Kuwait index pulls back as heavyweights weigh

Agility dips 21 fils; VIVA gains

KUWAIT CITY, Feb 13: Kuwait stocks slipped into red on Wednesday partly reversing last session’s gains. The All Shares Index dropped 21.01 pts in lackluster trade to 5,232.70 points as selling weighed on most of the premier shares even as the small and midcaps remained mixed.

The Premier Market dipped 35.71 pts to 5468.50 points while Main Market was down 9.29 points at 4,804.61 pts. The volume turnover meanwhile fell for the second straight session. Over 121 million shares changed hands – down 17.7 pct from the day before.

All sectors except one closed in red turf. Oil and gas, the only gainer, rose 1.32 pct while consumer goods slid over 3 percent, the worst performer of the day. Volume wise, banks notched the highest market share of 35.5 pct and financial services followed with 27.4 pct contribution.

Among the prominent losers, sector bellwether National Bank of Kuwait fell 5 fils to 863 fils after trading 6.6 million shares and Gulf Bank followed suit to end at 284 fils with a volume of over 10 million shares. Mabanee Co gave up 4 fils before settling at 610 fils.

Zain slipped 6 fils to 462 fils after trading over 5 million shares and Ooredoo was down 5 fils at 735 fils. Kuwait Telecommunications Co (VIVA) rose 4 fils to 856 fils and Agility partly gave up Tuesday’s gains with a 21 fils pullback.

The market opened firm and moved sideways in early trade. The main index scaled the day’s highest level of 5,258 points and headed south as selling weighed on some of the heavyweights. It bottomed at 5,230 points in the second half before closing with moderate losses.

Top gainer of the day, Al Mudon rallied 5.6 pct to 28 fils and Kuwait Financial Centre (Markaz) climbed 5.26 percent to stand next. First Takaful Insurance Co skidded 10 percent, the steepest decliner of the day and Ahli United Bank topped the volume with 11.5 million shares.

Reflecting the day’s fall, the losers outnumbered the winners. 35 stocks advanced whereas 59 closed lower. Of the 119 counters active on Wednesday, 25 closed flat. 5,334 deals worth KD 27.4 million were transacted – a 16 pct jump in value from the day before.

National Industries Group was unchanged at 169 fils while Mezzan Holding dropped 18 fils to 412 fils after trading 2.2 million shares. Heavy Engineering Industries and Shipbuilding Co clipped 2 fils whereas Salbookh and Warbacap trimmed 0.4 fil each.

Jazeera Airways slipped 4 fils to 740 fils and ALAFCO ticked 1 fil into red. Combined Group Contracting Co and OSOS dialed up 2 fils each while Equipment Holding and inched 0.1 fil higher. Mashaer Holding edged 0.8 fil to 73.5 fils.

Kuwait Portland Cement and Kuwait Foundry Co were flat at KD1.180 and 250 fils respectively whereas Hilal Cement Co slipped 4.1 fils to 86.9 fils with thin trading. ACICO Industries paused at 170 fils and KPPC too did not budge from its earlier close of 60.6 fils.

NAPESCO sprinted 35 fils to 995 fils whereas UPAC tumbled 39 fils to 511 fils. Kuwait and Gulf Links Transport Co fell 2.4 fils to 89.6 fils and KGL Logistics tripped 0.4 fil. Al

Rai Media gave up 2.3 fils and Inovest tripped 1 fil before ending at 84 fils.

In the banking sector, Kuwait Finance House fell 2 fils after trading 6.5 million shares and Kuwait International Bank ticked 1 fil into red. Burgan Bank was unchanged at 287 fils and Boubyan Bank gave up 5 fils before closing at 575 fils.

Extended

Commercial Bank extended Tuesday’s gains with a 20 fils upswing while Al Ahli Bank and Al Mutahed added 3 fils each. Ahli United Bank took in 1 fil and Warba Bank followed suit to wind up at 221 fils.

KIPCO eased 1 fil to 188 fils taking the month’s losses to 14 fils and Gulf Finance House tripped 0.1 fil. Kuwait Investment Co and FACIL clipped 2 fils each while International Financial Advisors trimmed 0.5 fil. Coast Investment Co fell 1.2 fils to 36.3 fils and Securities House Co ticked 0.2 fil higher.

KMEFIC fell 1.5 fils to 47 fils and ALOLA stood pat at 35.5 fils. Al Mal Investment dialed down 1.1 fils and Aayan fell 0.9 fil to 48.5 fils. NIH gave

up 1.3 fils whereas Madar Investment and Al Deera Holding held ground at 163 fils and 18.6 fils respectively.

Bayan Investment slipped 1.8 fils to 45.2 fils while KFIC and Asiya stalled at 37 fils and 35 fils respectively. Sokouk Holding fell 0.7 fil to 40.7 fils and Noor Financial Investment added 1.4 fils. Al Imtiaz clipped 2 fils and Unicap dialed up 0.4 fil.

Kuwait Insurance Co and Ahleia Insurance Co were unchanged at 385 fils and 419 fils respectively whereas Warba Insurance Co took in 1 fil. Wethaq Takaful closed 0.9 fil higher at 36.1 fils.

Kuwait Real Estate rose 0.3 fil to 55.7 fils and National Real Estate Co gave up 4.2 fils after trading 1.5 million shares. Salhiya Real Estate stood pat at 332 fils and Mazaya Holding dialed down 1.5 fils. Marakez closed 3.4 fils in red with a volume of over 1 million shares.

The bourse has been largely positive so far during the week gaining 34 pts in last four sessions and has rallied 27 points so far during the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.