Kuwait index edges lower in volatile session

Mabanee Co adds 4 fils, NAPESCO dips

KUWAIT CITY, Jan 13: Kuwait stocks saw a slight pullback on Wednesday snapping the three-day gains. The All Shares Index fell 8.69 points in volatile trade to 5,636.37 pts weighed mostly by heavyweights even as the overall mood remained mixed.

The Premier Market slipped 11.69 points to 6,157.11 pts trimming the month’s gains to 106 pts while Main Market eased 2.52 points. The BK 50 Main index was up 13.99 points at 4,737.08 pts. The volume turnover meanwhile slid after soaring past the 300 million mark on Tuesday. Over 223 million shares changed hands – 28 pct drop from the day before.

The sectors closed mixed. Technology outshone the rest with 3.62 percent gain whereas Utilities shed 1.1 pct, the worst performer of the day. Volume wise, Real Estate topped with 80.8 million while Banking sector continued to dominate in value with KD 14.7 million.

In the individual shares, National Bank of Kuwait fell 2 fils to 850 fils after pushing 6.2 million shares and Boubyan Bank followed suit to end at 573 fils. Mabanee Co rose 4 fils to 702 fils extending last session’s gains whereas NAPESCO shed 20 fils.

Zain dialed up 2 fils on back of 6.4 million shares while Ooredoo eased 1 fil to 648 fils with thin trading. stc added 3 fils extending Tuesday’s uptick while logistics major Agility was up 3 fils at 726 fils. Humansoft Holding was unchanged at KD 3.685 after shedding 114 fils so far during the month whereas Boursa Kuwait Securities scaled 7 fils to close at KD 1.139.

KIPCO eased 1 fil to 158 fils and KAMCO was unchanged at 73.6 fils. National Investment Co rose 4 fils to 142 fils on back of over 7 million shares whereas Kuwait Investment Co and Bayan Investment Co stood pat at 124 fils and 41 fils respectively. International Financial Advisors inched 0.8 fil up and Kuwait Financial Centre (Markaz) took in 0.5 fil. Noor Financial Investment Co added 3 fils.

The market opened on low note and edged lower in early trade. The main index pulled up briefly before heading south again amid selling spurt in some of the counters. It plumbed the day’s lowest level of 10.42 points almost half way into the session and rebounded thereafter to recoup most of the losses at close.

Top gainer of the day, Metal and Recycling Co rallied 9.85 pct to 68 fils while Inovest scaled 7.84 percent to stand next. EK Holding skidded 4.79 pct, the steepest decliner of the day and Tijara topped the volume with 56.3 million shares.

Mirroring the day’s downtick, losers slightly outnumbered the winners. 55 stocks advanced whereas 59 stocks closed lower. Of the 129 counters active on Wednesday, 15 closed flat. 9,610 deals worth KD 40.37 million were transacted during the session.

National Industries Group eased 1 fil to 180 fils after trading 2.8 million shares while Mezzan Holding followed suit to close at 590 fils. Boubyan Petrochemical Co gave up 3 fils while Al Qurain Petrochemical Co was down 5 fils to 359 fils. Integrated Holding eased 1 fil to 360 fils and Aznour closed 3 fils in red.

Jazeera Airways paced 6 fils whereas ALAFCO eased 1 fil to 215 fils after moving 1.3 million shares. Inovest rose 5.2 fils to 71.5 fils and Al Manar Financing clipped 2.4 fils. Kuwait Resorts Co dialed up 1.7 fils on back of 3.2 million shares and Mashaer Holding added 2.2 fils.

Kuwait Cement Co took in 1 fil whereas Kuwait Portland Cement trimmed 1 fil to end at 789 fils. ACICO Industries paused at 90.3 fils whereas NICBM and Kuwait Gulf Links Transport Co dialed down 1 fil each. Automated Systems Co added 2.5 fils while KCPC climbed 10 fils to 412 fils. Educational Holding Co dialed up 2 fils and HEISC jumped 26 fils to 426 fils on back of 8.9 million shares. UPAC slipped 8 fils to 249 fils.

Kuwait Foundry Co rose 3 fils to 278 fils and Gulf Cable scaled 12 fils. Combined Group Contracting Co gained 10 fils while Burgan Well Drilling Co closed 3 fils in green. Al Bareeq Holding ticked 0.4 fil higher.

In the banking sector, Gulf Bank fell 2 fils to 217 fils while Kuwait International Bank and Burgan Bank tripped 1 fil each. Kuwait Finance House dialed up 1 fils on back of 5.2 million shares whereas Ahli United Bank gave up 3 fils after trading 12.6 million shares. Warba Bank eased 1 fil and Al Ahli Bank added 2 fils.

The market has been largely upbeat so far during the week scaling 99 points in last four sessions. It has gained 90 points from start of the month after tumbling 736 points during whole of 2020.