13 July 2011
KUWAIT: Earnings period officially started after National Bank of Kuwait (NBK) announced its 1H2011 financial results. The bank realized a 0.98 percent growth in its 1H211 net profit compared to the corresponding period of 2010, at KD146.66mn. This translates to an EPS of KD0.037 as of June 30, 2011. The scrip closed flat at KD1.140. NBK 1H2011 results did not inspire investors during the session. The market closed almost flat.
Market Indices
Global General Index (GGI) ended the day almost unchanged up by 0.002 percent, at 190.40 point. Market Capitalization was also up for the day reaching KD31.13bn. On the other hand, KSE Price Index closed at 6,165 point, shedding 18.50 points (0.30 percent) from its previous close.
Market Breadth
During the session, 97 companies were traded. Market breadth was skewed towards decliners as 42 equities retreated versus 15 that advanced.
Daily Trading Activity
Trading activity was up this session after it reached the lowest level since 2003 in Monday session. Total volume traded was up by 27.36 percent with 59.82mn shares changing hands at a total value of KD16.14mn (124.55 percent higher compared to the day before).
The real estate sector was the volume leader yesterday, accounting for 26.44 percent of total shares. The banking sector was the value leader, with 43.19 percent of total traded value. Zain was the most active in terms of values traded during yesterday session, with 3.69mn shares exchanged at an aggregate value of KD3.69mn.
Top Gainers and Biggest Decliners
In terms of top gainers, Al-Qurain Holding Company took the top spot for the day, adding 5.77 percent and closed at KD0.0.28. On the other hand, Kuwait Gypsum Manufacturing & Trading Company shed 7.25 percent and closed at KD0.128, making it the biggest decliner in the market.
Sectors Wise
Two sectors managed to end the day advancing. Global Banking Index registered an increase of 0.29 percent on the back of the 4.76 percent gain recorded by Ahli United Bank - Kuwait. The scrip ended the day at KD0.880. Global Non-Kuwait Index closed slightly up by 0.03 percent. UAE cement companies perform poorly during the session but Ahli United Bank - Bahrain covered all the losses in the sector. The scrip closed up by 1.00 percent at KD0.202.
On another hand, Global Industrial Index was the prominent loser as it recorded a decline of 0.67 percent. Many stocks witnessed losses in this sector, with Kuwait Portland Cement Company registering a loss of 1.72 percent to close at KD1.140. Global Investment Index retreated by 0.49 percent during the day on the back of 7.14 percent loss in Ekttitab Holding Company's share price to close at KD0.026.
Al-Aman Investment Company followed, shedding 6.02 percent and closed at KD0.036. Global Special Indices ended on a mixed note. Global Small Cap (Low 10) Index was a notable decliner, down by 0.61 percent dragged down by losses witnessed in Kuwait Gypsum Manufacturing & Trading Company as we mention above. Global Islamic Index was the top gainer, adding 0.41 percent.
Corporate News
Kuwait International Bank (KIB) clarified on the news published in a local newspaper about filing a legal action against Kuwait National Airways. The lender made the following clarification: -The bank secured for the airline two loan facilities worth KD5mn and KD1mn respectively. -Given the carrier's unstable financial conditions, as well as suspension of operations and default on repaying debt installments duly, the bank started to take legal actions against it, which was met with injunction from the airl
ine.
Al-Safat Investment Co has inked an agreement with a local bank to restructure credit facilities amounting to KD15.96mn over four years. The facility will be repaid in installments, that last of which will mature on June 30, 2015. The company stated that this move comes as part of plans to adjust its status through converting short-term financial liabilities to long term ones.
Oil News
The price of Kuwaiti crude oil decreased $1.42 to reach $109.04pb on Monday, compared to $110.46pb the day before, said Kuwait Petroleum Corporation (KPC) yesterday. The decrease of crude prices comes at a time when employment has increased in the world and the decline of crude demand by the biggest energy consumer, which increased inflation in China, therefore crude trading also reduced in the Asian markets.
