03 May 2011
KUWAIT: Kuwait-listed stocks ended yesterday's session slightly higher supported by increase seen on select investment stocks. Moreover, banking sector rebounded and erased the previous session's loss, supporting the index gain. Global General Index (GGI), market weighted, ended the day up by 0.07 percent, at 206.66 point. Market capitalization was up for the day at KD33.89bn. On the other hand, KSE Price Index closed at 6,516.6 point, adding 8.30 points (0.13 percent) to its previous close.
During the session, 108 companies were traded. Market breadth was skewed towards advancers as 45 equities advanced versus 24 that retreated. The performance was accompanied by growing trading activity with most of the trades conducted in the Investment sector. Total volume traded was up by 21.68 percent with 223.58mn shares changing hands at a total value of KD36.30mn (64.60 percent higher compared to the day before).
The Investment Sector was the volume leader yesterday, accounting for 41.06 percent of total shares. The Services sector was the value leader, with 34.21 percent of total traded value. Zain was the most active in terms of values of shares traded during yesterday session, with 6.83mn shares exchanged at an aggregate value of KD8.19mn.
Sector-wise
Looking at sectoral performance, four out of the eight sectors of the market managed to eke out some gain. Investment index led the pack of advancers with a 0.63 percent climb. Global Investment House bolstered the gains, with its share price ending up by 3.77 percent. In the meantime, two of the smaller sized investment companies made it to the top gainers list. Housing Finance Company (ISKAN) and Al-Qurain Holding Company ended up by 7.97 percent and 5.56 percent, respectively. Elsewhere, Kuwait Stock Exchange (KSE) announced that an auction will be held today at 12:30 p.m. on the trading floor, to offload a total of 8,296,724 shares of International Finance Co, which is currently suspended from trading.
Banking stocks also had positive performance, with the sector's index adding 0.59 percent in daily gains. The sector as a whole produced four advancers, versus two decliners. Share price of National Bank of Kuwait appreciated by 1.61 percent, whilst Al-Ahli Bank of Kuwait was the top gainer in the sector, adding 1.56 percent to its share value. Industrial stocks were notable gainers as well. The sector as a whole, presented through Global Industrial Index, added 0.36 percent in gains. Within the sector, Kuwait Metal Pipe Industries & Oil Services Company registered a 4.85 percent climb.
On the other side, the Services Index was the biggest loser, shedding 0.80 percent of its value. The biggest listed Kuwaiti company, Zain ended the day down by 1.67 percent.
Corporate News
Shares of Tamdeen Real Estate Company will be traded ex-dividends as of today (May 03, 2011). The company will distribute a 10 percent cash dividend. Agility has been awarded a contract by Arabi Enertech, a contracting and trading company in Kuwait, to transfer a 367-ton airplane from Kuwait to Saudi Arabia using road transportation, according to a press release on Sunday. An expert in managing large-scale projects, Agility developed a tailored solution for Arabi Enertech that allows for a successful transport of a training plane which is used for emergency evacuation drills and fire fighting simulations. The price of OPEC basket of twelve crudes stood at $120.35 a barrel on Friday, compared with $120.91 the previous day, according to OPEC Secretariat calculations.
KUWAIT: Kuwait-listed stocks ended yesterday's session slightly higher supported by increase seen on select investment stocks. Moreover, banking sector rebounded and erased the previous session's loss, supporting the index gain. Global General Index (GGI), market weighted, ended the day up by 0.07 percent, at 206.66 point. Market capitalization was up for the day at KD33.89bn. On the other hand, KSE Price Index closed at 6,516.6 point, adding 8.30 points (0.13 percent) to its previous close.
During the session, 108 companies were traded. Market breadth was skewed towards advancers as 45 equities advanced versus 24 that retreated. The performance was accompanied by growing trading activity with most of the trades conducted in the Investment sector. Total volume traded was up by 21.68 percent with 223.58mn shares changing hands at a total value of KD36.30mn (64.60 percent higher compared to the day before).
The Investment Sector was the volume leader yesterday, accounting for 41.06 percent of total shares. The Services sector was the value leader, with 34.21 percent of total traded value. Zain was the most active in terms of values of shares traded during yesterday session, with 6.83mn shares exchanged at an aggregate value of KD8.19mn.
Sector-wise
Looking at sectoral performance, four out of the eight sectors of the market managed to eke out some gain. Investment index led the pack of advancers with a 0.63 percent climb. Global Investment House bolstered the gains, with its share price ending up by 3.77 percent. In the meantime, two of the smaller sized investment companies made it to the top gainers list. Housing Finance Company (ISKAN) and Al-Qurain Holding Company ended up by 7.97 percent and 5.56 percent, respectively. Elsewhere, Kuwait Stock Exchange (KSE) announced that an auction will be held today at 12:30 p.m. on the trading floor, to offload a total of 8,296,724 shares of International Finance Co, which is currently suspended from trading.
Banking stocks also had positive performance, with the sector's index adding 0.59 percent in daily gains. The sector as a whole produced four advancers, versus two decliners. Share price of National Bank of Kuwait appreciated by 1.61 percent, whilst Al-Ahli Bank of Kuwait was the top gainer in the sector, adding 1.56 percent to its share value. Industrial stocks were notable gainers as well. The sector as a whole, presented through Global Industrial Index, added 0.36 percent in gains. Within the sector, Kuwait Metal Pipe Industries & Oil Services Company registered a 4.85 percent climb.
On the other side, the Services Index was the biggest loser, shedding 0.80 percent of its value. The biggest listed Kuwaiti company, Zain ended the day down by 1.67 percent.
Corporate News
Shares of Tamdeen Real Estate Company will be traded ex-dividends as of today (May 03, 2011). The company will distribute a 10 percent cash dividend. Agility has been awarded a contract by Arabi Enertech, a contracting and trading company in Kuwait, to transfer a 367-ton airplane from Kuwait to Saudi Arabia using road transportation, according to a press release on Sunday. An expert in managing large-scale projects, Agility developed a tailored solution for Arabi Enertech that allows for a successful transport of a training plane which is used for emergency evacuation drills and fire fighting simulations. The price of OPEC basket of twelve crudes stood at $120.35 a barrel on Friday, compared with $120.91 the previous day, according to OPEC Secretariat calculations.
© Kuwait Times 2011
