Kuwaiti market ends week in red territory
Zain slips18 fils, Bayan Investment up
KUWAIT CITY, Aug 15: Kuwait stocks plunged low on Thursday with all sectors closing in the red. The All Share index slumped 47.11 points down to 6,075.18 points with a 0.77% contraction. The Premier Market plummeted to 6,685.18 points, down by 56.92 points and the Main Market index dwindled to 4,876.21, with a 27.12 point cut.
The total traded stock in the session amounted to over 170 million shares for a turnover of KD 33.05 million. Of the 121 counters that remained active in the session, the losers greatly outnumbered the winners. Only 23 companies posted gains, while 75 companies retreated into the red zone and 23 closed flat.
Massaleh Real Estate Co was the top gainer of the day, moving 4.96% higher to a 38.1 fils share price. Bayan Investment Company followed with a 3.535 surge to 44 fils and Sultan Centre Food Products Co posted a 2/83% rise to 47.3 fils. Meanwhile, Injazzat Real Estate Development Company added 2.5% to its share price, finishing at 82 fils and Fujairah Cement Industries took a 2.43% hike in price to 54.7 fils.
Aan Digital Services Co led the pack of gainers with a 11.27% downturn to 18.1 fils and Al Eid Food Company took a 9.87% hard tumble to 61.2 fils. Umm Al Qaiwain General Investments Company and IFA Hotel and Resorts followed closely with a 9.72% and 9.7% decline to 70.6 fils and 56.8 fils respectively.
Aan Digital Services Co traded the top volume of 16.24 million shares, chased by National Industries Group’s 14.4 million shares traded. Ajwan Gulf Real Estate Company and Kuwait International Bank also saw robust activity of over 10 million of their stock exchanged on the trading floor.
The Banking sector closed 0.46% lower at 1,419.85 points, trading 37.6 million shares in the session for a total value of KD 16.37 million. Kuwait Finance House and Kuwait International Bank took a 3 point dive to 780 fils and 281 fils respectively. At the same time, National Bank of Kuwait plunged 5 points lower to KD 1 while Gulf Bank swung 4 points lower to a 309 fils close.
Ahli United Bank and Warba Bank dipped 1 point lower to 284 fils and 257 fils respectively while Burgan Bank and Boubyan Bank inched 3 points lower to 349 fils and 597 fils respectively. Commercial Bank of Kuwait was the only gainer in the sector, edged 1 point into the green for a 505 fils close.
Telecommunications Sector Index slumped 2.24% lower to 1,073.98 points. Mobile Telecommunications Co (Zain) plunged 18 points lower to
580 fils and Aan Digital Services Co slid 2.3 points down to 18.1 fils. National Mobile Telecommunications Co (Ooredoo) leaped 9 points ahead to 720 fils while Kuwait Telecommunications Co (Viva) closed flat at 800 fils in low trade.
The financial services sector marked a 1.29% decrease to 1,076.23 points with 56.1 million shares traded for a turnover of KD 6.18 million. National Industries Group slithered 6 points lower to 253 fils while Al Imtiaz Investment Group shed 3 points for a 137 fils share price.
Aayan Leasing and Investment Co slipped 1.4 points to 54 fils while First Investment Company ebbed 0.3 points under to 34.1 at the end of trade. National Investment Company lost 1 point to close at 138 fils while Kuwait Financial Centre dropped points for a 103 fils close. Al-Madar Finance and Investment Co scaled 2 points higher to 102 fils while Kuwait Finance and Investment Co and Kuwait Investment Company staggered 1.6 points and 2 points lower to 45.2 fils and 141 fils respectively.
The Oil and Gas sector dipped lower to 1,221.59, down by 0.17%. Gulf Petroleum Investment eased 0.4 points down to 23.2 while Burgan Co for Well Drilling, Trading and Maintenance held steady to its 89.1 fils share price. Senergy Holding Company, on the other hand, stirred 1.2 points below the rim to a 20.2 fils close.
Real Estate Sector index logged 968.71 points at the end of the week, slipping 0.12% in the day’s trade. Mabanee Co advanced 2 points to a 799 fils close and Al-Enma A Real Estate Co eased 0.5 points upward to 47.8 fils. Al-Arabiya Real Estate Co, meanwhile, slipped 0.1 points down to 36.5 fils and Ajwan Gulf Real Estate Co skid 0.2 points under to 12.9 fils. Salhia Real Estate took a 5 point fall to 331 fils while MENA Real
Estate Company inched 0.1 point upward to a 39.7 fils share price. The National Real Estate Company fell 1.2 points down to 85.8 fils and Abyaar Real Estate Development Co skimmed 0.6 points lower to 13.7 fils.
Industrial Sector finished at 914.93, suffering a 1.29% drop. Agility Public Warehousing Co stumbled 13 points lower to 783 fils while Gulf Cable and Electrical Industries Co plunged 22 points down to 434 fils. Humansoft Holding Co took a hard 55 point fall to KD 3.165 while Combined Group Contracting stepped 7 points lower to KD 2.490. Integrated Holding Company made a 3 point augment to close at 464 fils in the green and Specialties group Holding Co moved up to a 77 fils share price.
Alafco Aviation Lease and Finance, on the other hand, slipped 7 points lower to 273 fils and Heavy Engineering Industries and Ship Building Co posted a 3 point decline to 408 fils.
Basic Materials faced a 0.87% cut to stand at 1,028.9 points. Boubyan Petrochemical Co shrinked 3 points towards a 775 fils share price, Qurain Petrochemical Industries fell 6 points lower to 343 fils while Kuwait Foundry Co closed flat at 255 fils.
In the insurance sector, Kuwait Insurance Company slid 1 point lower to a 339 fils close. Consumer Goods shed 10 points to close at 767.1 points. Livestock Transport and Trading Co faced a 14 point plummet to 185 fils and Danah Al Safat Foodstuff Co skimmed 0.8 points lower to 26.1 fils. Meanwhile in Consumer Services, Jazeera Airways shed 4 points to close at 959 fils while Jiyad Holding Company crept 0.4 points higher to 46.5 fils and Kuwait Resorts Co 0.1 point higher to 56 fils.