Kuwait’s index declines 9.71 pts, volume swells

KAMCO surges 9.86 pct; Humansoft up 30 fils

KUWAIT CITY, Oct 3: Kuwait stocks edged down on Tuesday weighed by further decline of oil prices. The main index sank 9.71 points in a lackluster trade to 6,664.82 points as board remained mixed.

The KSX-15 benchmark rose 4.38 points to 1,021.31 points while the weighted index was up 1.81 points. The volume turnover meanwhile saw a modest rebound as 162.07 million shares changed hands, a 33.71 percent gain from the last session.

The sectors diverged during the session. Insurance sector outshone the rest with 1.39 pct while industrials shed 1.52 pct to end the day as the worst performing sector. In terms of volume, financial services notched the highest market share of 43.06 pct whereas banks and real estate trailed far behind with 26.63 pct and 15.19 pct contributions respectively.

Among the notable movers, Humansoft Holding Co spiked 30 fils to KD 4.080 with thin trading whereas Combined Group Contracting slumped 13 fils. Egypt Kuwait Holding surged 15 fils(7.69 pct) to settle at KD 0.210 while Mezzan Holding dived 30 fils (3.61 pct) to close at KD 0.800.

The market opened on dull note and slipped slightly into red in early trading. The bourse continued to trade sideways and hit the day’s high level of 6,709.06 points briefly past the midsession before dropping deeper into red at close.

KAMCO surged 9.86 percent to end as top gainer of the day as the company obtained CBK approval to buy back or sell up to 10% of its shares over a period of 6 months while Wethaq Takaful Insurance Co stood next with 9.30 percent gain. Nafais plummeted 19.9 percent to KD 0.330, the steepest decliner of the day. The heaviest-traded stock Gulf Bank extended its gains with a 1.63 percent rise to KD 0.249.

Sector bellwether National Bank of Kuwait rose 3 fils after trading 2.6 million shares whereas Commercial Bank of Kuwait advanced 7 fils. Al-Ahli Bank of Kuwait and Ahli United Bank closed flat at KD 0.309 and KD 0.213 respectively.

Kuwait Finance House gained 4 fils to KD 0.619 on the back of 6.16 million shares as bank got approval to buy back or sell up to 10% of its own shares while Kuwait International Bank added 1 fil and Boubyan Bank was down by the same amount. Burgan Bank inched 2 fils higher and Warba Bank followed suit. Ithmaar Holding plunged 3.39 pct to 37 fils after trading 1.4 million shares.

Reflecting the day’s downturn, the winners outnumbered the losers as 56 stocks advanced whereas 44 closed lower. Of the 121 counters active on Tuesday, 21 closed flat. 4,900 deals worth KD 28.7 million were transacted, a rise of 38.14 percent in value from the last session.

Kuwait Investment Co stood pat at KD 0.107 whereas Commercial Facilities Co rose 4 fils and International Financial Advisors was up 1.58 percent. National Investment Co advanced 2.78 percent on the back of nearly 6 million shares whereas Coast Investment & Development Co climbed 2.22 percent. Kuwait Projects Co added 3 fils, erasing its losses in the last session.

Securities House Co was up 0.78 percent after trading 11.8 million shares while Bayan Investment Co and Kuwait Financial Center eased 0.42 pct and 0.92 pct respectively. Kuwait and Middle East Financial Investment Co was down 3.57 pct and Al-Aman Investment Co gained 3.28 pct. National International Holding Co and Unicap Investment and Finance Co shed 3.95 pct and 2.33 pct respectively while Noor Financial Investment climbed 4.04 pct.

In the real estate sector, Ajial Real Estate Entertainment Co rose 9 fils whereas National Real Estate Co was up 2 fils. However, United Real Estate Co slipped 6.8 fils and Salhia Real Estate Co gained 5 fils. Investors Holding Group and Commercial Real Estate Co lost 1.82 pct and 1.8 pct respectively. Kuwait Real Estate Co was down 1.29 pct while Al-Mazaya Holding Co added 1 fil.

Munshaat Real Estate Projects Co gained 4.78 pct after trading nearly 3 million shares while Al Mudon International Real Estate Co and Kuwait Remal Real Estate Co advanced 1.28 pct and 4.09 pct with thin trading. However, Real Estate Trade Centers Co dipped 0.78 pct and Mashaer Holding Co rose 3.85 pct to 81 fils.

Telecommunications Co (Zain) was up 4 fils on the back of 8.5 million shares whereas Kuwait Telecommunications Co (VIVA) and Mobile National Mobile Telecommunications Co (Ooredoo) shares did not budge from their earlier close of KD 0.806 and KD 1.190. AAN Digital Services Co declined 4.51 pct after trading 2.3 million shares.

Agility extended its gains to KD 0.914 with a rise of 6 fils during this session. National Industries Co rose 6 fils to 166 fils after trading 11.7 million shares whereas Kuwait Cement Co advanced 19 fils and ACICO Industries Co slipped 2 fils. Boubyan Petrochemical Co dropped 5 fil while Al Kout Industries Projects Co was up by the same amount.

Jazeera Airways Co fell 1 fil while Soor Fuel Marketing Co was up by the same amount. KGL Logistics Co added 2.3 fils on the back of 8 million shares. Livestock Transport and Trading Co and Jiyad Holding Co dived 5 fils and 2.5 fils respectively while GFH Financial Group rose 3 fils to 130 fils. Specialities Group Holding was down 5.72 pct partly erasing its gains in the last session.

The market has been mixed so far during the week and has tripped 14.91 points in the last three sessions. However, it has gained 15.95 percent year-to-date. KSE, with 188 listed companies, is the second largest bourse in the region.