Kuwait market ticks lower in volatile trade, volume rises
KUWAIT CITY, Dec 29: Kuwait stocks ticked lower Wednesday after logging modest gain in the previous session. The All Shares Index eased 2 points to 7044.34 pts in volatile trade even as the overall mood remained fickle.
The Premier Market fell 2.55 points to 7650.95 pts and is up 305 points month-to-date while Main Market trimmed 0.78 points. BK Main index eased 0.49 points to 6092.72 pts. The volume turnover meanwhile saw a modest bounce following Tuesday’s uptick. Over 194 million shares changed hands – up 23 pct from the day before.
The sectors closed mostly in red. Energy outshone the rest with 0.97 percent gain whereas Basic Materials shed 0.67 pct, the worst performer of the day. Volume wise, Financial Services topped with 119.6 million shares and the sector also dominated in value with KD 21.8 million.
In the individual shares sector bellwether National Bank of Kuwait fell 2 fils to 998 fils after trading 5.26 million shares and Gulf Bank eased 1 fil to 278 fils with a volume of 3.2 million shares. Burgan Bank climbed 6 fils to 249 fils extending last session’s gain whereas Mabanee
Co dropped 10 fils to 792 fils. Tamdeen Investment slid 19 fils to 363 fils.
Zain eased 1 fil to 598 fils after pushing over 1 million shares and Ooredoo stood pat at 620 fils. stc sprinted 10 fils to 860 fils while logistics major Agility dialed up 2 fils to settle at 947 fils taking the month’s gain to 25 fils. Boursa Kuwait Securities rose 3 fils to KD 2.101 while Humansoft Holding dialed up 2 fils.
KIPCO paced 3 fils on back of over 6 million shares whereas National Investment Co paused at 218 fils with brisk trading. Gulf Investment House dropped 8 fils to 292 fils while Bayan Investment and KAMCO added 1 fil each to close at 48 fils and 129 fils respectively. National Real Estate clipped 2 fils whereas Salhia Real Estate and Tamdeen Real Estate scaled 7 fils each to close at 529 fils and 338 fils respectively.
Rose
National Industries Group rose 3 fils to 283 fils on back of 2.4 million shares while Gulf Cable was unchanged at 885 fils. Jazeera Airways climbed 9 fils to KD 1.250 extending last session’s gain and ALAFCO closed 3 fils in red. Boubyan Petrochemical slipped 6 fils to 849 fils whereas Qurain Petrochemical Co gave up 3 fils before ending at 346 fils.
The market opened firm and edged higher in early trade. The main index scaled the day’s highest level of 7051 points and pivoted south to bottom at 7036 points. It clawed back to green turf and vacillated in narrow range before ending slightly in red.
Top gainer of the day, AGHC climbed 8.11 pct to 280 fils and Warba Capital paced 7.84 percent to stand next. Tamdeen Investment Co slipped 4.97 percent, the steepest decliner of the day and National Investment Co topped the volume with 63 million shares.
Despite the day’s downtick, the winners outnumbered the losers. 57 stocks advanced whereas 50 closed lower. Of the 136 counters active on Wednesday, 29 closed flat. 7399 deals worth KD 45.1 million were transacted during the session.
In the banking sector, Kuwait Finance House was unchanged at 834 fils after pushig 3 million shares whereas Kuwait International Bank dialed up 2 fils. Ahli United Bank BSC stood pat at 278 fis and Warba Bank took in 1 fil.
Kuwait Cement Co dropped 11 fils to 231 fils while Kuwait Portland Cement dipped 15 fils to 980 fils with thin trading. HEISC rose 3 fils to 512 fils on back of 1.2 million shares and NICBM took in 1 fil. NCCI fell 2 fils to 120 fils while Warba Capital Holding climbed 6.9 fils to 94.9 fils. Metal and Recycling Co ticked 0.9 fil up to 99.9 fils.
Educational Holding dropped 14 fils to 656 fils while Independent Petroleum Group and Automated Systems Co paused at 590 fils and 99 fils respectively. Sultan Centre took in 1 fil whereas Arabi Group Holding jumped 21 fils to 280 fils after pushing 4.9 million shares. Kuwait and Gulf Links Transport Co tripped 0.2 fil.
Flat
Burgan Company For Well Drilling and Gulf Petroleum Investment was flat at 143 fils and 24.1 fils IFA Hotels and Resorts eased 1.1 fils to 55 fils after pushing 2.5 million shares while Combined Group Contracting Co dialed up 1 fil. Oula Fuel Marketing and Hayat Communications dialed up 2 fils each and Soor Fuel Marketing followed suit. Mashaer Holding closed 2 fils in green.
Inovest BSC and Al Manar Financial dialed down 2 fils each while Mubbarad Holding paused at 109 fils. United Projects gave up 3 fils and Kuwait Resorts ticked 0.1 fil into green. OSOS Holding clipped 1 fil before settling at 105 fils.
The market has been mixed so far during the week and has added 4 points in last four sessions. It has gained 257 points from start of the month and is up 1500 points year-to-date.