25 fils (3.29 pct) on the back of 7.8 million shares and KFH climbed 12 fils after trading over 10 million shares. Boubyan Bank advanced 13 fils and Gulf Bank was up 3 fils to settle at KD 0.242 while KIB rose by 4 fils. Commercial Bank of Kuwait slumped 22 fils ( 5.30 pct) with thin trading whereas ABK shares were down 1 fil and Burgan Bank added 6 fils. Warba Bank edged up 1 fil and Ithmaar was up 0.78 percent.
Reflecting the day’s downturn, the winners outnumbered the losers as 74 stocks advanced whereas 30 closed lower. Of the 119 counters active on Sunday, 15 closed flat. 5,006 deals worth KD 33.2 million were transacted, a 58.77 percent gain in value from the last session.
Commercial Facilities Co fell 4 fils while Kuwait Projects Co was up 1 fil. Unicap Investment Finance dipped 5.49 percent while Al Salam Group Holding Co and Ekttittab Holding Co gained 2.92 percent and 2.64 percent respectively. Asiya Capital Investment Co gave up 7.39 percent.
In the real estate sector, Kuwait Real Estate Co rose 0.47 percent after trading over 2.7 million shares. National Real Estate Co and Salhia Real Estate Co were up 0.74 percent and 1.67 percent respectively. Massaleh Real Estate Co advanced 5 percent while Arabtec fell 1.8 percent. Mabanee Co added 9 fils. Kuwait Real Estate Holding Co edged up 3.73 percent and Al Mazaya gained 2.61 percent on the back of 3.6 million shares.
Agility jumped 11 fils after trading 1.2 million shares and Kuwait Cement Co dived 19 fils while Boubyan Petrochemicals Co advanced 8 fils and Qurain Petrochemical was up 2 fils. National Petroleum Services Co was down 3 fils. ACICCO and National Industries Co rose 4 fils and 5 fils to close at 270 fils and 180 fils respectively.
Zain was up 5 fils on the back of 9.7 million shares and Ooredoo sank 25 fils with thin trading to KD 1.190 while VIVA added 2 fils. Automated Systems Co did not budge from its ealier close of 170 fils. Humansoft Holding Co climbed 40 fils while Privatization Holding Co dipped 1.96 percent.
National Shooting Co fell 3.02 percent while Combined Group Contracting Co was up 10 fils. Jazeera Airways gained 4 fils whereas Sour Fuel Marketing Co jumped 2 fils. Al Rai and Fujairah Cement Co slipped 2 fils and 1.5 fils respectively.
Mezzan Holding Co dived 5 fils and Egypt Kuwait Holding Co was up by the same amount while INOVEST slipped 2 fils to 119 fils. Gulf Finance Group shed 4 fils to 130 fils on the back of 1.6 million shares.
National Cleaning Co was down 3.57 percent while Oula Fuel Marketing Co rose 1.67 percent to 122 fils.
The market was largely downbeat during last week. The price index closed down in four sessions and plunged 169.38 points in the five sessions. However, it has gained 16.07 percent year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.
By Iliasu Abubakari
Arab Times Staff