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Kuwait index in biggest single-day loss since March ’20

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KUWAIT CITY, May 12: Kuwait stocks spiraled downward Thursday extending its decline to fifth straight session. The All Shares Index plunged 273.39 points amid broad sell-off to 7868.83 pts rattled by rout in Asian markets earlier in the day. It was biggest single-day loss since March 2020.

The Premier Market tanked 305.82 points to 8737.16 pts while Main Market dived 205.60 points. The BK Main 50 slid 258.17 pts to 6328.75 points. The volume turnover meanwhile soared to hit the highest level year-to-date. Over 493 million shares changed hands – a 64 pct surge from the day before. All sectors, barring one, closed in the red. Technology sector, the only gainer, rose 0.53 percent while Industries skidded 5.3 percent, the worst performer of the day.

Volume wise, Financial Services topped with 259 million shares and Banking sector was ahead in value with KD 53.9 million. Among the prominent decliners, sector pivotal National Bank of Kuwait slid 20 fils to KD 1.030 taking the month’s loss to 32 fils while Kuwait Finance House skidded 30 fils to 925 fils after pushing 23.8 million shares. National Investment Co dived 41 fils to 385 fils and KIPCO gave up 12 fils with a volume of 10.3 million. Humansoft Holding tumbled 125 fils to KD 3.100 extending Wednesday’s loss and is down 276 fils month-to-date. Zain dropped 22 fils to 608 fils after moving 11.4 million shares and Ooredoo dipped 52 fils. stc dived 56 fils to 716 fils extending last session’s loss while logistics major Agility plunged 84 fils to KD 1.096 and the counter saw 13 million shares change hands. Mabanee Co slid 44 fils to 749 fils and Boursa Kuwait Securities skidded 56 fils. KCPC slumped 72 fils. National Industries Group fell 3 fils to 299 fils after pushing 16.8 million shares while Gulf Cable dipped 50 fils. Jazeera Airways dived 80 fils to KD 1.800 and ALAFCO gave up 8 fils to settle at 205 fils. Boubyan Petrochemical Co dropped 33 fils to KD 1.020 with a volume of 2.2 million and Qurain Petrochemical Co eroded 5 fils.

The market opened firm and drifted lower in early trade. The main index moved sideways before pivoted south past the midsession amid heavy selling across the sectors. It bottomed at 7813 points and clawed back some of the losses at close. Top gainer of the day, UPAC climbed 4.67 pct to 269 fils and RKWC paced 4.17 percent to stand next. Ajwan Real Estate tumbled 29.15 pct, the steepest decliner of the day and ALOLA topped the volume with 89.7 million shares.

Reflecting the day’s tumble, the market spread heavily skewed towards the losers. 17 stocks advanced and 114 closed lower. Of the 137 counters active on Thursday, 6 closed flat. 26,510 deals worth KD 134.72 million were transacted during the session. Kuwait Investment Co slid 35 fils to 220 fils while International Financial Advisors and Arzan Financial Group closed 5 fils in red.

Kuwait Financial Centre (Markaz) clipped 2 fils while Gulf Investment House shed 32 fils. Aayan Leasing slipped 24 fils to 165 fils whereas Al Madar Finance added 2 fils. Al Deera Holding was down 9 fils at 179 fils. KAMCO Investment fell 8 fils to 135 fils and Al Safat Investment shed 22 fils after moving over 4 million shares. Noor Financial Investment dropped 21 fils to 295 fils whereas KFIC took in 1.1 fils. Sokouk Holding dialed down 2.4 fils.

National Real Estate Co slipped 12 fils to 228 fils while Ajial Real Estate and Tamdeen Real Estate gave up 4 fils each. United Real Estate Co retreated 4.3 fils to 82.7 fils and Salhia Real Estate closed 3 fils in red. Al Ahleia Insurance Co shed 15 fils while Warba Insurance Co whittled down 5 fils. Kuwait Cement Co eased 1 fil to 244 fils and Kuwait Portland Cement and ACICO Industries shed 20 fils each.

HEISC skidded 46 fils to 800 fils after pushing 1.6 million shares whereas Metal and Recycling added 2.3 fils. Kuwait Foundry Co dropped 16 fils to 309 fils and Shuaiba Industrial was down 12 fils at 257 fils. NCCI slipped 5 fils to 128 fils whereas Kuwait National Cinema Co and Educational Holding stood pat at 890 fils and KD 3.240 respectively. Sultan Center gave up 8 fils while Arabi Group Holding shed 16 fils.

Kuwait and Gulf Links Transport Co eroded 3.6 fils whereas Automated Systems Co took in 0.5 fil. NAPESCO trimmed 1 fil. Burgan Company For Well Drilling dropped 7 fils to 151 fils and Mubarrad Holding followed suit to end at 93 fils. Combined Group Contracting Co shed 29 fils whereas United Projects scaled 12 fils. OSOS Holding erased 12 fils and Inovest BSC dialed down 2 fils. Jassim Transport closed 5 fils in red. The market was extremely bearish during the week. The main index closed lower in all five sessions plunging 490 points week-onweek. It had gained 212 points during the whole of April and is up 827 points yearto- date. By John Mathews Arab Times Staff

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