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Kuwait stocks end 20.31 points lower in thin trade  Join our daily free Newsletter

MENAFN - Arab Times - 01/08/2012

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(MENAFN - Arab Times) Kuwait stocks plunged 0.35 per cent in thin trade, with its lowest close since Jan 11. The bourse wound up 20.31 points lower at 5728.47 points marking its fifth decline in a span of six days.

The weighted index staggered 2.36 points lower to read 395.72 at the day's close. Weak earnings from banks and prolonged political tensions continue to weighing on local investor sentiment and deterring foreign institutions.

The KSE 15 benchmark slid 7.49 points below the equator to stand at 957.96 points. Daily trading volume slumped to its lowest since Nov 20, 2011; a total of 1,623 transactions were carried out in the session that involved a modest 70.7 million shares being traded for KD 9.9 million. Of the 103 counters open today, 24 advanced, 47 declined and 32 closed flat.

Warba Insurance Co led the pack of gainers in terms of percentage by advancing 9.43 per cent ahead to close at 116 fils while trading a volume of 3,223.

Kuwait and Middle East Financial Investment Co spiked a 6.94 per cent increase to 38.5 fils after trading 19,635 in volume to be followed closely by Ikarus Petroleum Industries Co with its 6.33 per cent jump to 168 fils on trading 34.695 shares and Boubyan International Industries Holding Co with a 6.12 per cent shoot up to 52 fils although trading a marginal sum of 20 shares.

Kuwait National Cinema Co closed at 930 fils with a 5.68 per cent increase from its previous trading session.

Al Masaken International Real Estate Development Co tumbled 10.42 per cent lower on the trading floor, closing at 21.5 and exchanging 50 shares. City Group Co suffered a 8.93 drop down to 5100 fils and traded 3318 shares.
Kuwait Foundry Co moved 16,000 shares and wound up at 275 fils, 8.33 per cent lower than the previous session and Kuwait Cable Vision fell 7.35 per cent to 63 fils. Flex Resorts and Real Estate Co traded 21,001 shares to log a 5.88 per cent contraction to 80 fils.

Gulf Finance House traded the highest volume of over 7.9 million shares in the market today, closing 2.74 per cent lower at 35.5 fils. Al Imtiaz Investment Group closed at a flat 80 fils a piece and moved a load of 5.5 million shares, Manazel Holding, climbed higher by 4.8 per cent to 25.5 fils and traded 4.8 million shares while Al Deera Holding Co steered itself to a green finish at 34 fils, moving 4.62 per cent higher on trading a volume of 4.7 million shares.
Kuwait Remal Real Estate Co moved 10 point higher to close at 375 fils, trading 7.3 million shares.

On the other hand, Boubyan International Industries Holding Co, Ahli United Bank, Securities Group Co, Kuwait National Cinema Company and Credit Rating and Collection Co were the least active in terms of volume.

The Banking Sector stood at 949.43 points, with a 0.71 per cent downturn in its index, none advancing in the session with 4 declines and the rest closing flat. National Bank of Kuwait dived 20 points lower to close at KD 1.000, being the most active in terms of volume and exchanging 1.87 million shares.
Gulf Bank closed at a 405 fils, trading 511,000 shares. Commercial Bank of Kuwait trailed 10 points lower to 740 fils, with low trading activity. Kuwait International Bank also inched lower to 255 fils from 260 fils and traded 963,843 shares. Burgan Bank and Boubyan Bank closed flat at 475 fils and 600 fils respectively.

Financial Services closed 0.02 per cent higher at 834.8 points, with a 22.36 per cent curtailed volume making up 56.48 per cent of the market and a 21.43 per cent drop in value.

International Financial Advisors eased 0.5 points lower to 40.5 fils, trading a volume of 2.17 million for KD 88,257. National Investments Co closed unchanged at 104 fils as did Kuwait Projects Co at 360 fils, they exchanged 524,800 and 300,000 shares respectively.

Al-Salam Group Holding Co crawled 2 points lower to finish at 246 fils, trading 1.56 million in volume. Al-Madina for Finance and Investment Co eased 1 point lower to 48 fils and traded 3.13 million, National Industries Group closed flat at 190 fils while Inovest closed at 37.5 losing 0.5 points and traded 3.7 million in volume.

Al Aman Investment Co traded 1.2 million to close at a steady 51 fils for a sum of KD 62.969.

Telecommunications closed at 863.3 points, logging a 1.26 per cent fall with a 26.47 per cent loss in volume from the previous session. Mobile Telecommunications Co (Zain) closed flat at 690 fils and traded a volume of 1.19 million for KD 814,684 while Hits Telecom Holding shed 3 points to a 66 fils finish, trading 1,111,100 for a value of 75,361.

Real Estate swelled 8.34 per cent in volume from the previous day making up 23.44 per cent of the total market with a 126.10 per cent rise in value. Kuwait Real Estate Co steady at 47.5 fils traded 720,000 shares for a total worth of KD 33,990. Mabanee Co held its ground at KD 1.160 moving a load of 173,880 for KD 201,700.

Investors Holding Group Co traded 2,435,923 for a sum of KD 41,413 to close at a steady 17.5 fils. Abyaar Real Estate Development Co scaled 0.5 points higher to 38.5 fils and traded a volume of 1.73 million for KD 67,556.
Gulf Cable & Electrical Industries Co slipped down 20 points to close at KD 1.080, Refrigeration Industries Co moved up 8 points to 170 fils while Gulf Glass Manufacturing Co faced a 30 point crash to 650 fils.

National Ranges Co crawled up by 0.5 points to close at 18 fils. Agility Public Warehousing Co shed 10 points to close at 390 fils and Aviation Lease and Finance Co closed flat at 270 fils.


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