Kuwait equities kick off week with plunge

KFH dips 23 fils, Mashaer gains

By Cinatra Alvares

Arab Times Staff

KUWAIT CITY, Aug 25: Kuwait stocks plunged low, starting the week in the negative territory with all sectors closing in the red. The All Share Price stood at 5,909.06 points after a 91.04 point plummet and a 1.52% contraction.

The Premier Market closed at 6,496.37 points, steering 113.81 points below the rim to mark a 1.72% reduction and the Main Market closed 44.41 points lower at 4,755.53 points, logging a 0.93% decrease. Over 135.26 million shares were traded and the market reached a KD 28.68 million turnover.

The market slipped low in early trade and struggled to push higher amid choppy trade. Of the 120 counters that remained active during the session, the losers greatly outnumbered the winners. Only 18 counters advanced while 89 retreated and 13 closed flat.

Specialties Group Holding Co was the top gainer of the day, closing the session at 77 fils with a 6.94% upswing. Kuwait Real Estate Holding Company stood at 28.3 fils after a 5.6% increase. Bayan Investment Company followed in close step with a 5.46% rise to 42.5 fils. At the same time, Al Madar for Finance and Investment Co marked a 4.16% rise to a 97.6 fils share price and Kuwait Business Town Real Estate gained 4.01% to finish at 41.5 fils.

On the other hand, Real Estate Trade Centres Co took a 10.04% dive to 25.1 fils to become the biggest loser of the day. Independent Petroleum Group followed closely with a 10% plunge to 441 fils. Gulf Cement Company eased lower to 55 fils, posting a 9.84% decline. Meanwhile, Kuwait Syrian Holding Company also dropped to 38.2 fils in share price with a 6.83% contraction and Munshaat Real Estate Projects Co receded to a 79.8 fils close, paring 6.56% lower.

Arzan Financial Group for Financing and Investment traded the top volume of the day with 19.61 million of its stock traded. Kuwait Finance House saw stout trade of 11.9 million shares. Abyaar Real Estate Development Co and National Industries Company also saw robust activity with over 8 million of its shares changing hand on the trading floor.

The Banking sector closed at 1,377.25 points, down by 1.75% trading 36.82 million shares for the highest turnover by sector of KD 18.37 million. Kuwait Finance House plunged 23 points to 740 fils and National Bank of Kuwait slipped 13 points lower to a 988 fils close. Burgan Bank eased 7 points lower to 347 fils and Ahli United Bank clipped 5 points to end at a 278 fils share price. Gulf Bank slid 3 points under to 301 fils and Kuwait International Bank closed at 270 fils with a 4 point decline. Warba Bank trudged 5 points down to 248 fils while Boubyan Bank took a 6 point slump to 573 fils. Commercial Bank of Kuwait, meanwhile, closed flat at 500 fils.

Telecommunications Sector Index stood at 1,051.48 points, down by 1.26%, trading 4.3 million shares for KD 1.9 million on the trading floor. Mobile Telecommunications Co (Zain) moved 9 points lower to 565 fils and Kuwait Telecommunications Co (Viva) inched 1 point lower to 795 fils. National Mobile Telecommunications Co (Ooredoo) eased 2 points below the rim to close at 718 fils. Aan Digital Services Co ebbed 0.7 point lower to

17.6 fils.

The financial services sector marked a 1,048.42 point end with the highest volume turnover of 57.68 million shares of a total value of KD 4.49 million. National Industries Group dropped 6 points to close at 238 fils while Arzan Financial Group for Financing and Investment slipped 1.2 points lower to 27 fils. Al Imtiaz Investment Group slithered 5 points lower to 129 fils while Kuwait Investment Company shed 3 points for a 139 fils close.

Lower

Aayan Leasing and Investment Co edged 0.8 point lower to the red, closing at 52.3 fils while Kuwait Projects Company took a 2 point cut to end to stand at 217 fils. Al Madar for Finance and Investment, on the other hand, took a 3.9 point hike to a 97.6 fils share price. First Investment Company dropped 0.8 point under to close at 33 fils. GFH Financial Group held firm to its 70 fils share price while Kuwait and Middle East Financial Investment Company trekked 0.3 point higher to 55.3 fils.

The Oil and Gas sector closed 49.54 points lower at 1,174.26 points. Independent Petroleum Group took a 49 point nosedive to 441 fils while Gulf Petroleum Investment inched 1 point lower to 22.5 fils. Burgan Co For Well Drilling, Trading and Maintenance slid 2.7 points to 86.4 fils and Senergy Holding closed at 20.7 fils in the red. The Energy House Co closed flat at 21.7 fils.

Real Estate Sector index closed at 938.56 points, down by 12.25 points. Mabanee Co plunged 9 points lower to 760 fils and Abyaar Real Estate Development Co slipped 0.4 point below the rim to close at 48.2 fils. AlMazaya Holding Co inched 0.6 point lower to 52 fils. At the same time, Al Enma A Real Estate Co and Mashaer Holding Company closed in the green with a 1.2 point and 1.4 point increase to 48.2 fils and 69.8 fils respectively.

In the Industrial Sector, Agility Public Warehousing Co faced a 10 point decline to close at 761 fils while Humansoft Holding Co plunged 30 points down to KD 3.61. Combined Group Contracting shed 5 points to stand at 230 fils while Integrated Holding Company took a hard 18 point tumble to 405 fils. Gulf Cable and Electrical Industries Co and Alafco Aviation Lease and Finance both took a 5 point fall to 406 fils and 260 fils respectively. Heavy Engineering Industries and Ship Building Co, meanwhile, closed flat at 409 fils.

In Basic Materials, Boubyan Petrochemical Co closed 9 points lower at 779 fils and Qurain Petrochemical Industries slid 1 point lower to 344 fils. Meanwhile, Kuwait Foundry Co closed flat at 262 fils.

In Consumer Goods, Mezzan Holding Co finished 12 points under at 588 fils, Danah Al Safat Foodstuff Co inched 1.8 points lower to 26.5 fils and Livestock Transport and Trading Co took a 10 point dive to 180 fils. In Consumer Services, Kuwait National Cinema plunged 20 points lower to close at 810 fils at the end of trade.