07 June 2006
KUWAIT: Kuwait stocks rallied to a sharply higher close yesterday, buoyed by a positive economic release by the Central Bank of Kuwait. The market staged its sixth consecutive winning session, representing the market's longest rally since the beginning of its recent bearish run in early March.
A bulletin released by the Central Bank of Kuwait revealed that the country's exports in 2005 were at KD13.14bn, up 56 per cent from 2004's comparable figures. Oil exports accounted for KD12.4bn, or 94.4 per cent, of that figure. The bulletin, quoting statistics from the Ministry of Planning, added that Kuwait's non-oil exports last year reached KD709mn, versus KD567mn in 2004.
However, opportunism seems to be driving trade during the recent rally. It's very predictable that at some point bargain hunters would enter the market after the selloff we've had over the last three months.
Gains were steady throughout the session. The Global General Index (GGI) closed up 2.17 points, or 0.77 per cent, at a fresh 5-week high of 285.09 points. KSE Price Index too rose 52.4 points (or 0.51 per cent) to 10,232 points. On the broader market for equities, advancers clearly outnumbered decliners by a 63 to 38 margin.
Volume was heavy in yesterday's trading, with 213.09mn shares exchanging hands on the Kuwait Stock Exchange. Iraq Holding Co's stock witnessed increased investor interest, with 13.64mn shares changing hands. However, the stock ended the session flat at 64fils.
Oil prices edged higher yesterday as traders balanced the risk for a supply disruption in the Middle East with worries over inflation and rising gasoline stockpiles in top consumer, the United States. US light crude for July delivery traded up 1 cent at $72.61 a barrel, paring gains made on Monday.
Among stocks moving on specific news, Kuwait & Gulf Link Transport Co inched 4.92 higher yesterday.
Kuwait & Gulf Link Transport Co realised a profit of KD20mn from the private placement of 50 per cent (100mn shares) of shares in its subsidiary, KGL Logistics.
Shares were priced at 315fils each. Separately, Kuwait Co for Process Plant Construction and Contracting was the biggest percentage advancer, housing a 14.71 per cent climb. The gain came on news that the company has gained a KD10.5mn tender offer. Details of the offer are yet to be disclosed. The Global Services Index rose 1.67 per cent. Shares of International Financial Advisors too were notable gainers, edging 9.09 per cent higher after the company announced plans to launch a KD5mn private jet company. The company will receive its first Challenger 104 airplane within weeks and seeks four medium-sized jets during the coming few months. The Global Investment Index added 0.83 per cent.
Elsewhere, five of the Global Large Cap Index's components eked out gains, sending the index up by 0.76 per cent. Telecom stocks ended the day on a higher note, whilst logistics giant, Public Warehousing Co remained buoyant, adding 4.17 per cent. On the other side of the spectrum, non-Kuwaiti stocks lost ground, shedding 0.7 per cent. Egypt Kuwait Holding Co slipped 40fils in yesterday's trading. The 6.15 per cent drop was the steepest in the KSE yesterday.
Kuwait & Gulf Link Transport Co realised a profit of KD20mn from the private placement of 50 per cent of its subsidiary, KGL Logistics.
International Financial Advisors announced plans to launch a KD5mn private jet company. Shares of International Financial Advisors were traded ex-dividends as of yesterday (06-06-2006).
KUWAIT: Kuwait stocks rallied to a sharply higher close yesterday, buoyed by a positive economic release by the Central Bank of Kuwait. The market staged its sixth consecutive winning session, representing the market's longest rally since the beginning of its recent bearish run in early March.
A bulletin released by the Central Bank of Kuwait revealed that the country's exports in 2005 were at KD13.14bn, up 56 per cent from 2004's comparable figures. Oil exports accounted for KD12.4bn, or 94.4 per cent, of that figure. The bulletin, quoting statistics from the Ministry of Planning, added that Kuwait's non-oil exports last year reached KD709mn, versus KD567mn in 2004.
However, opportunism seems to be driving trade during the recent rally. It's very predictable that at some point bargain hunters would enter the market after the selloff we've had over the last three months.
Gains were steady throughout the session. The Global General Index (GGI) closed up 2.17 points, or 0.77 per cent, at a fresh 5-week high of 285.09 points. KSE Price Index too rose 52.4 points (or 0.51 per cent) to 10,232 points. On the broader market for equities, advancers clearly outnumbered decliners by a 63 to 38 margin.
Volume was heavy in yesterday's trading, with 213.09mn shares exchanging hands on the Kuwait Stock Exchange. Iraq Holding Co's stock witnessed increased investor interest, with 13.64mn shares changing hands. However, the stock ended the session flat at 64fils.
Oil prices edged higher yesterday as traders balanced the risk for a supply disruption in the Middle East with worries over inflation and rising gasoline stockpiles in top consumer, the United States. US light crude for July delivery traded up 1 cent at $72.61 a barrel, paring gains made on Monday.
Among stocks moving on specific news, Kuwait & Gulf Link Transport Co inched 4.92 higher yesterday.
Kuwait & Gulf Link Transport Co realised a profit of KD20mn from the private placement of 50 per cent (100mn shares) of shares in its subsidiary, KGL Logistics.
Shares were priced at 315fils each. Separately, Kuwait Co for Process Plant Construction and Contracting was the biggest percentage advancer, housing a 14.71 per cent climb. The gain came on news that the company has gained a KD10.5mn tender offer. Details of the offer are yet to be disclosed. The Global Services Index rose 1.67 per cent. Shares of International Financial Advisors too were notable gainers, edging 9.09 per cent higher after the company announced plans to launch a KD5mn private jet company. The company will receive its first Challenger 104 airplane within weeks and seeks four medium-sized jets during the coming few months. The Global Investment Index added 0.83 per cent.
Elsewhere, five of the Global Large Cap Index's components eked out gains, sending the index up by 0.76 per cent. Telecom stocks ended the day on a higher note, whilst logistics giant, Public Warehousing Co remained buoyant, adding 4.17 per cent. On the other side of the spectrum, non-Kuwaiti stocks lost ground, shedding 0.7 per cent. Egypt Kuwait Holding Co slipped 40fils in yesterday's trading. The 6.15 per cent drop was the steepest in the KSE yesterday.
Kuwait & Gulf Link Transport Co realised a profit of KD20mn from the private placement of 50 per cent of its subsidiary, KGL Logistics.
International Financial Advisors announced plans to launch a KD5mn private jet company. Shares of International Financial Advisors were traded ex-dividends as of yesterday (06-06-2006).
© Kuwait Times 2006
