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Kuwait market extends losses in choppy session, volume flat

Humansoft Holding skids 30 fils, Zain stalls

KUWAIT CITY, Feb 2: Kuwait stocks eroded slightly on Tuesday extending last session’s pullback. The All Shares Index fell 6.16 points in choppy session weighed by some of the blue chips even as the broader sentiment remained mixed. The Premier Market dropped 10.40 points to 6,283 points whereas Main Market added 2.63 points. The BK Main 50 index was up 6.42 pts at 4,870.41 points. The volume turnover meanwhile was little changed following Monday’s drop. Over 394 million shares changed hands – down 0.8 pct from the day before.

The sectors closed mixed. Technology outshone the rest with 2.59 percent gain whereas Consumer Services shed 0.78 pct, the worst performer of the day. Financial Services topped in both volume and value with 183.9 million shares traded for KD 14.34 million. Among the notable losers, sector bellwether National Bank of Kuwait fell 3 fils to 864 fils after pushing over 2 million shares while KIPCO partly reversed last session’s gains with a 2 fils downtick to 170 fils. Tamdeen Investment Co dropped 14 fils to 277 fils and Al Ahleia Insurance Co shed 18 fils. Noor Financial Investment gave up 3 fils before settling at 181 fils. Zain was unchanged at 636 fils with a volume of 1.4 million shares whereas Ooredoo dialed down 2 fils to close at 691 fils. stc climbed 11 fils to 966 fils and logistics major Agility inched 1 fil higher to 746 fils. Humansoft Holding skidded 30 fils to KD 3.614 whereas Boursa Kuwait Securities scaled 4 fils. The market opened slightly gap up and pushed higher in early trade.

The main index scaled the day’s highest level of 5,774 points and pivoted south as moderate bout of selling weighed on some of the counters. It continued to erode in choppy trade in the second half before closing with small losses. Top gainer of the day, Tahssilat soared 16.28 percent while International Financial Advisors scaled 9 pct to stand next. Gulf Franchising Holding shed 4.9 pct, the steepest decliner of the day and International Financial Advisors also topped the volume with 39.7 million shares. Reflecting the day’s tame finish, the market spread was almost even. 62 stocks advanced whereas 61 closed lower. Of the 139 counters active on Tuesday, 16 closed flat. 11,763 deals worth KD 38.9 million were transacted during the session. In the banking sector, Kuwait Finance House rose 2 fils to 724 fils on back of 5.7 million shares whereas Gulf Bank and Burgan Bank stood pat at 220 fils and 221 fils respectively. Kuwait International Bank took in 1 fil with a volume of over 2 million and Boubyan Bank followed suit. Warba Bank held ground at 239 fils and Ahli United Bank BSC slipped 3 fils to 228 fils after pushing 4.8 million shares. Commercial Bank eased 1 fil to 500 fils while Al Ahli Bank dialed down 2 fils. Kuwait Investment Co was unchanged at 129 fils after moving over 1 million shares whereas KAMCO was up 3.1 fils at 76.9 fils. KMEFIC stood pat at 146 fils and National Investment Co clipped 1 fil before closing at 149 fils. The Securities erased 0.6 fil with a volume of 4.6 million shares and KFIC ticked 0.4 fil up. Kuwait Financial Centre (Markaz) trimmed 0.9 fil and Bayan Investment edged 0.5 fils lower to 41.5 fils. Arzan Financial Group scaled 5.2 fils while Unicap added 1.6 fils before settling at 41.7 fils. Kuwait Insurance Co rose 5 fils to 404 fils whereas Gulf Insurance Group dialed down 2 fils. Warba Insurance added 2 fils. National Industries Group fell 2 fils to 188 fils after pushing 3.5 million shares while Mezzan Holding paused at 585 fils. Boubyan Petrochemical Co inched 1 fil higher to 666 fils and Al Qurain Petrochemical Co whittled down 2 fils. Integrated Holding Co and Aznour tripped 1 fil each to close at 365 fils and 271 fils respectively. Jazeera Airways dropped 15 fils to 664 fils whereas ALAFCO took in 2 fils. Mashaer Holding edged 0.6 fil up to 58.6 fils while Combined Group Contracting Co was up 3 fils at 210 fils.

Burgan Company For Well Drilling and Oula Fuel trimmed 1 fil each whereas Soor Fuel crept 1 fil into green. NAPESCO darted 9 fils to KD 1.0 and Automated Systems Co dialed up 2.2 fils. Educational Holding Co and Independent Petroleum Group scaled 5 fils each while Kuwait and Gulf Links Transport Co inched 0.3 fil into green. The market has been mixed so far during the week and has added 5 points in last three sessions. It had rallied 233 points during whole of January after shedding 736 points in 2020

By John Mathews Arab Times Staff

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