Kuwait bourse sheds 18.75 pts, volume flat

30/12/2015 06:00 AST

Kuwait stocks pulled lower on Monday as it continued to see saw in a narrow range. The key gauge slipped 18.75 pts in listless trading to settle at 5,628.41 pts even as the board remained mixed. Most of the banks held steady while some of the real estate counters headed south.

The KSX 15 fell 2.91 points to 897.78 points, down 32 points from start of the month while weighted index eased 0.7 pts to 380.37 points. The volume turnover meanwhile was little changed after the rebound in the last session. 113.75 million shares changed hands – a 1.03 pct rise from Sunday.

The sectors diverged during the session. Consumer goods outled the rest with 1.24 pct gain whereas healthcare shed 1.13 pct, the biggest loser of the day. In terms of volume, financial services garnered the highest market share of 56.96 percent while real estate followed with 22.73 pct.

In the individual performers, Gulf Bank fell 5 fils to KD 0.260 reversing the gains in the last session while Mabanee Co was down 10 fils at KD 0.930. Kuwait Food Co ( Americana) climbed 20 fils to KD 1.960 trimming the month’s losses to 300 fils and Mezzan Holding Co followed suit to end at KD 1.755.

Telecom major Zain eased 5 fils to KD 0.345 after trading over 2 million shares and Wataniya Telecom ( Ooredoo) held the ground unchanged at KD 1.060. Agility too gave up slight early gains to end flat at KD 0.485.

Kuwait Telecommunications Co (VIVA) was down 10 fils to KD 0.990. The Capital Markets Authority has approved the optional offer of VIVA to buy the shares which it doesn’t own and represent 74 pct of the company’s shares.

The market opened slightly lower and eased further on selling in select counters. It plumbed the day’s lowest level of 5623.29 pts and moved sideways thereafter before closing with moderate losses.

Top gainer of the day, Securities Group Co vaulted 10 pct to 110 fils while City Group climbed 6.58 pct to stand next. The company has received the approval of Capital Markets Authority for its request to voluntarily withdraw from Kuwait Stock Exchange.

Credit Rating and Collection Co (Tahsillat) slid 10.1 pct, the steepest decliner of the day and Gulf Finance House topped the volume with over 32 million shares.

Reflecting the day’s drop, the market spread was skewed towards the losers. 32 stocks advanced whereas 53 closed lower. Of the 125 counters active on Monday, 40 closed flat. 2628 deals worth KD 9.3 million were transacted – 12.9 pct rise in value from the day before.

National Industries Group, the flagship company of the Kharafi Group, fell 2 fils to KD 0.126 while Kuwait Cement Co and ACICO Industries Co gave up 5 fils each. Kuwait Foundry Co paused at KD 0.220 and Boubyan Petrochemical Co dropped 10 fils to KD 0.500.

Arab Times