KUWAIT: Earnings period officially started after National Bank of Kuwait (NBK) announced its 1H2011 financial results. The bank realized a 0.98 percent growth in its 1H211 net profit compared to the corresponding period of 2010, at KD146.66mn. This translates to an EPS of KD0.037 as of June 30, 2011. The scrip closed flat at KD1.140. NBK 1H2011 results did not inspire investors during the session. The market closed almost flat.
Market Indices
Global General Index (GGI) ended the day almost unchanged up by 0.002 percent, at 190.40 point. Market Capitalization was also up for the day reaching KD31.13bn. On the other hand, KSE Price Index closed at 6,165 point, shedding 18.50 points (0.30 percent) from its previous close.
Market Breadth
During the session, 97 companies were traded. Market breadth was skewed towards decliners as 42 equities retreated versus 15 that advanced.
Daily Trading Activity
Trading activity was up this session after it reached the lowest level since 2003 in Monday session. Total volume traded was up by 27.36 percent with 59.82mn shares changing hands at a total value of KD16.14mn (124.55 percent higher compared to the day before).
The real estate sector was the volume leader yesterday, accounting for 26.44 percent of total shares. The banking sector was the value leader, with 43.19 percent of total traded value. Zain was the most active in terms of values traded during yesterday session, with 3.69mn shares exchanged at an aggregate value of KD3.69mn.
Top Gainers and Biggest Decliners
In terms of top gainers, Al-Qurain Holding Company took the top spot for the day, adding 5.77 percent and closed at KD0.0.28. On the other hand, Kuwait Gypsum Manufacturing & Trading Company shed 7.25 percent and closed at KD0.128, making it the biggest decliner in the market.
Sectors Wise
Two sectors managed to end the day advancing. Global Banking Index registered an increase of 0.29 percent on the back of the 4.76 percent gain recorded by Ahli United Bank - Kuwait. The scrip ended the day at KD0.880. Global Non-Kuwait Index closed slightly up by 0.03 percent. UAE cement companies perform poorly during the session but Ahli United Bank - Bahrain covered all the losses in the sector. The scrip closed up by 1.00 percent at KD0.202.
On another hand, Global Industrial Index was the prominent loser as it recorded a decline of 0.67 percent. Many stocks witnessed losses in this sector, with Kuwait Portland Cement Company registering a loss of 1.72 percent to close at KD1.140. Global Investment Index retreated by 0.49 percent during the day on the back of 7.14 percent loss in Ekttitab Holding Company's share price to close at KD0.026.
Al-Aman Investment Company followed, shedding 6.02 percent and closed at KD0.036. Global Special Indices ended on a mixed note. Global Small Cap (Low 10) Index was a notable decliner, down by 0.61 percent dragged down by losses witnessed in Kuwait Gypsum Manufacturing & Trading Company as we mention above. Global Islamic Index was the top gainer, adding 0.41 percent.
Corporate News
Kuwait International Bank (KIB) clarified on the news published in a local newspaper about filing a legal action against Kuwait National Airways. The lender made the following clarification: -The bank secured for the airline two loan facilities worth KD5mn and KD1mn respectively. -Given the carrier's unstable financial conditions, as well as suspension of operations and default on repaying debt installments duly, the bank started to take legal actions against it, which was met with injunction from the airl
ine.
Al-Safat Investment Co has inked an agreement with a local bank to restructure credit facilities amounting to KD15.96mn over four years. The facility will be repaid in installments, that last of which will mature on June 30, 2015. The company stated that this move comes as part of plans to adjust its status through converting short-term financial liabilities to long term ones.
Oil News
The price of Kuwaiti crude oil decreased $1.42 to reach $109.04pb on Monday, compared to $110.46pb the day before, said Kuwait Petroleum Corporation (KPC) yesterday. The decrease of crude prices comes at a time when employment has increased in the world and the decline of crude demand by the biggest energy consumer, which increased inflation in China, therefore crude trading also reduced in the Asian markets.
© Kuwait Times 2011
