Kuwait Market Dives 93.09 Pts; Volume Up

26/08/2015 05:25 AST

Kuwait stocks saw sharp losses on Monday as it continued to plummet amid sell-offs in global markets and falling oil prices. The price index tanked 93.09 points to 5,815.6 pts in a broad decline led by banks and financial stocks. The bourse had slipped below the 6,000 points mark on Sunday.

The KSX 15 benchmark slumped 14.6 pts to 929.39 points taking the month’s losses to 84 points while weighted index slipped over 5 points to 388.92 pts. The volume turnover meanwhile saw a modest rebound after receding on Sunday. 188.54 million shares changed hands — a 17.34 pct rise from the day before.

The sectors closed mostly in red. Basic materials outshone the rest with 1.18 pct gain whereas financial services dived 2.39 percent, the biggest loser of the day. In terms of volume, real estate accounted for the highest market share of 29.90 percent while financial services stood close behind with 29.53 percent. Industrials trailed with 12.64 pct contribution.

Among the day’s prominent losers, Commercial Bank sank 50 fils to KD 0.550 while Kuwait Finance House dropped 10 fils after trading 5.2 million shares. Kuwait Food Co (Americana) plunged 100 fils extending the steep losses in last two session and is down 460 fils from start of the month.

Zain fell 5 fils to KD 0.375 with a volume of 3.4 million whereas Wataniya Telecom held the ground unchanged at KD 1.160. Kuwait Telecommunications Co (VIVA) vacillated before stagnating at KD 0.830 and logistics major Agility followed suit to wind up at KD 0.580.

Salhia Real Estate dropped 10 fils and Mabane Company slumped 40 fils extending an identical fall on Sunday. The company has recorded a first half net profit of KD 24.31 million and earnings per share of 28.77 fils as against net profit of KD 24.49 million and EPS of 28.99 fils in H1, 2014.

The market opened firm but fell sharply in early trade. The main gauge plumbed the day’s lowest level of 5,797.27 pts amid broad sell-off and pulled higher thereafter. It drifted listlessly in the second half and closed with steep losses.

Top gainers of the day, Zimah Holding Co and RKWC both vaulted 10 percent each to close at same level of 110 fils while Humansoft skidded 13.16 pct, the steepest decliner of the day. Al Dar National Real Estate Co topped the volume with 16.6 million shares.

Reflecting the day’s slump, the losers vastly outnumbered the winners. 24 stocks advanced whereas 87 closed lower. Of the 140 counters active on Monday, 29 closed flat. 5026 deals worth KD 23.31 million were transacted — a 12.17 pct increase in value from the day before.

National Industries Group slipped 6 fils to KD 0.150 and RISCO gave up 5 fils to settle at KD 0.375. Gulf Cable was unchanged at KD 0.480 and Kuwait Portland Cement shed 20 fils. ACICO Industries fell 5 fils and Equipment Holding Co was down by same measure.

HEISC bucked the trend to close 10 fils higher and Kuwait Foundry Co added 4 fils. Boubyan Petrochemicals Co and Gulf Glass Manufacturing Co gained 10 fils each while The Energy House ticked 2 fils up to 55 fils.

Clipped Kuwait and Gulf Link Transport Co clipped 2 fils and KGL Logistics followed suit. ALAFCO and Jeeran Holding too gave up 2 fils each whereas Jazeera Airways held steady at KD 0.455.

Gulf Petroleum Investment fell 2.5 fils after trading over 8 million shares and Equipment Holding Co closed 5 fils in red. The company has incurred a net loss of KD 494,362 loss per share 3.62 fils as compared to net profit same of KD 496,880 and earnings per share of 3.64 fils in 2014, H1.

Al Rai Media Group Co shed 10 fils whereas Mezzan Holding Co paused at KD 1.020. The company has logged a net profit of KD 12.49 million and earnings per share of 42.13 fils in the January-June period of 2015, surging from net profit of KD 7.53 million and earnings per share of 25.41 fils in 2014, H1.

In the ba

Arab Times