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Kuwait- KSE slips 5.72 points as confidence dwindles  Join our daily free Newsletter

MENAFN - Arab Times - 17/07/2012

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(MENAFN - Arab Times) Kuwait stocks slipped 5.72 points in the red to stand at 5,854.99 points at the start of the week as market confidence dwindles and low risk attitudes prevail. Investors are waiting for the appointment of a new Cabinet to be formed by the outgoing Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah. The weighted index stooped to 403.21 points from a 2.95 drop.

KSE 15 benchmark shed 11.05 points to close at 975.42 points. 2,858 transactions were carried out in the Sunday session with KD 9.7 million in value for 111.5 million shares traded today.

Agility Public Warehousing Company extended its gains by scaling 5 points upwards to 420 fils on trading 3.55 million shares for KD 1.4 million on a 1.2 percent upward camber and a 14 percent year to date mount. Gulf Finance House traded 17.4 million shares during the session at 4.06 percent lower at 36 fils amounting to KD 628,203.

The Banking Sector plunged 6.89 points lower to 491.78 points, a 14.36 percent swell in volume but 42.59 percent plummet in value. National Bank of Kuwait inched 20 points lower to KD 1.040 and traded a volume of 149,679 for KD 155,676, 1.89 lower than Thursday and 5 percent lower year to date.
Commercial Bank also dropped 20-points to 740 fils and a 2.63 percent downward change after trading 20,094 shares for a value of KD 14,870.

Kuwait Finance House followed suit with a 20 point drop to 700 fils trading a higher volume of 308,725 shares for KD 219,619, 21 percent lower on a year to date basis. Boubyan Bank held steady at 620 fils and traded 600,210 shares for KD 372,170 and Ithmaar Bank traded 7,18 million shares at 1.37 per cent lower 36 fils.

Early trade staggered and the bourse dipped in the red continuing its gradual decline through the afternoon with a slight pull upwards in the final hour. Of the 130 active counters, the losers outnumbered the winners from 48 to 44 while the remaining 38 closed flat.

Kuwait Resorts Company closed at 55 fils with 5,004 shares traded to mark a 7.84 percent increase, making it the top gainer of the session in terms of percentage. Credit Rating & Collection followed in step with a 7.25 percent change after trading 700 shares to close at 37 fils. Tijara & Real Estate Investment Co scaled 6.41 percent upwards to 42 fils with 1.9 million shares traded for KD 81,141.

Mabanee Co climbed 40 points to close at KD 1.140 with a 3.64 percent rise, a total volume of 420,272 shares were traded for a value of KD 465,249 marking a 34 percent year to date rise. Gulf Cables and Electrical Ind Co mounted 20 points to finish at KD 1.220 and a 1.67 percent increase with a volume of 7,616 shares exchanged in the session for KD 9,107.

Combined Group Contracting Co matched the 20-point spike to close at KD 1.260 and a 1.61 percent rise on trading 5,998 shares for a value of KD 7,458. Kuwait Food Co (Americana) chased 20 points upward and finished at KD 1.34 for a 1.52 percent increase, a volume of 4,251 was traded for KD 5,631.

On the downside, National Industries Company fell 25 points to 265 fils in a 8.65 percent tumble making it the biggest loser in terms of percentage. Warba Insurance Company lost 7.94 per cent to close at 116 fils, Aref Energy Holding Co slid 10 points to 118 on trading 81,150 shared for KD 9,576 in a 7.85 percent downbeat change.

Jeeran Holding Co curtailed by 6.67 percent suffered a 5-point drop down to 70 fils while Gulf North Africa Holding Co followed downhill with a 2-point drop to 32 fils. Oula Fuel Marketing Company eased 15 points to 310 fils and a 4.62 percent change after trading 36,993 shares worth KD 11,199.
Sokouk Holding Co traded 10 million shares at a steady 19 fils while 8.3 million of Gulf Investment House shares changed hands for KD 210,865 at a 1.92 percent push to 26 fils.

Financial Services dropped 12.66 percent in volume and 1.84 percent in value even as the index climbed 1.72 points higher to 454.87 points. Alsalam Group Holding Co stood at 250 fils at closing with a 4-point increase and 5,899,126 shares traded for over KD 1.4 million. KIPCO Assets Management Company (KAMCO) closed at 222 fils after a 10-point hike that led to a 4.72 percent green change. Al-Safwa Group Co remained steady at 17 fils and traded 4.44 million shares for a value of KD 73,438 while Inovest dropped 2.5 points to close at 42 fils.

Telecommunications sector ended in red indices in volume and value with the 4.62 push down to 465.2 fils. Mobile Telecommunications Co (Zain) dropped 10 points to 690 fils after opening at 700 fils and traded 293,371 shares for KD 205,349. Hits Telecom Holding Co inched 1 point higher to close at 73 fils.
In consumer services, Jazeera Airways Co dropped 15 points to finish at 360 fils, Sultan Centre Food Company remained steady at 106 fils to trade 1.87 million shares for KD 201,183.

In bourse related news, the Kuwait Stock Exchange announced that shares of Al Safat Real Estate Co are suspended effective July 15, 2012 till the holding of the General Meeting in accordance with Market Committee Decree 4/2007 regulating dates of General Meetings.

United Real Estate Co has settled the last installment amounting to 20 million of the total amount of sukuk issuance of 100 million.

Qurain Petrochemical Industries Co announced on Thursday the holding of its Extraordinary General Assembly Meeting on July 29, 2012 to discuss amending article (4) of the company's Statute and article (5) of Articles of Incorporation regarding the company's objectives.


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