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Kuwait benchmark closes 22.13 pts lower in muted trade  Join our daily free Newsletter

MENAFN - Arab Times - 26/07/2012

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(MENAFN - Arab Times) The Kuwait bourse wound up 0.38 per cent lower at 5,790.94 points in mid week trade with red indices plaguing most sectors with investors' focus on small to mid-caps. The index plunges to a new intraday level low since June 28, shedding 22.13 points in muted trade.

The weighted index eased 0.75 points down to 399.46 points. The KSE 15 benchmark slipped 1.74 points further to 965.98 points. A total of 2081 transactions were conducted today with a low KD 10.35 million in value traded over a modest 108 million in volume. 110 counters remained active today while only 26 stood to gain while 47 suffered losses and 37 closed flat.

National Bank of Kuwait stagnates at KD 1.000 for the fourth day after 1,173,035 shares change hands for a value of KD 1.16 million. NBK announced that it would increase its stake in Boubyan Bank to more than 58 percent but failed to secure full backing for its takeover of the Islamic lender. NBK last month offered to pay KD 0.63 per share for the 52.7 percent of Boubyan Bank.

Al Salam Group Holding Co climbed 10 points higher to 260 fils and traded 4.5 million shares with a 4 per cent increase from the previous session and 163 per cent flight on a year to date basis. Gulf Insurance Company up by 10 points closed at 510 fils and traded 110,000 shares while marking a 7 per cent decrease year to date.

Kuwait Medical Services Co pulled higher by 8.33 per cent to close at 65 fils and become the top gainer in terms of volume although only trading a volume of 50 shares. Kuwait Syrian Holding Co with a 7.81 per cent upswing to 138 fils traded 100 shares to follow in toe.

Yiaco Medical Co spurted a 6.58 per cent increase to 405 fils and Mena Real Estate Company finished at 33.5 fils and traded 200 shares to log a 6.35 per cent positive change. Automated Systems Company maneuvered a 5.43 per cent hike up to 485 fils after trading 6000 shares in the session.

On the downward bend, Wethaq Takaful Insurance Company slumped 9.09 per cent down to 50 fils, Palms Agro Production Co trailed down to 99 fils, 8.33 per cent lower and First Takaful Insurance Company contracted a 8.2 per cent reduction to close at 56 fils. Kuwait Foundry Co skid below 7.94 per cent to 290 fils while Kuwait Real Estate Holding Co slouched to 61 fils with a 7.58 per cent downturn.

National Industries Group extended losses, dipping 2 points lower to 192 fils with a 1.03% reduction from the previous session and 23 per cent tumble year to date. Mabanee Co plunged 40 points lower to KD 1.120 marking a 3.45 per cent reduction in price.

Kuwait Portland Cement Company tugged 20 points lower to close at 840 fils and Contracting and Marine Services Co shed 10 points to close 140 fils, 6.67 per cent lower than the previous trading session and 34 per cent less year to date.

International Financial Advisers closing at an unchanged 43 fils budged a volume of 18.68 million in trade while Gulf Finance House tagged along in stride with a 16.32 million exchange at 35 fils a piece.

National Ranges Company, down 5.13 per cent in price to 18.5 fils, traded 12.38 million shares on the floor while Al-Madina for Finance and Investment Co traded 10.36 million to close at a steady 51 fils.

Ithmaar Bank, joins the list of top volume trade with a number of 4.56 million traded to close 1.39 per cent lower at 35.5 fils. Gulf Bank scaled 5 point higher to 405 after opening at 400 and trading 935,750 shares for KD 375,278. Burgan Bank eases 5 points lower to 470 fils on opening at 475 fils high and trading 856,135 shares for 402,595.

Kuwait Finance House and Boubyan Bank remained unchanged at 700 fils and 610 fils respectively. Ithmaar Bank inched 0.5 points lower to 35.5 and traded 4.56 million shares for KD 161,542.

Kuwait Remal Real Estate Co drove 2 points higher to 355 fils and exchanged 2.6 million shares for a total value of 921,809 with its index recording a 1.43 per cent change from the previous trading session and 29 per cent higher year to date. The Real Estate sector closed 19.62 per cent lower in volume and 48.42 per cent higher in value than the day before.

Financial Services comprised 63.45 per cent of the total market volume and 44.17 per cent of the total market value today. Kuwait Projects Co (KIPCO) closed at a sturdy 360 fils, National Investments Co also remained unchanged its last close at 104 fils, as did International Finance Co at 92 fils and Al Aman Investment Co at 52 fils.

Ekttitab Holding Co clambered 1 point higher to close at 72 fils and Inovest peeked 0.05 points to 38 fils.

Mobile Telecommunication Co (Zain) remained unchanged at 700 fils, trading 714,750 shares for KD 493,366 while Hits Telecoms Holding Co clawed 1 point higher to close at 70 fils, exchanging over 2 million shares for KD 143,858.

Wataniya reported a 49 percent drop in second-quarter profit on Monday, hit by foreign exchange losses from its Algeria unit and increased domestic competition. Wataniya's shares have been suspended since late June when Qatar Telecom (Qtel) offered to buy the remaining 47.5 percent stake it does not already own in the Kuwaiti firm.

Jazeera Airways Co exchanged 226,050 shares for KD 88,510 at a rusty 400 fils. Agility Public Warehousing Co closed at 400 fils and traded 540,000 shares for KD 216,000.

In related news, Kuwait Financial Center (Markaz) recently released a semi annual review that upgraded the outlook on Kuwait from neutral to positive for the remainder of 2012 due to positive economic factors, increased earnings growth potential and a pick up in market liquidity.


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