Kuwait stocks end week on dour note

Al-Mowasat dips 80 fils; Ooredoo gains

KUWAIT CITY, Sept 28: Kuwait stocks plummeted on Thursday to end the week on a dour note amid profit-taking. The price index declined sharply by 89.01 points in a lackluster trading to close at 6,679.33 points.

The KSX-15 index sank 4.81 points to close the week at 997.37 points. The weighted index fell pts to 354.21 pts. The volume turnover meanwhile saw a sharp drop of 29 pct with 83.19 million shares changing hands.

The sectors closed mostly closed in the red zone. Financial services outpaced the rest with 0.47 pct gain. Al-Mowasat weighed on healthcare as sector shed 10.30 pct to end the day as the worst performer. In terms of volume, financial services topped with 40.65 pct market share while banks and real estate trailed far behind with 17.90 pct and 17.64 pct contributions respectively.

Top gainer of the day, Umm Al Qaiwain Investment Co spiked 19.16 pct to close at 98.9 fils while Kuwait and Middle Investment climbed 9.62 pct. Real Estate Asset Management Co plummeted 20 percent, the worst performer of the day. In terms of volume, Privatization Holding Co was up 2 percent to top the volume with 9.3 million shares. Metals & Recycling Co advanced 8 fils to close at 108 fils in thin trading while United Projects Co vaulted 49 fils and Gulf Franchising Holding Co added 4 fils. Meanwhile, Nafais Holding Co slumped 19.91 percent to close as the second worst performing stocks.

The market opened flat and slipped into negative territory in early trading. The main index seesawed between small gains and losses profit-taking before dropping deep into the red zone at close.

The bank shares mostly closed in the negative turf, sector bellwether NBK dived 4 fils on the back of 4.4 million shares while KFH and AUB slipped 3 fils each to close at KD 0.601 and KD 0.210 respectively. ABK shares were down 2.52 percent whereas KIB and Burgan Bank gave up 2 fils each.

Meanwhile, Gulf Bank shares rose 3 fils and Commercial Bank of Kuwait gained 5 fils after trading 1.02 million shares. Boubyan Bank shed 1 fil.

Kuwait Projects Co rose 5 fils while Al-Ahleia Insurance Co sank be the same amount. Noor Financials Investment gained 1.94 percent to 63 fils on the back of 2.5 million shares. Wethaq Takaful Insurance CO, KAMCO and International Financial Advisors closed flat during this session.

Reflecting the day’s downturn, 127 companies traded on Thursday with the market skewed towards the losers. Of these, 40 stocks gained whereas 62 closed lower and 25 closed flat. 3,150 deals worth KD 18.5 million were transacted, down 9 pct from the previous day.

Ooredoo spiked 12 fils to settle at KD 1.215 whereas Zain lost 5 fils on the back of 7 million shares and VIVA dipped 1 fil to 801 fils. Humansoft shed 10 fils while AAN Digital Services was down 0.54 percent after trading over 4 million shares and Automated Systems Co shares were not traded in this session.

In the real estate sector, United Real

Estate Co and Salhia Real Estate Co advanced 5.32 percent and 1.13 percent respectively while National Real Estate Co shed 2.86 percent. Tamdeen Real Estate Co dropped 3 fils while Injazzat was down 1 fil. Al-Mazaya fell 1 fil to close at 115 fils and Mabanee Co fall continued as it lost 4 fils after trading 1.5 million shares. Real Estate Trade Centers Co sank 14.6 percent to close at 33 fils.

Boubyan Petrochemicals Co advanced 3 fils whereas Qurain Petrochemical Co did not budge from its earlier close of KD 0.340 and Senergy Holding Co shed 4 fils. IPG stagnated at KD 0.345 and National Cleaning Co slipped 2.89 percent.

Al-Mowasat Health Care Co plunged 80 fils to 400 fils while ALAFCO and Combined Group Contracting Co

advanced 5 fils to KD 0.366 and KD 0.520 respectively. Jazeera Airways was up 1 fil to KD 0.585 and Mezzan Holding Co fell 5 fils in thin trading.

Kuwait Portland Cement Co and Kuwait Cement Co dropped 15 fils and 5 fils respectively while Hilal Cement Co rose 10 fils to 190 fils. Kuwait Foundry Co and ACICO Industries Co gave up 5 fils and 4 fils respectively during the session whereas Agility lost 19 fils after trading 1.2 million shares.

The market was largely gloomy during the week. The price index closed down in four sessions and plunged 80.37 points in the four three sessions. However, it has gained 16.21 percent year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.