Kuwait’s equities little changed; volume slips

NBK gains 3 fils, Mabanee down

By John Mathews

Arab Times Staff

KUWAIT CITY, Oct 08: Kuwait stocks were little changed on Tuesday following the two-day gains. The All Shares Index ticked 1.2 pts lower in lackluster trading to 5,719.37 points even as some of the heavyweights eked modest gains.

The Premier Market rose 4.36 points to 6,236.36 points taking the month’s gains to 62 pts while Main Market dropped 12.95 pts to 4,711.13 points. The volume turnover meanwhile ebbed slightly following last session’s strong rebound. Over 130 million shares changed hands – down 4.6 pct from Monday.

The sectors closed mixed. Technology outpaced the rest with 1.27 pct gain whereas Real Estate slipped 1 pct, the worst performer of the day. Volume wise, Banking sector topped with 44.2 million shares and the sector also dominated in value with 17.9 million shares.

In the individual shares, National Bank of Kuwait rose 3 fils to 953 fils on back of 2.3 million shares extending last session’s gains whereas Kuwait Finance House tripped 1 fil after pushing 9.7 million shares at the counter. Mabanee Co fell 3 fils to 734 fils.

Zain was unchanged at 547 fils with a volume of 5.7 million whereas Ooredoo slipped 3 fils to 712 fils taking the month’s losses to 8 fils. Kuwait Telecommunications Co (VIVA) paused at 731 fils and Agility inched 1 fil higher to 742 fils on back of 1.2 million shares.

The market opened firm and headed north in early trade. The main index scaled the day’s highest level of 5,744 points and retreated as sentiment flipped. It bottomed at 5,713 points and drifted sideways thereafter before closing almost flat.

Top gainer of the day, QIC rallied 9.8 pct to 58.9 fils and UPAC jumped 8.9 percent to stand next. NIH skidded 10 pct, the steepest decliner of the day and Ahli United Bank topped the volume with 14.6 million shares.

Despite the day’s flat closing, the losers outnumbered the winners. 38 stocks advanced whereas 59 closed lower. Of the 116 counters active on Tuesday, 19 closed flat. 4,932 deals worth KD 124.3 million were transacted during the session.

National Industries Group dialed up 2 fils on back of 228 fils on back of 5.3 million shares while Mezzan Holding eased 1 fil to 549 fils. Boubyan Petrochemical Co slipped 6 fils to 763 fils and Al Qurain Petrochemical Co stood pat at 309 fils. Integrated Holding Co added 2 fils to close at 418 fils.

Jazeera Airways fell 5 fils to 985 fils and ALAFCO took in 1 fil to close at 267 fils. Automated Systems Co rose 0.9 fil to 71.9 fils and AAN trimmed 0.4 fil. Independent Petroleum Group paused at 430 fils and Gulf Petroleum Investment ticked 0.2 fil into red after trading over 9 million shares.

Kuwait Portland Cement tumbled 45 fils to KD 1.100 and Kuwait Cement Co gave up 3 fils before ending at 258 fils. Ras Al Khaimah White Cement Co rose 3.5 fils to 61.5 fils and QIC climbed 5.3 fils with thin trading. Al Kout Industries stood pat at

Kuwait Foundry Co rose 2 fils to 467 fils while Gulf Cable and Combined Group Contracting Co clipped 1 fil each to close at 464 fils and 231 fils respectively. Equipment Holding tripped 0.2 fil and Salbookh ticked 0.6 fil into green. KPPC added 1 fil and Warbcap inched 0.5 fil lower.

Kuwait National Cinema Co dipped 19 fils to 751 fils and OSOS dialed down 2 fils. Energy Holding edged 1.2 fils down to 18.9 fils and NICBM slipped 5 fils to 165 fils. Heavy Engineering Industries and Shipbuilding Co slipped 5 fils after moving 1.3 million shares.

Eased

Kuwait and Gulf Logistics Co eased 0.6 fil to 70.9 fils and KGL Logistics took in 0.3 fil. Inovest edged 0.5 fil higher with thin trading whereas SPEC stood pat at 70 fils. Al Rai Media Group ticked 0.3 fil lower.

In the banking sector, Gulf Bank took in 1 fil on back of 9.2 million shares and Boubyan Bank followed suit to end at 563 fils. Burgan Bank inched 1fil into red and Warba Bank dialed up 2 fils before settling at 254 fils.

Commercial Bank and Al Mutahed added 1 fil each to close at 501 fils and 328 fils respectively whereas Al Ahli Bank tripped 1 fil lower to 299 fils. Ahli United

Bank stood pat a 274 fils with brisk trading.

KIPCO dialed up 2 fils to close at

221 fils and Gulf Finance House gave up 1.1 fils. International Financial Advisors held ground at 53.9 fils whereas FACIL and National Investment Co clipped 1 fils each. Coast Investment Co took in 0.2 fil and Securities House edged 0.1 fil up.

Kuwait Financial Centre (Markaz) dialed up 0.4 fil and KMEFIC fell 2.5 fils. Al Mal Investment tripped 1 fil after trading over 4 million shares and ALOLA trimmed 0.6 fil. Aayan ticked 0.1 fil higher to 56 fils on back of 6.3 million shares and NIH shed 6.7 fils.

KAMCO spiked 7 fils to 95 fils with razor thin trading whereas Unicap added 0.4 fils. Madar Finance dipped 5 fils to 125 fils and KFIC gave up 2.8 fils after trading 1.4 million shares.

Noor Financial Investment Co rose 1.6 fils to 91.5 fils and Amwal was down 4 fils at 36 fils. Al Imtiaz paused at 126 fils and Ahleia Insurance Co tripped 1 fil. Warba Insurance Co scaled 4 fils.

Tamdeen Real Estate skidded 20 fils to 278 fils while AREEC and Injazzat fell 3 fils each. Mazaya Holding clipped 0.5 fil and Al Tijaria slipped 1.9 fils to 901 fils.

The bourse has been largely upbeat so far during the week gaining 83 points in last three sessions. It has scaled 41 points from start of the month and is trading 642 pts higher year-to-date. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region