Kuwait stocks ebb 23.23 pts lower to close at 5,729.52 pts - Telecommunications sector ends 11.17 points higher

KUWAIT CITY, Dec 9Kuwait stocks ebbed 23.23 points lower to close at 5,729.52 points in the red, continuing in decline with a 0.4 percent decrease and a 12.34 percent drop year to date with most sectors closing below the line. The weighted index eased down to 388.96 points. The KSE 15 dipped 1.4 points to close at 923.82 points at the session's close. The bourse marked a 86.41 million share

  
KUWAIT CITY, Dec 9

Kuwait stocks ebbed 23.23 points lower to close at 5,729.52 points in the red, continuing in decline with a 0.4 percent decrease and a 12.34 percent drop year to date with most sectors closing below the line. The weighted index eased down to 388.96 points. The KSE 15 dipped 1.4 points to close at 923.82 points at the session's close. The bourse marked a 86.41 million share turnover to the value of KD 11.15 million in 2,309 trades. 118 counters remained active with more losers than winners, 30 companies advanced, 45 retreated and 43 companies closed with no change.

OSOUL Investment Co and Burgan Company for Well Drilling, Trading & Maintenance were the top gainers of the day, posting a 6.67 percent rise to 40 fils and 128 fils respectively. Ras Al Khaimah Company For White Cement & Construction, at the same time, closed at 110 fils with a 5.77 percent hike as Asiya Capital Investments Company pulled off a 5.71 percent rise to 37 fils and Ajwan Gulf Real Estate Co closed 5.56 percent higher at 28.5 fils. Kuwait Cable Vision took a hard 9.09 percent fall to 25 fils with Human Soft Holding Co also suffering a 9.09 percent decline to KD 1. Gulf Franchising Holding Co and Amar Finance & Leasing Co shifted 8.33 percent below the red line to a 55 fils share price.

Meanwhile, Yiaco Medical Co tumbled 7.25 percent lower to 128 fils. GFH Financial Group traded the highest volume stock of the session of 17.38 million while Al Dar National Real Estate Co came in second with 9.4 million shares exchanged and Al-Madina For Finance And Investment Co traded 4.92 million shares. At the same time, National Bank Of Kuwait and Hits Telecom Holding Co traded 4.6 million and 4.4 million shares on the floor. Telecommunications closed 11.17 points higher at 634.93 points making up 8.16 percent of the session's total traded volume and 15.86 percent of the total value. Mobile Telecommunications Company - Zain skid down 5 points to 360 fils while Ooredoo took a 20 point nosedive to KD 1.040.

Hits

Telecom Holding Company, meanwhile, inched 0.5 points upwards to 29.5 fils as Viva galloped 40 points ahead to KD 1.100. The banking sector index was 919.2 points at closing, up 0.12 percent with a significant 71.27 percent drop in volume traded from the previous session while accounting for 7.48 percent of the total traded volume and 39.94 percent of the total value traded on the floor. National Bank of Kuwait logged no changed in share price at 810 fils while Kuwait Finance House closed flat at 570 fils. Kuwait International Bank and Warba Bank eased 2 points lower to 222 fils and 202 fils respectively. Ithmaar Bank closed at a stale 45 fils as did Boubyan Bank at 435 fils. Gulf Bank climbed 5 points to 275 fils while Burgan Bank dipped 5 points lower for a 380 fils finish. Financial Services closed at 618.1 points, 0.04 percent lower in the red, accounting for 49.62 percent of the day's total volume and 26.5 percent value.

Kuwait Projects Company held ground at 580 fils, trading 2.5 million shares on the floor to a value of KD 1.43 million while GFH Financial Group inched 1 point lower to 34 fils and Al-Madina For Finance And Investment Co closed at a flat 41 fils while trading 4.9 million shares. Concurrently, the Securities House and A'ayan Leasing & Investment Co scaled 1 point higher to finish at 43.5 fils and 50 fils. The real estate sector closed at 936.6 points in the red, the shares traded amounted to 23.28 percent of the total volume exchanged and 8.76 percent of the total value. Al Dar National Real Estate Co and The Commercial Real Estate Co slipped 1 point lower to 30.5 fils and 81 fils while Abyaar Real Estate Development Company and National Real Estate Company closed flat at 30 fils and 93 fils respectively. In the meantime, Real Estate Asset Management Company dived 4 points lower to 136 fils and Mashaer Holding Co made a 8 point plummet to 106 fils.

The Oil and Gas sector advanced 0.88 percent higher to 801.5 points. Gulf Petroleum Investment slid 1 point lower to 57 fils while Al-Safat Energy Holding and Ikarus Petroleum Industries Co stood stale at 13.5 fils and 90 fils while Burgan Company For Well Drilling, Trading & Maintenance logged a 8 point increase to 128 fils and National Petroleum Services Company mounted 10 points to finish at 600 fils. The Energy House Holding Company crept up 0.5 points higher to 44.5 fils. Industrials index stood at 1067.7 points, 0.95 percent lower than the previous session. Agility Public Warehousing Company shed 10 points to close at 500 fils while Mushrif Trading & Contracting Co scaled 1 points higher to 72 fils.

In Basic materials, Qurain Petrochemical Industries Company closed flat at 188 fils while while Kuwait Foundry Co drooped 4 points lower to 230 fils and Boubyan Petrochemical Company took a 20 point tumble to 530 fils whereas in the Technology sector, Hayat Communications Co moved 1.5 points down to 45.5 fils. In healthcare, Yiaco Medical Co slid 10 points lower to 128 fils. In consumer goods, Mezzan Holding Co stood firm at KD 1.140 while Danah Al Safat Foodstuff Company cast off 5 points to close at 86 fils.

In consumer services, Zima Holding Co stepped 2 points down to 124 fils while IFA Hotels & Resorts Co also dropped 2 points to finish at 162 fils. Sultan Center Food Products Co closed at 68 fils in the red, retreating by 3 points while Al Rai Media Group Co fell 10 points down to 152 fils. In related news, Kuwait National Cinema Company announced that the Capital Markets Authority had approved its request to extend permit to buy back or sell up to 10 percent of own shares for an additional period of 6 months commencing date of approval. On the other hand, the CMA did not approve Gulf North Africa Holding Co's request of buying its shares because there aren't enough funding resources.

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