Kuwaiti index extends losses in choppy trade

Ooredoo slips 9 fils, Mabanee gains

KUWAIT CITY, Aug 5: Kuwait stocks swung slumped on Monday extending the red spell from the start of the week. The All Share Price skid to 6,102.11 points with a 0.07% cut.

The Premier Market inched 0.01% higher to stand at 6,726.87 points and the Main Market swung low to 4,872.45 points after a 14.26 point drop . Of the 118 counters that remained active during the session, 40 advanced, 62 retreated and 16 closed flat. Over 168 million shares were traded for a turnover of KD 33 million. The market fell sharply in early trade and struggled to stay above the red line in choppy trade, making advances through midday but ultimately falling short by 4.29 points.

Al Eid Food Co was the top gainer of the day, closing the session at 75.4 fils with a 9.91% upswing albeit with marginal traded stock. Kamco Investment Co followed with a 7.69% increase to stand at 98 fils at the day’s close. At the same time, The Energy House Co also marked a 7.5% rise to a 21.5 fils share price and Al Rai Media Group gained 6.67% in the session for a 32 fils close. Warba Capital Holding Co followed in close step with a 6.53% rise to 79.9 fils.

Among the losers on the trading floor, Tijara and Real Estate Investment Co took a hard 10% dive to 37.8 fils. Meanwhile, Al-Argan International Real Estate Co eased lower to 144 fils, posting a 9.43% decline. Warba Insurance Company also dropped to 66 fils with a 9.34% contraction and Investors Holding Group receded to a 9 fils close, shedding 8.165 of its price. Furthermore, Gulf Investment House pared 7.37% lower to 52.8 fils at the end of the session.

Arzan Financial Group for Finance and Investment continues its stout trade, logging the top volume of traded stock in the session at 41.34 million shares. Commcercial Bank of Kuwait and Investors Holding Group and also saw robust activity with 17.18 million and 11.15 million shares exchanged respectively.

The Banking sector swelled to 1,424.95 points, up by 0.07% from the start of the week. A total volume of 45.58 million shares were traded for the highest turnover of KD 20.65 million in the day. Commercial Bank of Kuwait held ground at a steady 507 fils in high activity while National Bank of Kuwait scaled up 3 points to a 998 fils close. Kuwait Finance House also trekked up 2 points to a 781 fils while Kuwait International Bank and Gulf Bank skid 2 points lower to 279 fils and 313 fils respectively. At the same time, Warba Bank ebbed 1 point lower to 257 fils while Ahli United Bank closed flat at 290 fils. Burgan Bank edged to the green with a 2 point climb to 353 fils while Boubyan Bank slipped 2 points down to 597 fils.

Telecommunications Sector Index stood at 1,094.7 points, up by 0.23%. Mobile Telecommunications Co (Zain) moved 2 points upward to 595 fils trading 2.4 million shares for a total value of KD 1.4 million, and Kuwait Telecommunications Co (Viva) made a 10 point jump to 801 fiils. National Mobile Telecommunications Co (Ooredoo), on the other hand, took a 12 point nose-dive to 725 fils. Aan Digital Services Co eased 0.1 point lower for a 12.9 fils finish.

The financial services sector marked a 1,067.68 point end in the red with the top volume of 73.15 million shares exchanged and a turnover of KD 4.9 million. National Industries Group added 3 points to its share price, closing at 257 fils while Arzan Financial Group for Financing and Investment made a 1.1 point cut for a 28.3 fils end. Al Imtiaz Investment Group and Kuwait Projects Co shed 2 points for a 137 fils and 226 fils close respectively. Meanwhile, National Investments Company stood flat at 143 fils and Kuwait Financial Centre dipped 0.7 points down to 100.3. Aayan Leasing and Investment Co also slipped under to 54.9 fils with a 0.9 point decrease. Kuwait Investment Co closed flat at 142 fils while Noor Financial Investment trekked up 2.1 points to 88.6 fils.

The Oil and Gas sector gained 0.52% and finished at 1,217.1 points in the green. The Energy House Co advanced to 21.5 fils at closing with a 1.5 point increase, Senergy Holding Company made a 1.2 point increment to 20 fils while Gulf Petroleum Investment slipped 0.2 points under to 21.3 fils.

The Real Estate Sector index closed 1.23 points down in the red at 969.06 points. While Mabanee Co grew by 6 points to a 795 fils share price and Aayan Real Estate Company clambered 0.5 points higher to 64.1 points, Investors Holding Group dipped 0.8 points lower to 9 fils and Al Enma A Real Estate Co scaled up 1.2 points to 44.1 fils.

The Industrial Sector closed with mostly red indices, standing at 925.25 points, with a 0.88% decline. Agility Public Warehousing Co fell 4 points lower to 782 fils, Acico Industries Co slumped by 7 points to 145 fils and Heavy Engineering Industries and Ship Building Co slid 1 point down to 420 fils at close. Humansoft Holding Co took a 67 point plummet to KD 3.251 and Integrated Holding Company plunged 37 points down to 542 fils. Meanwhile, Gulf Cable and Electrical Industries Co moved 7 points lower to 465 fils and Combined Group Contracting eased 1 point down to 253 fils.

Basic Materials finished 11.53 points lower to 1,023.72 fils. Boubyan Petrochemical Co pulled 15 points lower to 765 fils trading 1.4 million shares for a turnover of KD 1.09 million, Qurain Petrochemical Industries slid 2 points lower to 343 fils.

In the insurance sector, Warba Insurance dropped 6.8 points to 66 fils and Kuwait Insurance Company shrinked by 10 points to close at 320 fils.

In Consumer Goods, Mezzan Holding Co edged to the red with a 2 point drop to 608 fils and Danah Al Safat Foodstuff Co slid trudged 0.3 points lower to 27.2 fils while Livestock Transport and Trading Co closed at a flat 199 fils. Meanwhile, in Consumer Services, Jazeera Airways Co eased 1 point lower to 949 fils and Oula Fuel Marketing Co moved up 4 points to 125 fils.

In other bourse related news, Boursa Kuwait announces the list of suspended companies from trading. These include Al-Kout Industrial Projects Co for not submitting the financials for 313-2019 as well as Ithmaar Holding Co and Yiaco Medical Co for their losses exceeding 75% of the Paid up Capital.