26 August 2010
KUWAIT: Kuwait's equities returned to their bearish trend yesterday. Investor sentiments were gloomed with some negative news regarding Jazeera Airways Company. However, a healthy earnings report by Kuwait Investment Company kept the major indices from losing more points. Finally, the Banking sector kept its upward trend as Gulf Bank hit a 22-month high.
Global General Index (GGI) shed 0.35 points (-0.17 percent) during yesterday's session to reach 201.66 points. Furthermore, the Kuwait Stock Exchange Price Index posted a loss of 8.80 points (-0.13 percent), to close at 6,673.3 points. Market capitalization was down KD57.78mn yesterday to reach KD33.34bn.
Market breadth
During yesterday's session, 116 companies were traded. Market breadth was skewed towards decliners as 51 equities retreated versus 29 that advanced. A total of 132 stocks remained unchanged during the trading session. Trading activities ended on a positive note as volume of shares traded on the exchange increased by 4.15 percent to reach 159.69mn shares, and value of shares traded increased by 9.04 percent to stand at KD36.37mn.
The Non Kuwaiti Sector was the volume leader, accounting for 26.35 percent of total shares and the Banking Sector was the value leader, with 51.32 percent of total traded value. Gulf Finance House Company was the volume leader, with a total traded volume of 37.36mn shares. Kuwait Finance House was the value leader, with a total traded value of KD5.05mn.
In terms of top gainers, Kuwait Investment Company was the prominent gainer for the day, adding 9.26 percent to close at KD0.118. On the other hand, The Jazeera Airways Co was the biggest decliner for the day, dropping by 6.73 percent and closed at KD0.097. Jazeera Airways proposed rejecting the decision issued by the shareholder meeting on May 13, 2010 on the 50 fils issue premium.
Accordingly, the carrier will lift capital by KD20mn to KD42mn through issuing 200 million shares at 100 fils each with no issue premium, to be paid in lump-sum. Shareholders of record one day prior to the capital call will be entitled to the capital hike that would be effected after getting a nod from the competent authorities and receiving the relevant Amiri decree.
Sector-wise
Regarding Global's sectoral indices, 3 sectors reported daily gains, while 5 sectors reported daily losses. Global Banking index added 0.56 percent to its value reaching 326.66 points. Gulf Bank was sector's prominent gainer adding 1.89 percent closing at KD0.540. Also, National Bank of Kuwait rose by 1.45 percent closing at KD1.400.
Global Real Estate Index followed, adding 0.53 percent. From the sector's components, Mabanee Company ended yesterday's session up by 7.25 percent, to close at KD0.740. Munshaat Real Estate Projects Co, rose by 4.94 percent closing at KD0.0425. On the other side, Global Food Sector Index was a major loser shedding 2.09 percent of its value. The retreat is attributed to the 2.53 percent decline in Kuwait Foodstuff Company (Americana).
Global Services Sector Index was the second biggest loser, closing down by 1.29 percent. The retreat is attributed to the 1.67 percent decline in Mobile Telecommunication Co (ZAIN). On the other hand, Global's special indices closed in negative note Global High Yield Index ended the day up by 1.36 percent.
Kuwait's exports to Japan rose 30.8 percent from a year earlier to JPY 74.93 billion ($889.5 million) in July, while imports from Japan jumped 41.5 percent to JPY 10.42 billion ($123.7 million), official data showed Wednesday.
As Kuwaiti export prices to Japan exceeded import prices, Kuwait ran a trade surplus with Japan for the 30th straight month in July at JPY 64.51 billion ($765.8 million), widening for the first time in two months, the Finance Ministry said in a preliminary report. Japan is Kuwait's major trading partner, with two-way trade reaching $10.53 billion in 2009.
Corporate news
Updating its previous announcement dated July 19, 2010 Kuwait Stock Exchange (KSE) declares that Combined Group Contracting Co (CGC) has signed a 48-month contract for tender No RFB/2091, which had been awarded earlier by Kuwait Oil Co. Under the KD 26,859,000 deal, CGC would undertake the construction of crude pipelines and related works south east of Kuwait.
