Kuwait’s bourse slips into red ahead of Eid

Bayan Investment dips 40 fils, Zain up

By Cinatra Alvares

Arab Times Staff

KUWAIT CITY, Aug 8: Kuwait stocks slipped into red turf at the week’s end as market sentiment quelled ahead of the Eid Al Adha holidays. The All Share Price pulled lower by 0.17% to stand at 6,104.30 points. The Premier Market ebbed to 6,718.63 points, logging a 0.37% reduction and the Main Market pulled higher to 4,896.59 points, charting a 19.85 point rise.

Of the 123 companies that traded in the session, 53 advanced, 51 retreated and 19 closed flat. Over 167.9 million shares were traded for a turnover of KD 25.95 million. The market opened weak in early trade and fell sharply in midday activity before picking up slightly in choppy trade and closing a sharp 10.41 points under.

Aan Digital Services Company was the top gainer of the day, closing the session at 16 fils with a 28% upswing. Followed by Manazel Holding Co who stood at 29.8 fils after a 9.96% increase. At the same time, Tijara Real Estate Investment Co also marked a 9.79% rise to a 41.5 fils share price and Amar For Finance and Leasing Co gained 9.78% in the session for a 30.3 fils close. Egypt Kuwait Holding counted itself among the day’s top winners with a 9.62% spike to 456 fils.

Among notable losers on the trading floor, Integrated Holding Company took a hard 11.3% fall to 463 fils. At the same time, Gulf Investment House eased lower to 51.8 fils, posting a 9.44% decline. Bayan Investment Company also dropped to 40 fils with a 6.76% contraction albeit in low trade and Kuwait Finance and Investment Company receded to a 40 fils close cut by 5.88%. Also, Taameer Real Estate Investment Company pared 4.76% lower to 20 fils at the end of the session.

Aan Digital Services Co traded the top volume of the day with 26.99 million of its shares exchanged. Ahli United Bank also saw robust activity with 20.78 million shares traded. Meanwhile, Aayan Leasing and Investment Co, Investors Holding Group and Mobile Telecommunications Company (Zain) traded stout volumes of 9.39 million, 8.8 million and 7.9 million shares respectively.

The Banking sector fell into the red zone at 1420.55 points, curtailed by 0.48% with a total traded stock of 33.18 million shares for the highest sector turnover in the day of KD 11.41 million. Ahli United Bank dropped 9 points to 280 fils while Kuwait International Bank dialled up 4 points to 283 fils. Kuwait Finance House held ground at 782 fils while National Bank of Kuwait slipped 3 points to KD 1. Boubyan Bank managed to hold steady to its 596 fils share price at the end of the trading session while Warba Bank made a 1 point step upward to 259 fils. Gulf Bank dipped 1 point lower to 312 fils while Commercial Bank of Kuwait shed 3 points to place at 500 fils a piece. Burgan Bank, meanwhile, inched 1 point higher to 357 fils.

Telecommunications Sector Index stood at 1,101.07 points in the green, trading 35.13 million shares for a KD 5.3 million turnover. Mobile Telecommunications Co (Zain) and National Mobile Telecommunications Co (Ooredoo) hiked 4 points to close at 599 fils and 723 fils at the week’s close. Aan Digital Services Co scaled 3.5 points higher to 16 fils while Kuwait Telecommunications Co (Viva) dropped 8 points to a 802 fils close.

The financial services sector marked a 1,086.25 point end with the highest sector volume of 50.83 million shares exchanged over KD 3.36 million. National Industries Group trekked 1point higher to 258 fils and Aayan Leasing and Investment Co trudged 0.5 points up to 55.4 fils. Kuwait Financial Centre made a 3 point increment to 108 fils while Al Imtiaz Investment Group held steady at 140 fils. Al Salam Group Holding Co skimmed 0.9 points lower to 37.1 fils at the day’s close. Arzan Financial Group for Financing and Investment closed flat at 28.2 fils. GFH Financial Group slid 1 point down to 71.3 fils and National Investments Company moved 3 points down to 137 fils at the day’s close. Kuwait Finance and Investment Company shed 2.5 points to 40 fils and Kuwait and Middle East Financial Investment Co slithered 0.4 points lower to 58.5 fils.

The Oil and Gas sector closed at 1219.88 points in the green, posting a 0.33% rise. Gulf Petroleum Investment stepped up to 22.4 fils with a 1.4 point increase, Senergy Holding Company and The Energy House Co added 0.5 points and 0.1 point to 20.3 fils and 21.5 fils respectively.

Real Estate Sector index closed at 969.08 points in the red, down 0.35 points. Mabanee Co climed 3 points to 798 fils and Al Enma A Real Estate Co moved 0.1 points lower to 46.5 fils. Al Mazaya Holding Co skid 0.9 points lower to 52.7 fils and Al Arabiya Real Estate Co sipped 1.1 points down to 27.3 fils.

In the Industrial Sector, Integrated Holding Company took a hard 59 point tumble to 463 fils. Meanwhile, Agility Public Warehousing Co and Heavy Engineering Industries and Ship Building Co shed 3 points each for a 790 fils and 410 fils close respectively. Alafco Aviation Lease and Finance took a 4 point price hike to 277 fils and Gulf Cable and Electrical Industries Co slid 3 points down to 456 fils. Humansoft Holding Co, concurrently, plunged 29 points to KD 3.220 and Combined Group Contracting closed flat at 250 fils.

Basic Materials closed 0.1% lower in the red at 1034.36 points. Boubyan Petrochemical Co gained 2 points to 780 fils while Qurain Petrochemical Industries closed 2 points lower to 345 fils. Kuwait Foundry Co inched 1 point higher to 255 fils.

In the insurance sector, Kuwait Insurance Company dropped 1 point lower to 339 fils and First Takaful Insurance Company made a 3.5 point advance to 42.5 fils. At the same time, Al Ahleia Insurance Company dropped 5 points down to 420 fils.

In Consumer Goods, Mezzan Holding Co added 6 points for a 616 fils share price and Danah Al Safat Foodstuff Co closed the week 0.8 points higher at 26.5 fils. In Consumer Services, Jiyad Holding Company ebbed 1.4 points to 45.5 fils and Soor Fuel Marketing Company edged 1 point lower to 122 fils.

Boursa Kuwait will be closed for Eid Al Adha holidays and official working duties will resume on Wednesday, Aug 14.