Jun 21 2010 |
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Kuwait: Blue-chips prop up stocks; investors eye Q2 results
KUWAIT: The Kuwait Stock Exchange (KSE) ended the first trading session of the week on a positive note, supported by Zain and blue-chip stocks, in which 8 out the 10 stocks ended in the green. Investors are looking forward for second quarter results, which may have a positive impact on the market.Global General Index (GGI) rose by 3.16 points (1.71 percent) during yesterday's session to reach 188.51 points. Furthermore, the KSE Price Index soared 57.50 points (0.87 percent) yesterday and closed at 6,640.60 points. Market capitalization went up by KD522.93mn yesterday to reach KD31.17mn.
Market breadth
During the session, 212 companies were traded. Market breadth was skewed towards advancers, as 66 equities advanced versus 17 that retreated. A total of 129 stocks remained unchanged during the trading session.
Trading activities ended on a negative note yesterday as volume of shares traded on the exchange decreased by 22.92 percent to reach 180.57mn shares, and value of shares traded decreased by 26.10 percent to stand at KD25.71mn. The Real estate Sector was the volume leader for the fourth day in a row, accounting for 35.33 percent of total market volume. The Service Sector was the value leader, accounting for 31.27 percent of total market value. Investors Holding Group Co. was the volume leader for the fifth
consecutive day, with a total traded volume of 26.40mn shares. Also, Zain Company continued to be the value leader for the fourth day, with a total traded value of KD5.00mn.
In terms of top gainers, Kuwait Company for Process Plant Construction increased its gains as it took the top spot, adding 9.26 percent and closed at KD0.295. On the other hand, Sanam Real Estate Company shed 7.58 percent and closed at KD0.122, making it the biggest decliner in the market.
Sector-wise
Regarding Global's sectoral indices, all eight sectoral indices reported daily gains. Global Services Index was the highest gainer for a second day in a row, adding 3.35 percent to its value. Heavy weight, Zain Co spiked 19.46 percent pushing the index to end in green territory.
Global Food Index followed, in second place, increasing by 2.51 percent, backed by Kuwait Foodstuff Company (Americana) up 2.49 percent and Danah Al-Safat Foodstuff Company rising by 7.25 percent on a daily basis.
All Global's special indices ended the day on a positive note. Global Large Cap Index was the highest gainer adding 2.48 percent to its value, backed by Americana up 2.49 percent, closing at KD1.40.
Global High Yield Index followed gaining 1.47 percent, backed by National Bank of Kuwait and Zain Co, which were both up 4.98 percent and 19.46 percent, respectively.
Oil news
The price of OPEC basket of twelve crudes stood at $75.24 a barrel on Thursday, compared with $74.15 the previous day, according to OPEC Secretariat calculations. Bayan Investment Company said yesterday it is taking necessary measures to delist its shares from the Dubai Financial Market. The company, which is also listed on the Kuwait Stock Exchange, said in a statement on the Kuwait bourse it will notify the market regulators on the effective date of suspension of trading.
Al-Massaleh Real Estate reported buying Tameer towers complex owned by Tameer Real Estate Investment in Bunaid Alqar for KD21mn. The sale deal was inked on June 17, 2010. Tameer Real Estate Investment Co has received an offer from Al-Massaleh Real Estate on June 17, 2010 to buy Tameer towers in Bunaid Al-Gar. The company indicates that it signed the KD21mn contract after getting a nod from the board.
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