Kuwait stocks retreat as volume ‘rebounds’

NBK drops 10 fils, Humansoft Holding gains

By John Mathews

Arab Times Staff

Feb 6: Kuwait stocks retreated on Wednesday, reversing the two-day gains. The All Shares Index dropped 22.43 pts in a soggy session to 5,199.95 points weighed by heavyweights even as some of the mid-caps shone.

The Prime Market dropped 12 pts to 5,439.82 pts taking the month’s losses to 9 points while Main Market skidded 41.62 pts. The volume turnover meanwhile saw modest rebound following the two-day drop. Over 183 million shares changed hands – a 14.7 percent rise from the day before.

The sectors closed mostly in the red turf. Oil and gas outpaced the rest with 1.2 percent gain whereas healthcare shed 6.6 pct, the worst performer of the day. Volume wise, banks garnered the highest market share of 37 pct and financial services trailed with 29.4 pct contribution.

Among the notable losers, National Bank of Kuwait dropped 10 fils to 854 fils after trading over 7 million shares and Boubyan Bank was down 6 fils at 573 fils. KIPCO and Mabanee Co gave up 5 fils each to wrap up at 195 fils and 612 fils respectively.

Zain fell 2 fils to 460 fils after shedding 11 fils during whole of January while Ooredoo gave up 4 fils before closing at 693 fils. Kuwait Telecommunications Co (VIVA) dipped 27 fils to 863 fils and Agility slipped 3 fils to 774 fils. The market opened firm and edged lower in early trade. The main index moved sideways almost half way into the session and slipped further as selling weighed on some of the heavyweights. It traded flat thereafter and closed with moderate losses.

Top gainer of the day, Energy Holding climbed 8.1 pct to 37 fils and Warba Insurance Co sprinted 6.2 percent to stand next. Co Gulf Investment House tumbled 48.3 percent, the steepest decliner of the day and Gulf Bank topped the volume with 34.7 million shares.

Reflecting the day’s fall, the market spread was skewed towards the losers. 42 stocks advanced whereas 63 closed lower. Of the 128 counters active on Wednesday, 23 closed flat. 5,704 deals worth KD 33.29 million were transacted – a 24.69 percent jump in value from the day before.

National Industries Group fell 2 fils to 170 fils after trading 4.6 million shares and Mezzan Holding gave up 6 fils to close at 444 fils. Boubyan Petrochemical Co paused at 943 fils and Al Qurain Petrochemical Co was down 6 fils at 375 fils.

Jazeera Airways was flat at 740 fils off early lows and ALAFCO extended last session’s losses with a 5 fils drop to 310 fils. Kuwait National Cinema Co dropped 23 fils to 962 fils while Kuwait Foundry Co and OSOS stood pat at 250 fils and 101 fils respectively.

Kuwait Portland Cement jumped 20 fils to KD 1.175 and Kuwait Cement Co was down 9 fils at 331 fils. Equipment Holding fell 1.6 fils to 29 fils and ACICO Industries clipped 2 fils. NICBM edged 2 fils up to 202 fils and Heavy Engineering Industries and Shipbuild-

ing Co scaled 4 fils.

Humansoft Holding soared 50 fils to KD 3.250 and Automated Systems Co and KCPC fell 2 fils each to 108 fils and 230 fils respectively whereas KPPC held ground at 60 fils. Combined Group Contracting eased 1 fil to 311 fils and Independent Petroleum Group was up 5 fils at 420 fils. Kuwait and Gulf Links Transport Co ticked 0.5 fil higher to 93.9 fils and KGL Logistics dialed up 2 fils. IFA Hotels and Resorts eased 0.1 fil to 63.9 fils while Mashaer Holding and Al Rai Media Group trimmed 0.7 fil each. Inovest took in 0.2 fil.

Kuwait Finance House climbed 8 fils on back of over 5 million shares and Burgan Bank fell 1 fil to 288 fils after trading 1.3 million shares. Kuwait International Bank dialed up 2 fils and Ahli United Bank added 1 fil to end at 240 fils. Warba Bank tripped 1 fil.

KIPCO fell 5 fils to 195 fils after trading 3.9 million shares and Gulf Finance House edged 0.9 fil into green. Kuwait Investment Co fell 2 fils to 133 fils whereas International Financial Advisors and Bayan Investment took in 0.1 fil each. National Investment Co fell 1.5 fils to 93.5 fils while Coast Investment Co and NIH fell 0.4 fil each to close at 37.9 fils and 63.6 fils respectively. Securities House edged 0.2 fil lower to

52.5 fils and Al Mal Investment tripped 0.3 fil. KAMCO and Unicap stood pat at 74.5 fils and 79.5 fils respectively whereas KFIC ticked 1 fil higher to 39 fils. Al Mal Investment Co tripped 0.3 fil while Aayan gave up 2.7 fils before settling at 45.6 fils.

Sokouk Holding and Al Imtiaz paused at 43.6 fils and 128 fils respectively while Al Deera Holding edged 0.6 fil up. Noor Financial Investment Co fell 1.4 fils to 84 fils and Tamdeen Investment added 4 fils. Ektittab Holding ticked 0.1 fil lower.

KMEFIC ticked 0.1 fil higher to 49 fils and Osoul Investment closed flat at 57.6 fils. Ahleia Insurance Co dropped 12 fils to 415 fils and Warba Insurance Co added 3.8 fils. Gulf Insurance Co fell 3 fils to 677 fils and Kuwait Reinsurance was up 3 fils at 125 fils. Wethaq Takaful took in 0.3 fil.

National Real Estate Co ticked 0.5 fil up to 85 fils while Salhiya Real Estate and Arkan dialed up 2 fils each. Mazaya Holding trimmed 0.8 fil and Kuwait Real Estate eased 0.2 fil.

The bourse has been mixed so far during the week retreating 4 pts in last four sessions after rallying 126 points during whole of January. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.