KSE dips 31.49 points amid weak sentiment – Americana dives 60 fils

13/01/2016 06:00 AST

Kuwait stocks sagged on Monday extending the losses to sixth straight session. The bourse, after wobbly start, dropped 31.49 points to 5,387.04 pts amid weak regional and global backdrop. Some of the banking and financial shares continued their losing spree even as most of the telecom counters stood pat.

The KSX 15 slipped 3.42 points to 857.94 points taking the month’s decline to 27 points while weighted index edged 1.4 pts lower. The volume turnover meanwhile saw a modest bounce after hitting the month’s lowest level in the last session. 97.13 million shares changed hands — an 18.3 percent jump from the day before.

The sectors closed mostly in the negative territory. Consumer services outshone the rest with 0.39 pct gain whereas real estate slid 2 percent, the worst performer of the day. In terms of volume, financial services clocked the highest market share of 39.3 percent and real estate stood next with 30.5 pct. Banking sector was a distant third with 15 pct contribution.

In the individual shares, Commercial Bank of Kuwait dropped 10 fils to KD 0.500 while Burgan Bank was down 15 fils taking the month’s losses to 20 fils. Investment conglomerate KIPCO slipped 10 fils to KD 0.540 and has shed 40 fils from start of the moth.

Telecom major Zain eased 5 fils to KD 0.340 whereas Wataniya Telecom (Ooredoo) continued to stagnate at KD 1.060. Kuwait Telecommunications Co (VIVA) too was flat at KD 0.990 and Agility eased 5 fils to KD 0.425 after trading 3.5 million shares.

Kuwait Food Co (Americana) slid 60 fils to KD 2.000 as it extended its volatile streak and Jazeera Airways was down 20 fils at KD 0.830. Boubyan Petrochemicals Co shed 20 fils to settle at KD 0.475.

The market opened flat and slipped into red in early trade. The main index rose briefly to hit the day’s highest level of 5420.6 points and retreated again amid selling in select counters. It continued to decline and bottomed at 5370.4 pts in the final minutes before slightly paring back the losses at close.

Top gainer of the day, Contracting and Marine Services Co spiked 9.6 percent to 114 fils and Eyas For Higher and Technical Education stood next with 8 percent jump. Al Dar National Co dived 10.2 percent, the steepest decliner of the day and the counter also topped the volume with 11.48 million shares.

Reflecting the day’s drop, the losers outnumbered the winners. 28 stocks advanced whereas 61 closed lower. Of the 119 counters active on Monday, 30 closed flat. 2848 deals worth KD 13.7 million were transacted — a 16 percent.

National Industries Group was unchanged at KD 0.112 and RISCO followed suit. Gulf Cable gave up 5 fils whereas Kuwait Foundry Co and ACICO Industries were flat at KD 0.210 and KD 0.280 respectively. Ikarus Petroleum Industries Co inched 1 fils lower.

Slipped
Equipment Holding Co gave up 2 fils to close at 52 fils and Salbookh Trading Co closed 4 fils down. Automated Systems Co slipped 10 fils to KD 0.310 and Educational Holding Group gained 10 fils with thin volume. Burgan Well Drilling Co shed 8 fils to end at 114 fils.

Budget
United Projects Group was unchanged at KD 0.650 and ALAFCO too did not budge from its earlier close of 206 fils. Zima Holding took in 2 fils whereas KGL Logistics Co clipped 2 fils to wind up at 100 fils.

Jeeran Holding paused at 61 fils and Humansoft Holding held the ground steady at KD 0.900. Masher Holding Co gave up 8 fils to end at 98 fils.

In the banking sector, National Bank of Kuwait was flat at KD 0.770 after trading 1.15 million shares and Gulf Bank too did not budge from its earlier close of KD 0.250. Al Ahli Bank of Kuwait was not traded during the day.

Ahli United Bank stood pat at KD 0.510 and Kuwait International Bank pulled 4 fils lower. Kuwait Finance House rebounded 15 fils on back of 8.6 million shares trimming the month’s losses to 45 f

Arab Times