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Monday , January 24 2022

Kuwait bourse extends losses; volume shrinks

Mabanee Co dips 14 fils, KIPCO flat

KUWAIT CITY, Aug 27: Kuwait stocks eroded further on Monday following last session’s pullback. The All Shares Index dipped 31.47 pts in sluggish trade to 5,154.45 points weighed by some of the heavyweights and industrial scrips.

The Premier Market slid 43.35 points to 5,303.22 pts paring the month’s gains to a meager 7 points while Main Market was down 8.85 pts at 4,884.47 points. The volume turnover meanwhile shrank to a fresh multi-week low Sunday’s modest bounce. Over 69 million shares changed hands – down 13.8 pct from the day before.

The sectors closed mostly in red turf. Consumer Goods outshone the rest with 1.52 pct jump whereas telecommunications dipped 1.58 percent, the biggest loser of the day. Volume wise, banks notched the highest market share of 28 pct and services was close behind with 26.9 percent contribution.

Among prominent losers, National Bank of Kuwait extended Sunday’s losses with a 6 fils drop after trading 4.5 million shares and Mabanee Co dipped 14 fils to 677 fils trimming the month’s gains to 14 fils. Boubyan Petrochemical Co was down 10 fils at KD 1.012. Zain shed 12 fils to close at 476 fils with brisk trading and Ooredoo ticked 1 fil lower to 798 fils. Kuwait Telecommunications Co (VIVA) bucked the trend to gain 14 fils and Agility gave up 10 fils before settling at fils.

The market opened firm but drifted lower in early trade. The main index continued to erode amid broad selling pressure and plumbed the day’s lowest level of 5,144 pts in the final minutes. It however pared back some of the losses at close.

Top gainer of the day, Marakez soared 8.4 pct to 24.5 fils and NICBM scaled 8.2 pct to stand close behind. GIH slid 10 percent, the steepest decliner of the day and Zain topped the volume with 8.

Mirroring the day’s downswing, the losers vastly outnumbered the winners. 35 stocks advanced whereas 63 closed lower. Of the 115 counters active on Monday, 17 closed flat. 4,461 deals worth KD 16.9 million were transacted – up 6.9 pct in value from the day before. National Industries Group fell 1 fil to 166 fils after trading over 2 million shares whereas Mezzan Holding climbed 13 fils to 713 fils.

Al Qurain Petrochemical tripped 3 fils whereas Heavy Engineering Industries and Shipbuilding Co was up 6 fils at 575 fils. Jazeera Airways was unchanged at 740 fils and has shed 14 fils so far during the week while ALAFCO gave up 5 fils to end at 350 fils.

Kuwait Cement Co slipped 7 fils to 388 fils and Kuwait Portland Cement skidded 50 fils to KD 1.050. Kuwait Foundry Co fell 2 fils to 200 fils and Equipment Holding Co ticked 0.1 fil into red. Gulf Cable dropped 12 fils to 403 fils and OSOS trimmed 1 fil. KPPC clipped 2.8 fils and KCPC gave up 4 fls to wind up at 55.2 fils. Burgan Well Drilling Co and Humansoft Holding stood pat at 90 fils and KD 3.300 respectively.

Humansoft’s net profit grew 9 pct to KD 6.57 million during the second quarter of 2018. In the first half the earnings rose 9.3 percent to KD 14.4 million. Combined Group Contracting Co dialed up 2 fils while IFA Hotels and Resorts added 3 fils before closing at 99 fils. NICBM jumped 14 fils to 184 fils and Inovest trimmed 1.8 fils.

Kuwait and Gulf Links Transport Co tripped 1 fil and KGL Logistics ticked 0.1 fil into red. Al Rai Media Group eased 0.4 fil to 95 fils and Ithmaar Holding inched 0.6 fil into red. In the banking sector, Kuwait Finance House and Gulf Bank clipped 2 fils each with brisk trading whereas Boubyan Bank took in 1 fil.

Kuwait International Bank fell 1 fil to 252 fils after trading 1.8 million shares. Commercial Bank rose 5 fils to 510 fils whereas Al Ahli Bank and Al Mutahed held ground at 290 fils and 299 fils respectively. Burgan Bank fell 3 fils to 267 fils and Warba Bank paused at 236 fils. Ahli United Bank clipped 2 fils. KIPCO was flat at 228 fils off early lows with thin trading and Gulf Finance House ticked 1 fil into green.

International Financial Advisors paused at 25 fils while National Investment Co and Coast Investment Co dialed up 0.5 fil each to end at 91.6 fils and 32 fils respectively. KAMCO and Kuwait Financial Centre (Markaz) were unchanged at 71.5 fils and 105 fils respectively while Kuwait Investment Co gave up 3 fils. KMEFIC eased 0.6 fil whereas Al Mal Investment and Noor Financial Investment Co erased 0.2 fil each.

Bayan Investment Co added 1.9 fils while Sokouk Investment and Al Imtiaz clipped 1 fil each to end at 49 fils and 129 fils respectively. Al Deera Holding fell 0.3 fil and Gulf Insurance Co skidded 24 fils. Warba Insurance was up 2.8 fils. Kuwait Real Estate Co eased 0.2 fil to 49.3 fils and National Real Estate Co gave up 4 fils to close at 110 fils.

Mazaya Holding closed 2.4 fils down at 80.5 fils. The market has been weak so far during the week shedding 54 points in last two sessions and is down 13 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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