08 June 2011
KUWAIT: Blue chips closed almost unchanged during yesterday session as Investors concentrate on selected medium sized stocks. All 10 large cap stocks closed flat, except for Gulf Bank which lost 1.82 percent from its share value. Trading activities was weak during the day, at its lowest level since April 05, 2011. On economy front, The National Assembly yesterday submitted to the parliamentary commission of budgets and final account the State financial status bill for examination.
The committee will review and study the bill for the State financial status, expiring on March 30, 2011, and file a relevant report by December. The National Assembly session was turned into an open-door meeting, Deputy Speaker of the National Assembly Abdullah Al-Roumi said. He said that the question of the State financial status was deliberated during the clandestine session upon a request by the Minister of Finance Mustafa Al-Shimali, who spoke during the session, along with a number of MPs.
Market Indices
Global General Index (GGI), market weighted, ended the day up by 0.02 percent, at 194.18 point. Market Capitalization was up for the day at KWD31.84bn. On the other hand, KSE Price Index closed at 6,314.1 point, adding 1.20 points (0.0.02 percent) to its previous close.
Market Breadth
During the session, 96 companies were traded. Market breadth was skewed towards advancers as 27 equities advanced versus 21 that retreated.
Daily Trading Activity
Trading activity was down this session. The trades conducted in the services sector. Total volume traded was down by 38.18 percent with 96.16 million shares changing hands at a total value of KD12.54 million (19.55 percent lower compared to the day before). The services sector. was the volume leader today, accounting for 48.08 percent of total shares. The same sector was the value leader, with 55.11 percent of total traded value. Kuwait Hotels Company was the most active in terms of values of shares traded
during yesterday session, with 7.56 million shares exchanged at an aggregate value of KD1.86 million.
Top Gainers and Biggest Decliners
In terms of top gainers, Salbookh Trading Company took the top spot for the day, adding 7.81 percent and closed at KD0.069. On the other hand, Al Dar National Real Estate Company shed 8.70 percent and closed at KD0.021, making it the biggest decliner in the market.
Sectors Wise
Market sector indices witnessed mixed performances with the Insurance and Food sectors ending the day unchanged. However, gainers dominated and Global Non Kuwaiti Index led the gainers, registering an increase of 0.52 percent to close at 46.93 points. Bahrain-based United Gulf Bank gained 4.84 percent to close at KD0.325.
The gains registered in the industrial sector's stocks, led Global Industrial Index to increase by 0.41 percent. Out of the gainers in this sector, United Industries Company and Gulf Cables & Electrical Industries Company which registered an increase of 5.00 percent and 1.30 percent, respectively. It is worth mentioning that, Gulf Cable and Electrical Industries Company received a letter of tender No WKM 39/2010-2011 from Central Tenders Committee (CTC).
Under the KD1.63mn worth of tender, the company will supply street lighting cables and flexible cables for distribution networks. The company will refer to the Ministry of Electricity and Water (MEW) to complete related procedures. Banking sector was the major loser for the day with Global Banking Index registering a decline of 0.14 percent on the back of the loss registered in Gulf Bank as we mention above. It is worth mentioning that the market capitalization of the banking sector represents 43.58 percent of the total market capitalization of the KSE as of June 07, 2011.
Corporate News
A consortium that includes Kuwait Real Estate Company (KREC), IFA Hotels & Resorts and United Investments Portugal has closed an acquisition deal worth $315mn for New York-based Yotel hotel. KREC will own a 0.40 percent stake in the property. The Central Bank of Kuwait turned down the request submitted by Coast Investment & Development Company to extend its previous approval to repurchase issued shares and sell treasury shares.
KUWAIT: Blue chips closed almost unchanged during yesterday session as Investors concentrate on selected medium sized stocks. All 10 large cap stocks closed flat, except for Gulf Bank which lost 1.82 percent from its share value. Trading activities was weak during the day, at its lowest level since April 05, 2011. On economy front, The National Assembly yesterday submitted to the parliamentary commission of budgets and final account the State financial status bill for examination.
The committee will review and study the bill for the State financial status, expiring on March 30, 2011, and file a relevant report by December. The National Assembly session was turned into an open-door meeting, Deputy Speaker of the National Assembly Abdullah Al-Roumi said. He said that the question of the State financial status was deliberated during the clandestine session upon a request by the Minister of Finance Mustafa Al-Shimali, who spoke during the session, along with a number of MPs.
Market Indices
Global General Index (GGI), market weighted, ended the day up by 0.02 percent, at 194.18 point. Market Capitalization was up for the day at KWD31.84bn. On the other hand, KSE Price Index closed at 6,314.1 point, adding 1.20 points (0.0.02 percent) to its previous close.
Market Breadth
During the session, 96 companies were traded. Market breadth was skewed towards advancers as 27 equities advanced versus 21 that retreated.
Daily Trading Activity
Trading activity was down this session. The trades conducted in the services sector. Total volume traded was down by 38.18 percent with 96.16 million shares changing hands at a total value of KD12.54 million (19.55 percent lower compared to the day before). The services sector. was the volume leader today, accounting for 48.08 percent of total shares. The same sector was the value leader, with 55.11 percent of total traded value. Kuwait Hotels Company was the most active in terms of values of shares traded
during yesterday session, with 7.56 million shares exchanged at an aggregate value of KD1.86 million.
Top Gainers and Biggest Decliners
In terms of top gainers, Salbookh Trading Company took the top spot for the day, adding 7.81 percent and closed at KD0.069. On the other hand, Al Dar National Real Estate Company shed 8.70 percent and closed at KD0.021, making it the biggest decliner in the market.
Sectors Wise
Market sector indices witnessed mixed performances with the Insurance and Food sectors ending the day unchanged. However, gainers dominated and Global Non Kuwaiti Index led the gainers, registering an increase of 0.52 percent to close at 46.93 points. Bahrain-based United Gulf Bank gained 4.84 percent to close at KD0.325.
The gains registered in the industrial sector's stocks, led Global Industrial Index to increase by 0.41 percent. Out of the gainers in this sector, United Industries Company and Gulf Cables & Electrical Industries Company which registered an increase of 5.00 percent and 1.30 percent, respectively. It is worth mentioning that, Gulf Cable and Electrical Industries Company received a letter of tender No WKM 39/2010-2011 from Central Tenders Committee (CTC).
Under the KD1.63mn worth of tender, the company will supply street lighting cables and flexible cables for distribution networks. The company will refer to the Ministry of Electricity and Water (MEW) to complete related procedures. Banking sector was the major loser for the day with Global Banking Index registering a decline of 0.14 percent on the back of the loss registered in Gulf Bank as we mention above. It is worth mentioning that the market capitalization of the banking sector represents 43.58 percent of the total market capitalization of the KSE as of June 07, 2011.
Corporate News
A consortium that includes Kuwait Real Estate Company (KREC), IFA Hotels & Resorts and United Investments Portugal has closed an acquisition deal worth $315mn for New York-based Yotel hotel. KREC will own a 0.40 percent stake in the property. The Central Bank of Kuwait turned down the request submitted by Coast Investment & Development Company to extend its previous approval to repurchase issued shares and sell treasury shares.
© Kuwait Times 2011
