Kuwait stock market edges lower in lackluster trading
KUWAIT CITY, Sept 6: Kuwait stocks edged lower on Monday extending the losses to third straight session. The All Shares Index fell 4.67 points in lackluster trade to 6,786.51 pts weighed mostly by blue chips.
The Premier Market slipped 7.80 points to 7,429.82 pts taking the month’s gains to 18 points while Main Market added 2.46 pts. The BK Main 50 was up 4.63 points at 5,813.20 pts. The volume turnover meanwhile dipped below the 200 million mark to hit a 50-day low. Over 181 million shares changed hands – a 31 percent drop from the day before.
The sectors closed mostly in red turf. Energy sector outshone the rest with 0.89 pct gain while Utilities shed 1.26 percent, the worst performer of the day. Volume wise, Real Estate topped with 66.6 million shares while Banking sector was ahead in value with KD 12.83 million.
In the individual shares, Kuwait Finance House fell 2 fils to 822 fils after pushing 3.6 million shares Boubyan Bank gave up 3 fils to settle at 787 fils. Mabanee Co rose 3 fils to 785 fils while Boursa Kuwait Securities rallied 27 fils to KD 1.711. Humansoft Holding jumped 50 fils to KD 3.420 paring the year-to-date losses to 379 fils.
Zain sagged 2 fils to 597 fils after moving over 2 million shares whereas Ooredoo scaled 11 fils. stc stood pat at 864 fils while logistics major Agility slipped 4 fils to 996 fils and the counter saw 1.7 million shares change hands. KIPCO tripped 1 fil before ending at 154 fils whereas National Investment Co and Al Imtiaz Investment dialed up 1 fil each. NAPESCO climbed 18 fils to 789 fils.
National Industries Group was unchanged at 232 fils with a volume of 2.7 million shares whereas Gulf Cable gave up 7 fils. Boubyan Petrochemical Co fell 3 fils to 874 fils and Qurain Petrochemical Co added 1 fil before settling at 378 fils. Jazeera Airways clipped 2 fils whereas ALAFCO was up 4 fils at 230 fils. Mezzan Holding ad Aznour erased 3 fils each while Integrated Holding eased 1 fil to 371 fils.
The market opened gap down and slipped into red early trade. The main index firm up briefly before eroding further amid weak sentiment and plumbed the day’s lowest level of 6,761 points ahead of the midsession. It headed north thereafter and clawed back most of the losses at close.
Mirroring the day’s slight pullback, the losers outnumbered the winners. 51 stocks advanced whereas 64 closed lower. Of the 139 counters active on Monday, 24 closed flat. 8,774 deals worth KD 30.73 million were transacted during the session.
In the banking sector, National Bank of Kuwait was unchanged at 938 fils after pushing 2.9 million shares and Kuwait International Bank too did not budge from its earlier close of 226 fils. Burgan Bank took in 1 fils whereas
Boubyan Bank was down 3 fils at 787 fils.
Ahli United Bank BSC tripped 1 fil after pushing 7.8 million shares whereas Warba Bank and Commercial Bank paused at 259 fils and 505 fils respectively. Al Ahli Bank too stood pat at 222 fils whereas Ahli United Bank Kuwait fell 3 fils to 321 fils.
Kuwait Cement Co fell 2 fils to 240 fils and Kuwait Portland Cement followed suit. Metal and Recycling Co skidded 23 fils to 125 fils whereas Shuaiba Industrial and ACICO Industries held ground at 220 fils and 113 fils respectively. Kuwait Foundry Co dropped 7 fils to 383 fils and HEISC closed 2 fils in red. Warba Capital Holding added 2.9 fils and Kuwait Hotels Co gained 7.8 fils.
Kuwait and Gulf Links Transport Co was unchanged at 50.9 fils whereas Automated Systems Co tripped 1.1 fils. Sultan Centre slipped 3 fils to 198 fils while Arabi Group Holding gave up 5 fils. Educational Holding Co added 3 fils and KCPC was 4 fils at 554 fils. Soor Fuel erased 5 fils and Egypt Kuwait Holding followed suit.
Kuwait National Cinema Co sprinted 20 fils to 800 fils and Educational Holding paced 3 fils. Advanced Technology Co darted 12 fils to 527 fils whereas United Projects Co dialed down 1 fil. Combined Group Contracting Co gained 7 fils and PAPCO closed 2.7 fils in red. OSOS Holding eased 1.9 fils to 98 fils while Inovest BSC whittled down 1.8 fils.
Kuwait Investment Co climbed 7 fils to 259 fils on back of 1.78 million shares whereas International Financial Advisors clipped 1 fil. Arzan Financial Group stalled at 160 fils and KMEFIC gave up 2 fils. Kuwait Financial Centre ( Markaz) dialed up 1 fil while Osoul Investment and Gulf Investment House added 2 fils each. KAMCO paused at 127 fils.
The market has been heading south so far during the week, shedding 26 points in last two sessions. It is unchanged month-to-date and is up 1,242 points year-to-date.