19 July 2006
KUWAIT: Kuwaiti equities ended yesterday's session on a positive note for the third consecutive day after the strong drop registered the beginning of the week on Saturday, due to the aggravated tension in the region. On the economic front, Kuwaiti crude oil reached $68.38 per barrel Monday, down five cents compared to the unprecedented high of $68.43 last Friday, as announced by Kuwait Petroleum Corporation yesterday. The increase of prices was due to the political security developments in the region, especially in Lebanon, which led prices in international stock exchanges to a high of $78 per barrel. Kuwaiti oil prices have maintained themselves above the $60 mark this year as international oil prices hiked due to several technical, political, and geopolitical factors. Global General Index ended the day with an increase of 1.08 points, or 0.40 per cent, at 273.11 points. KSE Price Index rose 71.4 points (or 074 per cent) and closed at 9,701.8 points.
Trading activity picked up yesterday as volume of shares traded on the exchange increased by 50,85 percent, reaching 123.94 million shares with 37.23 per cent and 27.77 per cent of the trading accounted by Investment and Real Estate sector respectively. Trading was the most on Gulf Petroleum Investment shares with 7.85 million shares exchanging hands, aggregating to KD 6.06 million. The stock ended the day up by 4 per cent at 780 fils. Market capitalisation of the KSE grew by 0.40 per cent, reaching KD 38.45 billion. On the broader market for equities, advancers outnumbered decliners 68 to 26 on KSE yesterday. Four out of the eight Kuwaiti sectors Indices ended the trading day higher. Global Real Estate Index increased by 1.64 per cent showing the highest gains. On the other hand, Global Insurance Index was the biggest loser, with a loss of 0.75 per cent, dragged by Kuwait Insurance Company which lost 3.23 per cent in yesterday's trading.
The scrip ended the day at 600 fils.
Burgan for Well Drilling Co continued to top the gainers list with an increase of 50 fils (6.49 per cent), ending the day at 820 fils. Other advancers included Jeeran Holding Co (+6.41 per cent), Kuwait Investment Company (+6.33 per cent), The Transport and Warehousing Group (+6.25 per cent) and the Educational Holding Group (+6.06 per cent). The market's heavy-weights ended the day with a marginal decrease, with a loss of 0.06 per cent posted by Global Large Cap. Index. Global Small Cap Index showed a loss of 0.44 per cent.
National Cleaning Company realised a profit of KD 583,702 from selling equipments for KD 703,000. The scrip ended trading the day at 580 fils, showing an increase of 3.57 per cent. Al Mazaya Real Estate Development Company, belonging to Al Mazaya Holding Company, made a deal with housing finance Tamweel with the launch of AED 600million second phase of the Villas project in Dubailand. Global announced yesterday that it has launched Asia Real Estate Fund, a Shari'a compliant fund, which aims to take advantage of the potential development opportunities in the Asian Markets with a focus on China and India.
KUWAIT: Kuwaiti equities ended yesterday's session on a positive note for the third consecutive day after the strong drop registered the beginning of the week on Saturday, due to the aggravated tension in the region. On the economic front, Kuwaiti crude oil reached $68.38 per barrel Monday, down five cents compared to the unprecedented high of $68.43 last Friday, as announced by Kuwait Petroleum Corporation yesterday. The increase of prices was due to the political security developments in the region, especially in Lebanon, which led prices in international stock exchanges to a high of $78 per barrel. Kuwaiti oil prices have maintained themselves above the $60 mark this year as international oil prices hiked due to several technical, political, and geopolitical factors. Global General Index ended the day with an increase of 1.08 points, or 0.40 per cent, at 273.11 points. KSE Price Index rose 71.4 points (or 074 per cent) and closed at 9,701.8 points.
Trading activity picked up yesterday as volume of shares traded on the exchange increased by 50,85 percent, reaching 123.94 million shares with 37.23 per cent and 27.77 per cent of the trading accounted by Investment and Real Estate sector respectively. Trading was the most on Gulf Petroleum Investment shares with 7.85 million shares exchanging hands, aggregating to KD 6.06 million. The stock ended the day up by 4 per cent at 780 fils. Market capitalisation of the KSE grew by 0.40 per cent, reaching KD 38.45 billion. On the broader market for equities, advancers outnumbered decliners 68 to 26 on KSE yesterday. Four out of the eight Kuwaiti sectors Indices ended the trading day higher. Global Real Estate Index increased by 1.64 per cent showing the highest gains. On the other hand, Global Insurance Index was the biggest loser, with a loss of 0.75 per cent, dragged by Kuwait Insurance Company which lost 3.23 per cent in yesterday's trading.
The scrip ended the day at 600 fils.
Burgan for Well Drilling Co continued to top the gainers list with an increase of 50 fils (6.49 per cent), ending the day at 820 fils. Other advancers included Jeeran Holding Co (+6.41 per cent), Kuwait Investment Company (+6.33 per cent), The Transport and Warehousing Group (+6.25 per cent) and the Educational Holding Group (+6.06 per cent). The market's heavy-weights ended the day with a marginal decrease, with a loss of 0.06 per cent posted by Global Large Cap. Index. Global Small Cap Index showed a loss of 0.44 per cent.
National Cleaning Company realised a profit of KD 583,702 from selling equipments for KD 703,000. The scrip ended trading the day at 580 fils, showing an increase of 3.57 per cent. Al Mazaya Real Estate Development Company, belonging to Al Mazaya Holding Company, made a deal with housing finance Tamweel with the launch of AED 600million second phase of the Villas project in Dubailand. Global announced yesterday that it has launched Asia Real Estate Fund, a Shari'a compliant fund, which aims to take advantage of the potential development opportunities in the Asian Markets with a focus on China and India.
© Kuwait Times 2006