KUWAIT: Kuwait's equities returned to their bearish trend yesterday. Investor sentiments were gloomed with some negative news regarding Jazeera Airways Company. However, a healthy earnings report by Kuwait Investment Company kept the major indices from losing more points. Finally, the Banking sector kept its upward trend as Gulf Bank hit a 22-month high.
Global General Index (GGI) shed 0.35 points (-0.17 percent) during yesterday's session to reach 201.66 points. Furthermore, the Kuwait Stock Exchange Price Index posted a loss of 8.80 points (-0.13 percent), to close at 6,673.3 points. Market capitalization was down KD57.78mn yesterday to reach KD33.34bn.
Market breadth
During yesterday's session, 116 companies were traded. Market breadth was skewed towards decliners as 51 equities retreated versus 29 that advanced. A total of 132 stocks remained unchanged during the trading session. Trading activities ended on a positive note as volume of shares traded on the exchange increased by 4.15 percent to reach 159.69mn shares, and value of shares traded increased by 9.04 percent to stand at KD36.37mn.
The Non Kuwaiti Sector was the volume leader, accounting for 26.35 percent of total shares and the Banking Sector was the value leader, with 51.32 percent of total traded value. Gulf Finance House Company was the volume leader, with a total traded volume of 37.36mn shares. Kuwait Finance House was the value leader, with a total traded value of KD5.05mn.
In terms of top gainers, Kuwait Investment Company was the prominent gainer for the day, adding 9.26 percent to close at KD0.118. On the other hand, The Jazeera Airways Co was the biggest decliner for the day, dropping by 6.73 percent and closed at KD0.097. Jazeera Airways proposed rejecting the decision issued by the shareholder meeting on May 13, 2010 on the 50 fils issue premium.
Accordingly, the carrier will lift capital by KD20mn to KD42mn through issuing 200 million shares at 100 fils each with no issue premium, to be paid in lump-sum. Shareholders of record one day prior to the capital call will be entitled to the capital hike that would be effected after getting a nod from the competent authorities and receiving the relevant Amiri decree.
Sector-wise
Regarding Global's sectoral indices, 3 sectors reported daily gains, while 5 sectors reported daily losses. Global Banking index added 0.56 percent to its value reaching 326.66 points. Gulf Bank was sector's prominent gainer adding 1.89 percent closing at KD0.540. Also, National Bank of Kuwait rose by 1.45 percent closing at KD1.400.
Global Real Estate Index followed, adding 0.53 percent. From the sector's components, Mabanee Company ended yesterday's session up by 7.25 percent, to close at KD0.740. Munshaat Real Estate Projects Co, rose by 4.94 percent closing at KD0.0425. On the other side, Global Food Sector Index was a major loser shedding 2.09 percent of its value. The retreat is attributed to the 2.53 percent decline in Kuwait Foodstuff Company (Americana).
Global Services Sector Index was the second biggest loser, closing down by 1.29 percent. The retreat is attributed to the 1.67 percent decline in Mobile Telecommunication Co (ZAIN). On the other hand, Global's special indices closed in negative note Global High Yield Index ended the day up by 1.36 percent.
Kuwait's exports to Japan rose 30.8 percent from a year earlier to JPY 74.93 billion ($889.5 million) in July, while imports from Japan jumped 41.5 percent to JPY 10.42 billion ($123.7 million), official data showed Wednesday.
As Kuwaiti export prices to Japan exceeded import prices, Kuwait ran a trade surplus with Japan for the 30th straight month in July at JPY 64.51 billion ($765.8 million), widening for the first time in two months, the Finance Ministry said in a preliminary report. Japan is Kuwait's major trading partner, with two-way trade reaching $10.53 billion in 2009.
Corporate news
Updating its previous announcement dated July 19, 2010 Kuwait Stock Exchange (KSE) declares that Combined Group Contracting Co (CGC) has signed a 48-month contract for tender No RFB/2091, which had been awarded earlier by Kuwait Oil Co. Under the KD 26,859,000 deal, CGC would undertake the construction of crude pipelines and related works south east of Kuwait.
© Kuwait Times 2010
