Kuwaiti bourse ends week on a sour note
Mabanee Co sheds 12 fils, KIPCO ticks up
KUWAIT CITY, Feb 14: Kuwait stocks headed south on Thursday as it wound up the week on sour note. The All Shares Index dipped 35.32 points in lackluster trade to 5197.38 points as selling pressure continued to weigh of most of the heavyweights.
The Premier Market slid 48.55 points to 5419.95 points taking the month’s losses to 11 pts while Main Market was down 8.24 pts at 4796.37 points. The volume turnover meanwhile rebounded following Wednesday’s pullback. Over 180 million shares changed hands – 48.28 percent surge from the day before.
The sectors closed mostly in red turf. Insurance outshone the rest with 0.74 pct gain whereas telecommunications shed 2.05 percent, the biggest loser of the day. Volume wise, telecommunications garnered the highest market share of 53.4 pct while financial services trailed with 15.22 percent contribution.
In the individual shares, National Bank of Kuwait dropped 6 fils after trading 5.7 million while Gulf Bank was down 7 fils at 277 fils with brisk trading. Kuwait Finance House fell 3 fils to 620 fils trimming the month’s gains to 12 fils and Mabanee Co shed 12 fils after trading 2.4 million shares.
Zain slipped 12 fils to 450 fils after trading 12.8 million shares and Ooredoo was down 10 fils at 725 fils. Kuwait Telecommunications Co (VIVA) was unchanged at 856 fils and Agility extended its losses from the previous session with a 10 fils drop.
The market opened firm and remained flat in early trade. The main index slipped into red and pulled up before drifting sideways amid small gains and losses. It headed lower in the final minutes to plumb the day’s lowest level of 5180 points and pared back some of the losses at close.
Top gainer of the day, UPAC rallied 8.6 percent to 555 fils and Kuwait Cement Co climbed 6.7 pct to stand next. Ithmaar skidded 9.68 pct, the steepest decliner of the day and Gulf Bank topped the volume with 48 million shares.
Mirroring the day’s fall, the market spread was skewed towards the losers. 36 stocks advanced whereas 71 closed lower. Of the 130 counters active on Thursday, 23 closed flat. 6453 deals worth KD 44.35 million were transacted – a 61.42 pct jump in value from the day before.
National Industries Group fell 2 fils to 167 fils while Mezzan Holding was up 3 fils at 415 fils. Boubyan Petrochemical Co fell 3 fils to 932 fils and Al Qurain Petrochemical Co ticked 1 fil higher to 375 fils. Integrated Holding Co gave up 5 fils to end at 735 fils.
Jazeera Airways was unchanged at 740 fils off early lows and ALAFCO fell 2 fils to 299 fils. Heavy Engineering Industries and Shipbuilding Co and OSOS were flat at 400 fils and 104 fils respectively whereas Gulf Cable dropped 8 fils to 367 fils.
Kuwait Portland Cement eased 1 fil and Kuwait Cement Co jumped 22 fils to 350 fils. Kuwait Foundry Co took in 1fil and NICBM slipped 6 fils to 190 fils. Equipment Holding Co trimed 0.5 and Warbacap ticked 0.5 fil into green. Salbookh fell 2.4 fils and Safat Energy tripped 0.2 fil to 31.7 fils.
Kuwait National Cinema Co scaled 38 fils and Independent Petroleum Group shed 11 fils. KCPC clipped 2 fils and KPPC dialed up 1.2 fils to close at 61.8 fils. Mashaer Holding fell 1.8 fils to 71.7 fils and YIACO gave up 5 fils.
Kuwait and Gulf Links Transport Co fell 2.3 fils to 87.3 fils and KGL Logistics ticked 0.2 fil into red. Combined Group Contracting Co closed 1 fil lower and Inovest added 1.8 fils. NAPESCO climbed 5 fils to KD 1 and GPI eased 0.3 fil.
In the banking sector, Burgan Bank fell 2 fils to 285 fils after trading over 4 million shares and Kuwait International Bank gave up 4 fils. Boubyan Bank dropped 7 fils to 568 fils after trading over 1 million shares.
Al Ahli Bank dropped 3 fils to 300 fils while Al Mutahed and Warba Bank tripped 1 fil each. Ahli United Bank dialed up 1 fil and Commercial Bank was not traded during the session.
KIPCO rose 2 fils to 190 fils trimming the month’s losses to 12 fils and Gulf
Finance House trimmed 1.3 fils. Kuwait Investment Co was unchanged at 136 fils whereas FACIL and Al Aman took in 1 fil each. Coast Investment added 0.4 fil and Securities House ticked 0.7 fil into red.
Bayan Investment Co dialed up 1.1 fils whereas Kuwait Financial Centre (Markaz) and KAMCO stood pat at 100 fils and 74.5 fils respectively. KMEFIC added 2.4 fils and GIH inched 1 fil up. International Financial Advisors fell 1.8 fils to 22.6 fils.
Noor Financial Investment Co fell 0.9 fils to 80.5 fils and Tamdeen Investment was down 9 fils 310 fils. Al Imtiaz was flat at 125 fils. Madar eased 1 fil to 162 fils and Al Mal Investment tripped 0.3 fil. Kuwait Insurance Co gained 15 fils and Warba Insurance fell 5 fils to 60 fils. Kuwait Reinsurance rose 4 fils to 129 fils.
Kuwait Real Estate Co and United Real Estate were flat at 55.7 fils and 59.5 fils respectively whereas National Real Estate gave up 1.7 fils. Mazaya Holding slipped 6 fils to 64.5 fils and Salhiya Real Estate took in 1 fils.
The bourse was mixed during the week. The main index closed higher in three of the five sessions clipping 2 pts week-on-week and has shed 18 points so far during the month. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.