03 October 2011
KUWAIT: Kuwaiti equities ended yesterday's session on a positive note on the back of a smart rally in the equity prices of some market's heavyweights. Services stocks spearheading the advance. It is worth mentioning that, Minister of Commerce and Industry Amani Bouresli will meet tomorrow employees of Kuwait Stock Exchange to discuss their demands.
Global General Index (GGI) ended the day up by 0.14 percent, at 180.67 point. Market capitalization was also up for the day, reaching KD29.46bn. The KSE Price Index closed at 5,839.2 point, adding 6.10 points (0.10 percent) to its previous close. During the session, 96 companies were traded. Market breadth was skewed towards advancers as 36 equities advanced versus 28 that declined.
The gains was accompanied by decreased trading activities. Total volume traded was down by 5.80 percent with 124.51mn shares changing hands at a total value of KD13.61mn (25.57 percent lower compared to Thursday's session). Services sector was the volume leader, accounting for 35.06 percent of total shares exchanges. Al-Safat Energy Holding Company was the session's most traded stock with 15.20mn shares exchanged. The same sector was the value leader, having 41.20 percent of total traded value.
In terms of top gainers, Al-Safat TEC Holding Company was the top gainer for the day, adding 8.33 percent to its share value and closing at KD0.065. On the other hand, International Resorts Company shed 7.81 percent and closed at KD0.030, making it the biggest decliner in the market.
Sectors
Service sector gains during the session helped the major indices to close in green. Global Services Index registered an increase of 0.84 percent to close at 779.5 points, mainly on the back of the gains registered in Zain Company which increased by 1.06 percent to close at KD0.950 and National Mobile Telecommunications Company (Wataniya) which rose by 1.06 percent to close at KD1.900.
In sector related news, Burgan Company for Well Drilling, Trading & Maintenance (ABAR) signed an agreement worth KD48.2mn with Combined Group Contracting Company last Thursday. Under the 5-year contract which will start as of April 1, 2012, ABAR will provide well drilling and maintenance services in Al-Wafra. ABAR closed the day up by 1.54 percent at KD0.330, while Combined Group Contracting Company closed flat at KD1.400.
Five out of the eight sector indices registered losses by the end of the day. Global Industrial Index was a major loser, registering a decline of 0.39 percent on the back of the losses registered in heavyweights, such as National Industries Group (Holding) (-0.93 percent), and ACICO industries Company (- 3.77 percent).
Corporate news
Al Masar Leasing and Investment Company announced that it will start negotiating with Amar Finance and Leasing Company the possibility of merging the two entities, through the acquisition of the latter, which awaits the general assembly's approval. The price of OPEC basket of twelve crudes stood at $103.11pb on Thursday, compared with $104.34pb the previous day, according to OPEC secretariat calculations.
KUWAIT: Kuwaiti equities ended yesterday's session on a positive note on the back of a smart rally in the equity prices of some market's heavyweights. Services stocks spearheading the advance. It is worth mentioning that, Minister of Commerce and Industry Amani Bouresli will meet tomorrow employees of Kuwait Stock Exchange to discuss their demands.
Global General Index (GGI) ended the day up by 0.14 percent, at 180.67 point. Market capitalization was also up for the day, reaching KD29.46bn. The KSE Price Index closed at 5,839.2 point, adding 6.10 points (0.10 percent) to its previous close. During the session, 96 companies were traded. Market breadth was skewed towards advancers as 36 equities advanced versus 28 that declined.
The gains was accompanied by decreased trading activities. Total volume traded was down by 5.80 percent with 124.51mn shares changing hands at a total value of KD13.61mn (25.57 percent lower compared to Thursday's session). Services sector was the volume leader, accounting for 35.06 percent of total shares exchanges. Al-Safat Energy Holding Company was the session's most traded stock with 15.20mn shares exchanged. The same sector was the value leader, having 41.20 percent of total traded value.
In terms of top gainers, Al-Safat TEC Holding Company was the top gainer for the day, adding 8.33 percent to its share value and closing at KD0.065. On the other hand, International Resorts Company shed 7.81 percent and closed at KD0.030, making it the biggest decliner in the market.
Sectors
Service sector gains during the session helped the major indices to close in green. Global Services Index registered an increase of 0.84 percent to close at 779.5 points, mainly on the back of the gains registered in Zain Company which increased by 1.06 percent to close at KD0.950 and National Mobile Telecommunications Company (Wataniya) which rose by 1.06 percent to close at KD1.900.
In sector related news, Burgan Company for Well Drilling, Trading & Maintenance (ABAR) signed an agreement worth KD48.2mn with Combined Group Contracting Company last Thursday. Under the 5-year contract which will start as of April 1, 2012, ABAR will provide well drilling and maintenance services in Al-Wafra. ABAR closed the day up by 1.54 percent at KD0.330, while Combined Group Contracting Company closed flat at KD1.400.
Five out of the eight sector indices registered losses by the end of the day. Global Industrial Index was a major loser, registering a decline of 0.39 percent on the back of the losses registered in heavyweights, such as National Industries Group (Holding) (-0.93 percent), and ACICO industries Company (- 3.77 percent).
Corporate news
Al Masar Leasing and Investment Company announced that it will start negotiating with Amar Finance and Leasing Company the possibility of merging the two entities, through the acquisition of the latter, which awaits the general assembly's approval. The price of OPEC basket of twelve crudes stood at $103.11pb on Thursday, compared with $104.34pb the previous day, according to OPEC secretariat calculations.
© Kuwait Times 2011
