Kuwait market ends week on ‘tame’ note
KIPCO dips 8 fils, Ooredoo gains
KUWAIT CITY, Feb 7: Kuwait stocks trod water on Thursday to wrap up the week on a tame note. The All Shares Index ticked 0.31 points lower in choppy trade to 5,199.64 pts even as the shares swayed narrowly in both directions on absence of strong cues.
The Prime Market inched 0.3 pts down to 5439.52 points while Main Market eased 0.33 pct to 4,762.71 points. The volume turnover meanwhile shrank slightly following last session’s modest rebound. Over 168 million shares changed hands – a 8 pct drop from Wednesday.
The sectors closed mixed. Technology outshone the rest with 6.4 pct surge whereas consumer goods slipped 2.2 percent, the worst performer of the day. Volume wise, banks notched the highest market share of 52 percent and financial services trailed with over 25 pct contribution.
In the individual shares, sector bellwether National Bank of Kuwait dropped 6 fils to 848 fils after trading 6.8 million shares whereas Gulf Bank climbed 6 fils with brisk trading. KIPCO sank 8 fils to 187 fils taking the month’s losses to 15 fils and Humansoft Holding skidded 50 fils to KD 3.200 erasing Wednesday’s gains.
Zain ticked 1 fil higher to 461 fils on back of over 1 million shares and Ooredoo climbed 6 fils to 699 fils. Kuwait Telecommunications Co (VIVA) dropped 8 fils to 855 fils and Agility dialed down 2 fils before settling at 772 fils.
The market opened weak and headed north in early trade. The main index scaled the day’s highest level of 5,211 points and pulled lower as selling kicked in at some of the counters. It moved sideways thereafter and closed nearly unchanged.
Top gainer of the day, First Takaful Insurance Co jumped 12.25 pct to 44.9 fils and Tahssilat sprinted 10 pct to 22 fils to stand next. Al Aqaria slumped 9.4 percent, the steepest decliner of the day and Gulf Bank topped the volume with 34.6 million shares.
Despite the tame closing, the losers outnumbered the winners. 44 shares advanced whereas 59 closed lower. Of the 122 counters active on Thursday, 19 closed flat. 5423 deals worth KD 37.9 million were transacted – a 13.9 pct increase in value from the day before.
National Industries Group fell 2 fils to 168 fils after trading 3.7 million shares and Mezzan Holding was down 13 fils at 434 fils. Al Qurain Petrochemical Co climbed 5 fils to 380 fils and Boubyan Petrochemical Co gave up 6 fils before ending at 937 fils.
Jazeera Airways was flat 740 fils after vacillating in the narrow range and ALAFCO paused at 310 fils. Heavy Engineering Industries and Shipbuilding Co jumped 15 fils to 420 fils and Gulf Cable dialed up 2 fils to end at 381 fils. Equipment Holding was unchanged at 29 fils.
Kuwait Portland Cement Co dipped 25 fils to KD 1.150 and Kuwait Cement Co scaled 9 fils. Warba Cap fell 1.6 fils to 69 fils and ACICO Industries took in 2 fils. KCPC ticked 1 fil higher to 231 fils and KPPC gave up 2.5 fils.
Combined Group Contracting Co rose 4 fils to 315 fils and UPAC skidded 20 fils to 600 fils. Mashaer Holding tripped 1 fil and Yiaco climbed 5 fils to 85 fils. Automated Systems Co was up 7 fils at 115 fils and IFA Hotels and Resorts ticked 0.1 fil up.
Kuwait and Gulf Links Transport Co fell 0.5 fil to 93.4 fils and KGL Logistics trimmed 0.7 fil. Al Rai Media Group ticked 0.3 fil higher to 60.8 fils and Inovest tripped 0.2 fil.
Kuwait Finance House rose 3 fils to 627 fils on back of 8.7 million shares as it extended the last session’s gains and Burgan Bank was down 4 fils at 284 fils. Warba Bank clipped 2 fils and Ahli United Bank climbed 4 fils with brisk trading.
Commercial Bank and Al Ahli Bank were unchanged at 500 fils and 300 fils respectively whereas Al Mutahed was up 3 fils at 302 fils on back of 1.3 million shares.
Kuwait Investment Co rose 4 fils on back of over 1 million shares while International Financial Advisors ticked 0.1 fil up to 25.7 fils. Coast Investment Co took in 0.3 fil whereas National Investment Co and KFIC tripped 0.2 fil each.
Bayan Investment fell 2.1 fils to 45.7 fils while ALOLA eased 0.2 fil to 36.9 fils. Al Mal Investment edged 0.4 fil up to 21.4 fils while Madar and Unicap stood pat at 162 fils and 79.5 fils respectively. Aayan dialed up 2.1 fils and Al Deera inched 0.1 fil lower.
Noor Financial Investment Co fell 1.5 fils to 82.5 fils and Sokouk Holding edged 0.7 fil into red. Al Imtiaz eased 1 fil to 127 fils and Gulf Insurance Co skidded 16 fils. Warba Insurance Co took in 1 fil and Wethaq Takaful gave up 1.7 fils.
Mabanee Co fell 2 fils to 610 fils and National Real Estate clipped 1 fil. Salhiya Real Estate paused at 332 fils. AREEC slipped 4 fils to 143 fils and Al Aqaria closed 2.8 fils in red. Mazaya Holding eased 0.1 fil to 71 fils.
The bourse was mixed during the week. The main index closed lower in three of the five sessions slipping 4 pts week-on-week. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.