KSE sinks further amid broad selling – NBK dips 20 fils;Americana gain

12/01/2016 05:46 AST

The KSX 15 gauge slid 15 points to 861.3 points taking the month’s fall to 23 points while weighted index was down 5.35 points. The volume turnover meanwhile dipped the 100 million mark to hit the lowest level of the month. 82 million shares changed hands — a 33.23 pct drop from the last session.

The sectors closed mostly in the red turf. Technology outpaced the rest with 1.89 pct gain and basic materials slid 1.71 percent, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 33.9 percent while banks and real estate followed with 24.3 pct and 21.2 percent contributions respectively.

Among the prominent losers, sector bellwether National Bank of Kuwait shed 20 fils after trading 3.3 million shares and Kuwait Finance House was down 30 fils to KD 0.480 with heavy volume turnover. Mabanee Co fell 10 fils to KD 0.890 taking the month’s losses to 50 fils.

Zain was unchanged at KD 0.345 after trading 1.4 million and Wataniya Telecom (Ooredoo) too did not budge from its earlier close of 1.060. Kuwait Telecommunications Co (VIVA) stagnated at KD 0.990 whereas logistics major Agility was down 15 fils at KD 0.430.

KIPCO was unchanged at KD 0.550 and has retreated 30 fils so far during the month while Bayan Investment eased 1.5 fils. The company has obtained the approval of Capital Markets Authority to sell 30,319,197 shares for 6 months from the date of the approval.

The market opened slightly low and moved sideways in early trade. The key index nudged briefly higher to day’s highest level of 5,474.5 points and headed south amid selling pressure. It continued to slide in the second half to bottom at 5,403.66 pts in final minutes before paring back some of the losses at close.

Top gainer of the day, Future Communications Co spiked 9.8 pct to 112 fils and Energy House stood next with 6.85 pct jump. Real Estate Trade Centre Co (Marakez) tumbled 23.4 pct, the steepest decliner of the day and Kuwait Finance House topped the volume with 12.5 million shares.

Mirroring the day’s slide, the winners vastly outnumbered the losers. 20 stocks advanced whereas 71 closed lower. Of the 122 counters active on Sunday, 31 closed flat. 2,414 deals worth KD 17.9 million were transacted — a 8.6 pct drop in value from the day before.

National Industries Group, the flagship company of the Kharafi Group dropped 4 fils to 112 fils and Kuwait Foundry Co followed suit to end at KD 0.210 RISCO and ACICO Industries Co shed 15 fils each while Equipment Holding Co inched one fils higher.

Jazeera Airways slipped 10 fils to KD 0.850 whereas ALAFCO held the ground steady at KD 0.206. Humansoft Holding Co sank 40 fils to KD 0.900 while Eyas For Higher and Technical Education shed 20 fils. Kuwait Food Co ( Americana) bucked the market trend to gain 40 fils.

Eased
KGL Logistics Co eased 2 fils to 53 fils and Zima Holding was down 8 fils. The Energy House added 2.5 fils while IFA Hotels and Resorts Co was flat at KD 0.204. Soor Fuel Marketing Co gave up 4 fils to close at 104 fils.

Combined Group Contracting Co dropped 10 fils whereas PAPCO took in 2 fils. Mezzan Holding Co was down 20 fils at KD 1.080 and Kuwait Cement Co was flat at KD 0.370. Boubyan International Industries Holding Co closed 1.5 fils in red.

In the banking sector, Gulf Bank fell 5 fils whereas Commercial Bank of Kuwait climbed 10 fils to KD 0.510 Al Ahli Bank gave up 5 fils and Ahli United Bank pulled 10 fils lower to KD 0.510. Boubyan Bank paused at KD 0.435.

Kuwait International Bank was flat at KD 0.220 and Burgan Bank followed suit. The bank has obtained the approval of Central Bank of Kuwait and Capital Markets Authority to issue bonds for its holders at a maximum of KD 100 million with an aim to boost its capital base.

Kuwait Investment Co was steady at 98 fils and Commercial Facilities Co

Arab Times