Kuwait bourse extends losses, volume ticks higher
KUWAIT CITY, July 6: Kuwait stocks headed south on Tuesday extending last session’s losses. The All Shares Index dropped 24.20 points to 6,348.94 pts led by some of the mid-caps and blue chips even as the broader sentiment turned markedly negative.
The Premier Market dipped 31.31 points to 6,907.89 pts taking the month’s losses to 29 points while Main Market shed 24.20 pts. The BK Main 50 slid 30.44 points to 5,466.67 pts. The volume turnover meanwhile saw a modest rebound following the three-day drop. Over 225 million shares changed hands – up 10 percent from the day before.
The sectors closed mostly in red. Healthcare outshone the rest with 0.99 percent gain whereas Consumer Differentials shed 0.83 pct, the biggest loser of the session. Volume wise, Financial Services topped with 116 million shares while Banking sector continued to dominate in value with KD 16.3.
In the individual shares, sector bellwether, National Bank of Kuwait extended last session’s losses with 7 fils drop to 851 fils after pushing over 3 million shares and Kuwait Finance House gave up 4 fils before settling at 756 fils. Gulf Bank too was down 4 fils at 237 fils with a volume of 14.2 million while KIPCO and National Investment Co fell 3 fils each to close at 159 fils and 172 fils respectively.
Zain slipped 4 fils to 587 fils taking the year-to-date losses to 19 fils while Ooredoo stood pat at 631 fils. stc erased 8 fils before settling at 840 fils and logistics major Agility dialed down 2 fils after moving 1.4 million shares. Mabanee Co took in 1 fils whereas Humansoft Holding was unchanged at KD 3.800. Mezzan Holding clipped 2 fils to end at 632 fils.
National Industries Group eased 1 fil to 218 fils after pushing 2.2 million shares whereas Gulf Cable added 1 fil. Boubyan Petrochemical Co too took in 1 fil and Al Qurain Petrochemical Co rose 3 fils to 391 fils. Al Jazeera Airways lost some altitude as it dropped 13 fils to 636 fils and ALAFCO erased 3 fils before settling at 217 fils. NAPESCO dipped 10 fils to 875 fils.
The market opened firm and drifted lower in early trade. The main index continued to erode amid selling broad pressure and plumbed the day’s lowest level of 6331 points well past the mid-session. It clawed bask some of the losses in the final minutes before closing with moderate losses.
Top gainer of the day, Advanced Technology Group climbed 5.3 pct to 517 fils while Tamdeen Investment Co paced 4.3 percent to stand next. Manazel skidded 9.6 pct, the steepest decliner of the day and Aayan Leasing and Investment Co topped the volume with 18.8 million shares.
Reflecting the day’s dip, the market spread was heavily skewed towards the losers. 27 stocks advanced while 87 closed lower. Of the 138 counters active on Tuesday, 24 closed flat. 10,046 deals worth KD 39.32 million were transacted during the session.
In the banking sector, Burgan Bank fell 2 fils to 222 fils and Boubyan Bank followed suit to close at 743 fils. Kuwait International Bank paused at 223 fils and Warba Bank ticked 1 fil into red. Ahli United Bank BSC dialed up 1 fils on back of 17.5 million shares and Ahli United Bank Kuwait too added 1 fil. Al Ahli Bank eased 1 fil to 211 fils.
Kuwait Investment Co rose 2 fils to 239 fils on back of over 5 million shares whereas International Financial Advisors gave up 5 fils. Arzan Financial Group clipped 1 fil while Kuwait Financial Centre (Markaz) was down 9 fils at 140 fils. Gulf Investment House added 3 fils whereas Bayan Investment Co trimmed 1.3 fils.
Noor Financial Investment fell 5 fils to 230 fils and National International Holding erased 2.5 fils. Osoul Investment dialed down 2 fils and KFIC gave up 4.5 fils before closing at 87.1 fils. Coast Investtment Co dialed up 1.5 fils.
Kuwait Cement Co ticked 1 fil higher to 248 fils whereas Kuwait Portland Cement paused at 869 fils with thin trading. Kuwait Foundry Co and Shuaiba Industrial added 3 fils each whereas ACICO Industries tripped 1 fil. HEISC slipped 5 fils to 490 fils and Independent Petroleum Group scaled 4 fils. Educational Holding Co slid 25 fils to 730 fils.
Kuwait and Gulf Links Transport Co eased 0.3 fils to 56.9 fils and Automated Systems Co held ground at 105 fils. Sultan Centre gave up 3 fils while Arabi Group Holding dialed down 2 fils after moving 2.4 million shares. Combined Group Contracting Co shed 11 fils while Burgan Company For Well Drilling clipped 2 fils. United Projects Co erased 7 fils whereas YIACO Medical paused at 471 fils.
The market has been largely downbeat so far during the week shedding 38 points in last three sessions. It had rallied 176 points during whole of June and is up 856 points year-to-date