Kuwait’s equities take breather; volume dips

Mabanee Co gains 9 fils, Ooredoo slips

By John Mathews Arab Times Staff KUWAIT CITY, Dec 9: Kuwait stocks took a breather on Sunday following last week’s gaining spree. The All Stocks Index ticked 2.08 pts higher to 5,184.82 points even was some of the heavyweights notched modest gains. The overall mood however remained mixed.

The Premier Market climbed 6.79 pts to 5,442.08 points taking the month’s gains to 115 pts while Main Market dropped 18.43 pts to 4,715.81 points. The volume turnover meanwhile tapered for the second straight session. Over 111 million shares changed hands – down 6.2 pct from the day before.

The sectors closed mixed. Insurance outshone the rest with 1.36 percent gain whereas technology skidded 7 percent, the steepest decliner of the day. Volume wise, financial services mustered the highest market share of 36.28 pct and banks trailed with 34.4 pct contribution.

In the individual shares, National Bank of Kuwait rose 3 fils on back of 2.6 million shares whereas Kuwait Finance House gave up 3 fils to settle at 617 fils with brisk trading. Mabanee Co climbed 9 fils to 639 fils recouping last session’s losses.

Zain fell 2 fils to 475 fils after trading 3.9 million shares and Ooredoo dropped 10 fils to 715 fils. Kuwait Telecommunications Co (VIVA) slipped 14 fils to 772 fils and Agility dialed up 2 fils to wind up at 820 fils.

The market opened firm and headed north in early trade. The main index continued to climb amid buying in some of the blue chips and peaked at 5,198 points half way into the session. It flipped direction and plumbed the day’s lowest level of 5,176 pts in the final minutes before clawing back into positive territory at close.

Top gainer of the day, BIIHC soared 33.8 percent to 26.1 fils and Sultan Centre jumped 17.3 pct to stand next. Automated Systems Co shed 7 percent, the steepest decliner of the day and Aayan topped the volume with over 10 million shares.

Mirroring the flat closing, the market spread was even. 52 stocks advanced and an identical number closed lower. Of the 121 counters active on Sunday, 17 closed flat. 4,599 deals worth KD 20.58 million were transacted – down 32 pct in value from the day before.

National Industries Group was flat at 164 fils after trading over 1 million shares and Gulf Cable clipped 2 flils. Boubyan Petrochemical Co climbed 6 fils to KD 1.032 and Al Qurain Petrochemical Co stood pat at 358 fils.

Jazeera Airways skidded 29 fils to 711 fils and ALAFCO stood pat

at 362 fils with thin trading. Equipment Holding inchd 0.1 fil higher to 26.8 fils and NICBM added 3 fils.

Kuwait Portland Cement Co dived 35 fils to KD 1.070 and Kuwait Cement Co shed 13 fils. Mashaer Holding and Safat Energy tripped 0.5 fil each to settle at 46 fils and 29.5 fils respectively. Heavy Engineering Industries and Shipbuilding Co rallied 15 fils to 389 fils.

Kuwait Foundry Co fell 4 fils to 175 fils and Automated Systems Co was down 8 fils at 106 fils. KPPC fell 1.5 fils to 50.5 fils and KCPC gave up 7 fils to close at 230 fils. YIACO C clipped 2 fils and IFA Hotels and Resorts fell 2.5 fils to 88 fils.

Humansoft Holding slumped 27 fils to KD 3.360 and NAPESCO was up 5 fils at 870 fils. Combined Group Contracting Co paused at 320 fils and Al Rai Media Group ticked 0.2 fil higher. Kuwait and Gulf Links Transport Co tripped 0.1 fil and KGL Logistics edged 0.3 fil lower to 40.6 fils.

In the banking sector, Gulf Bank fell 3 fils to 277 fils after trading 2.2 million shares while Kuwait International Bank and Al Ahli Bank took in 1 fil each. Al Mutahed fell 2 fils to 297 fils. Commercial Bank slipped 8 fils to 491 fils.

Burgan Bank clipped 1 fil after trading over 1 million shares and Ahli United Bank held ground at 207 fils. Warba Bank gained 8 fils on back of 9.2 million shares and Boubyan Bank followed suit to end at 586 fils.

KIPCO was unchanged at 210 fils and Gulf Finance House tripped 0.5 fil. FACIL inched 1 fil higher to 176 fils and Kuwait Investment Co added 3 fils. International Financial Advisors rose 2.7 fils to 33.2 fils and Kuwait Investment Co gained 3 fils.

Kuwait Financial Centre ( Markaz) clipped 1 fil and National Investment Co was flat at 82,2 fils. KMEFIC and Noor Financial Investment Co dialed up 0.5 fil each and Securities House dialed up 2.5 fils. Gulf Investment House and Aayan took in 0.1 fil each.

Bayan Investment Co fell 0.7 fil to 48 fils and Al Mal Investment clipped 0.3 fil. Al Deera Holding edged 0.9 fil up and KFIC fell 2 fils to 33 fils. UNICAP slipped 4.9 fils to 70 fils and Ektittab Holding inched 1 fil higher.

Al Imtiaz was unchanged at 129 fils and Amwal Investment dialed down 1 fil. Kuwait Insurance Co jumped 24 fils to 334 fils and Gulf Insurance Co stood pat at 680 fils.

Kuwait Real Estate fell 0.9 fil to 55.4 fils and United Real Estate ticked 1 fil down to 60 fils. National Real Estate Co clipped 0.4 fil and Salhiya Real Estate took in 1 fil. Mazaya Holding fell 1.4 fils to 75.5 fils.

The bourse was upbeat during last week. The main index closed higher in all five sessions gaining 77 pts week-on-week and has rallied 75 points so far during the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.