Kuwait’s stocks extend losses, volume shrinks

Agility drops 7 fils, Humansoft Holding gains

By John Mathews

Arab Times Staff

KUWAIT CITY, Oct 2: Kuwait stocks edged lower on Tuesday as it continued to wallow in red for third straight session. The All Shares Index fell 5.61 pts to 5116.01 points weighed by some of the heavyweights even as the overall mood remained mixed.

The Premier Index slipped 5.94 points to 5323.54 pts while Main Market was down 5.94 points to 5323.54 pts. The volume turnover meanwhile shrank for the fourth straight session. Over 69 million shares changed hands – down 10 pct from the day before.

The sectors swayed marginally in both directions. Oil and gas outpaced the rest with 0.55 pct gain whereas financial services shed 0.59 percent, the worst performer of the day. Volume wise, telecommunications notched the highest market share of 30.8 percent and financial services followed with 28.9 pct contribution.

In the individual shares, KIPCO and Mabanee Co clipped 2 fils each to close at 209 fils and 633 fils respectively whereas Humansoft Holding extended Monday’s gains with 38 fils jump to KD 3.299.

Zain was unchanged at 474 fils and Kuwait Telecommunications Co (VIVA) dialed up 2 fils to wind up at 717 fils. Agility dropped 7 fils to 836 fils after trading over 2 million shares and Ooredoo was not traded during the session.

The market opened firm and see sawed narrowly in early trade. The main index ticked up briefly to peak at 5,125 pts almost half way into the session and retreated thereafter. It continued to erode as selling weighed on select counters and bottomed at 5,106 points in the final minutes before clawing back most of the losses at close.

Top gainer of the day, KAMCO rallied 9.2 pct to 71 fils and International Resorts Co climbed 7 percent to stand next. MENA Holding skidded 10 percent, the steepest decliner of the day and Ahli United Bank topped the volume with 8.6 million shares

Mirroring the day’s downtick, the loser vastly outnumbered the winners. 30 stocks advanced whereas 57 closed lower. Of the 109 counters active on Tuesday, 22 closed flat. 3,033 deals worth KD12.2 million were transacted – a 3.8 pct rise in value from the day before.

National Industries Group dropped 4 fils to 158 fils after trading over 4 million shares and Mezzan Holding stood pat at 670 fils. Heavy Engineering Industries and Shipbuilding Co shed 7 fils and and Equipment Holding Co trimmed 0.5 fil. Kuwait Portland Cement was flat at KD 1.060 and Kuwait Cement Co climbed 9 fils to 380 fils with thin trading. Boubyan Petrochemical Co added 3 fils and Al Qurain Petrochemical Co stood pat at 339 fils. NICBM slipped 6 fils to 172 fils.

Jazeera Airways was flat at 749

fils and ALAFCO dialed up 2 fils. Jazeera’s second quarter earnings dropped 23.6 pct to KD 1.8 million whereas operating revenues jumped 43.3 pct to KD 20.1 million. In the first half net profits rose 6.4 pct to KD 1.4 mln.

KPPC clipped 1 fil and KCPC climbed 9 fils to 244 fils. The company has recorded a whopping 541.7 pct jump second quarter profits to KD 1.36 million while in the first six months , the profits surged 433 percent to KD 2.7 million

Eased

Kuwait Foundry Co eased 1 fil to 191 fils and Education Holding Co slid 20 fils to 310 fils. Mashaer Holding ticked 0.6 fil higher to 44.4 fils and Al Rai Media Group tripped 0.8 fil.

Kuwait and Gulf Links Transport Co took in 1 fil and KGL Logistics edged 0.4 fil into red. IFA Hotels and Resorts climbed 4.9 fils to 97 fils and Gulf Cable inched 1 fil higher to 387 fils.

In the banking sector, National Bank of Kuwait ticked 1 fil higher to 832 fils on back of 1.2 million shares and Gulf Bank dialed down 2 fils. Kuwait International Bank slipped 3 fils to 234 fils and Warba Bank paused at 235 fils.

Kuwait Finance House eased 1 fil to 595 fils after trading 1.4 million shares and Boubyan Bank

fell 4 fils to 559 fils. Burgan Bank took in 2 fils on back of 1.2 million shares and Al Mutahed gave up 5 fils. Commercial Bank and Al Ahli Bank paused at 510 fils and 294 fils respectively.

National Investment Co fell 0.5 fil to 84 fils and Kuwait Investment Co inched 0.1 fil into red. International Financial Advisers edged 0.6 fil lower and Coast Investment Co took in 0.7 fil whereas Securities House and Unicap held ground at 47 fils and 60 fils respectively..

KAMCO climbed 6 fils to 71 fils and Kuwait Financial Centre (Markaz) clipped 2 fils. Al Mal Investment Co ticked 0.1 fil into red and KFIC was down 43.3 fils to 43.3 fils. Al Deera Holding tripped 0.5 fil and KMEFIC took in 2 fils.

Noor Financial Investment Co trimmed 0.3 fil while Al Imtiaz and Gulf Insurance Co stood pat at 130 fils and 630 fils respectively. Warba Insurance Co too did not budge from its earlier close of 84.9 fils.

National Real Estate Co fell 1 fil to 102 fils and Kuwait Real Estate Co edged 0.9 fil into red. Salhiya Real Estate was unchanged at 328 fils and Mazaya Holding

The market was been weak so far during the week falling 22 points in last three sessions after retreating 4 pts during whole of September. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.