KSE resumes slide with 36.73 pts dip – Americana falls 20 fils; Agilit

27/01/2016 06:02 AST

Kuwait stocks swung lower on Monday as it resumed its downtrend after a modest rebound in the last session. The bourse dropped 36.73 pts in lackluster trade to 4,938.22 points as sentiment soured again amid drop in oil prices.

The KSX 15 benchmark slipped 9 pts to 776.9 points and is down 108 points from start of the month while weighted index slipped 3.4 pts. The volume turnover meanwhile receded after hitting the month’s highest in the last session. 154.5 million shares changed hands — a 29.4 pct dip from Sunday.

The sectors closed mostly in the red. Healthcare outshone the rest with 1.12 pct gain whereas financial services slid over 3 percent, the biggest loser of the day. In terms of volume, real estate clocked the highest market share of 39 pct while financial service stood next with stood next with 31.5 pct. Banks was distant third with 18.6 pct contribution.

Among notable losers, National Bank of Kuwait dropped 10 fils to KD 0.660 partly reversing the gains in the last session while Kuwait Finance House was down 5 fils at KD 0.450 after trading over 2 million shares. Mabanee Co slid 30 fils to KD 0.820 taking the month’s losses to 120 fils.

Zain fell 5 fils to KD 0.325 whereas Wataniya Telecom (Ooredoo) held the ground unchanged at KD 1.040 . Kuwait Telecommunications Co (VIVA) was up 10 fils to settle at KD 0.990.

Kuwait Food Co (Americana) shed 20 fils whereas logistics major Agility was unchanged at KD 0.415 off early highs after trading over 2.6 million shares. The company has won Capital Markets Authority’s approval for its request to buy back or sell up to 10% of own shares over a period of 6 months.

The market opened flat and moved sideways in early trade. The price index slipped into red thereafter as selling kicked in and spiked briefly half way into the session. It hit the day’s highest level of 4,981.6 points before retreating again to bottom at 4,935 pts in the final minutes and closed with moderate losses.

Top gainer of the day, Real Estate Trade Centers (Marakez) vaulted 13 pct to 20.5 fils and Sultan Centre jumped 10 percent to stand next. Taiba Kuwait Holding Co tumbled a whopping 75 pct, the steepest decliner of the day and Al Dar Natinal Real Estate Co topped the volume with over 33 million shares.

Mirroring the day’s downswing, the losers outnumbered the winners. 32 stocks advanced whereas 59 closed lower. Of the 124 counters active on Monday, 33 closed flat. 3,487 deals worth KD 10.4 million were transacted – a 34.6 pct drop in value from the day before.

National Industries Group eased 2 fils to KD 0.108 whereas Gulf Cable and RISCO stood pat at KD 0.325 and KD 0.305 respectively. ACICO Industries Co slipped 15 fils to KD 0.265 and Equipment Holding Co gave up 3 fils to end at 49 fils.

Kuwait Portland Cement rose 10 fils to KD 0.990 and Educational Holding Group was up by same measure. Jazeera Airways was flat at KD 0.790 off steep early losses and Zima Holding followed suit. Burgan Well Drilling Co climbed 6 fils to 120 fils.

Added
Kuwait and Gulf Link Transport Co and KGL Logistics Co inched 1 fil up each whereas Yiaco Medical Co added 8 fils with thin trading. Kuwait Cable Vision Co clipped 2 fils and Kuwait Cable Vision Co followed suit. Mezzan Holding Co shed 20 fils.

In the banking sector, Gulf Bank fell 2 fils to KD 0.206 whereas Ahli United Bank paused at KD 0.420. Kuwait International Bank dropped 6 fils to 192 fils whereas Burgan Bank stagnated at KD 0.305 and has retreated 70 fils so far during the month.

Boubyan Bank fell 5 fils to KD 0.385 and Al Ahli Bank was down 5 fils at KD 0.345. Warba Bank held steady at 160 fils.

Kuwait Investment Co fell 3 fils to 87 fils and International Financial Advisors gave up 0.5 fils after trading 1.8 million shares. KIPCO held steady at KD 0.500 off early highs and National Investment Co clipped

Arab Times