Kuwait market skids into deep trough, volume ticks up

KUWAIT CITY, May 10: Kuwait stocks slipped deeper into red Tuesday as it extended its loss to third straight session. The All Shares Index, after meandering listlessly for most part of the session, slid 86.63 points to 8301.15 points led by heavyweights even the sentiment turned markedly sour.

The Premier Market tumbled 101.79 points to 9232.83 pts taking the month’s loss to 76 points while Main Market shed 53.03 pts. The BK Main 50 dived 69.95 points to 6699.15 pts. The volume turnover meanwhile saw an upturn following the two-day drop. Over 245 million shares changed hands – a 7 pct increase from the day before.

The sectors closed mostly in red. Insurance sector outshone the rest with 0.29 percent gain while Telecommunications shed 1.86 pct, the worst performer of the day. Volume wise, Financial Services topped with 126.59 million shares and Banking sector was ahead in value with KD 29.29 million.

Among the day’s notable decliners, sector bellwether National Bank of Kuwait slid 10 fils to KD 1.058 after pushing over 9 million shares while Boubyan Bank shed 14 fils adding to Monday’s loss. Mabanee Co skidded 15 fils to 805 fils while Humansoft Holding and Boursa Kuwait dived 29 fils each to close at KD 3.260 and KD 2.556 respctively. Noor Financial Investment Co gave up 14 fils.

Zain slipped 12 fils to 651 fils after moving 5.7 million share taking the month-todate loss to 30 fils while Ooredoo eroded 4 fils. stc dipped 25 fils to 791 fils and logistics major Agility was down 23 fils to KD 1.222 with a volume of over 5 million. KIPCO eased 1 fil to 195 fils after pushing 3.3 million shares whereas National Investment Co added 2 fils.

National Industries Group dropped 12 fils to 310 fils with heavy trading and Gulf Cable shed 19 fils. Jazeera Airways climbed 7 fils to KD 1.889 whereas ALAFCO stood pat at 214 fils. Boubyan Petrochemical Co skidded 19 fils to KD 1.077 erasing most of Monday’s gain and Qurain Petrochemical Co gave up 3 fils. Mezzan Holding fell 5 fils to 578 fils while Integrated Holding added 2 fils.

The market opened firm and slipped slightly into red in early trading. It moved sideways thereafter and eroded sharply in the final minutes to close with steep loss.

Top gainer of the day, Arkan Real Estate climbed 8.46 pct to 141 fils while KSHC scaled 6.95 percent to stand next. PAPCO skidded 9.6 percent, the steepest decliner of the day and National Industries topped the volume with 34 million shares.

Kuwait Investment Co took in 2 fils whereas International Financial Advisors dialed down 2 fils to close at 111 fils with a volume of 5.3 million. Arzan Financial Group too fell 2 fils to 174 fils after moving 12 million shares and Kuwait Financial Centre (Markaz) eased 1 fil to 166 fils. KMEFIC paced 4 fils whereas Aayan Leasing and Investment gave up 5 fils.

KAMCO Investment took in 1 fil and National International House was down 7 fils at 163 fils. KFIC edged 0.8 fil up to 74.5 fils and Al Madar Finance and Investment erased 3.7 fils. Al Safat Investment Co fell 3 fils to 2245 fils and Osoul Investment closed 4 fils in red.

Al Ahleia Insurance Co climbed 9 fils to 509 fils and Warba Insurance Co took in 1 fil. National Real Estate and Tamdeen Real Estate slipped 5 fils each to close at 249 fils and 345 fils respectively while Salhia Real Estate closed 3 fils in red.

Kuwait Cement Co eased 1 fil to 250 fils while Kuwait Portland Cement gave up 9 fils before settling at KD 1.090. Shuaiba Industrial slipped 7 fils to 268 fils whereas Metal and Recycling Co was unchanged at 88 fils. HEISC sprinted 16 fils to 868 fils and Kuwait Foundry Co scaled 9 fils. ACICO Industries was down 4 fils at 163 fils.

NICBM was flat at 249 fils whereas NCCI slipped 8 fils to 138 fils after moving 4.6 million shares. Sultan Centre tripped 1 fil and Aarabi Group Holding closed 3 fils in red. Kuwait and Gulf Links Transport Co inched 0.3 fil higher to 74.2 fils whereas Automated Systems Co trimmed 0.1 fil. NAPESCO stood pat at 800 fils and KCPC shed 14 fils.

Burgan Company For Well Drilling eased 1 fil to 165 fils and Combined Group Contracting Co clipped 2 fils. OSOS Holding Group erase 4 fils and PAPCO closed 7.7 fils in red. United Projects was unchanged at 270 fils whereas Kuwait Resorts gave up 3.6 fils. Inovest BSC fell 4 fils to 163 fils.

The market has been downbeat so far during the week sliding 158 points at the end of last three sessions. It had gained 212 points during the whole of April and has rallied 1258 points year-to-date.