Kuwait index heads south in sluggish trade, volume dips
KUWAIT CITY, Sept 8: Kuwait stocks headed south on Wednesday, reversing last session’s gains. The All Shares Index dropped 17.45 points in sluggish trade to 6,786.42 pts weighed by some of the heavyweights and midcaps.
The Premier Market slid 32.77 points to 5,801.28 pts while Main Market shed 17.45 points. The BK Main 50 was down 32.77 pts to 5,801.28 points. The volume turnover meanwhile slipped below the 200 million mark following last session’s modest rebound. Over 195 million shares changed hands – a 13 pct drop from the day before.
The sectors closed mostly in red. Financial Services outpaced the rest with 0.21 percent gain whereas Energy sector slid 1.45 pct, the worst performer of the day. Volume wise, Financial Services topped with 10.7.4 million shares and the sector was also ahead in value with KD 14 million.
Among the notable losers, sector bellwether National Bank of Kuwait fell 2 fils to 936 fils after pushing 6.5 million shares while Kuwait Finance House gave up 3 fils to close at 820 fils and the counter saw 3.9 million shares change hands. Boubyan Bank slipped 6 fils to 781fils and Commercial Bank shed 10 fils with thin trading.
Mabanee Co dropped 5 fils to 780 fils and National Investment Co closed 3 fils in red. Humansoft Holding fell 4 fils to KD 3.400 while Al Madar Finance and Investment skidded 30 fils. NAPESCO tumbled 41 fils to 789 fils and Mezzan Holding gave up 8 fils. Gulf Insurance Group slid 18 fils to 963 fils whereas Tamdeen Investment Co scaled 18 fils.
Zain inched 1 fil higher to 599 fils on back of 2.52 million shares whereas Ooredoo dialed up 2 fils. stc fell 2 fils to 862 fils and logistics major Agility skidded 7 fils to 989 fils after pushing 2.2 million shares. KIPCO eased 1 fil to 154 fils while National Investment Co erased 3 fils. Boursa Kuwait Securities bucked the trend with 63 fils jump to KD 1.798.
National Industries Group rose 2 fils to 234 fils on back of 7.6 million shares whereas Gulf Cable paused at 817 fils. Boubyan Petrochemical Co was unchanged at 874 fils whereas Al Qurain Petrochemical Co gave up 8 fils. Jazeera Airways retreated 5 fils to 845 fils while Gulf Cable stood pat at 817 fils. Integrated Holding added 2 fils and Aznour was unchanged at 237 fils.
The market opened firm and ticked up in early trade. The main index scaled the day’s highest level of 6805 points and drifted lower as sentiment turned sour. It bottomed at 6,780 points well past the mid-session and clawed back some of the losses at close.
Top gainer of the day, UPAC vaulted 17.12 pct to 260 fils while Kuwait Hotels sprinted 13.94 pct to stand next. Madar skidded 21.13 percent, the steepest decliner of the day and the counter also topped the volume with 21.6 million shares..
Reflecting the day’s drop, the losers outnumbered the winners. 44 stocks advanced whereas 74 closed lower. Of the 140 counters active on Wednesday, 22 closed flat. 9012 deals worth KD 38.5 million were transacted during the session.
In the banking sector, Burgan Bank eased 1 fil to 231 fils while Kuwait International Bank dialed down 2 fils. Warba Bank clipped 1 fil whereas Ahli United Bank BSC dialed up 1 fil on back of over 3 million shares. Al Ahli Bank tripped 1 fil and Ahli United Bank Kuwait added 2 fils.
Kuwait Investment Co fell 2 fils to 255 fils while International Financial Advisors and Kuwait Financial Centre (Markaz) gave up 3 fils each. Arzan Financial Group took in 1fil and Gulf Investment House closed 2 fils in green. Bayan Investment was unchanged at 47.5 fils whereas KFIC clipped 1.9 fils. KAMCO trimmed 1fil.
Kuwait Cement Co was flat at 240 fils whereas Kuwait Portland Cement gained 6 fils. Metal and Recycling Co rose 3 fils to 121 fils and HEISC slipped 8 fils to 477 fils. Kuwait Foundry Co trimmed 1 fil whereas ACICO Industries was unchanged at 115 fils. NICBM climbed 6 fils to 198 fils and Kuwait Hotels Co paced 10.9 fils.
Kuwait National Cinema Co dropped 9 fils to 801 fils whereas Educational Holding Co scaled 9 fils. Independent Petroleum Group fell 4 fils to 610 fils and Sultan Centre gave up 6 fils. Kuwait Gulf Links Transport Co eased 0.1 fil to 50.4 whereas Automated Systems Co paused at 102 fils. KCPC clipped 1 fil while Arabi Group Holding closed 3 fils in green.
Burgan Company For Well Drilling added 2 fils and Combined Group Contracting Co tripped 1 fil. OSOS Holding Group eased 1.9 fils to 97 fils whereas Mashaer Holding took in 1.7 fils. IFA Hotels and Resorts whittled down 0.9 fil and Oula Fuel Marketing gave up 5 fils.
The market has been largely downbeat so far during the week shedding 26 points in last four sessions. It is unchanged month-to-date and is up 1,242 points year-to-date.