Kuwait’s stock market ends in red turf after volatile session

The market opened firm and headed north in early trade

  
A Kuwaiti trader is seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019.

A Kuwaiti trader is seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019.

REUTERS/Stephanie McGehee

KUWAIT CITY: Kuwait stocks sagged on Tuesday, partly reversing last session’s modest gains. The All Shares Index fell 8.22 pts in a volatile session to 5,677.55 pts weighed by some of the counters even as the broader sentiment remained soggy. The Premier Market slipped 7.63 points to 6,192.98 pts while Main Market eroded 9.94 points. The BK Main 50 was down 6.88 pts at 4,846.37 points. The volume turnover meanwhile shrank after the four-day rise. Over 210 million shares changed hands – down 18 percent from the day before.

The sectors closed mixed. Insurance outshone the rest with 1.7 pct gain whereas Oil and Gas shed 1.23 percent, the worst performer of the day. Volume wise Financial Services topped with 66.3 million shares while Banking sector was ahead in value with over KD 18 million shares. In the individual shares, sector bellwether National Bank of Kuwait dialed up 2 fils on back of 4.8 million shares extending last session’s robust gains while Kuwait Finance House added 3 fils after pushing 5.8 million shares. Mabanee Co gave up 5 fils to settle at 704 fils whereas KIPCO stood pat at 172 fils. Jazeera Airways climbed 13 fils to 651 fils

Zain drops

Zain dropped 4 fils to 625 fils with a volume of 3.3 million shares and Ooredoo gave up 6 fils before settling at 650 fils. stc too was unchanged at 920 fils off early lows whereas logistics major Agility eased 1 fil to 677 fils after moving 2.3 million shares and is almost fl at year-to-date. Humansoft Holding dived 40 fils.

The market opened firm and headed north in early trade. The main index scaled the day’s highest level of 5689 points and fl ipped as sentiment turned negative.

It bottomed at 5671 points ahead of the mid-session before clawing back some of the losses in the final hour. Top gainer of the day, Al Eid spiked 19.38 pct to 154 fils while Amar Finance and Leasing Co scaled 10.47 percent to stand next. Ras Al Khaima or White Cement skidded 9.65 percent, the steepest decliner of the day and Arzan topped the volume with over 22 million shares. Mirroring the day’s downtick, the losers outnumbered the winners. 53 stocks advanced whereas 59 closed lower.

Of the 134 counters active on Tuesday, 22 closed fl at. 9885 deals worth KD 39.2 million whereas transacted during the session. In the banking sector, Gulf Bank was unchanged at 216 fils after pushing over 15 million shares whereas Kuwait International Bank and Boubyan Bank took in 1 fil each. Burgan Bank eased 1 fil to 223 fils with a volume of 2.8 million shares. Warba Bank dialed up 2 fils on back of 2.4 million shares whereas Ahli United Bank BSC gave up 2 fils before ending at 222 fils. Al Ahli Bank was down 3 fils at 199 fils and Ahli United Bank Kuwait held ground at 300 fils. National Investment Co fell 2 fils to 167 fils with a volume of 2.6 million shares and Al Imtiaz Investment tripped 1 fil. Kuwait Investment Co and Aayan Leasing and Investment clipped 1 fil each whereas International Financial Advisors added 1 fil on back of over 8 million shares. Coast Investment was unchanged at 42.6 fils. Kuwait Financial Centre (Markaz) and KMEFIC paused at 82 fils and 145 fils respectively whereas Arzan Financial Group erased 2.5 fils. Gulf Investment House scaled 7.7 fils on back of 5.8 million shares whereas Osoul Investment whittled down 2 fils. Noor Financial Investment Co gained 7 fils. KAMCO eased 0.3 fil to 80.6 fils and Al Madina For Finance followed suit. KFIC trimmed 1 fil after pushing 2.2 million shares and Bayan Investment ticked 0.5 fil into green. Tamdeen Investment Co inched 1 fil down to 229 fils. Kuwait Insurance Co took in 1 fil while Gulf Insurance Group jumped 15 fils to 630 fils with thin trading. Al Ahleia Insurance galloped 23 fils to 474 fils whereas Warba Insurance Group erased 6 fils. National Real Estate Co clipped 1.3 fils while Salhia Real Estate dialed up 1 fil. Tamdeen Real Estate gained 7 fils. National Industries Group fell 2 fils to 188 fils with a volume of over 1 million and Gulf Cable shed 7 fils partly reversing last session’s strong gains.

Integrated

Holding up Integrated Holding dialed up 2 fils whereas Boursa Kuwait Securities skidded 45 fils to KD 1.145. Aznour fell 2 fils to 251 fils and Independent Petroleum Group shed 10 fils. Educational Holding Co was down 10 fils at 480 fils. Oula Fuel was unchanged at 118 fils whereas Soor Fuel gave up 3 fils. ALAFCO stalled at 204 fils. Kuwait Cement Co eased 1 fil to 227 fils whereas Kuwait Portland Cement Co was unchanged at 888 fils.

Kuwait Foundry Co shed 10 fils with thin trading whereas Shuaiba Industrial added 2 fils. Metal and Recycling Co slipped 5 fils to 111 fils. ACICO Industries trimmed 0.5 fil. The market has been mixed so far during the week gaining 28 points in last two sessions. It had slid 132 points during whole of February and is up 149 points year-to-date.

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