Kuwait bourse extends losses; volume tumbles – KIPCO slips 6 fils; NBK

22/06/2017 01:01 AST

Kuwait stocks slipped into red on Tuesday, extending the losses to second session. The bourse dipped 46.75 points in choppy trade to 6,78338 points amid selling in select counters even as the heavyweights closed mostly higher.

The KSX 15 benchmark rose 2.9 pts to 930.27 points taking the month’s gains to 15 points while weighted index inched 0.11 pts into red.

The volume turnover meanwhile dipped following Monday’s rebound. 46.87 million shares changed hands – down 37.7 pct from the previous session.

The sectors closed mostly in the red. Technology and parallel market outshone the rest with 1.62 pct gains each while consumer goods dived 7.8 percent, the biggest loser of the day. Volume wise, financial services mustered the highest market share of 32 pct and real estate trailed with 25.7 percent contribution.

Among notable performers, National Bank of Kuwait extended last session’s losses with a 4 fils gain on back of 1.7 million shares and Kuwait Finance House was up 3 fils with a volume of over 3 million. KIPCO slipped 6 fils to 334 fils.

Zain rose 2 fils to 439 fils on back of 1.8 million shares whereas Ooredoo stood pat at KD 1.150. Kuwait Telecommunications Co (VIVA) took in 1 fil and Agility extended last session’s strong gains with a 15 fils rise to 846 fils.

Burgan Bank fell 5 fils to 325 fils whereas Warba Bank was up 4 fils at 259 fils. The bank has posted a 296.3% jump in its profits to KD 1.3 million for the first quarter of 2017.

The market opened firm and edged higher in early trade. The main index scaled the day’s highest level of 6,842.7 points and headed south thereafter as selling kicked in . It drifted sideways past the mid-session and slipped further to bottom at 6765.08 pts before paring back some of the losses at close.

Top gainer of the day, Kuwait Cable Vision Co vaulted 18 pct to 34 fils while KFIC climbed 10 pct to stand next.

Eyas For Higher and Technical Education tumbled 20 percent, the steepest decliner of the day and National Real Estate Co topped the volume with 4.3 million shares.

Despite the day’s downswing, the winners outnumbered the losers. 53 stocks advanced whereas 43 closed lower.

Of the 116 counters active on Tuesday, 20 closed flat. 2178 deals worth KD 12.33 million were transacted — a 26 pct dip in value from the day before.

National Industries Group fell 1 fils to 116 fils and Gulf Cable inched 1 fils higher to 416 fils. Heavy Engineering Industries and Shipbuilding Co gained 7 fils while Contracting and Marine Services Co shed 10 fils.

Metal and Recycling Co was up 5 fils at 90 fils.

Kuwait Foundry Co and Kuwait Portland Cement Co dropped 10 fils each to close at 280 fils and 940 fils respectively whereas NICBM slid 25 fils. Educational Holding Group rose 10 fils and NAPESCO eased 1 fil to KD 1.509.

Clipped

Jazeera Airways clipped 2 fils before settling at 468 fils and Alafco followed suit. The company has posted a 83.3% surge in profits to KD 5.59 million for the quarter ending 31 March 2017 from year before period.

Humansoft Holding climbed 10 fils to KD 4.100 and Al Rai Media Group dialed up 1 fil.The company has posted 66.7% drop in profits in the first quarter of 2017 to KD 449,760.

Automated Systems Co gained 12 fils while Combined Group Contracting Co rose 9 fils to 619 fils extending Monday’s gains. Al Qurain Petrochemical Co took in 1 fil and Boubyan Petrochemical Co added 9 fils.

Equipment Holding dialed up 1.7 fils and Independent Petroleum Group gave up 4 fils. Gulf Finance Co gained 5 fils and AWJ Holding Co inched 1 fil higher. Zimah Holding took in 0.5 fils and Mezzan Holding fell 5 fils to 845 fils.

In the banking sector, Gulf Bank ticked 2 fils up and Commercial Bank stood pat at 312 fils. Kuwait International Bank gave up 2 fils to end at 247 fils

Arab Times