Sunday, 7 October , 2018     |     651      |      +      |     

Kuwaiti market edges down in choppy trade

Kuwaiti market edges down in choppy trade : Google
  • Business

The All Shares Index fell 6.42 points in a lightly volatile session to 5121.62 pts even as the broader sentiment remained sluggish. The Premier Market dropped 14.43 points to 5329.48 pts while Main Market was up 8.3 pts at 4743.92 points.

The volume turnover meanwhile ebbed for the second straight session. Over 76 million shares changed hands – down 10 pct from the day before.

The sectors closed mixed. Consumer goods outpaced the rest with 0.16 pct gain whereas financial services shed 0.43 percent, the biggest loser of the day.

Volume wise, financial services accounted for the highest market share of 34.7 pct and banks were close behind with over 30 pct contribution. In the individual shares, KAMCO and Kuwait Financial Centre (Markaz) slipped 6 fils each to close at 65 fils and 98 fils respectively whereas Humansoft Holding partly recouped Sunday’s losses with 38 fils gain.

Burgan Bank rose 4 fils to 254 fils and Commercial Bank was up 5 fils at 510 fils, The market opened firm and ticked up in early trade. The main index scaled the day’s highest level of 5132 pts and flipped direction. It see sawed thereafter between small gains and losses and bottomed at 5115 points in the final minutes before clawing back some of the losses at close Top gainer of the day, Tijara rallied 9.3 pct to 50.5 fils and Marakez climbed 8.29 pct to stand next.

KAMCO dipped 8.45 percent, the steepest decliner of the day and Aayan topped the volume with 16.4 million shares. Reflecting the day’s downtick, the losers outnumbered the winners. 44 stocks advanced whereas 52 closed lower. Of the 110 counters active on Monday, 14 closed flat. 3,084 deals worth KD 11.7 million were transacted – down 10.5 pct in value from the day before.

National Industries Group was unchanged at 162 fils with a volume of 1.6 million and Mezzan Holding gave up 4 fils before settling at 670 fils. Boubyan Petrochemical Co added 3 fils and Al Qurain Petrochemical Co slipped 3 fils to 339 fils. Jazeera Airways was flat at 749 fils and ALAFCO closed 4 fils down at 322 fils.

Heavy Engineering Industries and Shipbuilding Co tripped 1 fil and Equipment Holding inched 0.8 fil into red. UPAC dipped 10 fils to 640 fils. Kuwait Portland Cement jumped 14 fils to KD 1.060 and Kuwait National Cinema was up 5 fil at 994 fils.

Combined Group Co rose 4 fils to 359 fils and Mashaer Holding trimmed 0.7 fil. Burgan Well Drilling Co dipped 8 fils to 112 fils. Kuwait and Gulf Links Transport Co dropped 4 fils to 101 fils and KGL Logistics eased 0.4 fil. Al Rai Media Group ticked 0.1 fil higher and EK Holding tripped 0.1 fil. NICBM

climbed 8 fils to 178 fils. Kuwait Foundry Co climbed 7 fils to 192 fils and Gulf Cable paused at 386 fils. The company has posted 382.6% leap in second quarter profits to KD 5.26 million and during the first six months the earnings rose 7.7 percent to KD 6.58 million. KPPC fell 2.7 fils to 57 fils and KCPC dropped 6 fils. The company recorded a whopping 541.7 pct jump second quarter profits to KD 1.36 million while in the first six months , the profits surged 433 percent to KD 2.7 million.

In the banking sector, National Bank of Kuwait was unchanged at 833 fils after trading 1.3 million shares while Gulf Bank and Boubyan Bank took in 1 fil each. Ahli United Bank shed 7 fils and Warba Bank inched 1 fil up to 235 fils. Kuwait Finance House fell 1 fil to 596 fils and Kuwait International Bank followed suit with a volume of 3.5 million. Al Ahli Bank added 3 fils and Al Mutahed ticked 1 fil higher to 291 fils.

National Investment Co and Kuwait Investment Co were flat at 84.5 fils and 122 fils respectively whereas International Financial Advisors edged 0.3 fil down and Coast Investment Co clipped 0.6 fil. Arzan paused at 27.3 fils. KMEFIC fell 1.5 fils to 29 fils and Al Mal Investment edged 0.3 fil up. Ektittab Holding trimmed 1 fil and Al Imitiaz took in 1 fil. Unicap held ground at 60 fils and Madar dialed up 2 fils. KFIC was up 1.5 fils at 48 fils.

Noor Financial Investment Co eased 0.7 fil to 50.9 fils and Unicap was unchanged at 60 fils. Securities House fell 2.3 fils to 47 fils and Gulf Insurance Co slipped 5 fils to 630 fils.

Warba Insurance Co took in 0.2 fil before settling at 84.9 fils. Mabanee Co fell 1 fil to 635 fils whereas Mazaya Holding and National Real Estate Co held ground at 79.9 fils and 103 fils respectively.

Salhiya Real Estate clipped 2 fils and Kuwait Real Estate inched 0.4 fil higher.

The market was been dull so far during the week shedding 17 points in last two sessions and was down 4 pts during whole of September. Boursa Kuwait, with 176 listed stocks, is the second largest market in the region.

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Category: #Business | 2018/10/07 latest update at 6:20 PM
Source : Mena FN | Photocredit : Google
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