Kuwait wraps up week in red, volume re­cedes

Arab Times - - BUSINESS - By John Mathews

KUWAIT CITY, Sept 24: Kuwait stocks re­treated slightly on Thurs­day snap­ping the 6-day win­ning spree. The All Shares In­dex dropped 15.57 points in a volatile ses­sion to wrap up the week at 5,608.82 points as profit tak­ing dragged some of the coun­ters.

The Premier Mar­ket dropped 18.94 points to 6,221.64 pts par­ing the month’s gains to 367 pts while Main Mar­ket gave up 8.7 pts. The BK 50 Main in­dex eased 1.57 pts to 4,447.64 points. The volume turnover mean­while fell slightly fol­low­ing last ses­sion’s mod­est re­bound. Over 442 mil­lion shares changed hands – down 1.5 pct from Wed­nes­day. The sec­tors closed mostly in red turf. Tech­nol­ogy out­shone the rest with 0.54 pct gain whereas Health­care shed 1.1 per­cent, the worst per­former of the day. Volume wise, Fi­nan­cial Ser­vices topped with 157.4 mil­lion shares while Bank­ing sec­tor con­tin­ued to top in value with KD 34.6 mil­lion.

In the in­di­vid­ual shares, Na­tional Bank of Kuwait partly erased last ses­sion’s gains with a 5 fils drop to 894 fils with a volume of over 7 mil­lion and Bur­gan Bank gave up 4 fils af­ter push­ing 4.2 mil­lion shares. Hu­man­soft Hold­ing shed 27 fils to close at KD 2.683 and Ma­ba­nee Co fell 3 fils to 758 fils. Boursa bucked the over­all trend to gain 42 fils.

Zain eased 1 fil to 585 fils af­ter trad­ing 5.9 mil­lion shares while Oore­doo clipped 2 fils. stc dipped 20 fils to 840 fils and lo­gis­tics ma­jor Agility stood pat at 678 fils with a volume of 4.2 mil­lion. KIPCO eased 1 fil to 158 fils and KAMCO ticked 0.3 fil into red. Noor Fi­nan­cial In­vest­ment Co was down 6 fils at 168 fils. The mar­ket opened firm and ticked up in early trade. The main in­dex piv­oted lower as sen­ti­ment turned weak and plumbed the day’s low­est level of 5,597 pts be­fore claw­ing back into green. It con­tin­ued to climb to peak at 5,633 points past the mid-ses­sion and re­treated again to close with small losses.

Top gainer of the day, KPPC ral­lied 7.6 pct to 45.2 fils and Ti­jara paced 5.6 pct to stand next. Kuwait Ho­tels skid­ded 14 pct, the worst per­fomer of the day and Aayan topped the volume with 442 mil­lion shares.

Re­flect­ing the day’s drop, the mar­ket spread was skewed to­wards the losers. 63 stocks ad­vanced whereas 46 closed lower. Of the 133 coun­ters ac­tive on Thurs­day, 24 closed flat. 15,846 deals worth KD 67.4 mil­lion were trans­acted dur­ing the ses­sion.

Na­tional In­dus­tries Group eased 1 fil to 177 fils af­ter mov­ing 2.9 mil­lion shares while Mez­zan Hold­ing was down 6 fils at 624 fils. Boubyan Petro­chem­i­cal Co slipped 5 fils to 563 fils and Al Qu­rain Petro­chem­i­cal Co fell 3 fils. In­te­grated Hold­ing Co clipped 2 fils and Az­noula stood pat at 335 fils.

Jazeera Air­ways erased 3 fils be­fore end­ing at 572 fils and ALAFCO di­aled down 2 fils af­ter trad­ing over 3 mil­lion shares. IFA Ho­tels and Re­sorts and OSOS tripped 0.1 fil each whereas Oula Fuel paused at 110 fils. Bur­gan Well Drilling Co added 1.7 fils and Inovest di­aled up 1.1 fils. Mashaer Hold­ing added 1.9 fils on back of over 1 mil­lion shares.

Kuwait Ce­ment Co was un­changed at 207 fils and Kuwait Port­land Ce­ment shed 15 fils. Gulf Ce­ment Co gave up 2.5 fils and Kuwait Na­tional Cinema Co dipped 25 fils to 700 fils. Ad­vanced Tech­nol­ogy Co skid­ded 30 fils to 597 fils and Com­bined Group Con­tract­ing Co took in 2 fils.

Kuwait Foundry Co slipped 5 fils to 250 fils and Gulf Ca­ble gained 11 fils. ACICO In­dus­tries gave up 4 fils while NICBM and AAN stood pat at 154 fils and 12 fils re­spec­tively. Au­to­mated Sys­tems Co took in 0.4 fil and KCPC di­aled down 1 fil. Kuwait and Gulf Links Trans­port Co took in 0.5 fil.

In the bank­ing sec­tor, Kuwait Fi­nance House eased 1 fil to 693 fils af­ter push­ing 19.5 mil­lion shares and Gulf Bank fol­lowed suit to end at 230 fils. Kuwait In­ter­na­tional Bank clipped 2 fils with brisk trad­ing and Boubyan Bank held ground at 604 fils.

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