Kuwait index winds up flat after volatile trade
CBK drops 10 fils, Ooredoo gains
KUWAIT CITY, Dec 13: Kuwait market was little changed on Thursday as it wound up the week on a tame note. The All Shares Index ticked 1.79 pts lower in volatile session to 51449.67 points as stocks closed narrowly mixed .
The Prime Market fell 0.54 pts to 5387.53 points while Main Market slipped 4.08 points to 4716.42 pts taking the month’s losses to 14 points. The volume turnover meanwhile receded following Wednesday’s modest bounce. Over 77 million shares changed hands – down 12 pct from the day before.
The sectors closed mixed. Technology outshone the rest with 8.33 pct gain whereas insurance slid 1.6 percent, the worst performer of the day. Volume wise, Banks notched the highest market share of 30.4 pct and real estate was close behind with 30.2 percent contribution.
In the individual shares, National Bank of Kuwait rose 2 fils to 835 fils on back of 4.5 million shares partly recouping last session’s losses and Gulf Bank fell 2 fils to 270 fils after trading 2.7 million shares. Commercial Bank dropped 10 fils to 475 fils and Gulf Insurance Co tumbled 30 fils.
Zain slipped 3 fils to 468 fils with a volume of over 2 million and Ooredoo climbed 10 fils to 735 fils . Kuwait Telecommunications Co (VIVA) clipped 2 fils and Agility took in 1 fil before settling at 815 fils.
The market opened on a strong note and ticked briefly higher. The main index scaled the day’s highest level of 5157 pts and flipped before moving sideways till halfway into the session. It plumbed the day’s lowest level of 5142 points and clawed back most of the losses in the final minutes.
Top gainer of the day, Automated Systems Co rallied 8.33 pct to 117 fils and Marakez climbed 6.9 percent to stand next. NIH skidded 6.4 pct, the steepest decliner of the day and Gulf Petroleum Investment topped the volume with 7.4 million shares.
Despite the flat closing, the winners outnumbered the losers. 55 stocks advanced whereas 39 closed lower. Of the 122 counters active on Thursday, 28 closed flat. 3645 deals worth KD 15.83 million were transacted – a 0.42 pct fall in value from the day before. National Industries Group fell 1 fil to 163 fils while Mezzan Holding dialed up 2 fils to close at 554 fils. Gulf Cable was unchanged at 368 fils and Heavy Engineering Industries and Shipbuilding Co rose 5 fils to 386 fils. Equipment Holding Co ticked 0.6 fil up.
Jazeera Airways climbed 11 fils to 740 fils and ALAFCO stood pat at 356 fils. Shuaiba Industrial Co tripped 1 fil whereas ACICO Industries and Al Kout Industries paused at 170 fils and 840 fils.
Mashaer Holding took in 0.3 fils up and Combined Group Contracting Co gave up 5 fils to wind up at 315 fils. OSOS gained 5 fils and Soor Fuel dialed up 2 fils to close at 117 fils. UPAC skidded 10 fils to 635 fils
Kuwait Foundry Co was flat at 180 fils and Kuwait Portland Cement slipped 5 fils to KD 1.120. Boubyan Petrochemical Co clipped 2 fils and Al Qurain Petrochemical Co ticked 1 fil into red. Safat Energy dialed up 1.8 fil and AAN inched 0.2 fil into green.
Humansoft Holding fell 1 fil to KD 3.354 and NAPESCO climbed 11 fils to 885 fils. Kuwait and Gulf Links Transport Co added 1.9 fils and KGL Logistics ticked 0.1 fil into green. Al Rai Media Group closed 0.5 fil higher at 64.6 fils.
In the banking sector, Kuwait Finance House was unchanged at 617 fils with a volume of 4.3 million and Burgan Bank too did not budge from its earlier close of 285 fils.
Warba Bank ticked 1 fil higher to 221 fils and Boubyan Bank held ground at 221 fils. Al Ahli Bank stood pat at 299 fils and Al Mutahed dialed up 2 fils. Ahli United Bank was flat at 205 fils and Kuwait International Bank rose 3 fils on back of 5.8 million shares.
KIPCO and National Investment Co were flat at 210 fils and 83.4 fils respectively whereas FACIL gave up 4 fils. Kuwait Investment Co inched 1 fil higher 136 fils. International Financial Advisors edged 0.3 fil higher to 33.8 fils. Arzan Investment tripped 0.4 fil. KFIC edged 0.8 fil higher to 35.4 fils.
Kuwait Financial Centre (Markaz) was flat at 100 fils while KMEFIC and Al Mal Investment took in 0.2 fil each. Coast Investment Co added 0.5 fils and NIH dropped 4 fils. Al Deera Holding rose 0.7 fils to 20 fils and Ektittab Holding edged 0.5 fil higher to 21 fils.
Bayan Investment and Unicap clipped 1.7 fils each whereas Amwal dialed up 1 fil. Noor Financial Investment Co trimmed 0.7 fil and Securities House eased 0,2 fils down to 54.7 fils. Sokouk Holding close 1.1 fil up and Al Imtiaz paused at 129 fils.
Ahleia Insurance Co was flat at 420 fils and Warba Insurance Co added 2.9 fils before closing at 70 fils. First Takaful clipped 2 fils and Wethaq Takaful tripped 0.5 fil.
Mabanee Co climbed 3 fils to 625 fils and Kuwait Real Estate fell 1.3 fils. United Real Estate paused at 61 fils and Mazaya Holdng edged 0.6 fils up. Remal was up 2.3 fils at 47.9 fils.
The bourse was downbeat during the week. The main index closed lower in four of the five sessions shedding 32 points week-on-week and has rallied 42 points so far during the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.