Kuwait bourse swings into red; volume drops-Humansoft Holding dips 50

21/11/2017 07:25 AST

Kuwait stocks swung into red on Sunday after trading higher in the previous week. The price index, after drifting sideways for most part of the session, dipped 46.92 points to 6262.39 pts as renewed regional tensions weighed on the sentiment.

The KSX 15 benchmark fell 3.31 points to 922.65 pts taking the month’s losses to 45 points while weighted index clipped 2 points. The volume turnover meanwhile receded for second consecutive session. 63 million shares changed hands – down 7 pct from Thursday.

The sectors closed mostly lower. Insurance outshone the rest with 2 pct gain whereas consumer services shed 2 pct, the worst performer of the day. In terms of volume, financial services accounted for the highest market share of 60.5 pct and banks trailed far behind with 17 pct contribution. In the individual shares, Al Ahli Bank fell 12 fils to 297 fils and Tamdeen Investment Co skidded 49 fils to 300 fils. Humansoft Holding slid 50 fils erasing last session’s gains while UPAC tumbled 85 fils to 585 fils.

Zain fell 7 fils to 453 fils taking the months losses to 13 fils and Ooredoo climbed 17 fils to KD 1.080. Agility was down 7 fils at 770 fils and Kuwait Telecommunications Co (VIVA) followed suit to wind up at 690 fils.

National Bank of Kuwait was flat at 740 fils after trading over 3 million shares and Kuwait Finance House too did not budge from its earlier close of 549 fils. The bank has chalked 7.6 percent increase in profits during the third quarter of 2017 to KD 56.22 million.

The market opened on a tame note and moved sideways in early trade. The price index drifted lower thereafter and plumbed the day’s lowest level of 6,145 points as sentiment turned sour. It however clawed back some of its losses in the final minutes.

Top gainer of the month Nafais climbed 11.9 pct to 649 fils and First Takaful Insurance Co scaled 11.1 pct to stand close behind. Amwal Investment Co slumped 20 percent, the steepest decliner of the day and Al Imtiaz Investment Co topped the volume with 15.9 million shares,

Mirroring the day’s downswing, the market spread was heavily skewed towards the losers. 31 stocks advance whereas 62 closed lower. Of the 119 counters active on Sunday, 26 closed flat. 3107 deals worth KD 11.5 million were transacted – a 25 pct jump in value from the day before.

Kuwait Portland Cement Co wiped off last session’s gains with a 49 fils slide to 910 fils and National Industries Group took in 2 fils. The company has logged a profit of KD 2.12 million in the third quarter of 2017. In the first nine months, the profits stood at KD 7.35 million

Jazeera Airways slipped 7 fils to 649 fils and ALAFCO closed flat. The company has registered a 133.3 pct surge in profits to KD 32.82 million for the fiscal year that ended 30 September. The board of directors has recommended cash dividends of 10 fils per share.

Slipped

Kuwait Foundry Co slipped 11 fils to 265 fils while ACICO Industries and Combined Group Contracting Co gave up 2 fils each. Heavy Engineering Industries and Shipbuilding Co dropped 6 fils to 202 fils while Metal and Recycling Co stood pat at 80 fils.

Automated Systems Co was unchanged at 150 fils while Educational Holding Group ticked 1 fil into red. Boubyan Petrochemical Co rose 4 fils to 643 fils and Al Qurain Petrochemical Co dialed down 2 fils.

Mezzan Holding fell 2 fils to 753 fils and Equipment Holding Co eased 0.4 fil. Kuwait and Gulf Link Transport Co gave up 2.9 fils and KCPC dipped 14 fils to 145 fils.

In the banking sector, Al Mutahed fell 4 fils to 359 fils while Kuwait International Bank and Burgan Bank held ground at 224 fils and 317 fils respectively.

Commercial Bank was unchanged at 400 fils and Boubyan Bank was down 4 fils at 416 fils. Warba Bank dialed down 2 fils to wind up at 214 fils.

KIPCO and National Investment Co were flat

Arab Times